Common use of Sale Without Notice Clause in Contracts

Sale Without Notice. In lieu of giving notice to the Right of First Refusal Investors prior to the issuance of Equity Securities as provided in Section 4.2, the Company may elect to give notice to the Right of First Refusal Investors within thirty (30) days after the issuance of Equity Securities. Such notice shall describe the type, price and terms of the Equity Securities. Each Right of First Refusal Investor shall have twenty (20) days from the date of receipt of such notice to elect to purchase its pro rata share of Equity Securities (as defined in Section 4.1, and calculated before giving effect to the sale of the Equity Securities to the purchasers thereof). The closing of such sale shall occur within sixty (60) days of the date of notice to the Right of First Refusal Investors.