Time of Exercise or Conversion. Each exercise or conversion of Warrants shall be deemed to have been effective immediately prior to the close of business on the business day on which the Warrant Certificate relating to such Warrant shall have been surrendered as provided in Section 3.1 and in such Warrant Certificate. Thereafter, the Holder shall have, with respect to the Warrant Shares purchased or otherwise acquired upon exercise or conversion, all the rights and obligations of any other stockholder of the Company holding Common Stock.
Appears in 2 contracts
Sources: Warrant Issuance Agreement (New Century Financial Corp), Warrant Issuance Agreement (Us Bancorp \De\)