Common use of Default by an Initial Purchaser Clause in Contracts

Default by an Initial Purchaser. If any one or more of the Initial Purchasers shall fail or refuse to purchase the Debentures which it is obligated to purchase on the Closing Date, and arrangements satisfactory to the non-defaulting Initial Purchasers or by another party or parties satisfactory to the non-defaulting Initial Purchasers and the Company for the purchase of such Debentures by the non-defaulting Initial Purchasers and the Company are not made within thirty-six (36) hours after such default, this Agreement shall terminate without liability on the part of the non-defaulting Initial Purchasers or the Company. In any such case which does not result in termination of this Agreement, either the non-defaulting Initial Purchasers or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven (7) days, in order that the required changes, if any, in the Offering Memorandum or any other documents or arrangements may be effected. Any action taken under this paragraph shall not relieve the defaulting Initial Purchasers from liability in respect of such default under this Agreement. The term "Initial Purchaser" as used in this Agreement includes, for all purposes of this Agreement, any party not identified in this Agreement who purchases Debentures which a defaulting Initial Purchaser is obligated, but fails or refuses to purchase.

Default by an Initial Purchaser. If any one or more of the Initial Purchasers shall fail or refuse at the Closing Date to purchase the Debentures Notes which it is obligated to purchase on under this Agreement (the Closing Date"Defaulted Notes"), and arrangements satisfactory to the non-defaulting Initial Purchasers Purchaser(s) shall have the right, within 24 hours thereafter, to make arrangements for it or by another party or parties satisfactory any other Initial Purchaser(s) to purchase all, but not less than all, of the Defaulted Notes in such amounts as may be agreed upon and upon the terms herein set forth; if, however, the non-defaulting Initial Purchasers and the Company for the purchase of Purchaser(s) shall not have completed such Debentures by the nonarrangements within such 24-defaulting Initial Purchasers and the Company are not made within thirty-six (36) hours after such defaulthour period, then this Agreement shall terminate without liability on the part of the non-defaulting Initial Purchaser(s). No action taken pursuant to this Section shall relieve any defaulting Initial Purchasers or the Companyfrom liability in respect of its default. In the event of any such case default which does not result in a termination of this Agreement, either the non-defaulting Initial Purchasers or the Company shall have the right to postpone the Closing Date, but in no event Date for longer than a period not exceeding seven (7) days, days in order that the to effect any required changes, if any, changes in the Offering Memorandum or in any other documents or arrangements may be effected. Any action taken under this paragraph shall not relieve the defaulting Initial Purchasers from liability in respect of such default under this Agreement. The term "Initial Purchaser" as used in this Agreement includes, for all purposes of this Agreement, any party not identified in this Agreement who purchases Debentures which a defaulting Initial Purchaser is obligated, but fails or refuses to purchasearrangements.

Default by an Initial Purchaser. If any one or more of the Initial Purchasers Purchaser shall fail or refuse to purchase the Debentures Notes which it is obligated to purchase on the Closing Date, and arrangements satisfactory to the non-defaulting Initial Purchasers and the Company for the purchase of such Notes by the non-defaulting Initial Purchasers or by another party or parties satisfactory to the non-defaulting Initial Purchasers and the Company for the purchase of such Debentures by the non-defaulting Initial Purchasers and the Company are not made within thirty-six (36) hours after such default, this Agreement shall terminate without liability on the part of the non-defaulting Initial Purchasers or the Company. In any such case which does not result in termination of this Agreement, either the non-defaulting Initial Purchasers or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven (7) days, in order that the required changes, if any, in the Offering Memorandum or any other documents or arrangements may be effected. Any action taken under this paragraph shall not relieve the a defaulting Initial Purchasers Purchaser from liability in respect of such default under this Agreement. The term "Initial Purchaser" as used in this Agreement includes, for all purposes of this Agreement, any party not identified in this Agreement who purchases Debentures Notes which a defaulting Initial Purchaser is obligated, but fails or refuses refuses, to purchase.