Common use of Notices of Corporate Action Clause in Contracts

Notices of Corporate Action. If the Company proposes to: (i) take any action described in Section 3(a), (ii) undertake a Corporate Distribution or (iii) consummate any Corporate Transaction; then, at least ten (10) days prior to the earlier of any applicable record date or such event, as the case may be, the Company shall mail to the Holder a notice specifying: (a) the date or expected date on which any such payment or distribution is to be made or record is to be taken and the amount and character of any such dividend, distribution or right; (b) the date or expected date on which any such reorganization, reclassification, recapitalization, consolidation, merger, transfer, dissolution, liquidation, winding-up or similar transaction is to take effect and any record date therefor; (c) the time as of which any holders of record of Common Shares and/or any other class of securities shall be entitled to exchange their Common Shares and/or other securities for the securities or other property deliverable upon such reorganization, reclassification, recapitalization, consolidation, merger, transfer, dissolution, liquidation, winding-up or similar transaction and a description in reasonable detail of such transaction; (d) the date of such issuance, as the case may be, together with a description of any securities to be issued and the consideration to be received or offered by the Company or other Person therefor; and (e) in each case, the expected effect on the number of Warrant Shares and the Exercise Price of each such transaction or event. The Company shall promptly update any such notice to reflect any change in the foregoing information.