Common use of Initial Warrants Clause in Contracts

Initial Warrants. The Initial Warrants shall have the same terms and be in the same form as the Public Warrants, except that (i) 4,351,500 of the Initial Warrants have a Warrant Price (as defined below) of $7.50 per share and 4,351,500 of the Initial Warrants have a Warrant Price of $10.00 per share, (ii) the Initial Warrants will not become exercisable until the last sales price of the Common Stock on The NASDAQ Stock Market LLC, or other national securities exchange on which the Common Stock may be traded, equals or exceeds $11.00 per share (subject to proportional adjustment in the event of any adjustment to the Warrant Price or the number of shares of Common Stock issuable on exercise of each Warrant as provided in Section 4) for any 20 trading days within any 30 trading day period beginning at least 30 days following the consummation of the Business Combination, (iii) the Initial Warrants may be exercised by paying cash or on a cashless basis at the option of an Initial Investor or its Permitted Transferees, (iv) the Initial Warrants are not redeemable so long as they are held by an Initial Investor or its Permitted Transferees, (v) the Initial Warrants will be exercisable even in the absence of an effective registration statement registering the underlying shares of Common Stock, (vi) the Initial Warrants (and the Common Stock issuable upon exercise of such Initial Warrants) may not be sold or transferred, other than to a Permitted Transferee, until 180 days after the consummation by the Company of its Business Combination.

Initial Warrants. The Initial Warrants shall have the same terms and be in the same form as the Public Warrants, except that (i) 4,351,500 the Initial warrants will become exercisable upon the later of (x) [•], 2009, the date that is one year after the date of the Initial Warrants have a Warrant Price final prospectus of the Company, dated [•], 2008 and (y) the consummation of the initial Business Combination (as defined belowin Section 3(b)(i) hereof), in each case, if (A) the closing price of the Common Stock equals or exceeds $7.50 14.25 per share and 4,351,500 for any 20 trading days within a 30-trading day period beginning 90 days after the consummation of the Initial initial Business Combination and (B) there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the Public Warrants have and a Warrant Price current prospectus relating to the shares of $10.00 per sharecommon stock issuable upon exercise of such Public Warrants, (ii) the Initial Warrants will not become exercisable until the last sales price of the Common Stock on The NASDAQ Stock Market LLC, or other national securities exchange on which the Common Stock may be traded, equals or exceeds $11.00 per share (subject to proportional adjustment in the event of any adjustment to the Warrant Price or the number of shares of Common Stock issuable on exercise of each Warrant as provided in Section 4) for any 20 trading days within any 30 trading day period beginning at least 30 days following the consummation of the Business Combination, (iii) the Initial Warrants may be exercised by paying cash or on a cashless basis at the option of an Initial Investor or its Permitted Transferees, (iv) the Initial Warrants are not non-redeemable so long as they are held by an Initial Investor the original purchaser or its Permitted Transfereespermitted transferees, (viii) the Initial Warrants will be exercisable even in at the absence option of an effective registration statement registering the underlying shares of Common Stockholder on a cashless basis so long as they are held by the original purchaser or its permitted transferees, and (viiv) the original purchaser has agreed that the Initial Warrants (and the Common Stock issuable upon exercise of such Initial Warrants) may will not be sold or transferredtransferred by it (including the shares of Common Stock to be issued upon exercise of the Initial Warrants), other than except to a Permitted Transfereeits permitted transferees, until 180 days after following the consummation by of the Company initial Business Combination, unless the closing price of its Common Stock equals or exceeds $14.25 per share for any 20 trading days within any 30-trading day period subsequent to the consummation of the initial Business Combination.