Common use of Common Stock Issued Upon Exercise of Warrants Clause in Contracts

Common Stock Issued Upon Exercise of Warrants. (a) All Warrant Shares shall be duly authorized, validly issued, fully paid and nonassessable. The Company shall pay all documentary stamp taxes attributable to the initial issuance of Warrant Shares. The Company shall not be required, however, to pay any tax imposed in connection with any transfer involved in the issue of the Warrant Shares in a name other than that of the Holder. In such case, the Company shall not be required to issue any certificate for Warrant Shares until the person or persons requesting the same shall have paid to the Company the amount of any such tax or shall have established to the Company's satisfaction that the tax has been paid or that no tax is due. The Company shall at all times reserve and keep available such number of shares of its authorized but unissued Common Stock as shall from time to time be sufficient to permit the exercise of all outstanding Warrants represented hereby. If at any time the number of authorized but unissued shares of Common Stock shall not be sufficient for such purpose, the Company shall take such action as may reasonably be necessary to increase its authorized but unissued Common Stock to such number of shares as shall be sufficient for such purpose. The Company will not take any actions or enter into any agreements which will frustrate or interfere with the timely exercise and performance under this Warrant. (b) Each stock certificate shall carry such appropriate legend, and such written instructions shall be given to the Company's transfer agent, as may be reasonably necessary or advisable to satisfy the requirements of the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws. -------------- Neither Holder nor its legal representative shall be or have any of the rights or privileges of a stockholder of the Company in respect to any of the Warrant Shares unless and until certificates representing such shares shall have been issued and delivered to Holder.