Common use of First Participation Notice Clause in Contracts

First Participation Notice. In the event that the Company proposes to issue New Securities, it shall give to each Shareholder a written notice (the “First Participation Notice”), describing the amount and type of New Securities, the price and the general terms upon which the Company proposes to issue such New Securities. Each Shareholder shall have the right to purchase all or a portion of such Shareholder’s Participation Pro Rata Share of such New Securities for the price and upon the terms and conditions specified in the First Participation Notice by giving a written notice to the Company within twenty (20) days from the date of receipt of such First Participation Notice and stating therein the quantity of New Securities to be purchased by such Shareholder (not to exceed its Participation Pro Rata Share of such New Securities). If any Shareholder fails to so notify in writing within such twenty (20) day period to purchase its full Participation Pro Rata Share of the New Securities, such Shareholder shall forfeit the right hereunder to purchase that part of its Participation Pro Rata Share of such New Securities that it did not elect to purchase but without prejudice to participating in any future or other offerings of New Securities.

First Participation Notice. In the event that the Company proposes to issue undertake an issuance of New SecuritiesSecurities in a single transaction or a series of related transactions, it shall give to each Shareholder Participation Rights Holder a written notice of its intention to issue New Securities (the “First Participation Notice”), describing the amount amount, the type and type the price of New Securities, the price Securities and the general terms upon which the Company proposes to issue such New Securities. Each Shareholder Participation Rights Holder shall have the right be entitled to purchase all or a portion of such ShareholderParticipation Rights Holder’s Participation Pro Rata Share of such New Securities for at the price and upon the terms and conditions specified in the First Participation Notice by giving a written notice to the Company within twenty (20) days from the date of receipt of such First Participation Notice and stating therein the quantity number of New Securities to be purchased by (such Shareholder (number shall not to exceed its such Participation Rights Holder’s Pro Rata Share of such New Securities). If any Shareholder fails to so notify in writing Share) within such twenty (20) day period Business Days from the date of such First Participation Notice. If any Participation Rights Holder fails to send such written notice within the prescribed time period, then the right of such Participation Rights Holder to purchase its full Participation Pro Rata Share of the New Securities, such Shareholder hereunder shall forfeit the right hereunder to purchase that part of its Participation Pro Rata Share of such New Securities that it did not elect to purchase but without prejudice to participating in any future or other offerings of New Securitiesbe forfeited.

First Participation Notice. In the event that the Company proposes to issue undertake an issuance of New SecuritiesSecurities (in a single transaction or a series of related transactions), it the Company shall give to each Shareholder the Investors a written notice (the “First Participation Notice”)) of its intention to issue New Securities, describing the amount and type of New Securities, the price and the general terms upon which the Company proposes to issue such New Securities. Each Shareholder Investor shall have thirty (30) days from the right date of receipt of the First Participation Notice to agree in writing to purchase all or a portion of up to such ShareholderInvestor’s Participation Pro Rata Share of such the New Securities for the price and upon the terms and conditions specified in the First Participation Notice by giving a written notice to the Company within twenty (20) days from the date of receipt of such First Participation Notice and stating therein the quantity of New Securities to be purchased by such Shareholder (not to exceed its Participation such Investor’s Pro Rata Share of such New SecuritiesShare). If any Shareholder Investor fails to so notify respond in writing within such twenty thirty (20) day period 30)-day period, then such Investor shall forfeit the Preemptive Right to purchase its full Participation Pro Rata Share of the New SecuritiesSecurities described in such First Participation Notice, such Shareholder but shall not be deemed to forfeit the any right hereunder with respect to purchase that part of its Participation Pro Rata Share of such New Securities that it did not elect to purchase but without prejudice to participating in any future or other offerings issuance of New Securities.