Common use of Priority on Secondary Registration Clause in Contracts

Priority on Secondary Registration. If a Piggyback Registration is an underwritten registration of securities for the account of holders of the Company’s securities, and the managing underwriters advise the Company in writing that, in their opinion, the number of securities requested to be included in such registration exceeds the number which can be sold in an orderly manner in such offering within the price range of the offering, the Company shall include in such registration (i) first, the Covered Shares to be included in such registration, and (ii) second, the securities of other stockholders that are not Covered Shares requested to be included in such registration, pro rata among the holders of such securities on the basis of the number of shares owned by each such holder.

Priority on Secondary Registration. If a Piggyback Registration is an underwritten secondary registration of securities for the account on behalf of holders of the Company’s 's securities, and the managing underwriters advise the Company in writing that, that in their opinion, opinion the number of securities requested to be included in such registration exceeds the number which can be sold in an orderly manner in such offering within the price range of the offering, the Company shall include in such registration (i) first, the Covered Shares securities requested to be included in therein by the holders requesting such registration, pro rata among the holders of such securities on the basis of the number of securities owned by each such holder, and (ii) second, the Registrable Securities requested to be included in such registration and any other securities of other stockholders that are not Covered Shares requested eligible to be included in such registration, pro rata among the holders of such securities on the basis of the number of shares owned by each such holder.