Common use of Priority on Subsequent Registrations Clause in Contracts

Priority on Subsequent Registrations. If a Piggyback Registration is an underwritten registration, and the managing underwriters advise the Issuer in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering, the Issuer will include in such registration only the amount of securities which the managing underwriters have advised can be sold, and will allocate such amount, pro rata, among the amount of securities the Issuer proposes to sell and the Registrable Securities requested to be included in such registration.

Priority on Subsequent Registrations. If a Piggyback Registration is an underwritten registration, and the managing underwriters advise the Issuer Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering, the Issuer Company will include in such registration only the amount of securities which the managing underwriters have advised can be sold, and will allocate such amount, pro ratafirst, among the amount of securities the Issuer Company proposes to sell and second, pro rata among the Registrable Securities requested to be included in such registration and all other securities requested to be included in such registration.