Common use of Exercise Default Clause in Contracts

Exercise Default. The Company shall at all times reserve and have available all Common Stock necessary to meet exercise of the Warrants by all Warrantholders of the entire amount of Warrants then outstanding. If, at any time Warrantholder submits an Election to Exercise Warrant and the Company does not have sufficient authorized but unissued shares of Common Stock available to effect, in full, a exercise of the Warrants (a “Exercise Default”, the date of such default being referred to herein as the “Exercise Default Date”), the Company shall issue to the Warrantholder all of the shares of Common Stock which are available, and the Election to Exercise Warrant as to any Warrants requested to be converted but not converted (the “Unconverted Warrants”), upon Warrantholder’s sole option, may be deemed null and void. The Company shall provide notice of such Exercise Default (“Notice of Exercise Default”) to all existing Warrantholders of outstanding Warrants, by facsimile, within one (1) business day of such default (with the original delivered by overnight or two day courier), and the Warrantholder shall give notice to the Company by facsimile within five (5) business days of receipt of the original Notice of Exercise Default (with the original delivered by overnight or two day courier) of its election to either nullify or confirm the Election to Exercise Warrant.

Exercise Default. The Company shall at all times reserve and have available all Common Stock necessary to meet exercise of the Warrants by all Warrantholders of the entire amount of Warrants then outstanding. If, at any time Warrantholder submits an Election to Exercise Warrant and the Company does not have sufficient authorized but unissued shares of Common Stock available to effect, in full, a exercise of the Warrants (a “"Exercise Default”", the date of such default being referred to herein as the “"Exercise Default Date”"), the Company shall issue to the Warrantholder all of the shares of Common Stock which are available, and the Election to Exercise Warrant as to any Warrants requested to be converted but not converted (the “"Unconverted Warrants”"), upon Warrantholder’s 's sole option, may be deemed null and void. The Company shall provide notice of such Exercise Default (“"Notice of Exercise Default”") to all existing Warrantholders of outstanding Warrants, by facsimile, within one (1) business day of such default (with the original delivered by overnight or two day courier), and the Warrantholder shall give notice to the Company by facsimile within five (5) business days of receipt of the original Notice of Exercise Default (with the original delivered by overnight or two day courier) of its election to either nullify or confirm the Election to Exercise Warrant.

Exercise Default. The Company shall at all times reserve and have available all Common Stock necessary to meet exercise of the Warrants Options by all Warrantholders Optionholders of the entire amount of Warrants Options then outstanding. If, at any time Warrantholder Optionholder submits an Election to Exercise Warrant Option and the Company does not have sufficient authorized but unissued shares of freely tradeable Common Stock available to effect, in full, a exercise of the Warrants Options (a “Exercise Default”, the date of such default being referred to herein as the “Exercise Default Date”), the Company shall issue to the Warrantholder Optionholder all of the shares of Common Stock which are available, and the Election to Exercise Warrant Option as to any Warrants Options requested to be converted but not converted (the “Unconverted WarrantsOptions”), upon WarrantholderOptionholder’s sole option, may be deemed null and void. The Company shall provide notice of such Exercise Default (“Notice of Exercise Default”) to all existing Warrantholders Optionholders of outstanding WarrantsOptions, by facsimile, within one (1) business day of such default (with the original delivered by overnight or two day courier), and the Warrantholder Optionholder shall give notice to the Company by facsimile within five (5) business days of receipt of the original Notice of Exercise Default (with the original delivered by overnight or two day courier) of its election to either nullify or confirm the Election to Exercise WarrantOption.