Common use of Purchase Authorization Clause in Contracts

Purchase Authorization. Subject to the terms and conditions set forth herein, the Lender agrees to purchase from the Corporation and the Corporation hereby agrees to issue and sell to the Lender, the CEC Note in the principal amount of Twenty-Two Million Five Hundred Thousand Dollars ($22,500,000.00) and the Warrants for an aggregate purchase price of Twenty-Two Million Five Hundred Thousand Dollars ($22,500,000.00). Prior to the Closing (as hereinafter defined), the Corporation will: (a) duly authorize the issuance of the CEC Note and the Warrants to the Lender; and (b) duly authorize and reserve the shares of Common Stock to be issued on the exercise of the Warrants (the "Warrant Shares").