ELEC COMMUNICATIONS CORP
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     <TD align=right width="49%" colSpan=3>&nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit 10.5</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">SECURITIES LAWS. THIS WARRANT AND THE COMMON STOCK</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD,</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">OF (A) AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">WARRANT UNDER SAID ACT AND ANY APPLICABLE STATE</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">SECURITIES LAWS OR (B) AN EXEMPTION FROM SUCH</FONT>&nbsp;</TD></TR>
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     <TD align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">REGISTRATION REQUIREMENTS.</FONT>&nbsp; &nbsp;</TD></TR>
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     <TD align=center width="49%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Right to Purchase up to&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT> <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Shares of Common Stock of</FONT>&nbsp;</TD></TR>
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     <TD align=center width="49%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">eLEC Communications Corp.</FONT></TD></TR>
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     <TD align=center width="49%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(subject to adjustment as provided herein)</FONT></TD></TR>
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     <TD align=center width="49%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">COMMON STOCK PURCHASE WARRANT</FONT></B></TD></TR>
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     <TD align=left width="49%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">No. A-1</FONT>&nbsp; &nbsp;</TD>
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     <TD noWrap align=right width="47%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Issue Date: September 28, 2007</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">ELEC COMMUNICATIONS CORP., a corporation organized under the laws of the</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">State of New York (the &#147;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Company</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;), hereby certifies that, for value received,</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">_____________________, or assigns (the &#147;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Holder</FONT></B><FONT face="TimesNewRomanPSMT,Times New &#13;&#10;Roman,Times,serif">&#148;), is entitled, subject to the terms set forth</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">below and in Section 9.2 of the Purchase Agreement (as defined below), to purchase from the</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company (as defined herein) from and after the Issue Date of this Warrant and at any time or</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">from time to time before 5:00 p.m., New York time, through the close of business September 28,</FONT>&nbsp;</TD></TR>
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     <TD align=left width="98%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2017 (the &#147;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Expiration Date</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;), up to</FONT> <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">fully paid and non-assessable shares of</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Common Stock, at the applicable Exercise Price (as defined below) per share. The number and</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">character of such shares of Common Stock and the applicable Exercise Price per share are</FONT>&nbsp;</TD></TR>
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     <TD align=left width="98%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">subject to adjustment as provided herein.</FONT>&nbsp; &nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">As used herein the following terms, unless the context otherwise requires, have the</FONT>&nbsp;</TD></TR>
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     <TD align=left width="98%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">following respective meanings:</FONT>&nbsp; &nbsp;</TD></TR>
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     <TD align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.</FONT>&nbsp; <B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">&#147;Common Stock</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148; means (i) the Company&#146;s Common Stock, par value</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">$0.10 per share; and (ii) any other securities into which or for which any of the securities</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">described in the preceding clause (i) may be converted or exchanged pursuant to a plan of</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">recapitalization, reorganization, merger, sale of assets or otherwise.</FONT>&nbsp;</TD></TR>
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     <TD align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.</FONT>&nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Company</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148; means eLEC Communications Corp. and any person or entity</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">which shall succeed, or assume the obligations of, eLEC Communications Corp.</FONT>&nbsp;</TD></TR>
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     <TD align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">hereunder.</FONT>&nbsp; &nbsp; &nbsp;</TD></TR>
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     <TD align=left width="49%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3.</FONT>&nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Exercise Price</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148; means a price of $0.10, subject to adjustment as</FONT>&nbsp;</TD></TR>
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     <TD align=left width="98%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">provided herein.</FONT>&nbsp; &nbsp;</TD></TR></TABLE><BR>
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     <TD align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other Securities</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148; means any stock (other than Common Stock) and</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">other securities of the Company or any other person (corporate or otherwise) which the</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Holder at any time shall be entitled to receive, or shall have received, on the exercise of</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">this Warrant, in lieu of or in addition to Common Stock, or which at any time shall be</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">issuable or shall have been issued in exchange for or in replacement of Common Stock or</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Other Securities pursuant to Section 4 or otherwise.</FONT>&nbsp; </TD></TR>
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     <TD align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">5.</FONT>&nbsp;&nbsp;&nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Purchase Agreement</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148; means the Securities Purchase Agreement dated</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">as of the date hereof among the Company, the Holder, the other Purchasers (as defined</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">therein) from time to time party thereto and LV Administrative Services, Inc., as</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">administrative and collateral agent for the Purchasers (as defined therein), as amended,</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">modified, restated and/or supplemented from time to time.</FONT>&nbsp; </TD></TR>
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     <TD align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; <U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exercise of Warrant</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT>&nbsp; </TD></TR>
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     <TD align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Number of Shares Issuable upon Exercise</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. From and after the date hereof</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">through and including the Expiration Date, but subject to the terms of Section 9.2 of the Purchase</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Agreement and Section 10 hereof, the Holder shall be entitled to receive, upon exercise of this</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Warrant in whole or in part, by delivery of an original or fax copy of an exercise notice in the</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">form attached hereto as </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit A </FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(the &#147;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Exercise Notice</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;), up to 80,513,758 shares of Common</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Stock, subject to adjustment pursuant to Section 4.</FONT>&nbsp; </TD></TR>
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     <TD align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fair Market Value</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. For purposes hereof, the &#147;Fair Market Value&#148; of a</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">share of Common Stock as of a particular date (the &#147;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Determination Date</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;) shall mean:</FONT>&nbsp; </TD></TR>
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     <TD align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">If the Company&#146;s Common Stock is traded on the American Stock</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exchange or another national exchange or is quoted on the National or Capital Market of</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Nasdaq Stock Market, Inc. (&#147;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New &#13;&#10;Roman,Times,serif">Nasdaq</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;), then the closing or last sale price,</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">respectively, reported for the last business day immediately preceding the Determination</FONT>&nbsp; </TD></TR>
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     <TD align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date.</FONT>&nbsp; &nbsp; &nbsp; </TD></TR>
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     <TD align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b)</FONT>&nbsp;&nbsp;&nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">If the Company&#146;s Common Stock is not traded on the American</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Stock Exchange or another national exchange or on the Nasdaq but is traded on the</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">NASD Over the Counter Bulletin Board, then the mean of the average of the closing bid</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">and asked prices reported for the last business day immediately preceding the</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Determination Date.</FONT>&nbsp; </TD></TR>
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     <TD align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(c)</FONT>&nbsp;&nbsp;&nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Except as provided in clause (d) below, if the Company&#146;s Common</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Stock is not publicly traded, then as the Holder and the Company agree or in the absence</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">of agreement by arbitration in accordance with the rules then in effect of the American</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Arbitration Association, before a single arbitrator to be chosen from a panel of persons</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">qualified by education and training to pass on the matter to be decided.</FONT>&nbsp; </TD></TR>
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     <TD align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(d)</FONT>&nbsp;&nbsp;&nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">If the Determination Date is the date of a liquidation, dissolution or</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">winding up, or any event deemed to be a liquidation, dissolution or winding up pursuant</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">to the Company&#146;s charter, then all amounts to be payable per share to holders of the</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Common Stock pursuant to the charter in the event of such liquidation, dissolution or</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">winding up, plus all other amounts to be payable per share in respect of the Common</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Stock in liquidation under the charter, assuming for the purposes of this clause (d) that all</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the shares of Common Stock then issuable upon exercise of this Warrant are</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">outstanding at the Determination Date.</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.3</FONT>&nbsp;&nbsp;&nbsp; &nbsp;<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Acknowledgment</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The Company will, at the time of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">exercise of this Warrant, upon the request of the Holder acknowledge in writing its continuing</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">obligation to afford to the Holder any rights to which the Holder shall continue to be entitled</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">after such exercise in accordance with the provisions of this Warrant. If the Holder shall fail to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">make any such request, such failure shall not affect the continuing obligation of the Company to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">afford to the Holder any such rights.</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.4</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Trustee for Warrant Holders</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. In the event that a bank or trust company</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">shall have been appointed as trustee for the Holder pursuant to Subsection 3.2, such bank or trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">company shall have all the powers and duties of a warrant agent (as hereinafter described) and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">shall accept, in its own name for the account of the Company or such successor person as may be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">entitled thereto, all amounts otherwise payable to the Company or such successor, as the case</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">may be, on exercise of this Warrant pursuant to this Section 1.</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Procedure for Exercise</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Delivery of Stock Certificates, Etc., on Exercise</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The Company agrees</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">that the shares of Common Stock purchased upon exercise of this Warrant shall be deemed to be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">issued to the Holder as the record owner of such shares as of the close of business on the date on</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this Warrant shall have been surrendered and payment made for such shares in accordance</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">herewith. As soon as practicable after the exercise of this Warrant in full or in part, and in any</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">event within three (3) business days thereafter, the Company at its expense (including the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">payment by it of any applicable issue taxes) will cause to be issued in the name of and delivered</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">to the Holder, or as the Holder (upon payment by the Holder of any applicable transfer taxes)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">may direct in compliance with applicable securities laws, a certificate or certificates for the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">number of duly and validly issued, fully paid and non-assessable shares of Common Stock (or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Other Securities) to which the Holder shall be entitled on such exercise, plus, in lieu of any</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">fractional share to which the Holder would otherwise be entitled, cash equal to such fraction</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">multiplied by the then Fair Market Value of one full share, together with any other stock or other</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">securities and property (including cash, where applicable) to which the Holder is entitled upon</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">such exercise pursuant to Section 1 or otherwise.</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.2</FONT>&nbsp;&nbsp;&nbsp; &nbsp;<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exercise</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)</FONT>&nbsp;&nbsp;&nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Notwithstanding any provisions herein to the contrary, in the event</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">there is no effective registration statement with respect to the shares issuable upon</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">exercise of this Warrant or an Event of Default (as such term is defined in the Purchase</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Agreement) has occurred and is continuing at the time of exercise, if the Fair Market</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Value of one share of Common Stock is greater than the Exercise Price (at the date of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder may</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">elect to receive shares equal to the value (as determined below) of this Warrant (or the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">portion thereof being exercised) by surrender of this Warrant at the principal office of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company together with the properly endorsed Exercise Notice in which event the</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%">&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="98%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT></TD></TR></TABLE><BR>
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<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company shall issue to the Holder a number of shares of Common Stock computed using</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the following formula:</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">X=Y</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="83%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(A-B)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=left width="83%" colSpan=3>&nbsp;&nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">A</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Where X =</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="77%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the number of shares of Common Stock to be issued to the Holder</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Y =</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="83%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the number of shares of Common Stock purchasable under this Warrant or, if only</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="83%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">a portion of this Warrant is being exercised, the portion of this Warrant being</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="83%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">exercised (at the date of such calculation)</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">A =</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="83%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Fair Market Value of one share of the Company&#146;s Common Stock (at the date</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="83%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">of such calculation)</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">B =</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="83%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exercise Price (as adjusted to the date of such calculation)</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="98%" colSpan=5>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.3</FONT>&nbsp;&nbsp;&nbsp; &nbsp;<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Restrictions</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. Notwithstanding anything to the contrary contained herein, the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Holder hereby agrees that the Holder shall not, on any trading day, sell any Common Stock</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">issued upon exercise of this Warrant in excess of twenty five percent (25%) of the aggregate</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">number of shares of the Common Stock traded on such trading day.</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="98%" colSpan=5>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Effect of Reorganization, Etc.; Adjustment of Exercise Price</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="98%" colSpan=5>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3.1</FONT>&nbsp;&nbsp;&nbsp; &nbsp;<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Reorganization, Consolidation, Merger, Etc</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. In case at any time or from</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">time to time, the Company shall (a) effect a reorganization, (b) consolidate with or merge into</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">any other person, or (c) transfer all or substantially all of its properties or assets to any other</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">person under any plan or arrangement contemplating the dissolution of the Company, then, in</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">each such case, as a condition to the consummation of such a transaction, proper and adequate</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">provision shall be made by the Company whereby the Holder of this Warrant, on the exercise</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">hereof as provided in Section 1 at any time after the consummation of such reorganization or the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">effective date of such dissolution, as the case may be, shall receive, in lieu of the Common Stock</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(or Other Securities) issuable on such exercise prior to such consummation or such effective</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">date, the stock and other securities and property (including cash) to which such Holder would</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">have been entitled upon such consummation or in connection with such dissolution, as the case</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">may be, if such Holder had so exercised this Warrant, immediately prior thereto, all subject to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">further adjustment thereafter as provided in Section 4.</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="98%" colSpan=5>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3.2</FONT>&nbsp;&nbsp;&nbsp; &nbsp;<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Dissolution</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. In the event of any dissolution of the Company following the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">transfer of all or substantially all of its properties or assets, the Company, concurrently with any</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">distributions made to holders of its Common Stock, shall at its expense deliver or cause to be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">delivered to the Holder the stock and other securities and property (including cash, where</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">applicable) receivable by the Holder of this Warrant pursuant to Section 3.1, or, if the Holder</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">shall so instruct the Company, to a bank or trust company specified by the Holder and having its</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">principal office in New York, NY as trustee for the Holder (the &#147;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Trustee</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;).</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="98%" colSpan=5>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3.3</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Continuation of Terms</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. Upon any reorganization, consolidation, merger</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">or transfer (and any dissolution following any transfer) referred to in this Section 3, this Warrant</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="98%" colSpan=5><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT></TD></TR></TABLE><BR>
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<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">shall continue in full force and effect and the terms hereof shall be applicable to the shares of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">stock and other securities and property receivable on the exercise of this Warrant after the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">consummation of such reorganization, consolidation or merger or the effective date of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">dissolution following any such transfer, as the case may be, and shall be binding upon the issuer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">of any such stock or other securities, including, in the case of any such transfer, the person</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">acquiring all or substantially all of the properties or assets of the Company, whether or not such</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">person shall have expressly assumed the terms of this Warrant as provided in Section 4. In the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">event this Warrant does not continue in full force and effect after the consummation of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">transactions described in this Section 3, then the Company&#146;s securities and property (including</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">cash, where applicable) receivable by the Holder will be delivered to the Holder or the Trustee as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">contemplated by Section 3.2.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="99%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Extraordinary Events Regarding Common Stock</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. In the event that the Company</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">shall (a) issue additional shares of the Common Stock as a dividend or other distribution on</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">outstanding Common Stock, (b) subdivide its outstanding shares of Common Stock or (c)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">combine its outstanding shares of the Common Stock into a smaller number of shares of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Common Stock, then, in each such event, the Exercise Price shall, simultaneously with the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">happening of such event, be adjusted by multiplying the then Exercise Price by a fraction, the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">numerator of which shall be the number of shares of Common Stock outstanding immediately</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">prior to such event and the denominator of which shall be the number of shares of Common</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Stock outstanding immediately after such event, and the product so obtained shall thereafter be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Exercise Price then in effect. The Exercise Price, as so adjusted, shall be readjusted in the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">same manner upon the happening of any successive event or events described herein in this</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Section 4. The number of shares of Common Stock that the Holder of this Warrant shall</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">thereafter, on the exercise hereof as provided in Section 1, be entitled to receive shall be adjusted</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">to a number determined by multiplying the number of shares of Common Stock that would</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">otherwise (but for the provisions of this Section 4) be issuable on such exercise by a fraction of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">which (a) the numerator is the Exercise Price that would otherwise (but for the provisions of this</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Section 4) be in effect, and (b) the denominator is the Exercise Price in effect on the date of such</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">exercise. Notwithstanding the foregoing provisions of this Section 4, in no event shall the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">exercise price of this Warrant be reduced below the par value of the Common Stock.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="99%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Certificate as to Adjustments</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. In each case of any adjustment or readjustment in</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the shares of Common Stock (or Other Securities) issuable on the exercise of this Warrant, the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company at its expense will promptly cause its Chief Financial Officer or other appropriate</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">designee to compute such adjustment or readjustment in accordance with the terms of this</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Warrant and prepare a certificate setting forth such adjustment or readjustment and showing in</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">detail the facts upon which such adjustment or readjustment is based, including a statement of (a)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the consideration received or receivable by the Company for any additional shares of Common</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Stock (or Other Securities) issued or sold or deemed to have been issued or sold, (b) the number</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">of shares of Common Stock (or Other Securities) outstanding or deemed to be outstanding, and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(c) the Exercise Price and the number of shares of Common Stock to be received upon exercise</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">of this Warrant, in effect immediately prior to such adjustment or readjustment and as adjusted or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">readjusted as provided in this Warrant. The Company will forthwith mail a copy of each such</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">certificate to the Holder of this Warrant and any warrant agent of the Company (appointed</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">pursuant to Section 11 hereof).</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">5</FONT></TD></TR></TABLE><BR>
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<TR vAlign=bottom>
     <TD align=left width="99%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Reservation of Stock, Etc., Issuable on Exercise of Warrant</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The Company will</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">at all times reserve and keep available, solely for issuance and delivery on the exercise of this</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Warrant, shares of Common Stock (or Other Securities) from time to time issuable on the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">exercise of this Warrant.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="99%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Assignment; Exchange of Warrant</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. Subject to compliance with applicable</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">securities laws, this Warrant, and the rights evidenced hereby, may be transferred by any</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">registered holder hereof (a &#147;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Transferor</FONT></B><FONT face="TimesNewRomanPSMT,Times New &#13;&#10;Roman,Times,serif">&#148;) in whole or in part. On the surrender for exchange of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">this Warrant, with the Transferor&#146;s endorsement in the form of </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit B </FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">attached hereto (the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Transferor Endorsement Form</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;) and together with evidence reasonably satisfactory to the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company demonstrating compliance with applicable securities laws, which shall include,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">without limitation, if requested in writing by the Company, a legal opinion from the Transferor&#146;s</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">counsel (at the Company&#146;s expense) that provides that such transfer is exempt from the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">registration requirements of applicable securities laws, (and with payment by the Transferor of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">any applicable transfer taxes) will issue and deliver to or on the order of the Transferor thereof a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">new Warrant of like tenor, in the name of the Transferor and/or the transferee(s) specified in</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">such Transferor Endorsement Form (each a &#147;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Transferee</FONT></B><FONT face="TimesNewRomanPSMT,Times New &#13;&#10;Roman,Times,serif">&#148;), calling in the aggregate on the face</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">or faces thereof for the number of shares of Common Stock called for on the face or faces of this</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Warrant so surrendered by the Transferor.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="99%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">8.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Replacement of Warrant</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. On receipt of evidence reasonably satisfactory to the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">loss, theft or destruction of this Warrant, on delivery of an indemnity agreement or security</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">reasonably satisfactory in form and amount to the Company or, in the case of any such</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">mutilation, on surrender and cancellation of this Warrant, the Company at its expense will</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">execute and deliver, in lieu thereof, a new Warrant of like tenor.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="99%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">9.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Intentionally Omitted</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="99%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">10.&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&nbsp; <U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Maximum Exercise</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. Notwithstanding anything herein to the contrary, in no event</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">shall the Holder be entitled to exercise any portion of this Warrant in excess of that portion of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">this Warrant upon exercise of which the sum of (1) the number of shares of Common Stock</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">beneficially owned by the Holder and its Affiliates (other than shares of Common Stock which</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">may be deemed beneficially owned through the ownership of the unexercised portion of this</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Warrant or the unexercised or unconverted portion of any other security of the Holder subject to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">a limitation on conversion analogous to the limitations contained herein) and (2) the number of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">shares of Common Stock issuable upon the exercise of the portion of this Warrant with respect to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">which the determination of this proviso is being made, would result in beneficial ownership by</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Holder and its Affiliates of any amount greater than 9.99% of the then outstanding shares of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Common Stock (whether or not, at the time of such exercise, the Holder and its Affiliates</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">beneficially own more than 9.99% of the then outstanding shares of Common Stock). As used</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">herein, the term &#147;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Affiliate</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148; means any person or entity that, directly or indirectly through one or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">more intermediaries, controls or is controlled by or is under common control with a person or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">entity, as such terms are used in and construed under Rule 144 under the Securities Act of 1933,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">as amended.</FONT>&nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">For purposes of the second preceding sentence, beneficial ownership shall be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">amended, and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">6</FONT></TD></TR></TABLE><BR>
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<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">sentence. For any reason at any time, upon written or oral request of the Holder, the Company</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">shall within one (1) business day confirm orally and in writing to the Holder the number of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">shares of Common Stock outstanding as of any given date. The limitations set forth herein (x)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">may be waived by the Holder upon provision of no less than sixty-one (61) days prior written</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">notice to the Company and (y) shall automatically become null and void following notice to the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company upon the occurrence and during the continuance of an Event of Default (as defined in</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Notes).</FONT>&nbsp; &nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="99%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">11.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Warrant Agent</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The Company may, by written notice to the Holder of this</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Warrant, appoint an agent for the purpose of issuing Common Stock (or Other Securities) on the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">exercise of this Warrant pursuant to Section 1, exchanging this Warrant pursuant to Section 7,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">and replacing this Warrant pursuant to Section 8, or any of the foregoing, and thereafter any such</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">issuance, exchange or replacement, as the case may be, shall be made at such office by such</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">agent.</FONT>&nbsp; &nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="99%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">12.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Transfer on the Company&#146;s Books</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. Until this Warrant is transferred on the books</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the Company, the Company may treat the registered holder hereof as the absolute owner</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">hereof for all purposes, notwithstanding any notice to the contrary.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="99%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">13.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Rights of Shareholders</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The Holder shall not be entitled to vote or receive</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">dividends or be deemed the holder of the shares of Common Stock or any other securities of the</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company which may at any time be issuable upon exercise of this Warrant for any purpose (the</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Warrant Shares</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;), nor shall anything contained herein be construed to confer upon the Holder,</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">as such, any of the rights of a shareholder of the Company or any right to vote for the election of</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">directors or upon any matter submitted to shareholders at any meeting thereof, or to give or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">withhold consent to any corporate action (whether upon the recapitalization, issuance of shares,</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">reclassification of shares, change of nominal value, consolidation, merger, conveyance or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">otherwise, in each case, until the earlier to occur of (x) the date of actual delivery to Holder (or</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">its designee) of the Warrant Shares issuable upon the exercise hereof or (y) the third business day</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">following the date such Warrant Shares first become deliverable to Holder, as provided herein.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="99%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">14.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Notices, Etc</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. All notices and other communications from the Company to the</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Holder of this Warrant shall be mailed by first class registered or certified mail, postage prepaid,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">at such address as may have been furnished to the Company in writing by the Holder of this</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Warrant from time to time.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="99%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">15.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Miscellaneous</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. This Warrant and any term hereof may be changed, waived,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">discharged or terminated only by an instrument in writing signed by the party against which</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">enforcement of such change, waiver, discharge or termination is sought. This Warrant shall be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">governed by and construed in accordance with the laws of State of New York without regard to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">principles of conflicts of laws. Any action brought concerning the transactions contemplated by</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">this Warrant shall be brought only in the state courts of New York or in the federal courts located</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">in the state of New York; provided, however, that the Holder may choose to waive this provision</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">and bring an action outside the State of New York. The individuals executing this Warrant on</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">behalf of the Company agree to submit to the jurisdiction of such courts and waive trial by jury.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">The prevailing party shall be entitled to recover from the other party its reasonable attorney&#146;s</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
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     <TD align=center width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">7</FONT></TD></TR></TABLE><BR>
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     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">fees and costs. In the event that any provision of this Warrant is invalid or unenforceable under</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">any applicable statute or rule of law, then such provision shall be deemed inoperative to the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">extent that it may conflict therewith and shall be deemed modified to conform with such statute</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">or rule of law. Any such provision which may prove invalid or unenforceable under any law</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">shall not affect the validity or enforceability of any other provision of this Warrant. The</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">headings in this Warrant are for purposes of reference only, and shall not limit or otherwise</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">affect any of the terms hereof. The invalidity or unenforceability of any provision hereof shall in</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">no way affect the validity or enforceability of any other provision hereof. The Company</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">acknowledges that legal counsel participated in the preparation of this Warrant and, therefore,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">stipulates that the rule of construction that ambiguities are to be resolved against the drafting</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">party shall not be applied in the interpretation of this Warrant to favor any party against the other</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">party.</FONT>&nbsp; &nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
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     <TD align=center width="99%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">[BALANCE OF PAGE INTENTIONALLY LEFT BLANK;</FONT></B></TD></TR>
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     <TD align=center width="99%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SIGNATURE PAGE FOLLOWS]</FONT></B></TD></TR>
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     <TD width="99%">&nbsp; </TD></TR>
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     <TD width="99%">&nbsp; </TD></TR>
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     <TD align=center width="99%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">8</FONT></TD></TR></TABLE><BR>
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     <TD noWrap align=left width="100%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">IN WITNESS WHEREOF, the Company has executed this Warrant as of the date first</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left width="100%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">written above.</FONT>&nbsp; &nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="45%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">WITNESS:</FONT>&nbsp; </TD>
     <TD width="10%">&nbsp; </TD>
     <TD noWrap align=left width="45%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">eLEC COMMUNICATIONS CORP.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="45%">&nbsp; </TD>
     <TD align=right width="10%">&nbsp; By:</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="45%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%">&nbsp; </TD>
     <TD width="10%">&nbsp; </TD>
     <TD noWrap align=left width="45%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%">&nbsp; </TD>
     <TD width="10%">&nbsp; </TD>
     <TD noWrap align=left width="45%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Title:</FONT>&nbsp; </TD></TR></TABLE><BR>
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