Scheduled Effective Deadline

Scheduled Effective Deadline. The Company shall use its commercially reasonable efforts to cause the Registration Statement to be declared effective by the SEC by a date that is no later than ninety (90) days from the date hereof (the "Scheduled Effective Deadline"), and in any event, the Registration Statement shall be declared effective by the SEC prior to the first sale to the Investor of the Company's Common Stock pursuant to the CEF Agreement.