Common use of Sale of Warrant Clause in Contracts

Sale of Warrant. This Warrant has not been registered under the Securities Act of 1933, as amended (the "Act"), or under the securities laws of any state. This Warrant, when issued, may not be sold, transferred, pledged, assigned, mortgaged or otherwise disposed of in the absence of (a) an effective registration statement for this Warrant, under the Act, and such registration or qualification as may be necessary under the securities laws of any state, or (b) the prior written consent of the Company, based upon an opinion of counsel satisfactory to the Company, which opinion shall be in form and substance satisfactory to the Company, to the effect that registration under the Act, and registration or qualification under the securities laws of applicable states, are not required. The Company will use reasonable efforts to register the Shares under the Act. The Company is not obligated, and does not intend to, register this Warrant under the Act. This Warrant shall be registered on books of the Company that shall be kept at its principal office for that purpose, and shall be transferable only on such books by the registered owner hereof in person or by duly authorized attorney under surrender of this Warrant properly endorsed, and only in compliance with the next preceding paragraph hereof.