Common use of Failure to Exercise Right Clause in Contracts

Failure to Exercise Right. In the event the Large Holders do not exercise the right of first offer as to all of the New Securities that the Large Holders are eligible to purchase pursuant to this Section 7 within the later of fifteen (15) days from the delivery date of the Notice or three (3) days from the delivery date of the Over-Allotment Notice, the Company shall have ninety (90) days thereafter to enter into an agreement (pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within 60 days from the date of said agreement) to sell that number of New Securities respecting which the Large Holder's right of first offer was not exercised, (i) at or above the price and (ii) upon terms no more favorable taken as a whole to the terms specified in the Notice given to the Large Holders. In the event the Company has not sold the New Securities or entered into an agreement to sell the New Securities within such 90-day period (or sold and issued such New Securities in accordance with the foregoing within 60 days from the date of said agreement), the Company shall not thereafter issue or sell any New Securities without first offering such securities to the Large Holders in the manner provided above.

Failure to Exercise Right. In the event the Large Holders do not exercise the right of first offer as to all of the New Securities that the Large Holders are eligible to purchase pursuant to this Section 7 within the later of fifteen (15) days from the delivery date of the Notice or three (3) days from the delivery date of the Over-Allotment Notice, the Company shall have ninety (90) 90 days thereafter to enter into an agreement (pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within 60 days from the date of said agreement) to sell that number of New Securities respecting which the Large Holder's right of first offer was not exercised, (i) at or above the price and (ii) upon terms no more favorable taken as a whole to the terms specified in the Notice given to the Large Holders. In the event the Company has not sold the New Securities or entered into an agreement to sell the New Securities within such 90-day period (or sold and issued such New Securities in accordance with the foregoing within 60 days from the date of said agreement), the Company shall not thereafter issue or sell any New Securities without first offering such securities to the Large Holders in the manner provided above.