Replaced Warrants Clause Samples
The 'Replaced Warrants' clause defines the process and terms under which existing warrants are substituted with new ones, typically in the context of a corporate restructuring, refinancing, or amendment to the original warrant agreement. This clause outlines how holders of the original warrants will receive new warrants, specifying the terms, rights, and conditions of the replacement instruments, such as exercise price, expiration date, or other key features. Its core practical function is to ensure continuity and fairness for warrant holders while allowing the company to update or modify warrant terms as needed, thereby addressing potential issues arising from changes in the company's capital structure or financial arrangements.
Replaced Warrants. If any Certificate representing any Warrant is replaced pursuant to Section 3(i), then such Warrant will cease to be outstanding at the time of such replacement, unless the Registrar and the Company receive proof reasonably satisfactory to them that such Warrant is held by a “bona fide purchaser” under applicable law.