Common use of Right to Purchase Unsubscribed Shares Clause in Contracts

Right to Purchase Unsubscribed Shares. If any of the Other Shareholders does not agree to purchase all the Offered Shares which it is entitled to purchase or is deemed to have rejected the offer made available to it to purchase Offered Shares (in this Article, a "Declining Offeree"), the Secretary shall forthwith so notify (in this Article, the "Additional Notice") each of the Other Shareholders who has agreed to purchase not less than its Proportionate Entitlement of the Offered Shares. Each such Other Shareholder shall have the right to purchase that number, or any part thereof, of the Offered Shares which have not been accepted for purchase by the Shareholders entitled to do so (in this Article, the "Unsubscribed Shares") which bears the same relationship to the total number of Unsubscribed Shares as the number of Shares held by such Other Shareholder bears to the total number of Shares held by all Other Shareholders who are entitled to purchase such Unsubscribed Shares. Each Other Shareholder who receives an Additional Notice shall have the right, exercisable by notice given to the Secretary within 15 days after receipt of the Additional Notice, to agree that it will purchase the number of Unsubscribed Shares which it is entitled to purchase or any lesser or greater number thereof specified by it in such notice. If no notice is given by any such Other Shareholder under this section within such 15 day period, such Other Shareholder shall be deemed to have rejected the offer made available to it to purchase Unsubscribed Shares. The provisions of this Section 6.05 shall be applied, mutatis mutandis, until the Other Shareholders entitled to do so from time to time have agreed to accept or have rejected or have been deemed to have rejected the offer contained in the latest Additional Notice with respect to all the Unsubscribed Shares at such time.

Right to Purchase Unsubscribed Shares. If any of the Other Shareholders does not agree to purchase all the Offered Unsold Shares which it he is entitled to purchase or is deemed to have rejected the offer made available to it him to purchase Offered Unsold Shares (in this Article, a "Declining Offeree"), the Secretary shall forthwith so notify (in this Article, the "Additional Notice") each of the Other Shareholders who has agreed to purchase not less than its his Proportionate Entitlement of the Offered Unsold Shares. Each such Other Shareholder shall have the right to purchase that number, or any part thereof, of the Offered Unsold Shares which have not been accepted for purchase by the Shareholders entitled to do so (in this Article, the "Unsubscribed Shares") which bears the same relationship to the total number of Unsubscribed Shares as the number of Shares held by such Other Shareholder bears to the total number of Shares held by all Other Shareholders who are entitled to purchase such Unsubscribed Shares. Each Other Shareholder who receives an Additional Notice shall have the right, exercisable by notice given to the Secretary within 15 days after receipt of the Additional Notice, to agree that it will to purchase the number of Unsubscribed Shares which it such Other Shareholder is entitled to purchase or any lesser or greater number thereof specified by it such Other Shareholder in such notice. If no notice is given by any such Other Shareholder under this section within such 15 day period, such Other Shareholder shall be deemed to have rejected the offer made available to it to purchase Unsubscribed Shares. The provisions of this Section 6.05 8.02(e) shall be applied, mutatis mutandis, until the Other Shareholders entitled to do so from time to time have agreed to accept or have rejected or have been are deemed to have rejected the offer contained in the latest Additional Notice with respect to all the Unsubscribed Shares at such time.