Common use of Shares to be Fully Paid; Reservation of Shares Clause in Contracts

Shares to be Fully Paid; Reservation of Shares. The Company covenants and agrees for the benefit of the Holders: 6.1. That all shares of Common Stock which may be issued upon the exercise of the rights represented by the Warrant Certificates will, upon issue and payment of the aggregate Purchase Price therefor, be duly authorized, validly issued, fully paid and non-assessable and free and clear of all liens and encumbrances, with no personal liability attaching to the ownership thereof. 6.2. That during the period within which the rights represented by the Warrant Certificates may be exercised, the Company will at all times have authorized and reserved for the purpose of issue upon exercise of the rights evidenced by the Warrant Certificates, a sufficient number of shares of Common Stock to provide for the exercise of the rights represented by the Warrant Certificates. 6.3. That the Company will take all such action as may be necessary to ensure that the shares of Common Stock issuable upon the exercise of the Warrants may be so issued without violation of any applicable federal or state law or regulation. 6.4. That the shares of Common Stock issuable upon exercise of the Warrants shall be registered under the Securities Act of 1933 and shall register or qualify such Common Stock in every state where such registration or qualification shall be required under the applicable state securities or Blue Sky laws; and

Shares to be Fully Paid; Reservation of Shares. The Company covenants ---------------------------------------------- and agrees for the benefit of the Holders: 6.1. That all shares of Common Stock which may be issued upon the exercise of the rights represented by the Warrant Certificates will, upon issue and payment of the aggregate Purchase Price therefor, be duly authorized, validly issued, fully paid and non-assessable and free and clear of all liens and encumbrances, with no personal liability attaching to the ownership thereof. 6.2. That during the period within which the rights represented by the Warrant Certificates may be exercised, the Company will at all times have authorized and reserved for the purpose of issue upon exercise of the rights evidenced by the Warrant Certificates, a sufficient number of shares of Common Stock to provide for the exercise of the rights represented by the Warrant Certificates. 6.3. That the Company will take all such action as may be necessary to ensure that the shares of Common Stock issuable upon the exercise of the Warrants may be so issued without violation of any applicable federal or state law or regulation. 6.4. That the shares of Common Stock issuable upon exercise of the Warrants shall be registered under the Securities Act of 1933 and shall register or qualify such Common Stock in every state where such registration or qualification shall be required under the applicable state securities or Blue Sky laws; and