Common use of Valid Offering Clause in Contracts

Valid Offering. 12 -------------- 4.19 Full Disclosure...........................................12 --------------- 4.20 Insurance.................................................12 --------- 4.21 SEC Reports; Financial Statements --------------------------------- 4.22 Listing...................................................13 ------- 4.23 No Integrated Offering....................................13 ---------------------- 4.24 Stop Transfer.............................................13 ------------- 4.25 Dilution..................................................13 -------- 4.26 Patriot Act ..............................................12 5. Representations and Warranties of the Purchaser......................14 ----------------------------------------------- 5.1 No Shorting...............................................14 ----------- 5.2 Requisite Power and Authority.............................14 ----------------------------- 5.3 Investment Representations................................14 -------------------------- 5.4 Purchaser Bears Economic Risk.............................15 ----------------------------- 5.5 Acquisition for Own Account...............................15 --------------------------- 5.6 Purchaser Can Protect Its Interest........................15 ---------------------------------- 5.7 Accredited Investor.......................................15 ------------------- 5.8 Legends...................................................15 -------

Valid Offering. 12 13 -------------- 4.19 Full Disclosure...........................................12 13 --------------- 4.20 Insurance.................................................12 13 --------- 4.21 SEC Reports; Financial Statements --------------------------------- ...............................................13 ----------- 4.22 Listing...................................................13 14 ------- 4.23 No Integrated Offering....................................13 14 ---------------------- 4.24 Stop Transfer.............................................13 14 ------------- 4.25 Dilution..................................................13 14 -------- 4.26 Patriot Act ..............................................Act...............................................12 5. Representations and Warranties of the Purchaser......................14 15 ----------------------------------------------- 5.1 No Shorting...............................................14 15 ----------- 5.2 Requisite Power and Authority.............................14 15 ----------------------------- 5.3 Investment Representations................................14 16 -------------------------- 5.4 Purchaser Bears Economic Risk.............................15 16 ----------------------------- 5.5 Acquisition for Own Account...............................15 16 --------------------------- 5.6 Purchaser Can Protect Its Interest........................15 16 ---------------------------------- 5.7 Accredited Investor.......................................15 16 ------------------- 5.8 Legends...................................................15 -------16 ------- 5.9 Limitation on Acquisition of Common Stock of the Company..14 -------------------------------------------------------- i

Valid Offering. 12 11 -------------- 4.19 Full Disclosure...........................................12 ..............................................................................11 --------------- 4.20 Insurance.................................................12 ....................................................................................11 --------- 4.21 SEC Reports; Financial Statements --------------------------------- ..................................................................................11 ----------- 4.22 Listing...................................................13 ......................................................................................12 ------- 4.23 No Integrated Offering....................................13 .......................................................................12 ---------------------- 4.24 Stop Transfer.............................................13 ................................................................................12 ------------- 4.25 Dilution..................................................13 .....................................................................................12 -------- 4.26 Patriot Act .....................................................................................................................................12 5. Representations and Warranties of the Purchaser......................14 .........................................................13 ----------------------------------------------- 5.1 No Shorting...............................................14 ..................................................................................13 ----------- 5.2 Requisite Power and Authority.............................14 ................................................................13 ----------------------------- 5.3 Investment Representations................................14 ...................................................................13 -------------------------- 5.4 Purchaser Bears Economic Risk.............................15 ................................................................14 ----------------------------- 5.5 Acquisition for Own Account...............................15 ..................................................................14 --------------------------- 5.6 Purchaser Can Protect Its Interest........................15 ...........................................................14 ---------------------------------- 5.7 Accredited Investor.......................................15 ..........................................................................14 ------------------- 5.8 Legends...................................................15 ......................................................................................14 -------

Valid Offering. 12 11 -------------- 4.19 Full Disclosure.........................................................................................................................12 --------------- 4.20 Insurance.....................................................................................................................................12 --------- 4.21 SEC Reports; Financial Statements --------------------------------- ..................................................................................12 ----------- 4.22 Listing...................................................13 ......................................................................................12 ------- 4.23 No Integrated Offering...........................................................................................................13 ---------------------- 4.24 Stop Transfer.............................................................................................................................13 ------------- 4.25 Dilution.......................................................................................................................................13 -------- 4.26 Patriot Act ..............................................Act..................................................................................12 5. Representations and Warranties of the Purchaser...............................................................................14 ----------------------------------------------- 5.1 No Shorting.................................................................................................................................14 ----------- 5.2 Requisite Power and Authority.............................................................................................14 ----------------------------- 5.3 Investment Representations...................................................................................................14 -------------------------- 5.4 Purchaser Bears Economic Risk.............................................................................................15 ----------------------------- 5.5 Acquisition for Own Account.................................................................................................15 --------------------------- 5.6 Purchaser Can Protect Its Interest...................................................................................15 ---------------------------------- 5.7 Accredited Investor.................................................................................................................15 ------------------- 5.8 Legends.........................................................................................................................................15 -------

Valid Offering. 12 11 -------------- 4.19 Full Disclosure...........................................12 ..............................................................................11 --------------- 4.20 Insurance.................................................12 ....................................................................................11 --------- 4.21 SEC Reports; Financial Statements --------------------------------- ..................................................................................11 ----------- 4.22 Listing...................................................13 ......................................................................................11 ------- 4.23 No Integrated Offering....................................13 .......................................................................12 ---------------------- 4.24 Stop Transfer.............................................13 ................................................................................12 ------------- 4.25 Dilution..................................................13 .....................................................................................12 -------- 4.26 Patriot Act ..............................................Act..................................................................................12 5. Representations and Warranties of the Purchaser......................14 ........................................................13 ----------------------------------------------- 5.1 No Shorting...............................................14 ..................................................................................13 ----------- 5.2 Requisite Power and Authority.............................14 ................................................................13 ----------------------------- 5.3 Investment Representations................................14 ...................................................................13 -------------------------- 5.4 Purchaser Bears Economic Risk.............................15 ................................................................13 ----------------------------- 5.5 Acquisition for Own Account...............................15 ..................................................................14 --------------------------- 5.6 Purchaser Can Protect Its Interest........................15 ...........................................................14 ---------------------------------- 5.7 Accredited Investor.......................................15 ..........................................................................14 ------------------- 5.8 Legends...................................................15 ......................................................................................14 -------