Common use of Failure to Exercise Right Clause in Contracts

Failure to Exercise Right. If a Shareholder fails to purchase all of its Pro Rata Share pursuant to Section 7(b), the Company shall have 120 days after the date on which such Shareholder’s right to purchase lapsed to sell or enter into an agreement (pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within 90 days from the date of said agreement) to sell the New Securities in respect of which such Shareholder’s option was not exercised, at or above the price and upon other terms not more favorable in the aggregate to the purchasers of such securities than the terms specified in the initial Section 7 Notice given in connection with such sale. If the Company has not sold the New Securities or entered into an agreement to sell the New Securities within such 120-day period (or sold and issued New Securities in accordance with the foregoing within 90 days from the date of said agreement), the Company shall not thereafter issue or sell any New Securities without first offering such New Securities to each Shareholder in the manner provided in this Section 7.

Failure to Exercise Right. If In the event a Shareholder Rights Holder fails to purchase all exercise the right of its Pro Rata Share pursuant to Section 7(b)first refusal within said thirty (30) day period, the Company shall have 120 ninety (90) days after the date on which such Shareholder’s right to purchase lapsed thereafter to sell or enter into an agreement (pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within 90 sixty (60) days from the date of said agreement) to sell the New Securities in respect of which such Shareholder’s option was not exercised, elected to be purchased by Rights Holders at or above the price and upon other the terms not no more favorable in the aggregate to the purchasers of such securities than the terms specified in the initial Section 7 Notice given in connection with such saleCompany's notice. If In the event the Company has not sold the New Securities or entered into an agreement to sell the New Securities within such 120-said ninety (90) day period (or sold and issued New Securities in accordance with the foregoing within 90 sixty (60) days from the date of said agreement), the Company shall not thereafter issue or sell any New Securities Securities, without first offering such New Securities to each Shareholder securities in the manner provided in this Section 7above.