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Exhibit 10.1
STANDBY EQUITY DISTRIBUTION AGREEMENT
-------------------------------------
THIS AGREEMENT dated as of the 30th day of March 2007 (the
"Agreement")
between CORNELL CAPITAL PARTNERS, LP, a Delaware limited
partnership (the
"Investor"), and BRIGHTEC INC., a corporation organized and
existing under the
laws of the State of Nevada (the "Company").
WHEREAS, the parties desire that, upon the terms and subject to
the
conditions contained herein, the Company shall issue and sell to
the Investor,
from time to time as provided herein, and the Investor shall
purchase from the
Company up to Ten Million Dollars ($10,000,000) of the Company's
common stock,
par value $0.001 per share (the "Common Stock"); and
WHEREAS, such investments will be made in reliance upon the
provisions
of Regulation D ("Regulation D") of the Securities Act of 1933, as
amended, and
the regulations promulgated thereunder (the "Securities Act"), and
or upon such
other exemption from the registration requirements of the
Securities Act as may
be available with respect to any or all of the investments to be
made hereunder.
WHEREAS, the Company has engaged Newbridge Securities Corporation
(the
"Placement Agent"), to act as the Company's exclusive placement
agent in
connection with the sale of the Company's Common Stock to the
Investor hereunder
pursuant to the Placement Agent Agreement dated the date hereof by
and among the
Company, the Placement Agent and the Investor (the "Placement Agent
Agreement").
NOW, THEREFORE, the parties hereto agree as follows:
ARTICLE I.
Certain Definitions
Section 1.1. "Advance"
shall mean the portion of the Commitment
Amount requested by the Company in the Advance Notice.
Section 1.2. "Advance
Date" shall mean the first (1st) Trading Day
after expiration of the applicable Pricing Period for each
Advance.
Section 1.3. "Advance
Notice" shall mean a written notice in the
form of Exhibit A attached hereto to the Investor executed by an
officer of the
Company and setting forth the Advance amount that the Company
requests from the
Investor.
Section 1.4. "Advance
Notice Date" shall mean each date the
Company delivers (in accordance with Section 2.2(b) of this
Agreement) to the
Investor an Advance Notice requiring the Investor to advance funds
to the
Company, subject to the terms of this Agreement. No Advance Notice
Date shall be
less than five (5) Trading Days after the prior Advance Notice
Date.
<PAGE>
Section 1.5. "Bid
Price" shall mean, on any date, the closing bid
price (as reported by Bloomberg L.P.) of the Common Stock on the
Principal
Market or if the Common Stock is not traded on a Principal Market,
the highest
reported bid price for the Common Stock, as furnished by the
National
Association of Securities Dealers, Inc.
Section 1.6. "Closing"
shall mean one of the closings of a
purchase and sale of Common Stock pursuant to Section 2.3.
Section 1.7.
"Commitment Amount" shall mean the aggregate amount
of up to Ten Million Dollars ($10,000,000) which the Investor has
agreed to
provide to the Company in order to purchase the Company's Common
Stock pursuant
to the terms and conditions of this Agreement.
Section 1.8.
"Commitment Period" shall mean the period commencing
on the earlier to occur of (i) the Effective Date, or (ii) such
earlier date as
the Company and the Investor may mutually agree in writing, and
expiring on the
earliest to occur of (x) the date on which the Investor shall have
made payment
of Advances pursuant to this Agreement in the aggregate amount of
the Commitment
Amount, (y) the date this Agreement is terminated pursuant to
Section 10.2 or
(z) the date occurring twenty-four (24) months after the Effective
Date.
Section 1.9. "Common
Stock" shall mean the Company's common stock,
par value $0.001 per share.
Section 1.10. "Condition
Satisfaction Date" shall have the meaning
set forth in Section 7.2.
Section 1.11. "Damages" shall
mean any loss, claim, damage,
liability, costs and expenses (including, without limitation,
reasonable
attorney's fees and disbursements and costs and expenses of expert
witnesses and
investigation).
Section 1.12. "Effective Date"
shall mean the date on which the SEC
first declares effective a Registration Statement registering the
resale of the
Registrable Securities as set forth in Section 7.2(a).
Section 1.13. Intentionally
Omitted.
Section 1.14. "Exchange Act"
shall mean the Securities Exchange Act
of 1934, as amended, and the rules and regulations promulgated
thereunder.
Section 1.15. "Material
Adverse Effect" shall mean any condition,
circumstance, or situation that would prohibit or otherwise
materially interfere
with the ability of the Company to enter into and perform any of
its obligations
under this Agreement or the Registration Rights Agreement in any
material
respect.
Section 1.16. "Market Price"
shall mean the lowest VWAP of the
Common Stock during the Pricing Period.
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Section 1.17. "Maximum Advance
Amount" shall be Three Hundred
Thousand Dollars ($300,000) per Advance Notice.
Section 1.18. "NASD" shall
mean the National Association of
Securities Dealers, Inc.
Section 1.19. "Person" shall
mean an individual, a corporation, a
partnership, an association, a trust or other entity or
organization, including
a government or political subdivision or an agency or
instrumentality thereof.
Section 1.20. "Placement
Agent" shall mean Newbridge Securities
Corporation, a registered broker-dealer.
Section 1.21. "Pricing Period"
shall mean the five (5) consecutive
Trading Days after the Advance Notice Date subject to any reduction
pursuant to
Section 2.2(c)..
Section 1.22. "Principal
Market" shall mean the Nasdaq National
Market, the Nasdaq Capital Market, the American Stock Exchange, the
OTC Bulletin
Board or the New York Stock Exchange, whichever is at the time the
principal
trading exchange or market for the Common Stock.
Section 1.23. "Purchase Price"
shall be set at ninety six percent
(96%) of the Market Price during the Pricing Period.
Section 1.24. "Registrable
Securities" shall mean the shares of
Common Stock to be issued hereunder (i) in respect of which the
Registration
Statement has not been declared effective by the SEC, (ii) which
have not been
sold under circumstances meeting all of the applicable conditions
of Rule 144
(or any similar provision then in force) under the Securities Act
("Rule 144")
or (iii) which have not been otherwise transferred to a holder who
may trade
such shares without restriction under the Securities Act, and the
Company has
delivered a new certificate or other evidence of ownership for such
securities
not bearing a restrictive legend.
Section 1.25. "Registration
Rights Agreement" shall mean the
Registration Rights Agreement dated the date hereof, regarding the
filing of the
Registration Statement for the resale of the Registrable
Securities, entered
into between the Company and the Investor.
Section 1.26. "Registration
Statement" shall mean a registration
statement on Form S-1 or SB-2 (if use of such form is then
available to the
Company pursuant to the rules of the SEC and, if not, on such other
form
promulgated by the SEC for which the Company then qualifies and
which counsel
for the Company shall deem appropriate, and which form shall be
available for
the resale of the Registrable Securities to be registered
thereunder in
accordance with the provisions of this Agreement and the
Registration Rights
Agreement, and in accordance with the intended method of
distribution of such
securities), for the registration of the resale by the Investor of
the
Registrable Securities under the Securities Act.
Section 1.27. "Regulation D"
shall have the meaning set forth in
the recitals of this Agreement.
Section 1.28. "SEC" shall mean
the United States Securities and
Exchange Commission.
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Section 1.29. "Securities Act"
shall have the meaning set forth in
the recitals of this Agreement.
Section 1.30. "SEC Documents"
shall mean Annual Reports on Form
10-KSB, Quarterly Reports on Form 10-QSB, Current Reports on Form
8-K and Proxy
Statements of the Company as supplemented to the date hereof, filed
by the
Company for a period of at least twelve (12) months immediately
preceding the
date hereof or the Advance Date, as the case may be, until such
time as the
Company no longer has an obligation to maintain the effectiveness
of a
Registration Statement as set forth in the Registration Rights
Agreement.
Section 1.31. "Trading Day"
shall mean any day during which the New
York Stock Exchange shall be open for business.
Section 1.32. "VWAP" shall
mean the volume weighted average price
of the Company's Common Stock as quoted by Bloomberg, LP.
ARTICLE II.
Advances
Section 2.1.
Advances.
--------
Subject to the terms and conditions of this Agreement
(including, without limitation, the provisions of Article VII
hereof), the
Company, at its sole and exclusive option, may issue and sell to
the Investor,
and the Investor shall purchase from the Company, shares of the
Company's Common
Stock by the delivery, in the Company's sole discretion, of Advance
Notices. The
number of shares of Common Stock that the Investor shall purchase
pursuant to
each Advance shall be determined by dividing the amount of the
Advance by the
Purchase Price. No fractional shares shall be issued. Fractional
shares shall be
rounded to the next higher whole number of shares. The aggregate
maximum amount
of all Advances that the Investor shall be obligated to make under
this
Agreement shall not exceed the Commitment Amount.
Section 2.2.
Mechanics.
---------
(a) Advance
Notice. At any time during the Commitment
Period, the Company may require the Investor to purchase shares of
Common Stock
by delivering an Advance Notice to the Investor, subject to the
conditions set
forth in Section 7.2; provided, however, the amount for each
Advance as
designated by the Company in the applicable Advance Notice shall
not be more
than the Maximum Advance Amount and the aggregate amount of the
Advances
pursuant to this Agreement shall not exceed the Commitment Amount.
The Company
acknowledges that the Investor may sell shares of the Company's
Common Stock
corresponding with a particular Advance Notice after the Advance
Notice is
received by the Investor. There shall be a minimum of five (5)
Trading Days
between each Advance Notice Date.
(b) Date of
Delivery of Advance Notice. An Advance Notice
shall be deemed delivered on (i) the Trading Day it is received by
facsimile or
otherwise by the Investor if such notice is received prior to 5:00
pm Eastern
Time, or (ii) the immediately succeeding Trading Day if it is
received by
facsimile or otherwise after 5:00 pm Eastern Time on a Trading Day
or at any
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time on a day which is not a Trading Day. No Advance Notice may be
deemed
delivered on a day that is not a Trading Day.
(c) Minimum
Acceptable Price. The lowest Market Price of
the Common Stock (before taking into account any discount used to
calculate the
Purchase Price) for any particular Advance (the "Minimum Acceptable
Price")
shall, in connection with each Advance Notice delivered by the
Company, be equal
to sixty five percent (65%) of the VWAP on the Trading Day
immediately preceding
the Advance Notice Date for such Advance Notice. Subject to the
next sentence,
upon the issuance by the Company of an Advance Notice along with a
Minimum
Acceptable Price, (i) the Company shall automatically reduce the
amount of the
Advance set forth in such Advance Notice by twenty percent (20%)
for each
Trading Day during the Pricing Period that the VWAP of the Common
Stock is below
the Minimum Acceptable Price (each such day, an "Excluded Day"),
and (ii) each
Excluded Day shall be excluded from the Pricing Period for purposes
of
determining the Market Price. The number of shares of Common Stock
to be
delivered to the Investor at the Closing (in accordance with
Section 2.3 of this
Agreement) shall correspond with the Advance Notice amount as
reduced pursuant
to clause (i) above, except that the Company shall be obligated to
sell, and the
Investor shall be obligated to purchase any shares of Common Stock
corresponding
to such Advance Notice that have been sold by the Investor and such
shares shall
be priced at the greater of the Purchase Price or the applicable
Minimum
Acceptable Price. The Company, and only the Company, may waive the
Minimum
Acceptable Price with respect to any particular Advance Notice by
providing the
Investor with written notice of waiver on or prior to the Advance
Notice Date.
Section 2.3. Closings.
On each Advance Date (i) the Company shall
deliver to the Investor such number of shares of the Common Stock
registered in
the name of the Investor as shall equal (x) the amount of the
Advance specified
in such Advance Notice pursuant to Section 2.1 herein, divided by
(y) the
Purchase Price and (ii) upon receipt of such shares, the Investor
shall deliver
to the Company the amount of the Advance specified in the Advance
Notice by wire
transfer of immediately available funds. In addition, on or prior
to the Advance
Date, each of the Company and the Investor shall deliver to the
other all
documents, instruments and writings required to be delivered by
either of them
pursuant to this Agreement in order to implement and effect the
transactions
contemplated herein. To the extent the Company has not paid the
fees, expenses,
and disbursements of the Investor in accordance with Section 12.4,
the amount of
such fees, expenses, and disbursements may be deducted by the
Investor (and
shall be paid to the relevant party) directly out of the proceeds
of the Advance
with no reduction in the amount of shares of the Company's Common
Stock to be
delivered on such Advance Date.
(a) Company's Obligations Upon Closing.
(i)
The Company shall deliver to the Investor the shares
of Common Stock applicable to the Advance in accordance with
Section 2.3. The
certificates evidencing such shares shall be free of restrictive
legends.
(ii)
the
Company's Registration Statement with respect to
the resale of the shares of Common Stock delivered in connection
with the
Advance shall have been declared effective by the SEC;
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(iii) the
Company shall have obtained all material permits
and qualifications required by any applicable state for the offer
and sale of
the Registrable Securities, or shall have the availability of
exemptions
therefrom. The sale and issuance of the Registrable Securities
shall be legally
permitted by all laws and regulations to which the Company is
subject;
(iv) the
Company shall have filed with the SEC in a timely
manner all reports, notices and other documents required of a
"reporting
company" under the Exchange Act and applicable Commission
regulations; and
(v)
the fees as set forth in Section 12.4 below shall
have been paid or can be withheld as provided in Section 2.3.
(b)
Investor's Obligations Upon Closing. Upon receipt of the
shares referenced in Section 2.3(a)(i) above and provided the
Company is in
compliance with its obligations in Section 2.3, the Investor shall
deliver to
the Company the amount of the Advance specified in the Advance
Notice by wire
transfer of immediately available funds.
Section 2.4.
Intentionally Omitted.
---------------------
Section 2.5. Hardship.
In the event the Investor sells shares of
the Company's Common Stock after receipt of an Advance Notice and
the Company
fails to perform its obligations as mandated in Section 2.3, and
specifically
the Company fails to deliver to the Investor on the Advance Date
the shares of
Common Stock corresponding to the applicable Advance pursuant to
Section
2.3(a)(i), the Company acknowledges that the Investor shall suffer
financial
hardship and therefore shall be liable for any and all losses,
commissions,
fees, or financial hardship caused to the Investor.
ARTICLE III.
Representations and Warranties of Investor
Investor hereby represents and warrants to, and agrees with,
the
Company that the following are true and correct as of the date
hereof and as of
each Advance Date:
Section 3.1.
Organization and Authorization. The Investor is duly
incorporated or organized and validly existing in the jurisdiction
of its
incorporation or organization and has all requisite power and
authority to
purchase and hold the securities issuable hereunder. The decision
to invest and
the execution and delivery of this Agreement by such Investor, the
performance
by such Investor of its obligations hereunder and the consummation
by such
Investor of the transactions contemplated hereby have been duly
authorized and
requires no other proceedings on the part of the Investor. The
undersigned has
the right, power and authority to execute and deliver this
Agreement and all
other instruments (including, without limitations, the Registration
Rights
Agreement), on behalf of the Investor. This Agreement has been duly
executed and
delivered by the Investor and, assuming the execution and delivery
hereof and
acceptance thereof by the Company, will constitute the legal, valid
and binding
obligations of the Investor, enforceable against the Investor in
accordance with
its terms.
Section 3.2. Evaluation
of Risks. The Investor has such knowledge
and experience in financial, tax and business matters as to be
capable of
evaluating the merits and risks of, and bearing the economic risks
entailed by,
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an investment in the Company and of protecting its interests in
connection with
this transaction. It recognizes that its investment in the Company
involves a
high degree of risk.
Section 3.3. No Legal
Advice From the Company. The Investor
acknowledges that it had the opportunity to review this Agreement
and the
transactions contemplated by this Agreement with his or its own
legal counsel
and investment and tax advisors. The Investor is relying solely on
such counsel
and advisors and not on any statements or representations of the
Company or any
of its representatives or agents for legal, tax or investment
advice with
respect to this investment, the transactions contemplated by this
Agreement or
the securities laws of any jurisdiction.
Section 3.4. Investment
Purpose. The securities are being
purchased by the Investor for its own account, and for investment
purposes. The
Investor agrees not to assign or in any way transfer the Investor's
rights to
the securities or any interest therein and acknowledges that the
Company will
not recognize any purported assignment or transfer except in
accordance with
applicable Federal and state securities laws. No other person has
or will have a
direct or indirect beneficial interest in the securities. The
Investor agrees
not to sell, hypothecate or otherwise transfer the Investor's
securities unless
the securities are registered under Federal and applicable state
securities laws
or unless, in the opinion of counsel satisfactory to the Company,
an exemption
from such laws is available.
Section 3.5. Accredited
Investor. The Investor is an "Accredited
Investor" as that term is defined in Rule 501(a)(3) of Regulation D
of the
Securities Act.
Section 3.6.
Information. The Investor and its advisors (and its
counsel), if any, have been furnished with all materials relating
to the
business, finances and operations of the Company and information it
deemed
material to making an informed investment decision. The Investor
and its
advisors, if any, have been afforded the opportunity to ask
questions of the
Company and its management. Neither such inquiries nor any other
due diligence
investigations conducted by such Investor or its advisors, if any,
or its
representatives shall modify, amend or affect the Investor's right
to rely on
the Company's representations and warranties contained in this
Agreement. The
Investor understands that its investment involves a high degree of
risk. The
Investor is in a position regarding the Company, which, based upon
employment,
family relationship or economic bargaining power, enabled and
enables such
Investor to obtain information from the Company in order to
evaluate the merits
and risks of this investment. The Investor has sought such
accounting, legal and
tax advice, as it has considered necessary to make an informed
investment
decision with respect to this transaction.
Section 3.7. Receipt of
Documents. The Investor and its counsel
have received and read in their entirety: (i) this Agreement and
the Exhibits
annexed hereto; (ii) all due diligence and other information
necessary to verify
the accuracy and completeness of such representations, warranties
and covenants;
(iii) the Company's Form 10-KSB for the year ended December 31,
2005 and Form
10-QSB for the period ended September 30, 2006; and (iv) answers to
all
questions the Investor submitted to the Company regarding an
investment in the
Company; and the Investor has relied on the information contained
therein and
has not been furnished any other documents, literature, memorandum
or
prospectus.
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Section 3.8.
Registration Rights Agreement. The parties have
entered into the Registration Rights Agreement dated the date
hereof.
Section 3.9. No General
Solicitation. Neither the Company, nor any
of its affiliates, nor any person acting on its or their behalf,
has engaged in
any form of general solicitation or general advertising (within the
meaning of
Regulation D under the Securities Act) in connection with the offer
or sale of
the shares of Common Stock offered hereby.
Section 3.10. Not an
Affiliate. The Investor is not an officer,
director or a person that directly, or indirectly through one or
more
intermediaries, controls or is controlled by, or is under common
control with
the Company or any "Affiliate" of the Company (as that term is
defined in Rule
405 of the Securities Act).
Section 3.11. Trading
Activities. The Investor's trading activities
with respect to the Company's Common Stock shall be in compliance
with all
applicable federal and state securities laws, rules and regulations
and the
rules and regulations of the Principal Market on which the
Company's Common
Stock is listed or traded. Neither the Investor nor its affiliates
has an open
short position in the Common Stock of the Company, the Investor
agrees that it
shall not, and that it will cause its affiliates not to, engage in
any short
sales of or hedging transactions with respect to the Common Stock,
provided that
the Company acknowledges and agrees that upon receipt of an Advance
Notice the
Investor has the right to sell the shares to be issued to the
Investor pursuant
to the Advance Notice during the applicable Pricing Period.
ARTICLE IV.
Representations and Warranties of the Company
Except as
stated below, on the disclosure schedules attached hereto or
in the SEC Documents (as defined herein), the Company hereby
represents and
warrants to, and covenants with, the Investor that the following
are true and
correct as of the date hereof:
Section 4.1.
Organization and Qualification. The Company is duly
incorporated or organized and validly existing in the jurisdiction
of its
incorporation or organization and has all requisite corporate power
to own its
properties and to carry on its business as now being conducted.
Each of the
Company and its subsidiaries is duly qualified as a foreign
corporation to do
business and is in good standing in every jurisdiction in which the
nature of
the business conducted by it makes such qualification necessary,
except to the
extent that the failure to be so qualified or be in good standing
would not have
a Material Adverse Effect on the Company and its subsidiaries taken
as a whole.
Section 4.2.
Authorization, Enforcement, Compliance with Other
Instruments. (i) The Company has the requisite corporate power and
authority to
enter into and perform this Agreement, the Registration Rights
Agreement, the
Placement Agent Agreement and any related agreements, in accordance
with the
terms hereof and thereof, (ii) the execution and delivery of this
Agreement, the
Registration Rights Agreement, the Placement Agent Agreement and
any related
agreements by the Company and the consummation by it of the
transactions
contemplated hereby and thereby, have been duly authorized by the
Company's
Board of Directors and no further consent or authorization is
required by the
Company, its Board of Directors or its stockholders, (iii) this
Agreement, the
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Registration Rights Agreement, the Placement Agent Agreement and
any related
agreements have been duly executed and delivered by the Company,
(iv) this
Agreement, the Registration Rights Agreement, the Placement Agent
Agreement and
assuming the execution and delivery thereof and acceptance by the
Investor and
any related agreements constitute the valid and binding obligations
of the
Company enforceable against the Company in accordance with their
terms, except
as such enforceability may be limited by general principles of
equity or
applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or
similar laws relating to, or affecting generally, the enforcement
of creditors'
rights and remedies.
Section 4.3.
Capitalization. The authorized capital stock of the
Company consists of 245,000,000 shares of Common Stock and
5,000,000 shares of
Preferred Stock, $0.001 par value per share ("Preferred Stock"), of
which
124,698,935 shares of Common Stock and 0 shares of Preferred Stock
are issued
and outstanding. All of such outstanding shares have been validly
issued and are
fully paid and nonassessable. Except as disclosed in the SEC
Documents, no
shares of Common Stock are subject to preemptive rights or any
other similar
rights or any liens or encumbrances suffered or permitted by the
Company. Except
as set forth on Schedule 4.3 attached hereto and as disclosed in
the SEC
Documents, as of the date hereof, (i) there are no outstanding
options,
warrants, scrip, rights to subscribe to, calls or commitments of
any character
whatsoever relating to, or securities or rights convertible into,
any shares of
capital stock of the Company or any of its subsidiaries, or
contracts,
commitments, understandings or arrangements by which the Company or
any of its
subsidiaries is or may become bound to issue additional shares of
capital stock
of the Company or any of its subsidiaries or options, warrants,
scrip, rights to
subscribe to, calls or commitments of any character whatsoever
relating to, or
securities or rights convertible into, any shares of capital stock
of the
Company or any of its subsidiaries, (ii) there are no outstanding
debt
securities (iii) there are no outstanding registration statements
other than on
Form S-8 and (iv) there are no agreements or arrangements under
which the
Company or any of its subsidiaries is obligated to register the
sale of any of
their securities under the Securities Act (except pursuant to the
Registration
Rights Agreement). There are no securities or instruments
containing
anti-dilution or similar provisions that will be triggered by this
Agreement or
any related agreement or the consummation of the transactions
described herein
or therein. The Company has furnished to the Investor true and
correct copies of
the Company's Certificate of Incorporation, as amended and as in
effect on the
date hereof (the "Certificate of Incorporation"), and the Company's
By-laws, as
in effect on the date hereof (the "By-laws"), and the terms of all
securities
convertible into or exercisable for Common Stock and the material
rights of the
holders thereof in respect thereto.
Section 4.4. No
Conflict. The execution, delivery and performance
of this Agreement by the Company and the consummation by the
Company of the
transactions contemplated hereby will not (i) result in a violation
of the
Certificate of Incorporation, any certificate of designations of
any outstanding
series of preferred stock of the Company or By-laws or (ii)
conflict with or
constitute a default (or an event which with notice or lapse of
time or both
would become a default) under, or give to others any rights of
termination,
amendment, acceleration or cancellation of, any agreement,
indenture or
instrument to which the Company or any of its subsidiaries is a
party, or result
in a violation of any law, rule, regulation, order, judgment or
decree
(including federal and state securities laws and regulations and
the rules and
regulations of the Principal Market on which the Common Stock is
quoted)
applicable to the Company or any of its subsidiaries or by which
any material
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property or asset of the Company or any of its subsidiaries is
bound or affected
and which would cause a Material Adverse Effect. Except as
disclosed in the SEC
Documents, neither the Company nor its subsidiaries is in violation
of any term
of or in default under its Articles of Incorporation or By-laws or
their
organizational charter or by-laws, respectively, or any material
contract,
agreement, mortgage, indebtedness, indenture, instrument, judgment,
decree or
order or any statute, rule or regulation applicable to the Company
or its
subsidiaries. The business of the Company and its subsidiaries is
not being
conducted in violation of any material law, ordinance, regulation
of any
governmental entity. Except as specifically contemplated by this
Agreement and
as required under the Securities Act and any applicable state
securities laws,
the Company is not required to obtain any consent, authorization or
order of, or
make any filing or registration with, any court or governmental
agency in order
for it to execute, deliver or perform any of its obligations under
or
contemplated by this Agreement or the Registration Rights Agreement
in
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