Common use of Exercise of the Warrants Clause in Contracts

Exercise of the Warrants. Each of the Purchasers agrees that it shall not exercise the Warrants, in whole or in part, on or prior to December 19, 1997, PROVIDED, HOWEVER, each of the Purchasers may elect to exercise Warrants, in whole or in part, prior to such date in the event of any proposed (a) merger or consolidation of the Company into or with another corporation or other entity, (b) sale or other transfer in one or more transactions of 50% or more of the assets or earning power of the Company, (c) tender or exchange offer for securities of the Company, (d) sale or other transfer in one or more transactions of 20% or more of the securities of the Company, or (e) liquidation, dissolution or winding up of the Company.