Common use of Method of Exercise Payment Clause in Contracts

Method of Exercise Payment. Subject to all of the terms and conditions hereof and the limitations set forth in Sections 2.6 and 2.7, the Holder shall notify the Company prior to any exercise of this Warrant, in whole or in part, with respect to any Warrant Shares, during the Warrant Term, by delivering a notice of intent to exercise substantially in the form attached hereto, three (3) Business Days prior to the exercise date set forth therein; provided that any such notice must be delivered to the Company at least three (3) Business Days prior to the expiration of the Warrant Term. Upon the exercise date set forth in the applicable notice, subject to all of the terms and conditions hereof and the limitations set forth in Sections 2.6 and 2.7, the Holder shall (1) surrender this Warrant to the Company at its principal office, (2) deliver to the Company a subscription substantially in the form attached hereto, and (3) send a (a) wire transfer of immediately available funds or (b) certified or official bank check payable to the order of the Company, in each case in the amount obtained by multiplying (i) the number of Warrant Shares for which the Warrant is being exercised, as designated in such notice and subscription, by (ii) the Exercise Price. Thereupon, the Holder shall be entitled to receive the applicable number of duly authorized, validly issued, fully paid and nonassessable Warrant Shares. Notwithstanding the foregoing, each exercise of the Warrant by the Holder must be for at least 1,000,000 Warrant Shares; provided, however, that the Warrant may be exercised for a lower number of Warrant Shares if such exercise is for all remaining Warrant Shares subject to the Warrant.