Common use of Priority of Demand Registration Clause in Contracts

Priority of Demand Registration. If in connection with a registration pursuant this Section 6.01 the lead managing underwriter advises the Company and Montpelier that, in its opinion, the inclusion of all the securities requested to be included in such registration exceeds the amount that can be sold in such Underwritten Offering within a proposed price range without adversely affecting the distribution of the securities being offered, then the Company shall only include in the registration statement for such Underwritten Offering such securities as the Company is advised by such lead managing underwriter can be sold without adversely affecting such distribution in the following order of priority: (i) first, the number of Registrable Securities requested to be included therein and (ii) second, the number of securities that the Company proposes to sell and any other securities eligible for inclusion therein in a priority determined by the Company.