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 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 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 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 during such 24-hour period, the non-defaulting Initial Purchasers do not arrange for the purchase of such Securities, then the Company shall be entitled to a further period of 24 hours within which to procure other persons reasonably satisfactory to the non-defaulting Initial Purchasers to purchase the Defaulted Securities on the terms herein set forth. If, however, neither the Representative nor the Company is able to make arrangements for the purchase of 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 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 Representative 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 satisfactory to the Companypurchasers, 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 during ; if, however, the Representatives shall not have completed such arrangements within 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 entitled obligated, severally and not jointly, to a further period of 24 hours within which to procure other persons reasonably satisfactory 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 Purchasers. No action taken pursuant to purchase the Defaulted Securities on the terms herein set forth. If, however, neither the Representative nor the Company is able to make arrangements for the purchase this Section shall relieve any defaulting Initial Purchaser from liability in respect of all of the Defaulted Securities within such 48-hour period, then: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 Representative 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 satisfactory to the CompanyInitial 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 during ; if, however, the Representatives shall not have completed such arrangements within such 24-hour period, the non-then: No action taken pursuant to this Section shall relieve any defaulting Initial Purchasers do Purchaser from liability in respect of its default. In the event of any such default which does not arrange result in a termination of this Agreement, either the Representatives or the Issuer shall have the right to postpone the Closing Time for a period not exceeding seven days in order to effect any required changes in the purchase of such Securities, then the Company shall be entitled to a further period of 24 hours within which to procure Offering Memorandum or in any other persons reasonably satisfactory to the non-defaulting Initial Purchasers to purchase the Defaulted Securities on the terms herein set forth. If, however, neither the Representative nor the Company is able to make arrangements for the purchase of all of the Defaulted Securities within such 48-hour period, then:documents or arrangements.

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 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 satisfactory to the Companypurchasers, 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 during ; if, however, the Representative shall not have completed such arrangements within 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 entitled obligated, severally and not jointly, to a further period of 24 hours within which to procure other persons reasonably satisfactory 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 Purchasers. No action taken pursuant to purchase the Defaulted Securities on the terms herein set forth. If, however, neither the Representative nor the Company is able to make arrangements for the purchase this Section shall relieve any defaulting Initial Purchaser from liability in respect of all of the Defaulted Securities within such 48-hour period, then: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 Representative 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 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, during such 24-hour period, the non-defaulting Initial Purchasers do not arrange for the purchase of such Securities, then the Company shall be entitled to a further period of 24 hours within which to procure other persons reasonably satisfactory to the non-defaulting Initial Purchasers to purchase the Defaulted Securities on the terms herein set forth. If, however, neither the Representative Representatives nor the Company is able to make arrangements for the purchase of all of the Defaulted Securities within such 48-hour period, then: