Common use of Authorization of Notes and Warrants Clause in Contracts

Authorization of Notes and Warrants. (a) The Company has duly authorized the issuance and sale of $15,000,000 aggregate principal amount of its 12% Senior Notes due June 22, 2006 (the "NOTES", such term to include any such notes issued in substitution therefor pursuant to Section 13 of this Agreement or the Other Agreements (as hereinafter defined)). The Notes shall be substantially in the form set out in Exhibit 1(a), with such changes therefrom, if any, as may be approved by you and the Company. Certain capitalized terms used in this Agreement are defined in Schedule B; references to a "Schedule" or an "Exhibit" are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. (b) The Company has also duly authorized the issuance of its warrants to the Purchasers of the Notes, which will entitle the holders thereof to purchase from the Company at any time on or after the date of issuance thereof and subject to the terms and conditions of such warrants, 398,592 shares of Common Stock of the Company at an exercise price of $6.25 per share (such warrants, together with all warrants delivered in substitution or exchange therefor, being referred to herein as the "WARRANTS"). The Warrants shall be substantially in the form set out in Exhibit 1(b), with such changes therefrom, if any, as may be approved by you and the Company.

Authorization of Notes and Warrants. (a) The Company has duly authorized the issuance and sale of $15,000,000 aggregate principal amount of its 12% Senior Notes due June 22, 2006 (the "NOTES", such term to include any such notes issued in substitution therefor pursuant to Section 13 of this Agreement or the Other Agreements (as hereinafter defined)). The Notes shall be substantially in the form set out in Exhibit 1(a), with such changes therefrom, if any, as may be approved by you and the Company. Certain capitalized terms used in this Agreement are defined in Schedule B; references to a "Schedule" or an "Exhibit" are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. (b) The Company has also duly authorized the issuance of its warrants to the Purchasers of the Notes, which will entitle the holders thereof to purchase from the Company at any time on or after the date of issuance thereof and subject to the terms and conditions of such warrants, 398,592 79,718 shares of Common Stock of the Company at an exercise price of $6.25 per share (such warrants, together with all warrants delivered in substitution or exchange therefor, being referred to herein as the "WARRANTS"). The Warrants shall be substantially in the form set out in Exhibit 1(b), with such changes therefrom, if any, as may be approved by you and the Company.

Authorization of Notes and Warrants. (a) The Company has duly authorized the issuance and sale of $15,000,000 aggregate principal amount of its 12% Senior Notes due June 22, 2006 (the "NOTES", such term to include any such notes issued in substitution therefor pursuant to Section 13 of this Agreement or the Other Agreements (as hereinafter defined)). The Notes shall be substantially in the form set out in Exhibit 1(a), with such changes therefrom, if any, as may be approved by you and the Company. Certain capitalized terms used in this Agreement are defined in Schedule B; references to a "Schedule" or an "Exhibit" are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. (b) The Company has also duly authorized the issuance of its warrants to the Purchasers of the Notes, which will entitle the holders thereof to purchase from the Company at any time on or after the date of issuance thereof and subject to the terms and conditions of such warrants, 398,592 39,859 shares of Common Stock of the Company at an exercise price of $6.25 per share (such warrants, together with all warrants delivered in substitution or exchange therefor, being referred to herein as the "WARRANTS"). The Warrants shall be substantially in the form set out in Exhibit 1(b), with such changes therefrom, if any, as may be approved by you and the Company.

Authorization of Notes and Warrants. (a) The Company has duly authorized the issuance and sale of $15,000,000 aggregate principal amount of its 12% Senior Notes due June 22, 2006 (the "NOTES", such term to include any such notes issued in substitution therefor pursuant to Section 13 of this Agreement or the Other Agreements (as hereinafter defined)). The Notes shall be substantially in the form set out in Exhibit 1(a), with such changes therefrom, if any, as may be approved by you and the Company. Certain capitalized terms used in this Agreement are defined in Schedule B; references to a "Schedule" or an "Exhibit" are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. (b) The Company has also duly authorized the issuance of its warrants to the Purchasers of the Notes, which will entitle the holders thereof to purchase from the Company at any time on or after the date of issuance thereof and subject to the terms and conditions of such warrants, 398,592 79,719 shares of Common Stock of the Company at an exercise price of $6.25 per share (such warrants, together with all warrants delivered in substitution or exchange therefor, being referred to herein as the "WARRANTS"). The Warrants shall be substantially in the form set out in Exhibit 1(b), with such changes therefrom, if any, as may be approved by you and the Company.