Common use of Validly Issued Clause in Contracts

Validly Issued. Upon issuance of the Common Stock identified in Section 1 of this Agreement and receipt by the Corporation of the Promissory Note representing the amounts owed to Creditor by Corporation pursuant to the terms of the Promissory Note, properly endorsed and accompanied by all instruments necessary to effect the transfer of such Promissory Note to the Corporation, such Common Stock shall be validly issued and outstanding, fully paid, nonassessable and free and clear of all liens and encumbrances arising through the actions of the Corporation or its directors, officers, employees or agents.

Validly Issued. Upon issuance of the Common Stock identified in Section 1 of this Agreement and receipt by the Corporation of the Promissory Note representing the amounts owed to Creditor Match by Corporation pursuant to the terms of the Promissory NoteLoan Documents, properly endorsed and accompanied by all instruments necessary to effect the transfer of such Promissory Note to the Corporation, such Common Stock shall be validly issued and outstanding, fully paid, nonassessable and free and clear of all liens and encumbrances arising through the actions of the Corporation or its directors, officers, employees or agents.