Common use of Restriction on Transfer of Warrants Clause in Contracts

Restriction on Transfer of Warrants. The Holder of a Warrant Certificate, by acceptance thereof, covenants and agrees that the Warrants may not be sold, transferred, assigned, hypothecated or otherwise disposed of, in whole or in part, except (a) to officers of the Representative or to officers and partners of the other Underwriters or Selected Dealers participating in the Public Offering; (b) by will; or (c) by operation of law.

Restriction on Transfer of Warrants. The Holder of a Warrant Certificate, by acceptance thereof, covenants and agrees that the Warrants may not be sold, transferred, assigned, hypothecated or otherwise disposed of, in whole or in part, for a period of one year from the effectiveness of the Offering, except (a) to officers of the Representative or to officers and partners of the other Underwriters or Selected Dealers participating a NASD member firm that participated in the Public Offering; Offering and the bona fide officers or partners thereof, (b) by will; operation of law, or (c) by operation reason of lawreorganization of the Company.

Restriction on Transfer of Warrants. The Holder of a Warrant Certificate, by acceptance thereof, covenants and agrees that the Warrants may not be sold, transferred, assigned, hypothecated or otherwise disposed of, in whole or in part, for a period of one year from the effectiveness of the Offering, except (a) to officers of the Representative or to officers and partners of the other Underwriters or Selected Dealers participating a FINRA member firm that participated in the Public Offering; Offering and the bona fide officers or partners thereof, (b) by will; operation of law, or (c) by operation reason of lawreorganization of the Company.

Restriction on Transfer of Warrants. The Holder of a Warrant Certificate, by acceptance thereof, covenants and agrees that the Warrants may not be sold, transferred, assigned, hypothecated or otherwise disposed of, in whole or in part, prior to September 19, 2004, except (a) to officers of the Representative Placement Agent or to officers and partners of the other Underwriters or Selected Dealers firms that are members of the National Association of Securities Dealers, Inc. participating in the Public Private Offering; (b) by will; or (c) by operation of law.

Restriction on Transfer of Warrants. The Holder of a Warrant Certificate, by acceptance thereof, covenants and agrees that the Warrants may not be sold, transferred, assigned, hypothecated or otherwise disposed of, in whole or in part, for a period of one year from the Date of the Public Offering, except (a) to officers of the Representative or to officers and partners of the other Underwriters or Selected Dealers participating a NASD member firm that participated in the Public OfferingOffering and the bona fide officers or partners thereof; (b) by will; operation of law or (c) by operation reason of lawreorganization of the Company.

Restriction on Transfer of Warrants. The Holder of a Warrant Certificate, by its acceptance thereof, covenants and agrees that the Warrants may not be sold, transferred, assigned, hypothecated or otherwise disposed of, in whole or in part, except (a) to officers of the Representative or to officers and partners directors of the other Underwriters or Selected Dealers participating in the Public Offering; (b) by will; or (c) by operation of lawRepresentative.

Restriction on Transfer of Warrants. The Holder of a Warrant Certificate, by acceptance thereof, covenants and agrees that the Warrants may not be sold, transferred, assigned, hypothecated or otherwise disposed of, in whole or in part, for a period of six months from the effectiveness of the Offering, except (a) to officers of the Representative or to officers and partners of the other Underwriters or Selected Dealers participating a NASD member firm that participated in the Public Offering; Offering and the bona fide officers or partners thereof, (b) by will; operation of law, or (c) by operation reason of lawreorganization of the Company.

Restriction on Transfer of Warrants. The Holder of a Warrant Certificate, by its acceptance thereof, covenants and agrees that the Warrants are being acquired as an investment and not with a view to the distribution thereof, and that the Warrants may not be sold, transferred, assigned, hypothecated or otherwise disposed of, in whole or in part, for a period of one (l) year from the date hereof, except (a) to officers of the Representative or to officers and partners of the other Underwriters or Selected Dealers participating in to any member of the Public Offering; (b) by will; Selling Group and/or their respective officers or (c) by operation of lawpartners.

Restriction on Transfer of Warrants. The Holder of a Warrant Certificate, by acceptance thereof, covenants and agrees that the Warrants may not be sold, transferred, assigned, hypothecated or otherwise disposed of, in whole or in part, for a period of one (1) year from the Effective Date of the Public Offering, except (a) to officers of the Representative or to officers and partners of the other Underwriters or Selected Dealers participating a NASD member firm that participated in the Public OfferingOffering and the bona fide officers or partners thereof; (b) by will; operation of law or (c) by operation reason of lawreorganization of the Company.

Restriction on Transfer of Warrants. The Holder of a Warrant --------------------------------------- Certificate, by its acceptance thereof, covenants and agrees that the Warrants are being acquired for investment purposes only and not with a view to the distribution thereof and that the Warrants may not be sold, transferred, assigned, hypothecated or otherwise disposed of, in whole or in part, except in compliance with the Securities Act of 1933, as amended (a) to officers of the Representative or to officers and partners of the other Underwriters or Selected Dealers participating in the Public Offering; (b) by will; or (c) by operation of law"Securities Act").

Restriction on Transfer of Warrants. The Holder of a Warrant Certificate, by its acceptance thereof, covenants and agrees that the Warrants may not be sold, transferred, assigned, hypothecated or otherwise disposed of, in whole or in part, except (a) to officers of the Representative or to officers and partners of the other Underwriters or Selected Dealers participating in the Public Offering; (b) by will; or (c) by operation of accordance with applicable law.

Restriction on Transfer of Warrants. The Holder of a Warrant Certificate, by its acceptance thereof, covenants and agrees that the Warrants are being acquired as an investment and not with a view of the distribution thereof; that the Warrants may not be sold, transferred, assigned, hypothecated or otherwise disposed of, in whole or in part, except (a) to officers any Underwriter, any person who controls any Underwriter, any partner or director of the Representative any Underwriter and any officer or to officers and partners of the other Underwriters or Selected Dealers participating any employee having an equity interest in the Public Offering; (b) by will; or (c) by operation of lawany Underwriter.

Restriction on Transfer of Warrants. The Holder of a Warrant Certificate, by acceptance thereof, covenants and agrees that the Representative's Warrants may not be sold, transferred, assigned, hypothecated or otherwise disposed of, in whole or in part, except (a) to officers of the Representative or to officers and partners of the other Underwriters or Selected Dealers participating in the Public Offering; (b) by will; or (c) by operation of law.