Common use of Covenant to Reserve Shares for Issuance on Exercise Clause in Contracts

Covenant to Reserve Shares for Issuance on Exercise. The Corporation shall at all times reserve and keep available out of the authorized but unissued shares of Common Stock, solely for the purpose of issue upon exercise of the Warrants, the full number of shares of Common Stock issuable if all outstanding Warrants were to be converted in full. All shares of Common Stock which shall be issuable upon exercise of any Warrant (or portion thereof) shall be newly issued, duly authorized, validly issued, fully paid and nonassessable and without any personal liability attaching to the ownership thereof, and the issuance thereof shall not give rise or otherwise be subject to preemptive or similar purchase rights on the part of any Person or Persons, and the Corporation shall take any corporate and other actions that may, in the opinion of its counsel, be necessary in order that the Corporation may comply with the foregoing. The Corporation hereby irrevocably authorizes and directs its current and future transfer agents, if any, for the Common Stock and for any shares of the Corporation's capital stock of any other class or series issuable upon the conversion of the exercise of the Warrants at all times to reserve such number of authorized shares as shall be requisite for such purpose. The Corporation shall supply such transfer agents with duly executed stock certificates for such purposes.

Covenant to Reserve Shares for Issuance on Exercise. The Corporation shall --------------------------------------------------- Company covenants that it will at all times reserve and keep available out of the its authorized but unissued shares of Common Stock, solely for the purpose of issue upon exercise of the Warrants, the full number of shares of Common Stock Warrant Shares, if any, then issuable if all outstanding Warrants then exercisable were to be converted exercised. The Company covenants that all Warrant Shares, upon issuance following exercise of the Warrants in full. All shares of Common Stock which respect thereof in accordance with this Agreement, shall be issuable upon exercise of any Warrant (or portion thereof) shall be newly issued, duly authorized, and validly issued, issued and fully paid and nonassessable and without any personal liability attaching to the ownership thereof, and the issuance thereof shall not give rise or otherwise be subject to preemptive or similar purchase rights on the part shares of any Person or Persons, and the Corporation shall take any corporate and other actions that may, in the opinion of its counsel, be necessary in order that the Corporation may comply with the foregoingCommon Stock. The Corporation Company hereby irrevocably authorizes and directs its current and future transfer agents, if any, agents for the Common Stock and for any shares of the CorporationCompany's (or any successor entity's) capital stock of any other class or series issuable upon the conversion exercise of the exercise any of the Warrants at all times to reserve such number of authorized shares as shall be requisite for such purpose. The Corporation shall Company will supply such transfer agents with duly executed stock certificates for such purposespurposes and will provide or otherwise make available any cash which may be payable as provided in this Article II.