Holder

Holder. A Registered Holder in the case of Book-Entry Warrants and a Beneficial Holder in the case of Warrants held through the book-entry facilities of the Depository or by or through Persons that are direct participants in the Depository.

Holder. Shall mean a holder of restricted common shares of Caspian Services, Inc. purchased in the Private Placement or anyone to whom the registration rights conferred by this Agreement have been transferred in compliance with this Agreement.

Holder. Collectively, the Investors and the Permitted Transferees; provided, however, that the term Holder shall not include any of the foregoing that ceases to own or hold any Registrable Securities

Holder. The meaning set forth in the introductory paragraph hereto

Holder. The Investors and any other holder of Registrable Securities (including any direct or indirect transferee of the Investors) who agrees in writing to be bound by the provisions of this Agreement.

Holder. Means any Investor owning Registrable Shares or any Permitted Transferee thereof in accordance with Section 7.2 hereof

Holder. Means each person identified as a Holder on the signature pages hereto that is the record or beneficial owner of Registrable Securities, together with its respective successors and permitted assigns who become a party to this Agreement.

Holder. Each Investor and any transferee thereof to whom the registration rights conferred by this Agreement have been transferred in compliance with Section 11, provided and for as long as such Investor together with its Affiliates or transferee continues to own at least one percent of the total outstanding principal amount of the Notes

Holder. Or "Holders" mean a holder or holders of Registrable Securities.

Holder. Shall mean the Purchaser, and any transferee of Registrable Securities who pursuant to Section 11 below is entitled to registration rights hereunder.