Common use of Lapse and Reinstatement of Right Clause in Contracts

Lapse and Reinstatement of Right. In the event a Major Investor -------------------------------- fails to exercise the right of participation provided in this Section 2.1 within said ten (10) day period, the Company shall offer the securities subject to the participation right to the Major Investors who have subscribed for their full pro rata amounts, pro rata based upon such Major Investors' subscriptions for a period of three (3) days. Thereafter the Company shall have sixty (60) days to sell or enter into an agreement (pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within sixty (60) days from the date of said agreement) to sell the New Securities not elected to be purchased by such Major Investor at the price and upon the terms no more favorable to the purchasers of such securities than specified in the Company's notice. In the event the Company has not sold the New Securities or entered into an agreement to sell the New Securities within said sixty (60) day period (or sold and issued New Securities in accordance with the foregoing within sixty (60) days from the date of said agreement), the Company shall not thereafter issue or sell any New Securities without first offering such securities to the Investors in the manner provided above.

Lapse and Reinstatement of Right. In the event a Major either Investor -------------------------------- fails to exercise the right of participation provided in this Section 2.1 within said ten (10the periods specified in 2.1(c) day periodand 2.1(d), the Company shall offer the securities subject to the participation right to the Major Investors who have subscribed for their full pro rata amounts, pro rata based upon such Major Investors' subscriptions for a period of three forty-five (3) days. Thereafter the Company shall have sixty (6045) days thereafter to sell or enter into an agreement with the purchaser thereof (pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within sixty forty-five (6045) days from the date of said agreement) to sell the New Securities not elected to be purchased by such Major Investor the Investors at the price and upon the terms no more favorable to the purchasers of such securities than specified in the Company's notice. In the event the Company has not sold the New Securities or entered into such an agreement to sell the New Securities within said sixty forty-five (6045) day period (or sold and issued New Securities in accordance with the foregoing within sixty forty-five (6045) days from the date of said agreement), the Company shall not thereafter issue or sell any New Securities without first offering such securities to the Investors in the manner provided above.

Lapse and Reinstatement of Right. In Subject to the Company's obligation to offer any Refused Securities to Fully-Exercised Investors pursuant to Section 4.1(d), in the event a Major Investor -------------------------------- Stockholder fails to exercise the right Right of participation First Offer provided in this Section 2.1 4.1 within said ten (10the 15-day period after the lapse of such 15-day period set forth in Section 4.1(c) day periodabove, the Company shall offer the securities subject to the participation right to the Major Investors who have subscribed for their full pro rata amounts, pro rata based upon such Major Investors' subscriptions for a period of three one-hundred twenty (3) days. Thereafter the Company shall have sixty (60120) days thereafter to sell or enter into an agreement (pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within sixty ninety (6090) days from the date of said agreement) to sell the New Securities not elected to be purchased by such Major Investor Stockholder at the price and upon the terms no more favorable to the purchasers of such securities than specified in the Company's noticeNew Issuance Notice. In the event the Company has not sold the New Securities or entered into an agreement to sell the New Securities within said sixty (60) 120-day period (or sold and issued New Securities in accordance with the foregoing within sixty ninety (6090) days from the date of said agreement), the Company shall not thereafter issue or sell any New Securities without first offering such securities to the Investors Stockholders as provided in the manner provided Section 4.1 above.