Common use of Assumption or Substitution Clause in Contracts

Assumption or Substitution. In its sole and absolute discretion, -------------------------- and on such terms and conditions as it deems appropriate, the Company may, by action taken prior to the occurrence of such transaction or event, provide that this Warrant be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar warrants covering the capital stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices.