Common use of Effectiveness of the Initial Registration Statement Clause in Contracts

Effectiveness of the Initial Registration Statement. The Company shall use its best efforts (i) to have the Secondary Registration Statement declared effective by the SEC no later than thirty (30) days after the filing thereof (the "Scheduled Effective Deadline") and (ii) to insure that the Secondary Registration Statement and any subsequent Registration Statement remains in effect until all of the Registrable Securities have been sold, subject to the terms and conditions of this Agreement. It shall be an event of default hereunder if the Secondary Registration Statement is not declared effective by the SEC within one hundred fifty (150) days after filing of the Spinoff Registration Statement." 3. The Investor hereby waives all rights to any penalties or damages that have accrued to date pursuant to the Registration Rights Agreement. 4. Except as set forth hereinabove, all other terms and provisions of the Transaction Documents shall remain in full force and effect.