NO SERVICE CHARGE SHALL BE MADE
FOR ANY SUCH SUBSTITUTION, BUT ALL EXPENSES AND REASONABLE CHARGES ASSOCIATED
WITH PROCURING SUCH INDEMNITY AND ALL STAMP, TAX AND OTHER GOVERNMENTAL DUTIES
THAT MAY BE IMPOSED IN RELATION THERETO SHALL BE BORNE BY THE HOLDER OF SUCH
WARRANT CERTIFICATE.
EACH WARRANT CERTIFICATE ISSUED IN ANY SUCH SUBSTITUTION
SHALL BEAR THE LEGEND SET FORTH IN SECTION 14(B) IF THE WARRANT CERTIFICATE FOR
WHICH SUCH SUBSTITUTION IS MADE BORE SUCH LEGEND.
SECTION 6.
DURATION AND EXERCISE OF WARRANTS.
(A)THE WARRANTS
EVIDENCED BY A WARRANT CERTIFICATE SHALL BE EXERCISABLE IN WHOLE OR IN PART BY
THE REGISTERED HOLDER THEREOF ON ANY BUSINESS DAY AT ANY TIME ON OR AFTER THE
DATE HEREOF AND ON OR PRIOR TO THE EXPIRATION DATE.
4
(B)
SUBJECT TO THE PROVISIONS OF THIS WARRANT AGREEMENT, UPON
PRESENTATION OF THE WARRANT CERTIFICATE EVIDENCING THE WARRANTS TO BE EXERCISED,
WITH THE FORM OF ELECTION TO PURCHASE ON THE REVERSE THEREOF DULY COMPLETED AND
SIGNED BY THE REGISTERED HOLDER OR HOLDERS THEREOF, TO THE ISSUER AT THE WARRANT
OFFICE, AND UPON PAYMENT OF THE AGGREGATE EXERCISE PRICE FOR THE NUMBER OF
WARRANT SHARES IN RESPECT OF WHICH SUCH WARRANTS ARE BEING EXERCISED IN LAWFUL
MONEY OF THE UNITED STATES OF AMERICA, THE ISSUER SHALL ISSUE AND CAUSE TO BE
DELIVERED WITHIN FIVE (5) BUSINESS DAYS OF SUCH EXERCISE TO OR UPON THE WRITTEN
ORDER OF THE REGISTERED HOLDER(S) OF SUCH WARRANTS AND IN SUCH NAME OR NAMES AS
SUCH REGISTERED HOLDER(S) MAY DESIGNATE, A CERTIFICATE FOR THE WARRANT SHARE OR
WARRANT SHARES ISSUED UPON SUCH EXERCISE OF SUCH WARRANTS.
ANY PERSON(S) SO
DESIGNATED TO BE NAMED THEREIN SHALL BE DEEMED TO HAVE BECOME HOLDER(S) OF
RECORD OF SUCH WARRANT SHARE OR WARRANT SHARES AS OF THE DATE OF EXERCISE OF
SUCH WARRANTS.
EXCEPT AS SET FORTH IN SECTIONS 14(B) AND (C), EACH WARRANT
SHARE SHALL BEAR THE LEGEND SET FORTH IN SECTION 14(B).
PAYMENT OF THE
AGGREGATE EXERCISE PRICE MAY BE MADE WITH RESPECT TO EACH WARRANT SHARE, AT THE
OPTION OF THE HOLDER:
(I)
BY CASH, CERTIFIED OR BANK CASHIER'S CHECK OR WIRE TRANSFER;
(II)
BY SURRENDERING TO THE ISSUER THE NUMBER OF SHARES OF COMMON
STOCK TO BE ACQUIRED UPON EXERCISE OF THE WARRANT WHICH IS EQUAL TO (A) SUCH
AGGREGATE EXERCISE PRICE DIVIDED BY (B) THE CURRENT MARKET PRICE PER SHARE OF
ONE SHARE OF COMMON STOCK DETERMINED AS OF THE LAST BUSINESS DAY PRIOR TO THE
DATE OF EXERCISE OF THIS WARRANT; OR
(III)
ANY COMBINATION OF THE FOREGOING.
(C)
IF LESS THAN ALL THE WARRANTS EVIDENCED BY A WARRANT CERTIFICATE
ARE EXERCISED AT ANY TIME, A NEW WARRANT CERTIFICATE OR CERTIFICATES SHALL BE
ISSUED FOR THE REMAINING NUMBER OF WARRANTS EVIDENCED BY SUCH WARRANT
CERTIFICATE.
EACH NEW WARRANT CERTIFICATE SO ISSUED SHALL BEAR THE LEGEND SET
FORTH IN SECTION 14(B) IF THE WARRANT CERTIFICATE PRESENTED IN CONNECTION WITH
PARTIAL EXERCISE THEREOF BORE SUCH LEGEND.
ALL WARRANT CERTIFICATES SURRENDERED
UPON EXERCISE OF WARRANTS SHALL BE CANCELED.
SECTION 7.
NO