Except as amended herein, the June 2008 Purchase Agreement, the June 2008 Notes, the April 2009 Purchase Agreement, the April 2009 Notes, the April 2009 Consent Agreement, the July 2009 Notes, the July 2009 Registration Rights Agreement, the September 2009 Notes and the September 2009 Registration Rights Agreement shall remain in full force and effect.
The December 4, 2008 Purchase Agreement does not constitute a final sale or transfer of the 2000 Membership Units from Glacial Lakes Energy to Fagen, Inc.
For avoidance of doubt, unless and until any required Shareholder Approval is obtained and effective, warrants issued to any registered broker-dealer as a fee in connection with the Securities issued pursuant to the Purchase Agreement and the January 2008 Purchase Agreement as described in (C) above shall provide that such warrants shall not be allocated any portion of the Issuable Maximum and shall be unexercisable unless and until such Shareholder Approval is obtained and effective.
From and after the Closing, the Company shall, and shall cause the Company Subsidiaries to, use commercially reasonable efforts to comply fully with the obligations of and the prohibitions on the Company and the Company Subsidiaries under Sections 7.1(d)(vi) through (ix) and 7.3(b), (c), (d) and (g) of the 2008 Purchase Agreement.
The October 2008 Purchasers hereby waives any default or breach that may have resulted by way of the Company's failure to receive Authorized Share Approval as required pursuant to the October 2008 Purchase Agreement.