Common use of Default by a Purchaser Clause in Contracts

Default by a Purchaser. If any one or more Purchasers shall fail to purchase and pay for any of the Securities agreed to be purchased by such Purchaser hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule I hereto bears to the aggregate principal amount of Securities set forth opposite the names of all the remaining Purchaser(s)) the Securities that the defaulting Purchaser or Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate principal amount of Securities that the defaulting Purchaser or Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule I hereto, the remaining Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Securities, and if such non-defaulting Purchasers do not purchase all the Securities, this Agreement will terminate without liability to any non-defaulting Purchaser, the Company or the Guarantor. In the event of a default by any Purchaser as set forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding seven days, as the Purchasers shall determine in order that the required changes in the Final Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting, Purchaser of its liability, if any, to the Company or any non-defaulting Purchaser for damages occasioned by its default hereunder.

Default by a Purchaser. If any one or more Purchasers shall fail to purchase and pay for any of the Securities agreed to be purchased by such Purchaser hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule I hereto bears to the aggregate principal amount of Securities set forth opposite the names of all the remaining Purchaser(s)) the Securities that the defaulting Purchaser or Purchasers agreed but failed to purchase; provided, however, that in the event 28 28 that the aggregate principal amount of Securities that the defaulting Purchaser or Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule I hereto, the remaining Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Securities, and if such non-defaulting Purchasers do not purchase all the Securities, this Agreement will terminate without liability to any non-defaulting Purchaser, the Company Purchaser or the GuarantorCompany. In the event of a default by any Purchaser as set forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding seven days, as the Purchasers shall determine in order that the required changes in the Final Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting, defaulting Purchaser of its liability, if any, to the Company or any non-defaulting Purchaser for damages occasioned by its default hereunder.

Default by a Purchaser. If any one or more Purchasers shall fail to purchase and pay for any of the Securities agreed to be purchased by such Purchaser or Purchasers hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule I hereto bears to the aggregate principal amount of Securities set forth opposite the names of all the remaining Purchaser(s)Purchasers) the Securities that which the defaulting Purchaser or Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate principal amount of Securities that which the defaulting Purchaser or Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule I hereto, the remaining Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Securities, and if such non-defaulting nondefaulting Purchasers do not purchase all the Securities, this Agreement will terminate without liability to any non-defaulting nondefaulting Purchaser, the Company or the GuarantorGuarantors. In the event of a default by any Purchaser as set forth in this Section 910, the Closing Date shall be postponed for such period, not exceeding seven daysfive Business Days, as the Purchasers Representative shall determine in order that the required changes in the Disclosure Package and the Final Memorandum Offering Circular or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting, defaulting Purchaser of its liability, if any, to the Company or Company, the Guarantors and any non-defaulting nondefaulting Purchaser for damages occasioned by its default hereunder.

Default by a Purchaser. If any one or more Purchasers shall fail ---------------------- to purchase and pay for any of the Securities agreed to be purchased by such Purchaser hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Purchasers shall be obligated severally to take up and pay for (in the respective proportions which that the principal amount of Securities Fixed Rate Notes or Floating Rate Notes, as the case may be, set forth opposite their names in Schedule I hereto bears to the aggregate principal amount of Securities Fixed Rate Notes or Floating Rate Notes, as the case may be, set forth opposite the names of all the remaining Purchaser(s)) the Securities that the defaulting Purchaser or Purchasers agreed but failed to purchase; provided, however, that in the event -------- ------- that the aggregate principal amount of Securities that the defaulting Purchaser or Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule I hereto, the remaining Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Securities, and if such non-defaulting Purchasers do not purchase all the Securities, this Agreement will terminate without liability to any non-defaulting Purchaser, the Company Purchaser or the GuarantorCompany. In the event of a default by any Purchaser as set forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding seven days, as the Purchasers shall determine in order that the required changes in the Final Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting, defaulting Purchaser of its liability, if any, to the Company or any non-defaulting Purchaser for damages occasioned by its default hereunder.

Default by a Purchaser. If any one or more Purchasers shall fail to purchase and pay for any of the New Securities agreed to be purchased by such Purchaser or Purchasers hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of New Securities set forth opposite their names in Schedule I hereto to the Purchase Agreement bears to the aggregate principal amount of New Securities set forth opposite the names of all the remaining Purchaser(s)Purchasers) the New Securities that which the defaulting Purchaser or Purchasers agreed but failed to purchase; providedPROVIDED, howeverHOWEVER, that in the event that the aggregate principal amount of New Securities that which the defaulting Purchaser or Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of New Securities set forth in Schedule I heretoto the Purchase Agreement, the remaining Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the New Securities, and if such non-defaulting nondefaulting Purchasers do not purchase all the New Securities, this Agreement will terminate without liability to any non-defaulting Purchaser, the Company nondefaulting Purchaser or the GuarantorCompany. In the event of a default by any Purchaser as set forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding seven days, as the Purchasers Representative shall determine in order that the required changes in the Final Memorandum Registration Statement and the Prospectus Supplement or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting, defaulting Purchaser of its liability, if any, to the Company or and any non-defaulting nondefaulting Purchaser for damages occasioned by its default hereunder.

Default by a Purchaser. If any one or more Purchasers shall fail ----------------------- to purchase and pay for any of the Securities agreed to be purchased by such Purchaser hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule I hereto bears to the aggregate principal amount of Securities set forth opposite the names of all the remaining Purchaser(s)) the Securities that which the defaulting Purchaser or Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate -------- ------- principal amount of Securities that which the defaulting Purchaser or Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule I hereto, the remaining Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Securities, and if such non-defaulting Purchasers do not purchase all the Securities, this Agreement will terminate without liability to any non-defaulting Purchaser, the Company or the any Guarantor. In the event of a default by any Purchaser as set forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding seven days, as the Purchasers shall determine in order that the required changes in the Final Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting, defaulting Purchaser of its liability, if any, to the Company Company, any Guarantor or any non-defaulting Purchaser for damages occasioned by its default hereunder.

Default by a Purchaser. If any one or more ---------------------- Purchasers shall fail to purchase and pay for any of the Securities agreed to be purchased by such Purchaser or Purchasers hereunder on the Closing Date and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule I hereto bears to the aggregate principal amount of Securities set forth opposite the names of all the remaining Purchaser(s)Purchasers) the Securities that which the defaulting Purchaser or Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate principal amount of Securities that which the defaulting Purchaser or Purchasers agreed but failed to purchase shall exceed 10% of the aggregate total principal amount of Securities set forth in Schedule I heretothat the Purchasers are obligated to purchase on such Closing Date, the remaining Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Securities, and if such non-defaulting nondefaulting Purchasers do not purchase all the SecuritiesSecurities to be purchased on such Closing Date, this Agreement will terminate without liability to any non-defaulting Purchaser, the Company nondefaulting Purchaser or the GuarantorCompany. In the event of a default by any Purchaser as set forth in this Section 98, the such Closing Date shall be postponed for such period, not exceeding seven days, as the Purchasers shall determine in order that the required changes in the Final Offering Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting, defaulting Purchaser of its liability, if any, to the Company or and any non-defaulting nondefaulting Purchaser for damages occasioned by its default hereunder. As used in this Agreement, the term "Purchaser" includes any person substituted for a Purchaser under this Section.

Default by a Purchaser. If any one or more Purchasers either Purchaser shall fail to ----------------------- purchase and pay for any of the Securities agreed to be purchased by such Purchaser hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Purchasers Purchaser shall be obligated severally to take up and pay for (in the respective proportions proportion which the principal amount of Securities set forth opposite their names its name in Schedule I hereto bears to the aggregate principal amount of Securities set forth opposite the names name of all the remaining Purchaser(s)Purchaser) the Securities that the defaulting Purchaser or Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate principal -------- ------- amount of Securities that the defaulting Purchaser or Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule I hereto, the remaining Purchasers Purchaser shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Securities, and if such the non-defaulting Purchasers do Purchaser does not purchase all the Securities, this Agreement will terminate without liability to any the non-defaulting Purchaser, the Company or the GuarantorHolding. In the event of a default by any either Purchaser as set forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding seven days, as the Purchasers shall determine in order that the required changes in the Final Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting, defaulting Purchaser of its liability, if any, to the Company Company, Holding or any the non-defaulting Purchaser for damages occasioned by its default hereunder.

Default by a Purchaser. If any one or more Purchasers shall fail to purchase and pay for any of the Securities agreed to be purchased by such Purchaser or Purchasers hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule I hereto bears to the aggregate principal amount of Securities set forth opposite the names of all the remaining Purchaser(s)Purchasers) the Securities that which the defaulting Purchaser or Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate principal amount of Securities that which the defaulting Purchaser or Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule I hereto, the remaining Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Securities, and if such non-defaulting nondefaulting Purchasers do not purchase all the Securities, this Agreement will terminate without liability to any non-defaulting Purchaser, the Company nondefaulting Purchaser or the GuarantorCompany. In the event of a default by any Purchaser as set forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding seven five business days, as the Purchasers Representatives shall determine in order that the required changes in the Final Memorandum Offering Document or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting, defaulting Purchaser of its liability, if any, to the Company or and any non-defaulting nondefaulting Purchaser for damages occasioned by its default hereunder.

Default by a Purchaser. If any one or more Purchasers Purchaser shall fail to purchase and pay for any of the Securities agreed to be purchased by such Purchaser hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Purchasers Purchaser shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule I hereto bears to the aggregate principal amount of Securities set forth opposite the names of all the remaining Purchaser(s)) the Securities that which the defaulting Purchaser or Purchasers agreed but failed to purchase; providedPROVIDED, howeverHOWEVER, that in the event that the aggregate principal amount of Securities that which the defaulting Purchaser or Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule I hereto, the remaining Purchasers Purchaser shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Securities, and if such non-defaulting Purchasers do nondefaulting Purchaser does not purchase all the Securities, this Agreement will terminate without liability to any non-defaulting nondefaulting Purchaser, the Company or the Guarantor. In the event of a default by any Purchaser as set forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding seven days, as the Purchasers nondefaulting Purchaser shall determine in order that the required changes in the Final Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting, defaulting Purchaser of its liability, if any, to the Company or any non-defaulting nondefaulting Purchaser for damages occasioned by its default hereunder.

Default by a Purchaser. If any one or more Purchasers shall fail on the Closing Date to purchase and pay for any of the Securities agreed to be purchased by such Purchaser or Purchasers hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Purchasers shall be obligated severally to take up and pay for (in the respective proportions for each of the Securities which such Purchaser failed to purchase which the principal amount of the Securities set forth opposite their names in Schedule I hereto bears to the aggregate principal amount of such Securities set forth opposite the names of all the remaining Purchaser(s)Purchasers) the Securities that which the defaulting Purchaser or Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate principal amount of Securities that which the defaulting Purchaser or Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule I hereto, the remaining Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Securities, and if such non-defaulting nondefaulting Purchasers do not purchase all of the Securities, this Agreement will terminate without liability to any non-defaulting Purchaser, nondefaulting Purchaser or the Company or and the GuarantorGuarantors. In the event of a default by any Purchaser as set forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding seven days, as the Purchasers Representatives and the Company shall determine in order that the required changes in the Disclosure Package and the Final Offering Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting, defaulting Purchaser of its liability, if any, to the Company or Company, the Guarantors and any non-defaulting nondefaulting Purchaser for damages occasioned by its default hereunder.

Default by a Purchaser. If any one or more Purchasers shall fail to purchase and pay for any of the New Securities agreed to be purchased by such Purchaser or Purchasers hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the principal amount number of Firm New Securities set forth opposite their names in Schedule I hereto bears to the aggregate principal amount number of Firm New Securities set forth opposite the names of all the remaining Purchaser(s)Purchasers) the New Securities that which the defaulting Purchaser or Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate principal amount number of Firm New Securities that which the defaulting Purchaser or Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount number of New Securities set forth in Schedule I heretoI, the remaining Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the New Securities, and if such non-defaulting nondefaulting Purchasers do not purchase all the New Securities, this Agreement will terminate without liability to any non-defaulting Purchaser, the Company nondefaulting Purchaser or the GuarantorCompany. In the event of a default by any Purchaser as set forth in this Section 911, the Closing Date execution of the Purchase Agreement shall be postponed for such period, not exceeding seven days, as the Purchasers Representative shall determine in order that the required changes in the Final Memorandum Registration Statement and the Prospectus Supplement or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting, defaulting Purchaser of its liability, if any, to the Company or and any non-defaulting nondefaulting Purchaser for damages occasioned by its default hereunder.

Default by a Purchaser. If any one or more Purchasers shall fail to purchase and pay for any of the Securities agreed to be purchased by such Purchaser hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule I hereto bears to the aggregate principal amount of Securities set forth opposite the names of all the remaining Purchaser(s)) the Securities that the defaulting Purchaser or Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate principal amount of Securities that the defaulting Purchaser or Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule I hereto, the remaining Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Securities, and if such non-defaulting Purchasers do not purchase all the Securities, this Agreement will terminate without liability to any non-defaulting Purchaser, the Company Purchaser or the GuarantorCompany. In the event of a default by any Purchaser as set forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding seven days, as the Purchasers shall determine in order that the required changes in the Final Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting, defaulting Purchaser of its liability, if any, to the Company or any non-defaulting Purchaser for damages occasioned by its default hereunder.

Default by a Purchaser. If any one or more Purchasers Purchaser shall fail at the Time of Delivery to purchase and pay for any of the Securities agreed to be purchased by such Purchaser hereunder and such failure Series E Notes which it is obligated to purchase shall constitute a default in the performance of its or their obligations under this AgreementAgreement (the "Defaulted Notes"), the remaining Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule I hereto bears to the aggregate principal amount of Securities set forth opposite the names of all the remaining Purchaser(s)) the Securities that the non-defaulting Purchaser or Purchasers agreed shall have the right, but failed not the obligation, within 24 hours thereafter, to purchase, or to make arrangements for the appointment of another purchaser to purchase, the Defaulted Notes in such amounts as may be agreed upon and upon the terms herein set forth; providedif, however, that in the event that the aggregate principal amount of Securities that the non-defaulting Purchaser or Purchasers agreed but failed to purchase shall exceed 10% not have completed such arrangements within such 24-hour period, then this Agreement shall terminate without liability on the part of the aggregate principal amount non-defaulting Purchaser or Purchasers. No action taken pursuant hereto shall relieve any defaulting Purchaser from liability in respect of Securities set forth its default. In the event of any such default which does not result in Schedule I heretoa termination of this Agreement, either the remaining non-defaulting Purchaser or Purchasers or the Company shall have the right to purchase all, but shall not be under any obligation to purchase any, postpone the Time of the Securities, and if such non-defaulting Purchasers do not purchase all the Securities, this Agreement will terminate without liability to any non-defaulting Purchaser, the Company or the Guarantor. In the event of Delivery for a default by any Purchaser as set forth in this Section 9, the Closing Date shall be postponed for such period, period not exceeding seven days, as the Purchasers shall determine 7 days in order that the to effect any required changes in the Final Memorandum Offering Circular or in any other documents or arrangements may be effectedit used herein. Nothing contained The term "Purchaser" includes any such person substituted for the defaulting Purchaser. Notwithstanding any termination pursuant to this Section 13, the provisions of Sections 6, 8, 9, 11, 12 and 14 hereof shall remain in this Agreement shall relieve any defaulting, Purchaser of its liability, if any, to the Company or any non-defaulting Purchaser for damages occasioned by its default hereundereffect.