Common use of Regulatory Disapproval Clause in Contracts

Regulatory Disapproval. Notwithstanding the provisions of Sections 1.1 (b), the date by which a Registration Statement is required to become effective shall be extended without default or liquidated damages hereunder or under the Purchase Agreement in the event that the Company's failure to obtain the effectiveness of the Registration Statement on a timely basis results solely from the Commission's disapproval of the structure of the transactions contemplated by the Purchase Agreement. In such event, the parties agree to cooperate with one another in good faith to arrive at a resolution acceptable to the Commission; PROVIDED, HOWEVER, that nothing contained in this subsection 1.1(c) shall relieve the Company from its obligation to effect and maintain the registration of the Warrant Shares on a timely basis.

Regulatory Disapproval. Notwithstanding the provisions of Sections 1.1 (b1.1(b), the date by which a Registration Statement is required to become effective shall be extended without default or liquidated damages hereunder or under the Purchase Agreement in the event that the Company's failure to obtain the effectiveness of the Registration Statement on a timely basis results solely from the Commission's disapproval of the structure of the transactions contemplated by the Purchase Agreement. In such event, the parties agree to cooperate with one another in good faith to arrive at a resolution acceptable to the Commission; PROVIDEDprovided, HOWEVERhowever, that nothing contained in this subsection Section 1.1(c) shall relieve the Company from its obligation to effect and maintain the registration of the Warrant Shares on a timely basis.