Common use of Application of Funds Upon Exercise of Warrants Clause in Contracts

Application of Funds Upon Exercise of Warrants. All funds received by Broadridge under this Agreement that are to be distributed or applied by Broadridge in the performance of Services (the “Funds”) shall be held by Broadridge as agent for the Company and deposited in one or more bank accounts to be maintained by Broadridge in its name as agent for the Company. Until paid pursuant to the terms of this Agreement, Broadridge will hold the Funds through such accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Xxxxx’x (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Broadridge shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made by Broadridge in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party. Broadridge may from time to time receive interest, dividends or other earnings in connection with such deposits. Broadridge shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other party. The Warrant Agent shall forward funds received for warrant exercises in a given month by the 5th business day of the following month by wire transfer to an account designated by the Company.

Application of Funds Upon Exercise of Warrants. All funds received by Broadridge the Warrant Agent under this Agreement that are to be distributed or applied by Broadridge the Warrant Agent in the performance of Services services (the “Funds”) shall be held by Broadridge the Warrant Agent as agent for the Company and deposited in one or more bank accounts to be maintained by Broadridge the Warrant Agent in its name as agent for the Company. Until paid pursuant to the terms of this Agreement, Broadridge The Warrant Agent will hold the Funds through such accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Xxxxx’x (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Broadridge The Warrant Agent shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made by Broadridge the Warrant Agent in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party. Broadridge The Warrant Agent may from time to time receive interest, dividends or other earnings in connection with such deposits. Broadridge The Warrant Agent shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other party. The Warrant Agent shall forward funds received for warrant exercises in a given month by the 5th business day Business Day of the following month by wire transfer to an account designated by the Company.