Common use of First Participation Notice Clause in Contracts

First Participation Notice. In the event that the Company proposes to undertake an issuance of New Securities (in a single transaction or a series of related transactions) (the “New Issuance”), it shall give to each Investor written notice of its intention to issue New Securities (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 Investor (for the avoidance of doubt, including Tencent) shall have ten (10) Business Days (the “First Participation Period”) from the date of receipt of the First Participation Notice to agree in writing to purchase up to its pro rata share of such New Securities (subject to adjustment pursuant to Section 3.6) for the price and upon the terms and conditions specified in the First Participation Notice by giving written notice to the Company and stating therein the number of New Securities to be purchased. If any Investor fails or declines to exercise its Right of Participation in accordance with this subsection to subscribe for its pro rata share of the New Securities in full, then such Investor shall be deemed to have forfeited its Right of Participation with respect to such New Securities that it did not elect to purchase.