Common use of Option to Exchange Warrants for Series E Preferred Clause in Contracts

Option to Exchange Warrants for Series E Preferred. Each Holder ---------------------------------------------------- may, at any time prior to the expiration or exercise of the Warrants held by the Holder, elect to exchange the Warrants held by the Holder for the right to receive shares of Series E Preferred from AMLH. Each Holder may exercise this right by delivering written notice of such election (the Election Notice") to the Partnership and to AMLH. Upon the delivery of such notice, the Warrants covered by such Election Notice shall be deemed to be cancelled and of no further force and effect.