Common use of Exercise or Conversion Clause in Contracts

Exercise or Conversion. Any or all of the Warrants represented by each Warrant Certificate which have vested pursuant to Section 2.1 may be exercised or converted, upon the terms and subject to the conditions set forth herein and in such Warrant Certificate, at any time on or after the date of such Warrant and before the Expiration Date. Each Warrant not exercised or converted on or before the Expiration Date shall thereupon become void and all rights of the Holder thereunder and under this Agreement shall cease. In the event that less than all of the Warrants evidenced by a Warrant Certificate surrendered upon the exercise of Warrants are exercised at any time prior to the Expiration Date, a new Warrant Certificate or Certificates will be issued for the remaining number of Warrants evidenced by the Warrant Certificate so surrendered.