Common use of Default by a Purchaser Clause in Contracts

Default by a Purchaser. If any Purchaser shall fail at the Time of Delivery to purchase the Series E Notes which it is obligated to purchase under this Agreement (the "Defaulted Notes"), the non-defaulting Purchaser or Purchasers shall have the right, but 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; if, however, the non-defaulting Purchaser or Purchasers shall not have completed such arrangements within such 24-hour period, then this Agreement shall terminate without liability on the part of the non-defaulting Purchaser or Purchasers. No action taken pursuant hereto shall relieve any defaulting Purchaser from liability in respect of its default. In the event of any such default which does not result in a termination of this Agreement, either the non-defaulting Purchaser or Purchasers or the Company shall have the right to postpone the Time of Delivery for a period not exceeding 7 days in order to effect any required changes in the Offering Circular or in any other documents or arrangements it used herein. 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 effect.

Default by a Purchaser. If any Purchaser one or more Purchasers shall fail at the Time of Delivery to purchase and pay for any of the Series E Notes 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 amount of Notes set forth opposite their names in Schedule I hereto bears to the aggregate amount of Notes set forth opposite the names of all the remaining Purchasers) the Notes which it is obligated to purchase under this Agreement (the "Defaulted Notes"), the non-defaulting Purchaser or Purchasers shall have the right, agreed but not the obligation, within 24 hours thereafter, failed 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; ifprovided, however, that in the non-event that the aggregate amount of Notes which the defaulting Purchaser or Purchasers agreed but failed to purchase shall exceed 10% of the aggregate amount of Notes set forth in Schedule I hereto, the remaining Purchasers shall have the right to purchase all, but shall not have completed be under any obligation to purchase any, of the Notes, and if such arrangements within such 24-hour periodnondefaulting Purchasers do not purchase all the Notes, then this Agreement shall will terminate without liability on the part of the non-defaulting to any nondefaulting Purchaser or Purchasers. No action taken pursuant hereto shall relieve any defaulting Purchaser from liability in respect of its defaultthe Company. In the event of a default by any Purchaser as set forth in this Section 10, the Closing Date shall be postponed for such default which does not result in a termination of this Agreementperiod, either the non-defaulting Purchaser or Purchasers or the Company shall have the right to postpone the Time of Delivery for a period not exceeding 7 days in order to effect any required changes in the Offering Circular or in any other documents or arrangements it used herein. The term "Purchaser" includes any such person substituted for the defaulting Purchaser. Notwithstanding any termination pursuant to this Section 13seven days, the provisions of Sections 6, 8, 9, 11, 12 and 14 hereof shall remain in effect.as the