Warrant Redemption. Upon occurrence of the events described in Sections 3.4 and 10.4(c) of the Purchase Agreement, the Company, at the request of Holder, shall redeem all outstanding Warrants that remain unexercised at a redemption price equal to the greater of (x) an appraised value of the Warrants, as determined by Black Xxxxxx, on the date they are called for redemption and (y) the number of Warrants being redeemed multiplied by the excess of (A) the average Closing Bid Price of the Common Stock for the five trading days immediately prior to the date that the Warrants are called for redemption over (B) the exercise price of the Warrants.
Warrant Redemption. Upon occurrence of the events described in Sections 3.4 and 10.4(c) of the Purchase Agreement, the Company, at the request of Holder, shall redeem all outstanding Warrants that remain unexercised at a redemption price equal to the greater of (x) an appraised value of the Warrants, as determined by Black Xxxxxx, on the date they are called for redemption and (y) the number of Warrants being redeemed multiplied by the excess of (A) the Market Price of the Common Shares over (B) the exercise price of the Warrants. "Market Price" shall mean the volume weighted average sales price as reported by Bloomberg, L.P. for the three consecutive trading days immediately prior to the date that the Warrants are called for redemption.
Warrant Redemption. Upon (i) occurrence of the events described in Sections 3.4 and 10.4(c) of the Purchase Agreement, and (ii) at the option of the Company at any time before the 360th day following the Closing Date, the Company may be required or elect, as the case may be, to redeem (and pay any applicable liquidated damages) all outstanding Warrants that remain unexercised at a redemption price equal to the greater of (x) an appraised value of the Warrants, as determined by Black Sholes, on the date they are called for redemption and (y) the nuxxxx xf Warrants being redeemed multiplied by the excess of (A) the average Closing Bid Price of the Common Stock for the five Trading Days immediately prior to the date that the Warrants are called for redemption over (B) the exercise price of the Warrants.
Warrant Redemption. Simultaneously with the execution and delivery of this Amendment No. 3, the Lender is delivering to the Borrower, for redemption by the Borrower, all of the Warrants (covering an aggregate of 2,100,000 shares of Common Stock), in consideration of which the Borrower is paying to the Lender the sum of $1,000,000, constituting part of the Additional Note being issued pursuant to paragraph 7 below. The Lender makes no representations or warranties regarding the Warrants or the value thereof, other than that the Lender has unencumbered title to the Warrants and full power and authority to deliver the Warrants for redemption hereunder.
Warrant Redemption. The Company may not call or redeem any portion of this Warrant without the prior written consent of the affected Holder.
Warrant Redemption. Upon occurrence of the events described in Exhibit A to the Purchase Agreement setting forth the terms fo the Series A Convertible Preferred Stock with respect to redemption, the Company, at the request of Holder, shall redeem all outstanding Warrants that remain unexercised at a redemption price equal to the greater of (x) an appraised value of the Warrants, as determined by Black Sholes, on the date they are called for redemption and (y) the xxxxxr of Warrants being redeemed multiplied by the excess of (A) the average closing bid price of the Common Stock for the five trading days immediately prior to the date that the Warrants are called for redemption over (B) the exercise price of the Warrants.
Warrant Redemption. Upon occurrence of the events described in Sections 3.4 and 10.4(c) of the Purchase Agreement, the Company, at the request of Holder, shall redeem all outstanding Warrants that remain unexercised at a redemption price equal to the greater of (x) an appraised value of the Warrants, as determined by Black Xxxxxx, on the date they are called for redemption and (y) the number of Warrants being redeemed multiplied by the excess of (A) the average closing bid price of the Common Stock for the five Trading Days immediately prior to the date that the Warrants are called for redemption over (B) the exercise price of the Warrants.
Warrant Redemption. Notwithstanding anything to the contrary contained herein or in that certain Warrant Agreement, dated as of February , 2008, between the Company and American Stock Transfer & Trust Company, as Warrant Agent (the “Warrant Agreement”), (i) this Purchase Option shall, to the extent not earlier exercised in full, be automatically exercised, immediately prior to a redemption of the Company’s outstanding warrants pursuant to Section 6 of the Warrant Agreement (provided that notice is provided to the Holder on the same terms as provided to the holders of Warrants pursuant to the Warrant Agreement), and (ii) each Warrant that is part of a Unit issued hereunder upon such automatic conversion shall be redeemed by the Company as part of such redemption for the Redemption Price. As provided in the Warrant Agreement, the Company may not issue or deliver any securities pursuant to the exercise of a Warrant and may not settle the Warrant exercise unless a registration statement under the Act with respect to the Common Stock underlying the Public Warrants is effective. In the event that a registration statement with respect to the Common Stock underlying the Public Warrants is not effective under the Act, no holder of any Warrant shall be entitled to exercise such Warrant and such Warrant may have no value and expire worthless. In no event may the Company net cash settle the warrant exercise. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise would be unlawful. In the event that a registration statement is not effective for the exercised Warrants, the purchaser of a unit containing such Warrant will have paid the full purchase price for the unit solely for the shares included in such unit.
Warrant Redemption. On occurrence of the events described in Sections 3.3 of the Purchase Agreement, Phage, at the request of Holder, will redeem all outstanding Warrants that remain unexercised at a redemption price equal to the greater of (x) an appraised value of the Warrants, as determined by Black Xxxxxx, on the date they are called for redemption and (y) the number of Warrants being redeemed multiplied by the excess of (A) the average Closing Bid Price of the Common Stock for the five trading days immediately prior to the date that the Warrants are called for redemption over (B) the exercise price of the Warrants.
Warrant Redemption. Subject to the satisfaction (or waiver) of the conditions set forth in Sections 6 and 7 below, on the Closing Date (as defined below), (i) to the extent the Buyers have elected to have their Warrants (the "Purchased Warrants") redeemed by the Company at the aggregate Warrant Price by written notice to the Company on or prior to the Closing Date, the Buyers shall surrender to the Company at the Closing all such Purchased Warrants of such Buyer, and (ii) the Company shall pay to each such Buyer in cash by wire transfer of immediately available funds an aggregate amount equal to $0.13 per Warrant Share issuable upon exercise of such Purchased Warrant on the Closing Date.
