Common use of Mechanics of Cashless Exercise Clause in Contracts

Mechanics of Cashless Exercise. The Warrant Exercise Conversion Right may be exercised by any holder of Warrants on any Business Day on or after the Commencement Date and not later than 5:00 p.m., New York time, on the Warrant Expiration Date by delivering Warrants to the Warrant Agent with the duly executed Exercise Form as Exhibit B attached hereto, with the cashless exercise section duly completed, exercising the Warrant Exercise Conversion Right and specifying the total number of shares of Common Stock that such holder will convert pursuant to the Warrant Exercise Conversion Right. The presentation and surrender shall be deemed a waiver of the holder’s obligation to pay all or any portion of the aggregate Warrant Exercise Price payable for the shares of Common Stock being issued upon such exercise of the Warrants. The Warrants surrendered for conversion shall be deemed to have been converted immediately prior to the close of business on the day of surrender of the Warrants for conversion in accordance with the foregoing provisions.