Common use of Full or Partial Exercise Clause in Contracts

Full or Partial Exercise. This Warrant shall be exercisable, at the election of the Holder, either in full or in part and, in the event that this Warrant is exercised in respect of fewer than all of the Warrant Shares issuable on such exercise at any time prior to the Expiration Date, the Company shall promptly issue a new certificate evidencing the remaining Warrant or Warrants, in a form substantially identical hereto, in the name of the Holder, and delivered to the Holder or to another person that the Holder has designated for delivery as soon as practicable, and in any event not exceeding three Business Days from such exercise. To the extent that the Warrants have not been exercised in full prior to the Expiration Date, the Warrants shall be automatically exercised on a net basis pursuant to Section 1.3 hereof on the Business Day immediately preceding the Expiration Date, subject to compliance with the proviso in the first sentence of Section 1.1.