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 to purchase and pay for any of the Debentures which it is obligated Securities agreed to be purchased by such Initial Purchaser hereunder and such failure to purchase on shall constitute a default in the Closing Dateperformance 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 arrangements satisfactory to if such nondefaulting Initial Purchaser does not purchase all 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 defaultSecurities, this Agreement shall will terminate without liability on to the part of the non-defaulting nondefaulting Initial Purchasers Purchaser or the Company. In any such case which does not result in termination the event of this Agreement, either a default by one of the non-defaulting Initial Purchasers or the Company shall have the right to postpone as set forth in this Section 9, the Closing DateDate shall be postponed for such period, but in no event for longer than seven (7) daysnot exceeding five Business Days, as the nondefaulting Initial Purchaser shall determine in order that the required changes, if any, changes in the Offering Final 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 Nothing contained in this Agreement includes, for all purposes of this Agreement, shall relieve any party not identified in this Agreement who purchases Debentures which a defaulting Initial Purchaser is obligatedof its liability, but fails if any, to the Company or refuses to purchaseany nondefaulting Initial Purchaser for damages occasioned by its default hereunder.

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.