Common use of Warrant Redemption Clause in Contracts

Warrant Redemption. In the event of a failure by the Company to maintain an effective Registration Statement during the term of this Warrant, the Company, at the request of Holder, shall redeem all outstanding Warrants that remain unexercised at a redemption price equal to the greater of (x) an appraised value of the Warrants, as determined by Black Sholes, on the date they are called ▇▇▇ ▇▇demption and (y) the number of Warrants being redeemed multiplied by the excess of (A) the Market Price of the Common Shares over (B) the exercise price of the Warrants. "Market Price" shall mean the volume weighted average sales price as reported by Bloomberg, L.P. for the three consec▇▇▇▇▇ ▇▇▇ding days immediately prior to the date that the Warrants are called for redemption.