Common use of Fully Paid Stock; Taxes Clause in Contracts

Fully Paid Stock; Taxes. The Company covenants that the shares of capital stock represented by each and every certificate for the Common Stock to be delivered on the exercise of the purchase rights herein shall, at the time of such delivery, be duly authorized, validly issued and outstanding and fully paid and nonassessable. The Company further covenants that it shall pay all expenses in connection with the Issued Warrant Shares and the Issuable Warrant Shares. The Company will pay all documentary stamp taxes attributable to the initial issuance of the Warrant and of the Issued Warrant Shares upon the exercise of the Warrant; provided, however, that the Company shall not be required to pay any tax or other governmental charge which may be payable in respect of any transfer or exchange of any Warrant certificates or any certificates for Warrant Shares in a name other than the registered holder of a Warrant certificate surrendered upon the exercise of a Warrant. In any such case, no transfer or exchange shall be made unless or until the person or persons requesting issuance thereof shall have paid to the Company the amount of such tax or other governmental charge or shall have established to the satisfaction of the Company that such tax or other governmental charge has been paid or an exemption is available therefrom.