Common use of Default by One or More of the Initial Purchasers Clause in Contracts

Default by One or More of the Initial Purchasers. If one or more of the Initial Purchasers shall fail at Closing Time or a Date of Delivery to purchase the Securities which it or they are obligated to purchase under this Agreement (the “Defaulted Securities”), the Representatives shall have the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Initial Purchasers, or any other initial purchasers, to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set forth; if, however, the Representatives shall not have completed such arrangements within such 24-hour period, then each of the non-defaulting Initial Purchasers shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that their respective initial purchase obligations hereunder bear to the initial purchase obligations of all non-defaulting Initial Purchasers. No action taken pursuant to this Section shall relieve any defaulting Initial Purchaser from liability in respect of its default.

Default by One or More of the Initial Purchasers. If one or more of the Initial Purchasers shall fail at the Closing Time or a Date of Delivery to purchase the Securities which it or they are obligated to purchase under this Agreement (the “Defaulted Securities”), the Representatives Representative shall have the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Initial Purchasers, or any other initial purchaserspurchasers satisfactory to the Company, to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set forth; if, however, the Representatives shall not have completed such arrangements within . If during such 24-hour period, then each of the non-defaulting Initial Purchasers do not arrange for the purchase of such Securities, then the Company shall be obligated, severally and not jointly, entitled to purchase the full amount thereof in the proportions that their respective initial purchase obligations hereunder bear a further period of 24 hours within which to procure other persons reasonably satisfactory to the initial purchase obligations of all non-defaulting Initial PurchasersPurchasers to purchase the Defaulted Securities on the terms herein set forth. No action taken pursuant If, however, neither the Representative nor the Company is able to this Section shall relieve any defaulting Initial Purchaser from liability in respect make arrangements for the purchase of its default.all of the Defaulted Securities within such 48-hour period, then:

Default by One or More of the Initial Purchasers. If one or more of the Initial Purchasers shall fail at Closing Time or a Date of Delivery to purchase the Securities which it or they are obligated to purchase under this Agreement (the “Defaulted Securities”), the Representatives Representative shall have the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Initial Purchasers, or any other initial purchasers, to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set forth; if, however, the Representatives Representative shall not have completed such arrangements within such 24-hour period, then each of the non-defaulting Initial Purchasers shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that their respective initial purchase obligations hereunder bear to the initial purchase obligations of all non-defaulting Initial Purchasers. No action taken pursuant to this Section shall relieve any defaulting Initial Purchaser from liability in respect of its default.

Default by One or More of the Initial Purchasers. If one or more of the Initial Purchasers shall fail at the Closing Time or a Date of Delivery to purchase the Securities which it or they are obligated to purchase under this Agreement (the “Defaulted Securities”), the Representatives shall have the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Initial Purchasers, or any other initial purchaserspurchasers satisfactory to the Company, to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set forth; if. If, however, the Representatives shall not have completed such arrangements within during such 24-hour period, then each of the non-defaulting Initial Purchasers do not arrange for the purchase of such Securities, then the Company shall be obligated, severally and not jointly, entitled to purchase the full amount thereof in the proportions that their respective initial purchase obligations hereunder bear a further period of 24 hours within which to procure other persons satisfactory to the initial purchase obligations of all non-defaulting Initial PurchasersPurchasers to purchase the Defaulted Securities on the terms herein set forth. No action taken pursuant If, however, neither the Representatives nor the Company is able to this Section shall relieve any defaulting Initial Purchaser from liability in respect make arrangements for the purchase of its default.all of the Defaulted Securities within such 48-hour period, then: