Common use of Securities Are Not Registered Clause in Contracts

Securities Are Not Registered. (i) The Holder understands that this Warrant and the Exercise Shares have not been registered under the Securities Act, on the basis that no distribution or public offering is being effected. The Holder realizes that the basis for the exemption set forth above may not be present if, notwithstanding its representations, the Holder has a present intention of acquiring the securities for a fixed or determinable period in the future, selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the securities. The Holder has no such present intention, except that, subject to Section 4.2, the Holder may, in the future, transfer between Affiliates or transfer pursuant to an effective registration statement under, or an exemption from the registration requirements of the Securities Act. (ii) To the extent the Holder is not a government instrumentality, the Holder has had full access to all information it considers necessary or appropriate to make an informed investment decision with respect to this Warrant and has been given the opportunity to ask questions of the Company and its representatives concerning this transaction and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Company and can bear the economic risk of its investment in this Warrant.

Securities Are Not Registered. (i) i. The Holder understands that this Warrant and the Exercise Shares have not been registered under the Securities Act, on the basis that no distribution or public offering is being effected. The Holder realizes that the basis for the exemption set forth above may not be present if, notwithstanding its representations, the Holder has a present intention of acquiring the securities for a fixed or determinable period in the future, selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the securities. The Holder has no such present intention, except that, subject to Section 4.2, the Holder may, in the future, transfer between Affiliates or transfer pursuant to an effective registration statement under, or an exemption from the registration requirements of of, the Securities Act. (ii) To the extent the Holder is not a government instrumentality, the . The Holder has had full access to all information it considers necessary or appropriate to make an informed investment decision with respect to this Warrant and has been given the opportunity to ask questions of the Trust and the Company and its representatives concerning this transaction and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Trust and the Company and can bear the economic risk of its investment in this Warrant.

Securities Are Not Registered. (i) The Holder understands that this Warrant and the Exercise Shares have not been registered under the Securities Act, on the basis that no distribution or public offering is being effected. The Holder realizes that the basis for the exemption set forth above may not be present if, notwithstanding its representations, the Holder has a present intention of acquiring the securities for a fixed or determinable period in the future, selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the securities. The Holder has no such present intention, except that, subject to Section 4.2, the Holder may, in the future, transfer between Affiliates or transfer pursuant to an effective registration statement under, or an exemption from the registration requirements of of, the Securities Act. (ii) To the extent the Holder is not a government instrumentality, the The Holder has had full access to all information it considers necessary or appropriate to make an informed investment decision with respect to this Warrant and has been given the opportunity to ask questions of the Trust and the Company and its representatives concerning this transaction and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Trust and the Company and can bear the economic risk of its investment in this Warrant.