Common use of Delay Limitation Clause in Contracts

Delay Limitation. If the Company shall furnish to Purchasers initiating the S-3 Registration Request, a certificate signed by the Company’s Chief Executive Officer or Chairman of the Board of Directors stating that in the good faith unanimous judgment of the Board of Directors of the Company that at the time requested it would be materially detrimental to the Company and its shareholders for such S-3 Registration to be effected at such time because such action would (x) materially interfere with a significant acquisition, corporate reorganization or other similar transaction involving the Company, (y) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential at such time or (z) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer such S-3 Registration Request for a period of not more than ninety (90) days after receipt of the S-3 Registration Request, provided that such right to delay an S-3 Registration Request shall be exercised by the Company not more than once in any twelve (12)-month period.

Delay Limitation. If the Company shall furnish to Purchasers initiating the S-3 S-1 Registration Request, a certificate signed by the Company’s Chief Executive Officer or Chairman of the Board of Directors stating that in the good faith unanimous judgment of the Board of Directors of the Company that at the time requested it would be materially detrimental to the Company and its shareholders for such S-3 S-1 Registration to be effected at such time because such action would (x) materially interfere with a significant acquisition, corporate reorganization or other similar transaction involving the Company, (y) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential at such time or (z) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer such S-3 S-1 Registration Request for a period of not more than ninety (90) days after receipt of the S-3 S-1 Registration Request, provided that such right to delay an S-3 S-1 Registration Request shall be exercised by the Company not more than once in any twelve (12)-month period.