Common use of Costs of Conversion Clause in Contracts

Costs of Conversion. The issuance of certificates for shares of Common Stock issued upon the conversion of Securities shall be made without charge to the Holders for such certificates or for any documentary, stamp or similar issue or transfer tax in respect of the issuance of such certificates; provided, however, that the Company shall not be required to pay any such tax which may be payable in respect of any transfer involved in the issuance and delivery of any such certificate in a name other than that of the Holder as shown on the Register as of the close of business of the Registrar on the Conversion Date, and the Company shall not be required to issue or deliver such certificates unless or until the Person or Persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. Nothing herein shall preclude any tax withholding required by applicable law.