Common use of Delay Rights Clause in Contracts

Delay Rights. If the Company’s board of directors determines that that the filing of a Registration Statement with respect to Registrable Securities pursuant to Section 2.1 would be materially detrimental to the Company and its shareholders because such registration would (a) materially interfere with a significant acquisition, reorganization, financing or other similar transaction involving the Company, (b) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential or (c) render the Company unable to comply with applicable securities laws, then the Company shall have the right to postpone compliance with its obligations under this Article II with respect to such Registration Statement for a period of not more than three months, provided, that such right pursuant to this Section 2.4 may not be utilized more than twice in any twelve-month period; and provided, further, that the Company shall at all times use its reasonable best efforts to cause any Registration Statement required under Section 2.1 to be filed as soon as possible. The Company shall promptly give the Holder written notice of any postponement made in accordance with this Section 2.4.