Common use of Priority on Piggyback Takedowns Clause in Contracts

Priority on Piggyback Takedowns. (i) If a Piggyback Takedown is an underwritten primary offering on behalf of the Company, and the managing underwriters for a Piggyback Takedown advise the Company that in their reasonable opinion the number of securities requested to be included in such Piggyback Takedown exceeds the number which can be sold in an orderly manner in such offering within a price range acceptable to the Company, the Company shall include in such Piggyback Takedown the number which can be so sold in the following order of priority: (A) first, the securities the Company proposes to sell, (B) second, securities requested to be included in such Piggyback Takedown by Spectrum, and (C) third, securities requested to be included in such Piggyback Takedown by any other security holders exercising piggyback registration rights.