Common use of Default by Any of the Underwriters Clause in Contracts

Default by Any of the Underwriters. Subject to Section 6 ---------------------------------- hereof, if any of the Underwriters shall fail on the Issuance Date to purchase the Notes, which it is obligated to purchase hereunder (the "Defaulted Notes"), the remaining Underwriter(s) (the "Non-Defaulting Underwriter(s)") shall have the right, but not the obligation, within one (1) Business Day thereafter, to make arrangements to purchase all, but not less than all, of the Defaulted Notes upon the terms herein set forth; if, however, the Non-Defaulting Underwriter(s) shall not have completed such arrangements within such one (1) Business Day period, then this Agreement shall terminate without liability on the part of the Non-Defaulting Underwriter(s). No action taken pursuant to this Section 13 shall relieve the defaulting Underwriter from liability in respect of its default. In the event of any such default which does not result in a termination of this Agreement, any of the Non-Defaulting Underwriters or the Company shall have the right to postpone the Issuance Date for a period not exceeding seven days in order to effect any required changes in the Registration Statement, the Final Prospectus or in any other documents or arrangements.

Default by Any of the Underwriters. Subject to ---------------------------------- Section 6 ---------------------------------- hereof, if any of the Underwriters shall fail on the Issuance Date to purchase the Notes, which it is obligated to purchase hereunder (the "Defaulted Notes"), the remaining Underwriter(s) (the "Non-Defaulting Underwriter(s)") shall have the right, but not the obligation, within one (1) Business Day thereafter, to make arrangements to purchase all, but not less than all, of the Defaulted Notes upon the terms herein set forth; if, however, the Non-Defaulting Underwriter(s) shall not have completed such arrangements within such one (1) Business Day period, then this Agreement shall terminate without liability on the part of the Non-Defaulting Underwriter(s). No action taken pursuant to this Section 13 shall relieve the defaulting Underwriter from liability in respect of its default. In the event of any such default which does not result in a termination of this Agreement, any of the Non-Defaulting Underwriters or the Company shall have the right to postpone the Issuance Date for a period not exceeding seven days in order to effect any required changes in the Registration Statement, the Final Prospectus or in any other documents or arrangements.

Default by Any of the Underwriters. Subject to Section 6 ---------------------------------- hereof, if any of the Underwriters shall fail on the Issuance Date to purchase the Notes, which it is obligated to purchase hereunder (the "Defaulted Notes"), the remaining Underwriter(s) (the "Non-Defaulting Underwriter(s)") shall have the right, but not the obligation, within one (1) Business Day thereafter, to make arrangements to purchase all, but not less than all, of the Defaulted Notes upon the terms herein set forth; if, however, the Non-Defaulting Underwriter(s) shall not have completed such arrangements within such one (1) Business Day period, then this Agreement shall terminate without liability on the part of the Non-Defaulting Underwriter(s). No action taken pursuant to this Section 13 shall relieve the defaulting Underwriter from liability in respect of its default. In the event of any such default which does not result in a termination of this Agreement, any of the Non-Defaulting Underwriters or the Company shall have the right to postpone the Issuance Date for a period not exceeding seven days in order to effect any required changes in the Registration Statement, the Final Prospectus or in any other documents or arrangements.

Default by Any of the Underwriters. Subject to Section ---------------------------------- 6 ---------------------------------- hereof, if any of the Underwriters shall fail on the Issuance Date to purchase the Notes, which it is obligated to purchase hereunder (the "Defaulted Notes"), the remaining Underwriter(s) (the "Non-Defaulting Underwriter(s)") shall have the right, but not the obligation, within one (1) Business Day thereafter, to make arrangements to purchase all, but not less than all, of the Defaulted Notes upon the terms herein set forth; if, however, the Non-Defaulting Underwriter(s) shall not have completed such arrangements within such one (1) Business Day period, then this Agreement shall terminate without liability on the part of the Non-Defaulting Underwriter(s). No action taken pursuant to this Section 13 shall relieve the defaulting Underwriter from liability in respect of its default. In the event of any such default which does not result in a termination of this Agreement, any of the Non-Defaulting Underwriters or the Company shall have the right to postpone the Issuance Date for a period not exceeding seven days in order to effect any required changes in the Registration Statement, the Final Prospectus or in any other documents or arrangements.