Common use of Sophisticated Investors Clause in Contracts

Sophisticated Investors. The Investors are sophisticated investors (as described in Rule 506(b)(2)(ii) of Regulation D) and a accredited investor (as defined in Rule 501 of Regulation D), and have such experience in business and financial matters that they are capable of evaluating the merits and risks of an investment in the Units. The Investors acknowledge that an investment in the Common Stock is speculative and involves a high degree of risk.

Sophisticated Investors. The Investors are sophisticated investors (as described in Rule 506(b)(2)(ii506(b)(2)(11) of Regulation D) and a accredited investor (as defined in Rule 501 of Regulation D), and have such experience in business and financial matters that they are capable of evaluating the merits and risks of an investment in the Units. The Investors acknowledge that an investment in the Common Stock is speculative and involves a high degree of risk.

Sophisticated Investors. The Each of the Investors are is a sophisticated investors investor (as described in Rule 506(b)(2)(ii) of Regulation D) and a an accredited investor (as defined in Rule 501 of Regulation D), and have each of the Investors has such experience in business and financial matters that they are it is capable of evaluating the merits and risks of an investment in the UnitsPreferred Stock and Securities. The Each of the Investors acknowledge acknowledges that an investment in the Common Stock is speculative and involves a high degree of risk.risk and can afford the complete loss of their investment. Section 3.3

Sophisticated Investors. The Each of the Investors are is a sophisticated investors investor (as described in Rule 506(b)(2)(ii) of Regulation D) and a an accredited investor (as defined in Rule 501 of Regulation D), and have each of the Investors has such experience in business and financial matters that they are it is capable of evaluating the merits and risks of of, and bearing the economic risks entailed by, an investment in the UnitsSecurities and protecting its interest in connection with this transaction. The Each of the Investors acknowledge acknowledges that an investment in the Common Stock Securities is speculative and involves a high degree of risk.

Sophisticated Investors. The Investors are each sophisticated investors (as described in Rule 506(b)(2)(ii) of Regulation D) and a accredited investor investors (as defined in Rule 501 of Regulation D), and have each of the Investors has such experience in business and financial matters that they are it is capable of evaluating the merits and risks of an investment in the UnitsPreferred Stock and Common Stock. The Investors acknowledge that an investment in the Preferred Stock and Common Stock is speculative and involves a high degree of risk.

Sophisticated Investors. The Investors are each sophisticated investors (as described in Rule 506(b)(2)(ii) of Regulation D) and a accredited investor investors (as defined in Rule 501 of Regulation D), and have each of the Investors has such experience in business and financial matters that they are it is capable of evaluating the merits and risks of an investment in the UnitsPreferred Stock and Warrants. The Investors acknowledge that an investment in the Common Preferred Stock and Warrants is speculative and involves a high degree of risk.

Sophisticated Investors. The Each of the Investors are is a ----------------------- sophisticated investors investor (as described in Rule 506(b)(2)(ii) of Regulation D) and a an accredited investor (as defined in Rule 501 of Regulation D), and have each of the Investors has such experience in business and financial matters that they are it is capable of evaluating the merits and risks of an investment in the UnitsPreferred Stock and the Securities. The Each of the Investors acknowledge acknowledges that an investment in the Common Stock is speculative and involves a high degree of riskrisk and can afford the complete loss of their investment.

Sophisticated Investors. The Each of the Investors are is a sophisticated investors investor (as described in Rule 506(b)(2)(ii) of Regulation D) and a an accredited investor (as defined in Rule 501 of Regulation D), and have each of the Investors has such experience in business and financial matters that they are it is capable of evaluating the merits and risks of an investment in the UnitsInitial Shares, Secondary Shares, Reset Shares, Additional Shares, and Warrants. The Each of the Investors acknowledge acknowledges that an investment in the Common Stock is speculative and involves a high degree of risk.

Sophisticated Investors. The Investors are sophisticated investors (as described in Rule 506(b)(2)(ii) of Regulation D) and a accredited investor (as defined in Rule 501 of Regulation D), and have such experience in business and financial matters that they are capable of evaluating the merits and risks of an investment in the UnitsCommon Shares. The Investors acknowledge that an investment in the Common Stock is speculative and involves a high degree of risk.

Sophisticated Investors. The Investors are Each Investor is a "sophisticated investors investor" (as that term is described in Rule 506(b)(2)(ii) of Regulation D) and a an "accredited investor investor" (as that term is defined in Rule 501 of Regulation D), and have has such experience in business and financial matters that they are it has the capacity to protect its own interests in connection with this transaction and is capable of evaluating the merits and risks of an investment in the UnitsPut Shares. The Investors acknowledge Each Investor acknowledges that an investment in the Common Stock Put Shares is speculative and involves a high degree of risk.

Sophisticated Investors. The Each of the Investors are is a sophisticated investors investor (as described in Rule 506(b)(2)(ii) of Regulation D) and a an accredited investor (as defined in Rule 501 of Regulation D), and have each of the Investors has such experience in business and financial matters that they are it is capable of evaluating the merits and risks of an investment in the UnitsInitial Shares, Secondary Shares, Tertiary Shares, Reset Shares, and Warrants. The Each of the Investors acknowledge acknowledges that an investment in the Common Stock is speculative and involves a high degree of risk.