<PAGE>   1
                                                                     EXHIBIT 4.7


THE WARRANT REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AND SUCH WARRANT MAY NOT BE SOLD OR TRANSFERRED UNLESS
SUCH SALE OR TRANSFER IS IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF
SUCH ACT, AS AT THE TIME AMENDED, OR IN CONFORMITY WITH THE LIMITATIONS OF RULE
144 OR SIMILAR RULE AS THEN IN EFFECT UNDER SUCH ACT, OR UNLESS SOME OTHER
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT IS AVAILABLE WITH
RESPECT THERETO.

                                                             Warrant to Purchase
                                       69,261 Shares of Series E Preferred Stock
                                                         (Subject to Adjustment)


                                VIXEL CORPORATION

                     SERIES PREFERRED STOCK PURCHASE WARRANT

                           VOID AFTER OCTOBER 16, 2001

      Vixel Corporation, a Delaware corporation (the "Company"), hereby
certifies that, for value received, MONTGOMERY SECURITIES, or assigns, is
entitled, subject to the terms set forth below, to purchase from the Company at
any time or from time to time before 5:00 p.m. Pacific time, on October 16, 2001
(the "Expiration Date"), sixty-nine thousand two hundred sixty-one (69,261)
fully paid and nonassessable shares of Series E Preferred Stock of the Company,
at the purchase price per share of $5.63 and otherwise in accordance with the
terms hereof. The number and character of such shares of Series E Preferred
Stock are subject to adjustment as provided below.

      As used herein the following terms, unless the context otherwise requires,
have the following respective meanings:

(a)  The term "Company" includes any corporation which shall succeed to or
     assume the obligations of the Company hereunder.

(b)  The term "Series E Preferred Stock" shall mean the Series E Preferred
     Stock, $.01 par value per share, of the Company, and any other securities
     or property of the Company or of any other person (corporate or otherwise)
     which the holder of this Warrant at any time shall be entitled to receive
     on the exercise hereof, in lieu of or in addition to Series E Preferred
     Stock, or which at any time shall be issuable in exchange for or in
     replacement of Series E Preferred Stock.

      1.  Initial Exercise Date; Expiration. This Warrant may be exercised at
          any time or from time to time. It shall expire at 5:00 p.m., Pacific
          time, on October 16, 2001 ("Expiration Date").

     2.   Exercise of Warrant; Partial Exercise and Exchange of Warrant.

          2.1 Exercise of Warrant and Partial Exercise This Warrant may be
          exercised in full or in part by the holder hereof by surrender of this
          Warrant, with the form of subscription attached hereto duly executed
          by such holder, to the Company at its principal office, accompanied by


                                       1.
<PAGE>   2
          payment, in cash or by certified or official bank check payable to the
          order of the Company, of the purchase price of the shares of Series E
          Preferred Stock to be purchased hereunder, the cancellation by the
          holder of indebtedness of the Company to the holder in an amount equal
          to such purchase price, or any combination thereof. For any partial
          exercise hereof, the holder shall designate in the subscription the
          number of shares of Series E Preferred Stock that it wishes to
          purchase. On any such partial exercise, the Company at its expense
          shall forthwith issue and deliver to the holder hereof a new warrant
          of like tenor, in the name of the holder hereof, which shall be
          exercisable for such number of shares of Series E Preferred Stock
          represented by this Warrant which have not been purchased upon such
          exercise.

          2.2  Right to Exchange Warrant for Series E Preferred Stock.

               (a) Right to Exchange. In addition to and without limiting the
          rights of the holder under the terms of this Warrant, the holder shall
          have the right to exchange this Warrant or any portion hereof (the
          "Exchange Right") into shares of Series E Preferred Stock as provided
          in this Section 2.2 at any time or from time to time during the term
          of this Warrant; provided that the Exchange Right shall expire on the
          closing of an Acquisition of the Company if the Company has duly
          complied with the notice provisions set forth in Section 2.2(b). Upon
          exercise of the Exchange Right with respect to a particular number of
          shares subject to this Warrant (the "Exchange Warrant Shares"), the
          Company shall deliver to the holder (without payment by the holder of
          any cash or other consideration) that number of shares of Series E
          Preferred Stock equal to the quotient obtained by dividing (x) the
          value of this Warrant (or the specified portion hereof) on the
          Exchange Date (as defined in section 2.2(c), which value shall be
          determined by subtracting (A) the aggregate exercise purchase price of
          the Exchanged Warrant Shares immediately prior to the exercise of the
          Exchange Right from (B) the aggregate fair market value of the
          Exchanged Warrant Shares issuable upon exercise of this Warrant (or
          the specified portion hereof) on the Exchange Date by (y) the fair
          market value of one share of Series E Preferred Stock on the Exchange
          Date. No fractional shares shall be issuable upon exercise of the
          Exchange Right, and if the number of shares to be issued determined in
          accordance with the foregoing formula is other than a whole number,
          the Company shall pay to the holder an amount in cash equal to the
          fair market value of the resulting fractional share on the Exchange
          Date.

               (b) Definitions. The "Acquisition" of the Company is the closing
          of the Company's sale of all or substantially all of its assets or the
          acquisition of the Company by another entity by means of merger,
          combination or other transaction as a result of which shareholders of
          the Company immediately prior to such acquisition possess a minority
          of the voting power of the acquiring entity immediately following such
          acquisition. The Company shall give notice to the holder of this
          Warrant of an Acquisition at least thirty (30) days prior to the
          closing of such Acquisition.

               (c) Method of Exercise. The Exchange Right may be exercised by
          the holder by the surrender of this Warrant prior to its expiration,
          at the principal office of the Company together with a written
          statement specifying that the holder thereby intends to exercise the
          Exchange Right and indicating the number of shares subject to this
          Warrant which are being surrendered (referred to in subsection (a)
          hereof as the Exchanged Warrant Shares) in exercise of the Exchange
          Right. Such exchange shall be effective upon receipt by the Company of
          this


                                       2.
<PAGE>   3

          Warrant together with the aforesaid written statement, or on such
          later date as is specified therein (the "Exchange Date") and, at the
          election of the Holder, may be made contingent upon the closing of an
          Acquisition or the consummation of the sale of the Company's Series E
          Preferred Stock to the public in a public offering pursuant to a
          Registration Statement under the Securities Act of 1933, as amended (a
          "Public Offering"). Certificates for the shares of Series E Preferred
          Stock issuable upon exercise of the Exchange Right (or any other
          securities deliverable in lieu thereof under Section 5) and, if
          applicable, a new warrant evidencing the balance of the shares
          remaining subject to this Warrant, shall be issued as of the Exchange
          Date and shall be delivered to the holder immediately following the
          Exchange Date.

               (d) Determination of Fair Market Value. For purposes of this
          Section 2.2, fair market value of a share of Exchanged Warrant Shares
          as of a particular date (the "Determination Date") shall mean:

                  (i) If the Exchange Right is exercised in connection with a
               Public Offering, and if the Company's Registration Statement
               relating to such Public Offering has been declared effective by
               the Securities and Exchange Commission, the initial "Price to
               Public" specified in the final prospectus with respect to such
               offering times the number of shares of Series E Preferred Stock
               into which each Exchanged Warrant Share is then convertible.

                  (ii) If the Exchange Right is exercised in connection with an
               Acquisition, the effective per share consideration to be received
               in an Acquisition by holders of the Series E Preferred Stock,
               which price shall be as specified in the agreement entered into
               with respect to such Acquisition and determined assuming receipt
               of the aggregate exercise price of all outstanding warrants to
               purchase equity securities of the Company (the "Outstanding
               Warrants"), or if no such price is set forth in the agreement
               concerning the Acquisition, than as determined in good faith by
               the Company's Board of Directors upon a review of relevant
               factors, including the aggregate exercise price of all
               Outstanding Warrants.

                  (iii) If the Exchange Right is not exercised in connection
               with an Acquisition or in connection with and contingent upon a
               Public Offering, then as follows:

                        (A) If such type of security is traded on a securities
                    exchange, the fair market value shall be deemed to be the
                    average of the closing prices of such type of security on
                    such exchange over the 30-day period ending five business
                    days prior to the Determination Date;

                        (B) If such type of security is traded over-the-counter,
                    the fair market value shall be deemed to be the average of
                    the closing bid prices of such type of security over the
                    30-day period ending five business days prior to the
                    Determination Date; and


                                       3.
<PAGE>   4

                         (C) If there is no public market for such type of
                    security, then fair market value shall be determined by
                    mutual agreement of the Holder and the Company, and if the
                    Holder and the Company are unable to so agree, by an
                    investment banker of national reputation selected by the
                    Company and reasonably acceptable to the Holder.

      3.  When Exercise Effective. The exercise of this Warrant shall be deemed
          to have been effected immediately prior to the close of business on
          the business day on which this Warrant is surrendered to the Company
          as provided in Section 2, and at such time the person in whose name
          any certificate for shares of Series E Preferred Stock shall be
          issuable upon such exercise, as provided in Section 4, shall be deemed
          to be the record holder of such Series E Preferred Stock for all
          purposes.

     4.   Delivery on Exercise. As soon as practicable after the exercise of
          this Warrant in full or in part, and in any event within five business
          days thereafter, the Company at its expense (including the payment by
          it of any applicable issue taxes) will cause to be issued in the name
          of and delivered to the holder hereof, or as such holder may direct, a
          certificate or certificates for the number of fully paid and
          nonassessable full shares of Series E Preferred Stock to which such
          holder shall be entitled on such exercise, together with cash, in lieu
          of any fraction of a share, equal to such fraction of the current
          market value of one full share as determined in good faith by the
          Board of Directors.

      5.  Adjustment of Purchase Price and Number of Shares. The character of
          the shares of Series E Preferred Stock issuable upon exercise of this
          Warrant (or any shares of stock or other securities at the time
          issuable upon exercise of this Warrant) and the purchase price
          therefor, are subject to adjustment upon the occurrence of the
          following events:

          5.1 Adjustment for Stock Splits, Stock Dividends, Recapitalizations,
          etc. The exercise price of this Warrant and the number of shares of
          Series E Preferred Stock issuable upon exercise of this Warrant (or
          any shares of stock or other securities at the time issuable upon
          exercise of this Warrant) shall be appropriately adjusted to reflect
          any stock dividend, stock split, combination of shares,
          reclassification, recapitalization or other similar event affecting
          the number of outstanding shares of Series E Preferred Stock (or such
          other stock or securities). For example if there should be a 2-for-1
          stock split, the exercise price would be divided by two and such
          number of shares would be doubled.

          5.2 Adjustment for Other Dividends and Distributions. In case the
          Company shall make or issue, or shall fix a record date for the
          determination of eligible holders entitled to receive, a dividend or
          other distribution with respect to the Series E Preferred Stock (or
          any shares of stock or other securities at the time issuable upon
          exercise of the Warrant) payable in (i) securities of the Company
          (other than shares of Series E Preferred Stock) or (ii) assets
          (excluding cash dividends paid or payable solely out of retained
          earnings), then in each case, the holder of this Warrant on exercise
          hereof at any time after the consummation, effective date or record
          date of such event, shall receive, in addition to the Series E
          Preferred Stock (or such other stock or securities) issuable on such
          exercise prior to such date, the securities or such other assets of
          the Company to which such holder would have been entitled upon such


                                       4.
<PAGE>   5

          date if such holder had exercised this Warrant immediately prior
          thereto (all subject to further adjustment as provided in this
          Warrant).

          5.3 Adjustment for Reorganization, Consolidation, Merger, etc. In case
          of any consolidation or merger of the Company with or into any other
          corporation, entity or person, or any other corporate reorganization
          (except for an Acquisition), in which the Company shall not be the
          continuing or surviving entity of such consolidation, merger or
          reorganization (any such transaction being hereinafter referred to as
          a "Reorganization"), then, in each case, the holder of this Warrant,
          on exercise hereof at any time after the consummation or effective
          date of such Reorganization (the "Effective Date"), shall receive, in
          lieu of the Series E Preferred Stock issuable on such exercise prior
          to the Effective Date, the stock and other securities and property
          (including cash) to which such holder would have been entitled upon
          the Effective Date if such holder had exercised this Warrant
          immediately prior thereto (all subject to further adjustment as
          provided in this Warrant); provided that notwithstanding the
          foregoing, this Warrant shall terminate on an Acquisition as described
          in Section 18.

          5.4 Certificate as to Adjustments. In case of any adjustment or
          readjustment in the price or kind of securities issuable on the
          exercise of this Warrant, the Company will promptly give written
          notice thereof to the holder of this Warrant in the form of a
          certificate, certified and confirmed by the Board of Directors of the
          Company, setting forth such adjustment or readjustment and showing in
          reasonable detail the facts upon which such adjustment or readjustment
          is based.

     6.   No Dilution or Impairment. The Company will not, by amendment of its
          Articles of Organization or through any reorganization, transfer of
          assets, consolidation, merger, dissolution, issue or sale of
          securities or any other voluntary action, avoid or seek to avoid the
          observance or performance of any of the terms of this Warrant, but
          will at all times in good faith assist in the carrying out of all such
          terms and in the taking of all such action as may be necessary or
          appropriate in order to protect the rights of the holder of this
          Warrant against dilution or other impairment. Without limiting the
          generality of the foregoing, the Company (a) will not increase the par
          value of any shares of stock receivable on the exercise of this
          Warrant above the amount payable therefor on such exercise, (b) will
          at all times reserve and keep available a number of its authorized
          shares of Series E Preferred Stock, free from all preemptive rights
          therein, which will be sufficient to permit the exercise of this
          Warrant, and (c) shall take all such action as may be necessary or
          appropriate in order that all shares of Series E Preferred Stock as
          may be issued pursuant to the exercise of this Warrant will, upon
          issuance, be duly and validly issued, fully paid and nonassessable and
          free from all taxes, liens and charges with respect to the issue
          thereof.


                                       5.
<PAGE>   6

      7.  Notices of Record Date, etc.  In the event of

              (a) any taking by the Company of a record of the holders of any
          class of securities for the purpose of determining the holders thereof
          who are entitled to receive any dividend or other distribution, or any
          right to subscribe for, purchase or otherwise acquire any shares of
          stock of any class or any other securities or property, or to receive
          any other right, or

              (b) any capital reorganization of the Company, any
          reclassification or recapitalization of the capital stock of the
          Company, or any transfer of all or substantially all the assets of the
          Company to or consolidation or merger of the Company with or into any
          other person, or

              (c) any voluntary or involuntary dissolution, liquidation or
          winding-up of the Company, or

              (d) any proposed issue or grant by the Company of any shares of
          stock of any class or any other securities, or any right or option to
          subscribe for, purchase or otherwise acquire any shares of stock of
          any class or any other securities, then and in each such event the
          Company will mail to the holder hereof a notice specifying (i) the
          date on which any such record is to be taken for the purpose of such
          dividend, distribution or right, and stating the amount and character
          of such dividend, distribution or right, (ii) the date on which any
          such reorganization, reclassification, recapitalization, transfer,
          consolidation, merger, dissolution, liquidation or winding-up is to
          take place, and the time, if any is to be fixed, as of which the
          holders of record of Series E Preferred Stock (or any shares of stock
          or other securities at the time issuable upon the exercise of this
          Warrant) shall be entitled to exchange their shares for securities or
          other property deliverable on such reorganization, reclassification,
          recapitalization, transfer, consolidation, merger, dissolution,
          liquidation or winding-up, and (iii) the amount and character of any
          stock or other securities, or rights or options with respect thereto,
          proposed to be issued or granted, the date of such proposed issue or
          grant and the persons or class of persons to whom such proposed issue
          or grant is to be offered or made. Such notice shall be mailed at
          least 20 days prior to the date therein specified.

      8.  Exchange of Warrants. On surrender for exchange of this Warrant,
          properly endorsed, to the Company, the Company at its expense will
          issue and deliver to or on the order of the holder thereof a new
          Warrant of like tenor, in the name of such holder or as such holder
          may direct, calling in the aggregate on the face thereof for the
          number of shares of Series E Preferred Stock called for on the face of
          the Warrant so surrendered.

      9.  Replacement of Warrants. On receipt by the Company of evidence
          reasonably satisfactory to the Company of the loss, theft, destruction
          or mutilation of this Warrant and, in the case of any such loss, theft
          or destruction of this Warrant, on delivery of an indemnity agreement
          reasonably satisfactory in form and amount to the Company or, in the
          case of any such mutilation, on surrender and cancellation of such
          Warrant, the Company at its expense will execute and deliver, in lieu
          thereof, a new Warrant of like tenor.

     10.  Investment Intent. Unless a current registration statement under the
          Securities Act of 1933, as amended, shall be in effect with respect to
          the securities to be issued upon exercise of this Warrant, the holder
          thereof, by accepting this Warrant, covenants and agrees that, at the
          time of exercise hereof, and at the time of any proposed transfer of
          securities acquired upon


                                       6.
<PAGE>   7
          exercise hereof, such holder will deliver to the Company a written
          statement that the securities acquired by the holder upon exercise
          hereof are for the own account of the holder for investment and are
          not acquired with a view to, or for sale in connection with, any
          distribution thereof (or any portion thereof) and with no present
          intention (at any such time) of offering and distributing such
          securities (or any portion thereof).

     11.  Transfer. Subject to the transfer conditions referred to in the legend
          endorsed hereon, this Warrant and all rights hereunder are
          transferable, in whole or in part, without charge to the holder hereof
          upon surrender of this Warrant with a properly executed assignment (in
          the form annexed hereto) at the principal office of the Company. Upon
          any partial transfer, the Company will at its expense issue and
          deliver to the holder hereof a new Warrant of like tenor, in the name
          of the holder hereof, which shall be exercisable for such number of
          shares of Series E Preferred Stock which were not so transferred.

     12.  No Rights or Liability as a Stockholder. This Warrant does not entitle
          the holder hereof to any voting rights or other rights as a
          stockholder of the Company. No provisions hereof, in the absence of
          affirmative action by the holder hereof to purchase Series E Preferred
          Stock, and no enumeration herein of the rights or privileges of the
          holder hereof shall give rise to any liability of such holder as a
          stockholder of the Company. Notwithstanding the foregoing, the Company
          will transmit to the Warrantholder such information, documents and
          reports as are generally distributed to the holders of any class or
          series of the securities of the Company concurrently with the
          distribution thereof to the shareholders.

     13.  Damages. The Company recognizes and agrees that the holder hereof will
          not have an adequate remedy if the Company fails to comply with the
          terms of this Warrant and that damages will not be readily
          ascertainable, and the Company expressly agrees that, in the event of
          such failure, it shall not oppose an application by the holder of this
          Warrant or any other person entitled to the benefits of this Warrant
          requiring specific performance of any and all provisions hereof or
          enjoining the Company from continuing to commit any such breach of the
          terms hereof.

     14.  Representations and Warranties. The Company represents and warrants to
          the Warrantholder as follows:

               (a) This Warrant has been duly authorized and executed by the
          Company and is a valid and binding obligation of the Company
          enforceable in accordance with its terms;

               (b) The shares of Series E Preferred Stock issuable hereunder
          have been duly authorized and reserved for issuance by the Company
          and, when issued in accordance with the terms hereof, will be validly
          issued, fully paid and nonassessable;

               (c) The execution and delivery of this Warrant are not, and the
          issuance of the shares of Series E Preferred Stock upon exercise of
          this Warrant in accordance with the terms hereof will not be,
          inconsistent with the Company's Certificate of Incorporation or
          Bylaws, do not and will not contravene any law, governmental rule or
          regulation, judgment or order applicable to the Company, and, except
          for consents that have already been obtained by the Company, do not
          and will not conflict with or contravene any provision of, or
          constitute a default under, any indenture, mortgage, contract or other
          instrument of which the Company is


                                       7.
<PAGE>   8
          a party or by which it is bound or require the consent or approval of,
          the giving of notice to, the registration with or the taking of any
          action in respect of or by, any Federal, state or local governmental
          authority or agency or other person.

     15.  Registration Rights. The Company covenants and agrees as follows:

          15.1 Definitions. For purposes of this Section 15:

          The term "Registrable Securities" means the Common Stock issuable upon
          conversion of (i) the Series E Preferred Stock issued pursuant to this
          Warrant and (ii) any Series E Preferred Stock of the Company issued as
          (or issuable upon the conversion or exercise of any warrant, right or
          other security which is issued as) a dividend or other distribution
          with respect to, or in exchange for or in replacement of, such Series
          E Preferred Stock.

          15.2 Grant of Rights. The Company hereby grants to the initial holder
          of this Warrant (and the permitted transferee of the Registration
          Rights, as hereinafter defined) the rights set forth in Section 3 of
          the Amended and Restated Investors' Rights Agreement dated as of
          October 21, 1996, by and among the Company and the investors who are
          signatories thereto (the "Rights Agreement") (such rights are referred
          to herein as the "Registration Rights"). Each of the Company and the
          Holders severally covenants and agrees that it shall comply with each
          of the covenants and agreements contained in the Registration Rights,
          which covenants and agreements are expressly incorporated herein by
          reference as though stated herein in full.

          15.3 Assignment of Registration Rights. The rights to cause the
          Company to register Registrable Securities pursuant to the
          Registration Rights may be assigned by a Holder to a transferee or
          assignee of such securities to the same extent as permitted by Section
          3.12 of the Rights Agreement.

          15.4 No Conflicting Agreements. The Company represents and warrants to
          the Holder that the Company is not a party to any agreement that
          conflicts in any manner with the holder's rights to cause the Company
          to register Registrable Securities pursuant to the Registration
          Rights. The Company covenants and agrees that it shall not, without
          the prior written consent of the holders of a majority of the
          outstanding Registrable Securities, amend, modify or restate the
          Registration Rights if the Holder would be adversely affected by the
          amendment in a different manner than other holders of "Registrable
          Shares" (as defined in the Registration Rights) similarly situated.

     16.  Notices. All notices referred to in this Warrant shall be in writing
          and shall be delivered personally or by certified or registered mail,
          return receipt requested, postage prepaid and will be deemed to have
          been given when so delivered or mailed (i) to the Company, at its
          principal executive offices and (ii) to the holder of this Warrant, at
          such holder's address as it appears in the records of the Company
          (unless otherwise indicated by such holder).

     17.  Payment of Taxes. All shares of Series E Preferred Stock issued upon
          the exercise of this Warrant shall be validly issued, fully paid and
          nonassessable, and the Company shall pay all taxes and other
          governmental charges that may be imposed in respect to the issue or
          delivery thereof.


                                       8.
<PAGE>   9

     18.  Termination. This Warrant shall terminate and be of no further force
          or effect automatically upon the earlier of the following dates: (i)
          the Expiration Date; and (ii) the closing of an Acquisition of the
          Company.

     19.  Miscellaneous. This Warrant and any term hereof may be changed,
          waived, discharged or terminated (except as provided in Section 18
          hereof) only by an instrument in writing signed by the party against
          which enforcement of such change, waiver, discharge or termination is
          sought. This Warrant is being delivered in the State of California and
          shall be governed by and construed and enforced in accordance with the
          internal laws of the State of California (without reference to any
          principles of the conflicts of laws). The headings in this Warrant are
          for purposes of reference only, and shall not limit or otherwise
          affect any of the terms hereof.

Dated: October 21, 1996

                                         VIXEL CORPORATION

                                         By: /s/ Gregory R. Olbright
                                             -----------------------------------
                                             President


Attest:

        /s/ James C. T. Linfield
----------------------------------------
Name:  James C. T. Linfield

Title: Secretary


                                       9.
<PAGE>   10
                              FORM OF SUBSCRIPTION


                   (To be signed only on exercise of Warrant)

TO ______________________________

      The undersigned, the holder of the within Warrant, hereby irrevocably
elects to exercise the purchase right represented by such Warrant for, and to
purchase thereunder, ______________* shares of Series E Preferred Stock of
_________________________________, and herewith makes payment of $_____________
therefor, and requests that the certificates for such shares be issued in the
name of, and delivered to __________________________, whose address is
____________________________________.


                                         ---------------------------------------
                                         (Signature must conform in all respects
                                         to name of holder as specified on the
                                         face of the Warrant)

                                         ---------------------------------------

                                         ---------------------------------------
                                                          (Address)

Dated:

----------------------

* Insert here the number of shares as to which the Warrant is being exercised.


                                      10.
<PAGE>   11

                               FORM OF ASSIGNMENT


                   (To be signed only on transfer of Warrant)

       For value received, the undersigned hereby sells, assigns, and transfers
unto ________________________________ the right represented by the within
Warrant to purchase shares of Series E Preferred Stock of
_______________________________ to which the within Warrant relates, and
appoints ______________________________ Attorney to transfer such right on the
books of ___________________________________________ with full power of
substitution in the premises.


                                         ---------------------------------------
                                         (Signature must conform in all respects
                                         to name of holder as specified on the
                                         face of the Warrant)

                                         ---------------------------------------

                                         ---------------------------------------
                                                          (Address)

Dated:

----------------------


                                      11.