Common use of Exercise; Issuance of Certificates; Payment for Shares Clause in Contracts

Exercise; Issuance of Certificates; Payment for Shares. Each Warrant may be exercised by the Holder, in whole or in part (but not as to a fractional Share), and on one or more occasions, by sending written notice (using the form set forth in Exhibit B hereto) to the Company at its principal office at 75 Robin Hill Road, Goleta, California 93117 (or such other office or xxxxxx xx xxe Company as it may from time to time designate by notice in writing to the Holder) at any time within the period above named and by payment to the Company by cashier's check or wire transfer of the aggregate Exercise Price for the number of Shares for which the Warrant is exercised (but not more than the number of Shares for which the Warrant then remains unexercised). The Company agrees that the Shares so purchased will be deemed to have been issued to the Holder as the record owner of such Shares as of the close of business on the date on which such notice is received and payment made as aforesaid. Certificates for the Shares so purchased will be delivered to the Holder within a reasonable time, not exceeding fifteen (15) Business Days, after the Warrant has been exercised, and, unless the Warrant has expired, it will continue in effect with respect to the number of Shares, if any, as to which it has not then been exercised.