Common use of Right to Exercise Warrants Clause in Contracts

Right to Exercise Warrants. Each Warrant maybe exercised from the date of this Agreement until 11:59 P.M . (Los Angeles time) on the date that is three years after the date of this Agreement (the "Expiration Date"). Each Warrant not exercised on or before the Expiration Date shall expire. Subject to the provisions of this Warrant Agreement, including Section 10 hereof, the holder of each Warrant shall have the right to purchase from the Company, and the Company shall issue and sell to each such Warrantholder, at an initial price of $1.00 per Share, subject to adjustment as provided herein (the "Exercise Price"), one fully paid and nonassessable Share upon surrender to the Company of the Warrant Certificate evidencing such Warrant with the form of election to purchase duly completed and signed and evidence of payment of the Exercise Price. Upon surrender of such Warrant Certificate and payment of the Exercise Price, the Company shall cause to be issued and delivered promptly to the Warrantholder a Certificate for the Shares issuable upon the exercise of the Warrant or Warrants evidenced by such Warrant Certificate. The Warrants evidenced by a Warrant Certificate shall be exercisable at the election of the Warrantholder thereof, either as an entirety or from time to time for less than all of the number of Warrants specified in the Warrant Certificate.

Right to Exercise Warrants. Each Warrant maybe may be exercised from the date of this Agreement until 11:59 P.M . P.M. (Los Angeles timePacific Standard Time) on the date that is three years after the date of this Agreement July___, 2008 (the "Expiration DateEXPIRATION DATE")) pursuant to the provisions set forth in this Agreement. Each Warrant not exercised on or before the Expiration Date shall expire. Subject to the provisions of this Warrant Agreement, including Section 10 hereof, the holder of each Warrant Xxxxx shall have the right to purchase from the Company, and the Company shall issue and sell to each such WarrantholderXxxxx, at an initial price per Share equal to the lesser of: (i) sixteen cents ($0.16) or (ii) the closing bid price as reported by the American Stock Exchange on the trading day immediately prior to the execution of $1.00 per Sharethe Note and Warrant Agreement, subject to adjustment as provided herein (the "Exercise PriceEXERCISE PRICE"), one fully paid and nonassessable Share upon surrender to the Company of the Warrant Certificate evidencing such Warrant Warrant, with the form of election to purchase duly completed and signed and evidence of payment of the Exercise Price. Upon surrender of such Warrant Certificate and payment of the Exercise PricePrice by either cash or cashless exercise ("NET ISSUE EXERCISE"), the Company shall cause the corresponding number of Shares to be issued and delivered promptly to Xxxxx or any other holder he may designate. In the Warrantholder a Certificate for the Shares issuable event that upon the any exercise of the Warrant or Warrants evidenced by such hereby, the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his assignee a new Warrant CertificateCertificate evidencing the number of Warrants not exercised. The Warrants evidenced by a Warrant Certificate shall be exercisable at the election of the Warrantholder holder thereof, either as an entirety or from time subject to time for less than all the provisions of the number of Warrants specified in the Warrant CertificateSections 4 and 5 hereof.

Right to Exercise Warrants. Each Warrant maybe may be exercised from the date of this Agreement until 11:59 P.M . P.M. (Los Angeles time) on the date that is three years after the date of this Agreement ___________, 200_ (the "Expiration Date")) pursuant to the provisions set forth in Section 3 hereof. Each Warrant not exercised on or before the Expiration Date shall expire. Subject to the provisions of this Warrant Agreement, including Section 10 hereof, the holder Holders of each Warrant shall have the right to purchase from the Company, and the Company shall shall, issue and sell to each such WarrantholderWarrant Holders at the Exercise Price, at an initial price of $1.00 per Share, provided that subject to adjustment as provided herein (the "Exercise Price")herein, one fully paid and nonassessable Share upon surrender to the Company of the Warrant Certificate evidencing such Warrant Warrant, with the form of election to purchase duly completed and signed and evidence of payment of the Exercise Price. Upon surrender of such Warrant Certificate and payment of the Exercise Price, the Company shall cause to be issued and delivered promptly to the Warrantholder Warrant Holders a Certificate certificate for the Shares issuable upon the exercise of the Warrant or Warrants evidenced by such Warrant Certificate. The Warrants evidenced by a Warrant Certificate shall be exercisable at the election of the Warrantholder Warrant Holders thereof, either as an entirety or from time subject to time for less than all the provisions of the number of Warrants specified in the Warrant Certificate.Section 3 hereof