Common use of Right of Deferral Clause in Contracts

Right of Deferral. Notwithstanding anything to the contrary in this Section SECTION 16.1. : (i) The Company shall not be obligated to Register or qualify Registrable Securities pursuant to any of the provisions of Section SECTION 16.1. (a) if, within the six (6) month period preceding the date of such request, the Company has either (i) already effected a Registration under any of the provisions of Section SECTION 16.1. (a) or Section SECTION 16.1. (b) or (ii) already affected a Registration (other than a registration of securities in a transaction under Rule 145 of the Securities Act or with respect to an employee benefit plan) in which the Holders had an opportunity to participate pursuant to the provisions of Section SECTION 16.2. and no Registrable Securities of the Holders were excluded from such Registration pursuant to the provisions of Section SECTION 16.2. (c). (ii) The Company shall not be obligated to Register or qualify Registrable Securities pursuant to Section SECTION 16.1. (b) if, within the six (6) month period preceding the date of such request, the Company has already effected a Registration (other than a registration of securities in a transaction under Rule 145 of the Securities Act or with respect to an employee benefit plan) in which the Holders had an opportunity to participate pursuant to the provisions of Section SECTION 16.2. and no Registrable Securities of the Holders were excluded from such Registration pursuant to the provisions of Section SECTION 16.2. (c). (iii) The Company shall not be obligated to Register or qualify Registrable Securities pursuant to Section SECTION 16.1. (a) or Section SECTION 16.1.

Right of Deferral. Notwithstanding anything to the contrary in this Section SECTION 16.1. : : (i) The Company shall not be obligated to Register or qualify Registrable Securities pursuant to any of the provisions of Section SECTION 16.1. (a) if, within the six (6) month period preceding the date of such request, the Company has either (i) already effected a Registration under any of the provisions of Section SECTION 16.1. (a) or Section SECTION 16.1. (b) or (ii) already affected a Registration (other than a registration of securities in a transaction under Rule 145 of the Securities Act or with respect to an employee benefit plan) in which the Holders had an opportunity to participate pursuant to the provisions of Section SECTION 16.2. and no Registrable Securities of the Holders were excluded from such Registration pursuant to the provisions of Section SECTION 16.2. (c). . (ii) The Company shall not be obligated to Register or qualify Registrable Securities pursuant to Section SECTION 16.1. (b) if, within the six (6) month period preceding the date of such request, the Company has already effected a Registration (other than a registration of securities in a transaction under Rule 145 of the Securities Act or with respect to an employee benefit plan) in which the Holders had an opportunity to participate pursuant to the provisions of Section SECTION 16.2. and no Registrable Securities of the Holders were excluded from such Registration pursuant to the provisions of Section SECTION 16.2. (c). . (iii) The Company shall not be obligated to Register or qualify Registrable Securities pursuant to Section SECTION 16.1. (a) or Section SECTION 16.1.. (b) if the Company shall furnish to the Holders a certificate signed by the Chief Executive Officer of the Company stating that, in the good faith judgment of the Board of Directors of the Company, it would be materially detrimental to the Company and its shareholders for a Registration Statement to be filed in the near future. Following delivery of such certificate, the Company shall have the right to defer such filing for a period not to exceed ninety (90) days from the receipt of any request duly submitted by Holders under Section SECTION 16.1. (a) or Section SECTION 16.1. (b) to Register Registrable Securities; provided, however, that the Company shall not utilize this right more than once in any twelve (12) month period. (d)

Right of Deferral. Notwithstanding anything to the contrary in this Section SECTION 16.1. 2.1: (i1) The Company shall not be obligated to Register or qualify Registrable Securities for an Underwritten Offering pursuant to any of the provisions of Section SECTION 16.1. (a2.1(a) if, : (i) within the six (6) month period preceding the date of such request, the Company has either (ix) already effected a Registration for an Underwritten Offering under any of the provisions of Section SECTION 16.1. (a) or Section SECTION 16.1. (b) 2.1(a), or (iiy) already affected a Registration (other than a registration of securities in a transaction under Rule 145 of the Securities Act or with respect to an employee benefit plan) in which the Holders had an opportunity to participate pursuant to the provisions of Section SECTION 16.2. and no Registrable Securities of the Holders were excluded from such Registration pursuant to the provisions of Section SECTION 16.2. (c). (ii) The Company shall not be obligated to Register or qualify Registrable Securities pursuant to Section SECTION 16.1. (b) if, within the six (6) month period preceding the date of such request, the Company has already effected a Registration (other than a registration of securities in a transaction under Rule 145 of the Securities Act or with respect to an employee benefit plan) in which the Holders had an opportunity to participate pursuant to the provisions of Section SECTION 16.2. 2.2 and no Registrable Securities of the Holders were excluded from such Registration pursuant to the provisions of Section SECTION 16.2. 2.2(c) or (cii) within the three (3) month period preceding the date of such request, the Company has already effected a Registration other than an Underwritten Offering under any of the provisions of Section 2.1(a). (iii2) The Company shall not be obligated to Register or qualify Registrable Securities pursuant to Section SECTION 16.12.1(a) if the Company shall furnish to the Holders a certificate signed by the Chief Executive Officer of the Company stating that, in the good faith judgment of the Board of Directors of the Company, any registration of Registrable Securities should not be made because it would be materially detrimental to the Company and its shareholders for a Registration Statement to be filed in the near future. Following delivery of such certificate, the Company shall have the right to defer such filing for a period not to exceed ninety (a90) days from the receipt of any request duly submitted by Holders under Section 2.1(a) or Section SECTION 16.1to Register Registrable Securities; provided, however, that the Company shall not utilize this right more than once in any twelve (12) month period.