Common use of Compliance Issues Clause in Contracts

Compliance Issues. Not file any amendment or supplement to such Registration Statement or prospectus to which a majority in interest of such Holders shall have reasonably objected on the grounds that such amendment or supplement does not comply in all material respects with the requirements of the Securities Act or the rules and regulations promulgated thereunder, after having been furnished with a copy thereof at least three (3) business days prior to the filing thereof (provided, however, that any reports filed pursuant to the Exchange Act need not be reviewed nor approved by such Holders), unless, in the opinion of counsel for the Company (or the Public Company), the filing of such amendment or supplement is reasonably necessary to protect the Company (or the Public Company) from any liabilities under any applicable federal or state law and such filing will not violate applicable law.