Common use of Right of Deferral Clause in Contracts

Right of Deferral. Notwithstanding anything to the contrary in this Section 2.1: (1) The Company shall not be obligated to Register or qualify Registrable Securities for an Underwritten Offering pursuant to any of the provisions of Section 2.1(a) if, (x) within the six (6) month period preceding the date of such request, the Company has either (i) already effected a Registration for an Underwritten Offering under any of the provisions of Section 2.1(a) or (ii) already effected a Registration (other than a registration of securities in a transaction under Rule 145 of the Securities Act or with respect to an employee benefit plan) in which the Holders had the opportunity to participate pursuant to Section 2.2, or (y) within the six (6) month period preceding the date of such request, the Company has already effected a Registration other than an Underwritten Offering under any of the provisions of Section 2.1(a). (2) The Company shall not be obligated to Register or qualify Registrable Securities pursuant to Section 2.1(a) or Section 2.1(b) if the Company shall furnish to the Holders a certificate signed by the Chief Executive Officer of the Company stating that, in the good faith judgment of the Board of Directors of the Company, it would be materially detrimental to the Company and its shareholders for a Registration Statement to be filed in the near future. Following delivery of such certificate, the Company shall have the right to defer such filing for a period not to exceed ninety (90) days from the receipt of any request duly submitted by Holders under Section 2.1(a) or Section 2.1(b), as the case may be, or to Register Registrable Securities; provided, however, that the Company shall not utilize this right more than once in any twelve (12) month period.

Right of Deferral. Notwithstanding anything to the contrary in this Section 2.1: (1) The Company shall not be obligated to Register or qualify Registrable Securities for an Underwritten Offering pursuant to any of the provisions of Section 2.1(a) 2.1 if, (x) within the six (6) month period preceding the date of such request, the Company has either (i) already effected a Registration for an Underwritten Offering under any of the provisions of Section 2.1(a) 2.1 or (ii) already effected a Registration (other than a registration of securities in a transaction under Rule 145 of the Securities Act or with respect to an employee benefit plan) in which the Holders had the an opportunity to participate pursuant to the provisions of Section 2.22.2 and no Registrable Securities of the Holders were excluded from such Registration pursuant to the provisions of Section 2.2(c), or (y) within the six three (63) month period preceding the date of such request, the Company has already effected a Registration other than an Underwritten Offering under any of the provisions of Section 2.1(a)2.1. (2) The Company shall not be obligated to Register or qualify Registrable Securities pursuant to Section 2.1(a) or Section 2.1(b) 2.1 if the Company shall furnish to the Holders a certificate signed by the Chief Executive Officer of the Company stating that, in the good faith judgment of the Board of Directors of the Company, it would be materially detrimental to the Company and its shareholders for a Registration Statement to be filed in the near future. Following delivery of such certificate, the Company shall have the right to defer such filing for a period not to exceed ninety (90) days from the receipt of any request duly submitted by Holders under Section 2.1(a) or Section 2.1(b), as the case may be, 2.1 or to Register Registrable Securities; provided, however, that the Company shall not utilize this right more than once in any twelve (12) month period.

Right of Deferral. Notwithstanding anything to the contrary in this Section 2.1: (1a) The Company shall not be obligated to Register or qualify Registrable Securities for an Underwritten Offering pursuant to any of the provisions of this Section 2.1(a2: (1) if, within ten (x10) days of the receipt of any request of the Holders to Register any Registrable Securities under Section 2.1 or Section 2.2, the Company gives notice to the Initiating Holders of its bona fide intention to effect the filing for its own account of a Registration Statement with the Commission within sixty (60) days of receipt of that request (other than a registration of securities in a transaction under Rule 145 of the Securities Act or an offering solely to employees), provided that the Company is actively employing in good faith all reasonable efforts to cause that Registration Statement to become effective; or (2) within the six (6) month period preceding months immediately following the effective date of such request, any Registration Statement pertaining to the securities of the Company has either (i) already effected a Registration for an Underwritten Offering under any of the provisions of Section 2.1(a) or (ii) already effected a Registration (other than a registration of securities in a transaction under Rule 145 of the Securities Act or with respect to an employee benefit plan) in which the Holders had the opportunity to participate pursuant to Section 2.2, or (y) within the six (6) month period preceding the date of such request, the Company has already effected a Registration other than an Underwritten Offering under any of the provisions of Section 2.1(a). (2b) The Company shall not be obligated to Register or qualify Registrable Securities If, after receiving a request from Holders pursuant to Section 2.1(a) 2.1 or Section 2.1(b) if 2.2 hereof, the Company shall furnish furnishes to the Holders a certificate signed by the Chief Executive Officer of the Company stating that, in the good faith judgment of the Board of Directors of the Company, it would be seriously and materially detrimental to the Company and or its shareholders for a Registration Statement to be filed in the near future. Following delivery of such certificate, then the Company shall have the right to defer such filing for a period of not to exceed ninety sixty (9060) days from the receipt of any request duly submitted by Holders under Section 2.1(a) 2.1 or Section 2.1(b), as the case may be, or 2.2 to Register Registrable Securities; provided, however, that the Company shall not utilize this right more than once in any twelve two (122) month year period.

Right of Deferral. Notwithstanding anything to the contrary in this Section 2.1: (1a) The Company shall not be obligated to Register or qualify Registrable Securities for an Underwritten Offering pursuant to any this Section 2, if: (i) within ten (10) days of the provisions receipt of any request of the Holders to Register any Registrable Securities pursuant to Section 2.1(a2.1 or Section 2.2, the Company delivers written notice to the Initiating Holders of its bona fide intention to effect the filing for its own account of a Registration Statement with the Commission within sixty (60) ifdays of receipt of that request (other than a registration of securities in a transaction under Rule 145 of the Securities Act or an offering solely to employees), provided that the Company is actively employing in good faith all reasonable efforts to cause that Registration Statement to become effective as soon as practicable; or (xii) within the six (6) month period preceding months immediately following the effective date of such request, any Registration Statement pertaining to the securities of the Company has either (i) already effected a Registration for an Underwritten Offering under any of the provisions of Section 2.1(a) or (ii) already effected a Registration (other than a registration of securities in a transaction under Rule 145 of the Securities Act or with respect to an employee benefit plan) in which the Holders had the opportunity to participate pursuant to Section 2.2, or (y) within the six (6) month period preceding the date of such request, the Company has already effected a Registration other than an Underwritten Offering under any of the provisions of Section 2.1(a). (2b) The Company shall not be obligated to Register or qualify Registrable Securities If, after receiving a request from Holders pursuant to Section 2.1(a) 2.1 or Section 2.1(b) if 2.2 hereof, the Company shall furnish furnishes to the Holders a certificate signed by the Chief Executive Officer of the Company stating that, in the good faith judgment of the Board of Directors of the CompanyBoard, it would be seriously and materially detrimental to the Company and or its shareholders for a Registration Statement to be filed in the near future. Following delivery of such certificate, then the Company shall have the right to defer such filing for a period during which such filing would be seriously detrimental, provided that such deferral by the Company shall not to exceed ninety sixty (9060) days from the receipt of any request duly submitted by Holders under Section 2.1(a) 2.1 or Section 2.1(b), as the case may be, or 2.2 to Register Registrable Securities; provided, however, that the Company shall not utilize this right more than once in any twelve (12) month period.