Common use of Authorization and Issuance Clause in Contracts

Authorization and Issuance. Prior to each Settlement Date, the Company’s board of directors (or a duly authorized committee of the Company’s board of directors) shall authorize the issuance and sale of the Placement Shares to be sold on such Settlement Date, in such number and at such price per Placement Share as shall be set forth in the applicable Confirmation of Sale (but in no event less than the par value of such Placement Shares).