Common use of Restrictive Legends and Stop Order Clause in Contracts

Restrictive Legends and Stop Order. In addition to any specific restrictive legends that may be required by applicable Securities Laws or agreements to which the Subscriber may be a party, as to any Securities that are not effectively registered under the Act, the Subscriber agrees to be bound by a restrictive legend in substantially the following form which may be placed on the certificates or other documents representing the Securities: THE SECURITIES [NOTE] REPRESENTED BY THIS [INSTRUMENT] [CERTIFICATE] HAVE [HAS] NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY OTHER DOMESTIC OR FOREIGN JURISDICTION. SUCH SECURITIES [NOTE] MAY NOT BE SOLD, OFFERED FOR SALE, OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SUCH LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER. SUCH SECURITIES [NOTE] ARE [IS] ALSO SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER CONTAINED IN THAT CERTAIN SUBSCRIPTION AGREEMENT DATED AS OF _______________, 1999 BETWEEN THE ISSUER AND THE INITIAL HOLDER OF THE SECURITIES [NOTE] NAMED THEREIN. A COPY OF SUCH AGREEMENT IS AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF THE ISSUER AND WILL BE FURNISHED WITHOUT CHARGE TO THE HOLDER THEREOF UPON WRITTEN REQUEST TO THE SECRETARY OF THE ISSUER AND THE HOLDER OF THE SECURITIES [NOTE] AGREES TO BE BOUND THEREBY. The Subscriber understands and agrees that XCL Land or XCL Ltd., as applicable, may place and instruct any transfer agent for the Securities, to place a stop transfer notation in the records in respect of the certificates representing such securities, provided that such securities may be transferred upon compliance with the provisions of this Section 4.

Restrictive Legends and Stop Order. In addition to any specific restrictive legends that may be required by applicable Securities Laws or agreements to which the Subscriber may be a party, as to any Securities that are not effectively registered under the Act, the Subscriber agrees to be bound by a restrictive legend in substantially the following form which may be placed on the certificates or other documents representing the Securities: THE SECURITIES [NOTE] REPRESENTED BY THIS [INSTRUMENT] [CERTIFICATE] HAVE [HAS] NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY OTHER DOMESTIC OR FOREIGN JURISDICTION. SUCH SECURITIES [NOTE] MAY NOT BE SOLD, OFFERED FOR SALE, OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SUCH LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER. SUCH SECURITIES [NOTE] ARE [IS] ALSO SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER CONTAINED IN THAT CERTAIN SUBSCRIPTION AGREEMENT DATED AS OF _______________NOVEMBER 6, 1999 1998 BETWEEN THE ISSUER AND THE INITIAL HOLDER OF THE SECURITIES [NOTE] NAMED THEREIN. A COPY OF SUCH AGREEMENT IS AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF THE ISSUER AND WILL BE FURNISHED WITHOUT CHARGE TO THE HOLDER THEREOF UPON WRITTEN REQUEST TO THE SECRETARY OF THE ISSUER AND THE HOLDER OF THE SECURITIES [NOTE] AGREES TO BE BOUND THEREBY. The Subscriber understands and agrees that XCL Land or XCL Ltd., as applicable, may place and instruct any transfer agent for the Securities, to place a stop transfer notation in the records in respect of the certificates representing such securities, provided that such securities may be transferred upon compliance with the provisions of this Section 4.

Restrictive Legends and Stop Order. In addition to any specific restrictive legends that may be required by applicable Securities Laws or agreements to which the Subscriber may be a party, as to any Securities that are not effectively registered under the Act, the Subscriber agrees to be bound by a restrictive legend in substantially the following form which may be placed on the certificates or other documents representing the Securities: THE SECURITIES [NOTE] REPRESENTED BY THIS [INSTRUMENT] [CERTIFICATE] HAVE [HAS] NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY OTHER DOMESTIC OR FOREIGN JURISDICTION. SUCH SECURITIES [NOTE] MAY NOT BE SOLD, OFFERED FOR SALE, OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SUCH LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER. SUCH SECURITIES [NOTE] ARE [IS] ALSO SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER CONTAINED IN THAT CERTAIN SUBSCRIPTION AGREEMENT DATED AS OF ____________APRIL ___, 1999 1997 BETWEEN THE ISSUER AND THE INITIAL HOLDER OF THE SECURITIES [NOTE] NAMED THEREIN. A COPY OF SUCH AGREEMENT IS AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF THE ISSUER AND WILL BE FURNISHED WITHOUT CHARGE TO THE HOLDER THEREOF UPON WRITTEN REQUEST TO THE SECRETARY OF THE ISSUER AND THE HOLDER OF THE SECURITIES [NOTE] AGREES TO BE BOUND THEREBY. The Subscriber understands and agrees that XCL Land or XCL Ltd., as applicable, Ltd. may place and instruct any transfer agent for the Securities, to place a stop transfer notation in the records in respect of the certificates representing such securities, provided that such securities may be transferred upon compliance with the provisions of this Section 43.