Common use of Exercise; Expiration Date Clause in Contracts

Exercise; Expiration Date. Each outstanding Warrant may be exercised on any Business Day which is on or after the date hereof and on or before the Expiration Date, but only if the exercise of such Warrant satisfies the FCC Restrictions and is exempt from the registration requirements of the Securities Act. Any Warrants not exercised by 5:00 p.m., Los Angeles time, on the Expiration Date shall expire and all rights thereunder and all rights in respect thereof under this Agreement shall automatically terminate at such time.