Common use of COMPANY'S INITIAL RIGHT Clause in Contracts

COMPANY'S INITIAL RIGHT. The Company shall have the right of first refusal to purchase all or any part of the Offered Stock, if the Company gives written notice of the exercise of such right to the Seller within ten days (the "COMPANY'S REFUSAL PERIOD") after the date on which the Seller's Notice is received by the Company, PROVIDED THAT if the Company is not ready and willing to consummate the purchase within 20 days after the date on which the Seller's Notice is received by the Company, the Company's refusal right shall be deemed to be waived for such sale by Seller. If the Company desires to purchase less than all of the Offered Stock, within ten days after expiration of the Company's Refusal Period, the Company will give written notice to each Preferred Holder specifying the number of shares of Offered Stock that were not subscribed by the Company exercising its Right of First Refusal (the "COMPANY'S NOTICE").