Common use of Grant of Secondary Refusal Right to Major Investors Clause in Contracts

Grant of Secondary Refusal Right to Major Investors. If the Company does not exercise its Right of First Refusal with respect to all Transfer Stock, the Company shall deliver a Secondary Notice to each Major Investor to that effect no later than 15 business days after the Company’s receipt of the Transfer Notice. Any Major Investor may exercise its Secondary Refusal Right by delivering an Investor Notice to the selling Affected Holder and the Company within 30 business days after its receipt of the Secondary Notice (the “Investor Notice Period”). A Major Investor who chooses to exercise the Secondary Refusal Right (including any undersubscription purchase rights under Section 2(a)(5) below) may designate as purchasers under such right itself or its partners or affiliates, including Affiliates (other than an Affiliate who is reasonably determined by the board of directors of the Company to be an actual and major competitor of the Company), in such proportions as it deems appropriate.

Grant of Secondary Refusal Right to Major Investors. If the Company does not exercise its Right of First Refusal with respect to all Transfer Stock, the Company shall deliver a Secondary Notice to each Major Investor to that effect no later than 15 business days after the Company’s receipt of the Transfer Notice. Any Major Investor may exercise its Secondary Refusal Right by delivering an Investor Notice to the selling Affected Holder and the Company within 30 business days after its receipt of the Secondary Notice (the “Investor Notice Period”). A Major Investor who chooses to exercise the Secondary Refusal Right (including any undersubscription purchase rights under Section 2(a)(5) below) may designate as purchasers under such right itself or its partners or affiliates, including Affiliates (other than an Affiliate who is reasonably determined by the board of directors of the Company to be an actual and major competitor of the Company), in such proportions as it deems appropriate.