Common use of Current Registration Clause in Contracts

Current Registration. (a) The provisions of Sections 4, 5,6, 7 and 8 hereof will apply to the Current Registration. (b) The parties hereby agree that in the event the Current Registration has not been declared effective by the Securities and Exchange Commission by March 31, 1997 (the "Target Date") the Holders may be harmed by not being able to sell shares until the date the Current Registration is actually declared effective (the "Actual Date"), to the extent that the price on the Actual Date is less than the price on the Target Date. Therefore, Company agrees to pay as additional Merger Consideration (as defined in the related Merger Agreements dated of even date herewith) and as liquidated damages an amount per share for the total number of Shares equal to: (a) the closing bid price per share for the common stock as quoted on the Nasdaq Stock Market on the Target Date, less (b) the closing bid price per share for the common stock as quoted on the Nasdaq Stock Market on the Actual Date, less $.50 (fifty cents) per share (the amount per share in item (b) being referred to as the "Target Price" and the amount calculated pursuant to items (a) and (b) being referred to herein as the "Per Share Price Reconciliation"). The Per Share Price Reconciliation shall be payable as follows: