Common use of Exercise; Expiration Date Clause in Contracts

Exercise; Expiration Date. 2.1 The Warrants are exercisable, at the option of the Holder, in whole or in part at any time and from time to time commencing on May 15, 1998 (the "Commencement Date") and until the Expiration Date, upon surrender of this Warrant Certificate to the Company together with a duly completed Notice of Exercise substantially in the form attached hereto as EXHIBIT 1 and the Investment Letter in the form attached hereto as EXHIBIT 2 and payment of the Purchase Price, at the election of the Holder, either (i) in cash or (ii) by receiving from the Company the number of Warrant Shares equal to (A) the number of Warrant Shares as to which this Warrant is being exercised, minus (ii) the number of Warrant Shares having an aggregate Fair Market Value as of the date the Notice of Exercise is delivered (the "Determination Date") equal to the aggregate Purchase Price for the number of Warrant Shares as to which this Warrant is being exercised. For purposes hereof, Fair Market Value means, as of the Determination Date, the value of the Common Stock determined as follows: (a) if the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasd▇▇

Exercise; Expiration Date. 2.1 The Warrants are exercisable, at the option of the Holder, in whole or in part at any time and from time to time commencing on May 15, 1998 (the "Commencement Date") and until the Expiration Date, upon surrender of this Warrant Certificate to the Company together with a duly completed Notice of Exercise substantially in the form attached hereto as EXHIBIT 1 and the Investment Letter in the form attached hereto as EXHIBIT 2 and payment of the Purchase Price, at the election of the Holder, either (i) in cash or (ii) by receiving from the Company the number of Warrant Shares equal to (A) the number of Warrant Shares as to which this Warrant is being exercised, minus (ii) the number of Warrant Shares having an aggregate Fair Market Value as of the date the Notice of Exercise is delivered (the "Determination Date") equal to the aggregate Purchase Price for the number of Warrant Shares as to which this Warrant is being exercised. For purposes hereof, Fair Market Value means, as of the Determination Date, the value of the Common Stock determined as follows: (a) if the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasd▇▇Nasdaq