Common use of Right of Purchaser Clause in Contracts

Right of Purchaser. Purchaser shall have the right, at all times and from time to time following the date of this Agreement, to purchase, on a pro rata basis, any New Securities that Issuer may from time to time sell or issue in such a financing. Issuer will provide Purchaser with at least 24 hours’ notice in advance of any such financing. For purposes hereof, “pro rata basis” shall mean a percentage of the New Securities equal to Purchaser’s “beneficial ownership” (as determined in accordance with Section 13 of the Exchange Act) of the Issuer’s outstanding common stock expressed as a percentage. For the avoidance of doubt, with respect to the period prior to the First Closing Date, the Purchaser shall be deemed to have beneficial ownership of the First Tranche Shares for purposes of this Section 5.5, and for the period prior to the Second Closing Date, the Purchaser shall be deemed to have beneficial ownership of the full Purchased Shares. After the Second Closing Date, the right of participation under this section shall terminate immediately at such time when Purchaser holds less than 25% of the Purchased Shares acquired by Purchaser.