Common use of Exercise of Outstanding Warrants Clause in Contracts

Exercise of Outstanding Warrants. Holder delivered to the Company $877,998 on or before January 31, 1997, as payment of the exercise price of a portion of the Outstanding Warrants (the "Earlier Exercise"). Holder further agrees to deliver an additional $1,084,104.40 to the Company in ten equal payments commencing November 15, 1997, and continuing on the day that is five weeks subsequent to the preceding payment until the full amount is paid. On receipt of each payment, the Company shall issue a certificate representing the stock then being acquired, calculated at an exercise price of $5.30 per share, and a replacement warrant covering the same number of shares and having the terms set forth in paragraph 1.4 of this Agreement. On receipt of the first payment, the Company agrees to deliver certificates representing all shares previously held in reserve by the Company in connection with the Earlier Exercise to Holder and replacement warrants having the terms set forth in paragraph 1.4 for the number of shares acquired in connection with the Earlier Exercise.

Exercise of Outstanding Warrants. Holder delivered to the Company $877,998 889,393 on or before January 31, 1997, as payment of the exercise price of a portion of the Outstanding Warrants (the "Earlier Exercise"). Holder further agrees to deliver an additional $1,084,104.40 1,098,107 to the Company in ten equal payments commencing November 15, 1997, and continuing on the day that is five weeks subsequent to the preceding payment until the full amount is paid. On receipt of each payment, the Company shall issue a certificate representing the stock then being acquired, calculated at an exercise price of $5.30 per share, and a replacement warrant covering the same number of shares and having the terms set forth in paragraph 1.4 of this Agreement. On receipt of the first payment, the Company agrees to deliver certificates representing all shares previously held in reserve by the Company in connection with the Earlier Exercise to Holder and replacement warrants having the terms set forth in paragraph 1.4 for the number of shares acquired in connection with the Earlier Exercise.