Purchaser Preemptive Rights Sample Clauses

Purchaser Preemptive Rights. (a) Subject to Subsection 6.11(b) below, if the Reorganized Company issues any shares of Common Stock or any securities containing options or rights to acquire any shares of Common Stock or any securities convertible or exchangeable for Common Stock, in each case after the date hereof, the Company will offer to sell to each Purchaser a number of such securities ("Offered Shares") so that the ownership percentage of the Purchaser immediately after the issuance of such securities (and assuming the purchase of such Offered Shares) would be equal to the ownership percentage for the Purchaser immediately prior to such issuance of securities. The Reorganized Company shall give each Purchaser at least thirty (30) days prior written notice of any proposed issuance, which notice shall disclose in reasonable detail the proposed terms and conditions of such issuance (the "Issuance Notice"). The Purchasers shall be entitled to purchase such securities at the same price, on the same terms (including, if more than one type of security is issued, the same proportionate mix of such securities), and at the same time as the securities are issued by delivery of irrevocable written notice to the Reorganized Company of such election within thirty (30) days after delivery of the Issuance Notice (the "Election Notice"). If any Purchaser has elected to purchase any Offered Shares, the sale of such shares shall be consummated as soon as practical (but in any event within fifteen (15) days) after the delivery of the Election Notice. (b) The provisions of Section 6.11(a) shall not apply to any issue or sale of equity securities of the Company to (i) employees, consultants, members of management or directors of the Company, pursuant to and in accordance with the Management Option Plan as in effect on the date hereof, (ii) independent third parties in connection with any strategic alliances or mergers and acquisitions approved by each of the directors designated by the Purchasers, (iii) holders of the Warrants upon exercise of the Warrants, (iv) the holders of the Notes upon conversion of the Notes, or (v) the unsecured creditors of the Company pursuant to the Restructuring.