Common use of Method of Exercise Payment Clause in Contracts

Method of Exercise Payment. ISSUANCE OF NEW WARRANT. Subject to paragraph I hereof, the purchase right represented by this Warrant may be exercised by the holder hereof, in whole or in part, by the surrender of this Warrant (with the notice of exercise form attached hereto as Exhibit 1 duly executed) at the principal office of the Company and by the payment to the Company, by either: (a) a check, of an amount equal to the then applicable Warrant Price per share multiplied by the number of shares of common stock then being purchased; or (b) that number of shares of common stock of the Company having a fair market value equal to the then applicable warrant price per share multiplied by the number of shares of common stock then being purchased. In the event of any exercise of the rights represented by this Warrant, certificates for the shares of stock so purchased shall be delivered to the Holder hereof within five (5) business days and, unless this Warrant has been fully exercised or expired, a new Warrant representing the portion of the shares, if any, with respect to which this Warrant shall not then have been exercised shall also be issued to the Holder hereof within such reasonable time.