Common use of Authorization for Issuance of Stock Clause in Contracts

Authorization for Issuance of Stock. Banner Midstream and Ecoark shall have received in form and substance satisfactory to counsel for such parties: satisfactory evidence that the Enviro Shares have been duly authorized for issuance and have been issued in book entry form to Ecoark in accordance with the terms of this Agreement upon surrender by Ecoark of its Banner Midstream Shares duly endorsed for transfer, and a letter from said transfer agent acknowledging receipt of the letter of instruction and stating to the effect that the transfer agent holds adequate supplies of stock certificates necessary to comply with the letter of instruction and the terms and conditions of this Agreement.