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 the sale of Registrable Securities pursuant to Section 2.1(a) if, within the six (6) month period preceding the date of such request, the Company has already effected a registration in which Holders had an opportunity to participate pursuant to the provisions of Section 2.2 and no Registrable Securities of the Holders were excluded from such registration pursuant to the provisions of Section 2.2(c). (2) The Company shall not be obligated to register the sale of Registrable Securities pursuant to Section 2.1(a) 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, any registration of the sale of Registrable Securities should not be made because 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) to register Registrable Securities; provided, however, that the Company shall not utilize this right more than twice in any twelve (12) month period.

Right of Deferral. Notwithstanding anything to the contrary in this Section 2.1‎2.1: (1) The Company shall not be obligated to register the sale of Registrable Securities pursuant to Section 2.1(a‎2.1(a) if, within the six (6) month period preceding the date of such request, the Company has already effected a registration in which Holders had an opportunity to participate pursuant to the provisions of Section 2.2 ‎2.2 and no Registrable Securities of the Holders were excluded from such registration pursuant to the provisions of Section 2.2(c‎2.2(c). (2) The Company shall not be obligated to register the sale of Registrable Securities pursuant to Section 2.1(a‎2.1(a) 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, any registration of the sale of Registrable Securities should not be made because 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(a‎2.1(a) to register Registrable Securities; provided, however, that the Company shall not utilize this right more than twice in any twelve (12) month period.