Common use of Reserved Shares; Valid Issuance Clause in Contracts

Reserved Shares; Valid Issuance. The Company covenants that it will at all times from and after the date hereof reserve and keep available such number of its authorized shares of Preferred Stock and Common Stock, $.001 par value, of the Company (the "COMMON STOCK"), free from all preemptive or similar rights therein, as will be sufficient to permit, respectively, the exercise of this Warrant in full and the conversion into shares of Common Stock of all shares of Preferred Stock receivable upon such exercise. The Company further covenants that such shares as may be issued pursuant to such exercise and/or conversion will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all takes, liens and charges with respect to the issuance thereof.

Reserved Shares; Valid Issuance. The Company covenants that it will at all times from and after the date hereof reserve and keep available such number of its authorized shares of Preferred Stock and Common Stock, $.001 no par value, of the Company (the "COMMON STOCKCommon Stock"), free from all preemptive or similar rights therein, as will be sufficient to permit, respectively, the exercise of this Warrant in full and the conversion into shares of Common Stock of all shares of Preferred Stock receivable upon such exercise. The Company further covenants that such shares as may be issued pursuant to such exercise and/or conversion will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all takestaxes, liens and charges with respect to the issuance thereof.

Reserved Shares; Valid Issuance. The Company covenants that it will at all times from and after the date hereof earlier of the closing of the Next Preferred Stock or December 31, 1995 reserve and keep available such number of its authorized shares of such Preferred Stock and any Common StockStock issuable upon the conversion thereof, $.001 0.001 par value, of the Company (the "COMMON STOCKCommon Stock"), free from all preemptive or similar rights therein, as will be sufficient to permit, respectively, the exercise of this Warrant in full and the conversion into shares of Common Stock of all shares of Preferred Stock receivable upon such exercise. The Company further covenants that such shares as may be issued pursuant to such exercise and/or conversion will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all takestaxes, liens and charges with respect to the issuance thereof.

Reserved Shares; Valid Issuance. The Company covenants that it will at all times from and after the date hereof reserve and keep available such number of its authorized shares of Preferred Stock and Common Stock, $.001 0.0001 par value, of the Company (the "COMMON STOCK"), free from all preemptive or similar rights therein, as will be sufficient to permit, respectively, the exercise of this Warrant in full and the conversion into shares of Common Stock of all shares of Preferred Stock receivable upon such exercise. The Company further covenants that such shares as may be issued pursuant to such exercise and/or conversion will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all takes, liens and charges with respect to the issuance thereof.duly

Reserved Shares; Valid Issuance. The Company covenants that it will at all times from and after the date hereof reserve and keep available such number of its authorized shares of Series E Preferred Stock and Common Stock, par value $.001 par value, of the Company 0.001 per share (the "COMMON STOCKCommon Stock"), free from all preemptive or similar rights therein, as will be sufficient to permit, respectively, the exercise of this Warrant in full and the conversion into shares of Common Stock of all shares of Series E Preferred Stock receivable upon such exercise. The Company further covenants that such shares as may be issued pursuant to such exercise and/or and conversion will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all takestaxes, liens and charges with respect to the issuance thereof.

Reserved Shares; Valid Issuance. The Company covenants that it will at all times from and after the date hereof reserve and keep available such number of its authorized shares of Preferred Stock and Common Stock, $.001 S.00 I par value, of the Company (the "COMMON STOCKCommon Stock"), free from all preemptive or similar rights therein, as will be sufficient to permit, respectively, the exercise of this Warrant Wan-ant in full and the conversion into shares of Common Stock of all shares of Preferred Stock receivable issuable upon such exercise. The Company further covenants that such shares as may be issued pursuant to such exercise and/or conversion will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all takestaxes, liens and charges with respect to the issuance thereof.

Reserved Shares; Valid Issuance. The Company covenants that it will at all times from and after the date hereof reserve and keep available such number of its authorized shares of Preferred Stock and Common Stock, $.001 0.0001 par value, of the Company (the "COMMON STOCKCommon Stock"), free from all preemptive or similar rights therein, as will be sufficient to permit, respectively, the exercise of this Warrant in full and the conversion into shares of Common Stock of all shares of Preferred Stock receivable upon such exercise. The Company further covenants that such shares as may be issued pursuant to such exercise and/or conversion will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all takestaxes, liens and charges with respect to the issuance thereof.