Common use of Subsequent Offerings Clause in Contracts

Subsequent Offerings. Each Holder shall have a right of first refusal to purchase its pro rata share of all Equity Securities that the Company may, from time to time, propose to sell and issue after the date of this Agreement, other than the Equity Securities excluded by Section 4.6 hereof. Each Holder's pro rata share is equal to the ratio of the number of shares of Common Stock, assuming full conversion of all shares of Registrable Securities owned by such Holder, held by such Holder immediately prior to the issuance of such Equity Securities to the total number of shares of the Company's outstanding Common Stock (including all shares of Common Stock issuable upon conversion of the Registrable Securities).

Subsequent Offerings. Each Holder shall have a right of first refusal to purchase its pro rata share of all Equity Securities that the Company may, from time to time, propose to sell and issue after the date of this Agreement, other than the Equity Securities excluded by Section 4.6 hereof. Each Holder's pro rata share is equal to the ratio of the number of shares of Common Stock, assuming full conversion of all shares of Convertible Debentures and Registrable Securities owned by such Holder, held by such Holder immediately prior to the issuance of such Equity Securities to the total number of shares of the Company's outstanding Common Stock (including all shares of Common Stock issuable upon conversion of the Convertible Debentures and Registrable Securities).

Subsequent Offerings. Each Holder shall have a the right of first refusal to purchase its pro rata share of all Equity Securities equity securities that the Company may, from time to time, propose to sell and issue after the date of this Agreement, other than the Equity Securities equity securities excluded by Section 4.6 hereof. Each Holder's pro rata share is equal to the ratio of the number of shares of Preferred Stock (or Common Stock, assuming full Stock issuable upon conversion of all shares of Registrable Securities owned by such Holder, held by thereof) with respect to which such Holder is deemed to be a holder immediately prior to the issuance of such Equity Securities equity securities to the total number of outstanding shares of Preferred Stock or Common Stock of the Company's outstanding Common Stock (including all shares of Common Stock issuable upon conversion of the Registrable Securities).

Subsequent Offerings. Each Holder shall have a right of first refusal to purchase its pro rata share of all Equity Securities that the Company may, from time to time, propose to sell and issue after the date of this Agreement, other than the Equity Securities excluded by Section 4.6 hereof. Each Holder's pro rata share is equal to the ratio of the number of shares of Common Stock, assuming full conversion of all shares of Convertible Debentures and Registrable Securities owned by such Holder, held by such Holder immediately prior to the issuance of such Equity Securities to the total number of shares of the Company's outstanding Common Stock (including all shares of Common Stock issuable upon conversion of the Convertible Debentures and Registrable Securities).

Subsequent Offerings. Each Holder shall have a right of first refusal to purchase its pro rata share of all Equity Securities that the Company may, may from time to time, propose to sell and issue after the date of this Agreement, other than the Equity Securities excluded by Section 4.6 hereof. Each Holder's pro rata share is equal to the ratio of the number of shares of Common Stock, assuming full conversion of all shares of Registrable Securities owned by such Holder, held by such Holder immediately prior to the issuance of such Equity Securities to the total number of shares of the Company's outstanding Common Stock (including all shares of Common Stock issuable upon conversion of the Registrable Securities).