Common use of Unrestricted Common Shares Clause in Contracts

Unrestricted Common Shares. If, unless otherwise required by applicable state securities laws, (a) the resale of the Common Shares represented by a certificate has been registered under an effective registration statement filed under the Securities Act, (b) a holder of Common Shares provides the Company and the Transfer Agent with an opinion of counsel, in form, substance and scope reasonably satisfactory to the Company, to the effect that a public sale or transfer of such Common Shares may be made without registration under the Securities Act and such sale either has occurred or may occur without restriction on the manner of such sale or transfer, (c) such holder provides the Company and the Transfer Agent with reasonable assurances that such Common Shares can be sold under Rule 144, or (d) the Common Shares represented by a certificate can be sold without restriction as to the number of securities sold under Rule 144(k), the Company will permit the transfer of the Common Shares, and the Transfer Agent will issue one or more certificates, free from any restrictive legend, in such name and in such denominations as specified by such holder. Notwithstanding anything herein to the contrary, the Common Shares may be pledged as collateral in connection with a bona fide margin account or other lending arrangement; provided that such pledge will not alter the provisions of this Article V with respect to the removal of restrictive legends.

Unrestricted Common Shares. If, unless otherwise required by applicable state securities laws, (a) the resale of the Common Shares represented by a certificate has have been registered under an effective registration statement filed under the Securities ActAct , (b) a holder of Common Shares provides the Company and the Transfer Agent its transfer agent with an opinion of counsel, in form, substance and scope reasonably satisfactory to the Companycustomary for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Common Shares may be made without registration under the Securities Act and such sale either has occurred or may occur without restriction on the manner of such sale or transfer, (c) such holder provides the Company and the Transfer Agent its transfer agent with reasonable assurances that such Common Shares can be sold under Rule 144, or (d) the Common Shares represented by a certificate can be sold without restriction as to the number of securities sold under Rule 144(k), the Company will permit the transfer of the Common Shares, and the Transfer Agent Company's transfer agent will issue one or more certificates, free from any restrictive legend, in such name and in such denominations as specified by such holderholder as soon as practicable. Notwithstanding anything herein to the contrary, the Common Shares may be pledged as collateral in connection with a bona fide margin account or other lending arrangement; provided that such pledge will not alter the provisions of this Article V with respect to the removal of restrictive legends.