Common use of Demand for Registration Clause in Contracts

Demand for Registration. (a) Subject to the Holder's right to convert the Debenture under the Loan Agreement, the Borrower hereby agrees to register, subject to the terms and conditions set forth herein, all or any portion of the Registrable Securities at any time it shall receive a written request from the Holders of at least fifty percent (50%) of the Registrable Securities Then Outstanding (or a lesser percent if the anticipated aggregate offering price, net of underwriting discounts and commissions, would exceed $1,000,000) that the Borrower file a registration statement under the 1933 Act covering the registration of at least a majority of the Registrable Securities Then Outstanding. The Borrower shall, within 20 days of its receipt thereof, give written notice of such request to all Holders of record of Registrable Securities. The Holders of said Registrable Securities shall then have 15 days from the date of mailing of such notice by the Borrower to request that all or a portion of their respective Registrable Securities be included in said registration. The Borrower hereby agrees, subject to the limitations hereof, to use its best lawful efforts to effect as soon as reasonably possible, and in any event (if legally possible, and as allowed by the SEC, and if no factor outside the Borrower's reasonable control prevents it) within 150 days of the receipt of the initial written registration request, to effect the registration under the 1933 Act of all Registrable Securities which the Holders thereof (the "Initiating Holders") have requested.

Demand for Registration. (a) Subject to the Holder's right to convert the Debenture under the Loan Agreement, the Borrower hereby agrees to register, subject to the terms and conditions set forth herein, all or any portion of the Registrable Registerable Securities at any time it shall receive a written request from the Holders of at least fifty percent (50%) of the Registrable Registerable Securities Then Outstanding (or a lesser percent if the anticipated aggregate offering price, net of underwriting discounts and commissions, would exceed $1,000,000) that the Borrower file a registration statement under the 1933 Act covering the registration of at least a majority of the Registrable Registerable Securities Then Outstanding. The Borrower shall, within 20 days of its receipt thereof, give written notice of such request to all Holders of record of Registrable Registerable Securities. The Holders of said Registrable Registerable Securities shall then have 15 days from the date of mailing of such notice by the Borrower to request that all or a portion of their respective Registrable Registerable Securities be included in said registration. The Borrower hereby agrees, subject to the limitations hereof, to use its best lawful efforts to effect as soon as reasonably possible, and in any event (if legally possible, and as allowed by the SEC, and if no factor outside the Borrower's reasonable control prevents it) within 150 days of the receipt of the initial written registration request, to effect the registration under the 1933 Act of all Registrable Registerable Securities which the Holders thereof (the "Initiating Holders") have requested.

Demand for Registration. (a) Subject to the Holder's right rights to convert all or part of the Debenture under the Loan AgreementDebentures, the Borrower hereby agrees to register, subject to the terms and conditions set forth herein, all or any portion of the Registrable Securities at any time it shall receive a written request from the Holders of at least fifty percent (50%) of the Registrable Securities Then Outstanding (or a lesser percent if the anticipated aggregate offering price, net of underwriting discounts and commissions, would exceed $1,000,000) that the Borrower file a registration statement under the 1933 Act covering the registration of at least a majority of the Registrable Securities Then Outstanding. The Borrower shall, within 20 days of its receipt thereof, give written notice of such request to all Holders of record of Registrable Securities. The Holders of said Registrable Securities shall then have 15 days from the date of mailing of such notice by the Borrower to request that all or a portion of their respective Registrable Securities be included in said registration. The Borrower hereby agrees, subject to the limitations hereof, to use its best lawful efforts to effect as soon as reasonably possible, and in any event (if legally possible, and as allowed by the SEC, and if no factor outside the Borrower's reasonable control prevents it) within 150 days of the receipt of the initial written registration request, to effect the registration under the 1933 Act of all Registrable Securities which the Holders thereof (the "Initiating Holders") have requested.

Demand for Registration. (a) Subject to the Holder's right rights to convert all or part of the Debenture under the Loan AgreementDebentures, the Borrower hereby agrees to register, at the Holder's expense and subject to the terms and conditions set forth herein, all or any portion of the Registrable Securities at any time (but on not more than one occasion prior to December 31, 1998) it shall receive a written request from the Holders of at least fifty percent (50%) of the Registrable Securities Then Outstanding (or a lesser percent if the anticipated aggregate offering price, net of underwriting discounts and commissions, would exceed $1,000,000) Holder that the Borrower file a registration statement under the 1933 Act covering the registration of at least a majority of the Registrable Securities Then Outstandingheld by -------------------------------------------------------------------------------- 21 22 Agreement (continued) -------------------------------------------------------------------------------- the Holder, but in no event prior to the later of (i) March 1, 1997 or (ii) if a registration statement for an underwritten public offering of the Borrower's common stock is filed with the SEC on or before March 1, 1997, six months following the effective date of such registration or such lesser time as may be allowed by the underwriter for shares held by officers, directors or other shareholders of the Company. The Borrower shall, within 20 days of its receipt thereof, give written notice of such request to all Holders of record of Registrable Securities. The Holders of said Registrable Securities shall then have 15 days from the date of mailing of such notice by the Borrower to request that all or a portion of their respective Registrable Securities be included in said registration. The Borrower hereby agrees, subject to the limitations hereof, to use its best lawful efforts to effect as soon as reasonably possible, and in any event (if legally possible, and as allowed by the SEC, and if no factor outside the Borrower's reasonable control prevents it) within 150 days of the receipt of the initial written registration request, to effect the registration under the 1933 Act of all Registrable Securities which the Holders thereof (the "Initiating Holders") have requested.

Demand for Registration. (a) Subject In the event that the Company does not ----------------------- file a registration statement during the Piggy-Back Period or the Holders are unable to include their Registrable Securities in a registration statement filed by the Company during the Piggy-Back Period due to the Holder's right to convert the Debenture under the Loan Agreementlimitations that may be imposed by underwriters as contemplated hereunder, the Borrower hereby agrees to register, subject upon delivery to the terms and conditions set forth herein, all Company of a written request (the "Demand Notice") from the Holder or any portion Holders of an aggregate of at least 51% of the Registrable Securities at any time it shall receive then outstanding and entitled to registration hereunder (the "Initiating Holders") demanding that the Company effect a written request from the Holders of at least fifty percent (50%) registration, qualification or compliance with respect to all or a part of the Registrable Securities Then Outstanding Securities, the Company will, within five (or a lesser percent if the anticipated aggregate offering price, net of underwriting discounts and commissions, would exceed $1,000,0005) that the Borrower file a registration statement under the 1933 Act covering the registration of at least a majority business days of the Registrable Securities Then Outstanding. The Borrower shall, within 20 days of its receipt thereof, give written notice of such request its receipt of the Demand Notice (the "Registration Notice") to all Holders and shall, within sixty (60) calendar days of record of Registrable Securities. The Holders of said Registrable Securities shall then have 15 days from the date of mailing its receipt of such notice Demand Notice, file a registration statement (on a form deemed appropriate by the Borrower to request that Company's counsel) with the Commission including all or a portion of their respective Registrable Securities be included in said registration. The Borrower hereby agrees, subject to the limitations hereof, to use its best lawful efforts to effect as soon as reasonably possible, and in any event (if legally possible, and as allowed by the SEC, and if no factor outside the Borrower's reasonable control prevents it) within 150 days of the receipt of the initial written registration request, to effect the registration under the 1933 Act of all Registrable Securities which the Holders thereof shall request in writing (given within twenty (20) calendar days of receipt of the "Initiating Registration Notice given by the Company pursuant hereto) to be included in such registration and the Company shall use its best efforts to cause such registration statement to be filed and to become effective no later than 120 calendar days after the receipt of such request. The demand registration rights granted pursuant hereto shall be assignable by the Holders") have requested, in whole or in part, to the extent otherwise permitted herein and subject to the rights of first refusal granted in Section 4.