Common use of Managing Underwriter Clause in Contracts

Managing Underwriter. The managing underwriter or underwriters of any Underwritten Offering covered by a Demand Registration shall be selected by Investors participating in the Underwritten Offering owning a majority of the shares of Common Stock to be offered therein, subject to the approval of the Board of Directors (by a majority of the Directors not elected by the holders of the Preferred Stock and the Series C Preferred Stock), which approval shall not be unreasonably withheld.

Managing Underwriter. The managing underwriter or underwriters of any Underwritten Offering underwritten public offering covered by a Demand Registration shall be selected by Investors participating in the Underwritten Offering owning Holders of a majority of the shares of Common Stock Registrable Securities to be offered thereinincluded in such registration, subject to the approval of the Board of Directors (by a majority of the Directors not elected by the holders of the Cumulative Convertible Preferred Stock and of the Series C Company, voting as a separate class (the "Non-Preferred StockStock Directors")), which approval shall not be unreasonably withheld.