Common use of Transaction Restrictions Clause in Contracts

Transaction Restrictions. Each holder of this Warrant Certificate, by acceptance hereof, understands and acknowledges that none of these Warrants or any Warrant Shares have been registered under the Securities Act and may not be offered, sold, pledged, hypothecated or otherwise disposed of in the absence of a registration statement in effect with respect to the offer and disposition of said securities under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act. Each holder of this Warrant Certificate, by acceptance hereof, represents that it will offer or sell the Securities only in accordance with the Securities Act and, in the case of offers and sales made in accordance with exemptions therefrom, only after having delivered to the Company a satisfactory legal opinion that said offer and sale is in effect so exempt. Each holder hereof agrees and acknowledges that every certificate representing the Warrants and the Warrant Shares will bear a legend to the foregoing effect.