Common use of Procedures for Participation Clause in Contracts

Procedures for Participation. Within 15 days after its receipt of the Offer Notice, each Accredited Offeree shall deliver to the Company a written notice (the "Acceptance Notice") specifying whether or not it desires to accept the Offer, whereupon each Accredited Offeree, who has elected to accept the Preemptive Rights Offer, shall be obligated to purchase its pro rata share of the Offered Securities at the closing of the Preemptive Rights Transaction, if and when it occurs. Except to the extent the Preemptive Rights Offer has been duly accepted pursuant to this Section 3.2 and the Acceptance Notice, the Company may proceed with the proposed issue or sale of the Offered Securities, free of any right on the part of any Party under this Article III in respect thereof during the 120 days following the expiration of such 15-day period at a price and on terms no less favorable to the Company than those offered to the Accredited Offerees. Common Shares or Common Share Equivalents proposed to be issued or sold by the Company after such 120-day period shall be reoffered to Accredited Offerees pursuant to the terms of this Article III.