Common use of Default by an Initial Purchaser Clause in Contracts

Default by an Initial Purchaser. If one or more of the Initial Purchasers shall fail at the Closing Date to purchase the Notes which it is obligated to purchase under this Agreement (the "Defaulted Notes"), the non-defaulting Initial Purchaser(s) shall have the right, within 24 hours thereafter, to make arrangements for it or 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 Purchaser(s) 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 Initial Purchaser(s). No action taken pursuant to this Section shall relieve any defaulting Initial Purchasers 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 Initial Purchasers or the Company shall have the right to postpone the Closing Date for a period not exceeding seven days in order to effect any required changes in the Offering Memorandum or in any other documents or arrangements.

Default by an Initial Purchaser. If one or more of the Initial Purchasers shall fail at the Closing Date to purchase and pay for any of the Notes which it is obligated Securities agreed to be purchased by such Initial Purchaser hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement (the "Defaulted Notes")Agreement, the non-defaulting remaining Initial Purchaser(s) Purchaser shall have the right, within 24 hours thereafter, to make arrangements for it or any other Initial Purchaser(s) right to purchase all, but shall not less than allbe under any obligation to purchase any, of the Defaulted Notes in Securities, and if such amounts as may be agreed upon and upon nondefaulting Initial Purchaser does not purchase all the terms herein set forth; ifSecurities, however, the non-defaulting Initial Purchaser(s) shall not have completed such arrangements within such 24-hour period, then this Agreement shall will terminate without liability on to the part of nondefaulting Initial Purchaser or the non-defaulting Initial Purchaser(s). No action taken pursuant to this Section shall relieve any defaulting Initial Purchasers from liability in respect of its defaultCompany. In the event of any such a default which does not result in a termination by one of this Agreement, either the non-defaulting Initial Purchasers or the Company shall have the right to postpone as set forth in this Section 9, the Closing Date shall be postponed for a period such period, not exceeding seven days five Business Days, as the nondefaulting Initial Purchaser shall determine in order to effect any that the required changes in the Offering Final Memorandum or in any other documents or arrangementsarrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting Initial Purchaser of its liability, if any, to the Company or any nondefaulting Initial Purchaser for damages occasioned by its default hereunder.

Default by an Initial Purchaser. If one or more of the Initial Purchasers shall fail at the Closing Date or the Additional Closing Date to purchase the Notes Company Shares which it is obligated to purchase under this Agreement (the "Defaulted NotesShares"), the non-defaulting Initial Purchaser(s) shall have the right, within 24 hours thereafter, to make arrangements for it or any other Initial Purchaser(s) to purchase all, but not less than all, of the Defaulted Notes Shares in such amounts as may be agreed upon and upon the terms herein set forth; if, however, the non-defaulting Initial Purchaser(s) 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 Initial Purchaser(s). No action taken pursuant to this Section shall relieve any defaulting Initial Purchasers 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 Initial Purchasers Purchaser(s) or the Company shall have the right to postpone the Closing Date for a period not exceeding seven days in order to effect any required changes in the Offering Memorandum or in any other documents or arrangements.

Default by an Initial Purchaser. If one or more either of the Initial Purchasers shall fail at the Closing Date to purchase the Notes which it is obligated to purchase under this Agreement (the "Defaulted Notes"), the non-defaulting Initial Purchaser(s) Purchaser shall have the right, within 24 hours thereafter, to make arrangements for it or 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; ifPROVIDED, howeverHOWEVER, that if the non-defaulting Initial Purchaser(s) Purchaser shall not have completed such arrangements within such 24-hour period, then then, upon the expiration of such 24-hour period, this Agreement shall terminate without liability on the part of the non-defaulting Initial Purchaser(s)Purchaser. No action taken pursuant to this Section shall relieve any the defaulting Initial Purchasers 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 Initial Purchasers Purchaser or the Company shall have the right to postpone the Closing Date for a period not exceeding seven days in order to effect any required changes in the Offering Memorandum Circular or in any other documents or arrangements.

Default by an Initial Purchaser. If one or more any of the Initial Purchasers shall fail at the Closing Date or Additional Closing Date to purchase the Notes which it is obligated to purchase under this Agreement (the "Defaulted NotesDEFAULTED NOTES"), the non-defaulting Initial Purchaser(s) Purchaser shall have the right, within 24 hours thereafter, to make arrangements for it or 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; ifPROVIDED, howeverHOWEVER, that if the non-defaulting Initial Purchaser(s) Purchaser shall not have completed such arrangements within such 24-hour period, then then, upon the expiration of such 24-hour period, this Agreement shall terminate without liability on the part of the non-defaulting Initial Purchaser(s)Purchaser. No action taken pursuant to this Section shall relieve any the defaulting Initial Purchasers 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 Initial Purchasers Purchaser or the Company shall have the right to postpone the Closing Date for a period not exceeding seven days in order to effect any required changes in the Offering Memorandum Circular or in any other documents or arrangements.

Default by an Initial Purchaser. If one or more any of the Initial Purchasers ------------------------------- shall fail at the Closing Date to purchase and pay for any of the Notes which it is obligated Securities agreed to be purchased by such Initial Purchaser hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Initial 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 Initial Purchaser does not purchase all the Securities, this Agreement (the "Defaulted Notes"), will terminate without liability to the non-defaulting Initial Purchaser(s) Purchaser or the Company. In the event of a default by an Initial Purchaser as set forth in this Section 9, the Closing Date shall have the rightbe postponed for such period, within 24 hours thereafternot exceeding seven days, to make arrangements for it or 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 Purchaser(s) Purchaser 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 Initial Purchaser(s). No action taken pursuant to this Section shall relieve any defaulting Initial Purchasers 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 Initial Purchasers or the Company shall have the right to postpone the Closing Date for a period not exceeding seven days determine in order to effect any that the required changes in the Offering Final Memorandum or in any other documents or arrangementsarrangements may be effected. Nothing contained in this Agreement shall relieve a defaulting Initial Purchaser of its liability, if any, to the Company or the non-defaulting Initial Purchaser for damages occasioned by its default hereunder.