Reservation and Issuance of Shares Sample Clauses

Reservation and Issuance of Shares a. The Company will at all times have authorized, and reserve and keep available, free from preemptive rights, for the purpose of enabling it to satisfy any obligation to issue the number of shares of Common Stock deliverable upon exercise of the Option. b. The Company covenants that all Shares will, upon issuance in accordance with the terms of this Agreement, be duly authorized, fully paid and non-assessable.

Reservation and Issuance of Shares. The Company will at all times reserve and keep available, free from preemptive rights, out of the aggregate of its authorized but unissued shares of Common Stock or its authorized and issued shares of Common Stock held in its treasury, for the purpose of enabling it to satisfy any OBLIGATION to issue Warrant Shares upon exercise of Warrants, the full number of Warrant Shares deliverable upon the exercise of all outstanding Warrants. Before taking any action which would cause an adjustment pursuant to Section 10 reducing the Exercise Price below the then par value (if any) of the Warrant Shares issuable upon exercise of the Warrants, the Company will take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and non-assessable Warrant Shares at the Exercise Price as so adjusted. The Company covenants that all Warrant Shares which may be issued upon exercise of Warrants will be validly issued, fully paid and non-assessable outstanding Warrant Shares of the Company or any successor.

Reservation and Issuance of Shares. 3.1 The Company covenants and agrees that all Shares which may be issued upon the exercise of the rights represented by this Warrant will be duly authorised, legally issued and when paid for in accordance with the terms hereof, fully paid and non-assessable, and free from all liens and charges with respect to the issue thereof to the Warrant holder. 3.2 The Company will reserve at all times such number of Shares as may be issuable pursuant to the exercise of Warrants evidenced by this Warrant Certificate.

Reservation and Issuance of Shares. The Company covenants that it ---------------------------------- will at all times keep available such number of authorized shares of its Series B Preferred Stock, free from all preemptive rights with respect thereto, which will be sufficient to permit the exercise of this Warrant for the full number of Shares specified herein. The Company further covenants that the Shares, when issued pursuant to the exercise of this Warrant, will be duly and validly issued, fully paid and nonassessable and free from all taxes, liens, and charges with respect to the issuance thereof.

Reservation and Issuance of Shares. At all times the Company will keep reserved for issuance upon exercise of this Warrant, the number of shares of Common Stock then issuable upon full exercise hereof. The Company covenants that its issuance of this Warrant constitutes full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for shares of the Company’s Common Stock upon the exercise of the purchase rights under this Warrant and to issue replacement, successor, and/or remainder Warrants in respect hereof.

Reservation and Issuance of Shares. The Corporation shall, prior to issuance of any Shares hereunder, and from time to time as may be necessary (and within the five [5] Business Days next following an adjustment pursuant to this Article 4), reserve out of its authorized but unissued Shares a sufficient number of Shares to permit the conversion of all Debentures into Shares. The Corporation covenants that all securities, including any shares into which the Shares may be converted, that may be issued upon exercise of the Conversion Right will, upon issuance, be duly authorized, validly issued, fully paid and non-assessable and free from pre-emptive rights, adverse claims and all taxes, liens and charges caused or created by the Corporation with respect to the issuance thereof. The Corporation will use its best efforts to cause prompt compliance with all applicable securities laws regulating the offer and delivery of Shares upon conversion of the Debenture, if any.

Reservation and Issuance of Shares. The Company covenants that: (a) the Shares, when issued pursuant to the exercise of this Warrant, will be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens, and charges with respect to the issuance thereof; and (b) the Company shall at all times prior to the Expiration Date reserve and keep available for issuance upon exercise of this Warrant such number of its duly authorized but unissued shares of Common Stock as will be sufficient to permit the exercise of this Warrant in full.

Reservation and Issuance of Shares. 4.1 The Company covenants and agrees that all Shares which may be issued upon the exercise of the rights represented by this Warrant Certificate will be duly authorized, legally issued and when paid for in accordance with the terms hereof, fully paid and non-assessable, and free from all liens and charges with respect to the issue thereof to the Warrantholder. 4.2 The Company will reserve at all times such number of Shares as may be issuable pursuant to the exercise of Warrants evidenced by this Warrant Certificate. 5. Investment Representation. By accepting delivery of this Warrant Certificate and by exercising any Warrants evidenced hereby, the Warrantholder represents that the Warrantholder is acquiring the Warrants and the Shares issuable upon the exercise of the Warrants for investment and not for resale or distribution.

Reservation and Issuance of Shares. The Company shall have: (i) duly amended its Articles of Incorporation to authorize for issuance the Shares having the rights and preferences provided in the Articles of Amendment of Articles of Incorporation in the form of Exhibit A hereto, which shall have been filed with the office of the Secretary of State of the State of North Carolina prior to closing; and (ii) reserved for issuance upon conversion of the Shares, one (1) share of its Common Stock for each Share issued, which number shall automatically be adjusted as required to equal the number of shares of Common Stock issuable upon conversion of the Shares from time to time.

Reservation and Issuance of Shares. The Company will at all times keep reserved for issuance upon the exercise of this Warrant, the number of shares of Series D Preferred Stock then issuable upon the exercise hereof and the corresponding number of shares of the Company's common stock issuable the conversion of such Series D Preferred Stock. The Company covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for shares of Series D Preferred Stock upon the exercise as provided herein of the purchase rights under this Warrant.