Titan Pharmaceuticals Inc (TTNP)

[kamehameha]

(i) the Exercise Price of the Warrants may be satisfied by a Lender, without limitation, through a reduction of the principal amount outstanding under such Lender’s Note with such amount being applied in the reverse order of repayment provided for in Section 2.2(a), and (ii) a Lender shall not be required to physically surrender Warrants in connection with a partial Exercise of the Warrants held by such Lender.”

In my interpretation the warrants have not been exercised yet, but in case deerfield exercises the warrants the debt will be reduced accordingly