Common use of Exercise of the Warrant Clause in Contracts

Exercise of the Warrant. In case the Holder of this Warrant shall desire to exercise this Warrant in whole or in part, the Holder shall surrender this Warrant, with the form of exercise notice on the last page hereof duly executed by the Holder, to the Company, accompanied by payment of the Exercise Price per Warrant. (a) This Warrant may be exercised in whole or in part but not for fractional Shares. In case of the exercise in part only, the Company will deliver to the Holder a new Warrant of like tenor in the name of the Holder evidencing the right to purchase the number of Shares as to which this Warrant has not been exercised. (b) As used herein "Per Share Warrant Value" shall mean the difference resulting from subtracting the Exercise Price from the bid price of one share of Common Stock on the trading day next preceding the Date of Exercise.