Common use of Exception to Registration Clause in Contracts

Exception to Registration. The Company shall not be required ------------------------- to effect a registration under this Article One if (i) in the written opinion of counsel for the Company, which counsel and the opinion so rendered shall be reasonably acceptable to Holders, such Holders may sell without registration under the Act all Registered Shares which it requested registration under the provisions of the Act and in the manner and in the quantity in which the Registered Shares were proposed to be sold, or (ii) the Company shall have obtained from the Commission a "no-action" letter to that effect.

Exception to Registration. The Company shall not be required ------------------------- to effect a registration under this Article One if (i) in the written opinion of counsel for the Company, which counsel and the opinion so rendered shall be reasonably acceptable to Holders, such Holders may sell without registration under the Act all Registered Shares which it requested registration under the provisions of the Act and in the manner and in the quantity in which the Registered Shares were proposed to be sold, or (ii) the Company shall have obtained from the Commission a "no-action" letter to that effect.

Exception to Registration. The Company shall not be required ------------------------- to effect a registration under this Article One II if (i) in the written opinion of counsel for the Company, which counsel and the opinion so rendered shall be reasonably acceptable to the Selling Holders, such Selling Holders may sell without registration under the Act all Registered Registrable Shares for which it they requested registration under the provisions of the Act and in the manner and in the quantity in which the Registered Registrable Shares were proposed to be sold, or (ii) the Company shall have obtained from the Commission a "no-actionnoaction" letter to that effect.

Exception to Registration. The Company shall not be required ------------------------- to effect a registration maintain the effectiveness of the Registration Statement under this Article One if (i) in the written opinion of counsel for the Company, which counsel and the opinion so rendered shall be reasonably acceptable to Holdersthe Holder, such Holders Holder may sell without registration under the Act all Registered Shares which it requested registration under the provisions of the Act and in the manner and in the quantity in which the Registered Shares were proposed to be sold, or (ii) the Company shall have obtained from the Commission a "no-action" letter to that effect.