Common use of Default by one or more of the Selling Shareholders or the Company Clause in Contracts

Default by one or more of the Selling Shareholders or the Company. (a) If a Selling Shareholder or Selling Shareholders shall fail at the Closing Time to sell and deliver the number of Securities that such Selling Shareholder or Selling Shareholders is obligated to sell hereunder, then the Underwriters may, at the option of the Representatives, by notice from the Representatives to the Company and the non-defaulting Selling Shareholders, either (i) terminate this Agreement without any liability on the fault of any non-defaulting party except that the provisions of Sections 1, 4, 6, 7, 8, 15, 16 and 17 shall remain in full force and effect or (ii) elect to purchase the Securities that the non-defaulting Selling Shareholders and the Company have agreed to sell hereunder. No action taken pursuant to this Section 11(a) shall relieve any Selling Shareholder so defaulting from liability, if any, in respect of such default. In the event of a default by any Selling Shareholder as referred to in this Section 11(a), each of the Representatives, the Company and the non-defaulting Selling Shareholders shall have the right to postpone the Closing Time, and each of the Representatives and the Company shall have the right to postpone any Date of Delivery, for a period not exceeding seven days in order to effect any required change in the Registration Statement, the General Disclosure Package or the Prospectus or in any other documents or arrangements.

Default by one or more of the Selling Shareholders or the Company. (a) If a Selling Shareholder or Selling Shareholders shall fail at the Closing Time to sell and deliver the number of Securities that which such Selling Shareholder or Selling Shareholders is are obligated to sell hereunder, then the Underwriters may, at the option of the Representatives, by notice from the Representatives to the Company and the non-defaulting Selling Shareholders, either (ia) terminate this Agreement without any liability on the fault of any non-defaulting party except that the provisions of Sections 1, 3(m), 4, 6, 7, 8, 15, 16 7 and 17 8 shall remain in full force and effect effect, (b) elect to seek injunctive relief as provided in Section 11(b) hereof, or (iic) elect to purchase the Securities that which the non-defaulting Selling Shareholders and the Company have agreed to sell hereunder. No action taken pursuant to this Section 11(a) 11 shall relieve any Selling Shareholder so defaulting from liability, if any, in respect of such default. In the event of a default by any Selling Shareholder as referred to in this Section 11(a)11, each of the Representatives, the Company and the non-defaulting Selling Shareholders shall have the right to postpone the Closing Time, and each of the Representatives and the Company shall have the right to postpone any Date of Delivery, Time for a period not exceeding seven days in order to effect any required change in the Registration Statement, the General Disclosure Package Statement or the Prospectus or in any other documents or arrangements.

Default by one or more of the Selling Shareholders or the Company. (a) If a Selling Shareholder or Selling Shareholders shall fail at the Closing Time or at a Date of Delivery to sell and deliver the number of Securities that which such Selling Shareholder or Selling Shareholders is are obligated to sell hereunder, then the Underwriters may, at the option of the Representatives, by notice from the Representatives to the Company and the non-defaulting Selling Shareholders, either (ia) terminate this Agreement without any liability on the fault of any non-defaulting party party, except that the provisions of Sections 1, 3(m), 4, 6, 7, 8, 15, 16 7 and 17 8 shall remain in full force and effect effect, or (iib) elect to purchase the Securities that which the non-defaulting Selling Shareholders and the Company have agreed to sell hereunder. No action taken pursuant to this Section 11(a) 11 shall relieve any Selling Shareholder so defaulting from liability, if any, in respect of such default. In the event of a default by any Selling Shareholder as referred to in this Section 11(a)11 which does not result in the termination of this Agreement, each of the Representatives, the Company and the non-defaulting Selling Shareholders shall have the right to postpone the Closing Time, and each of the Representatives and the Company shall have the right to postpone any Date of Delivery, Time for a period not exceeding seven days in order to effect any required change in the Registration Statement, the General Disclosure Package Statement or the Prospectus or in any other documents or arrangements.

Default by one or more of the Selling Shareholders or the Company. (a) If a Selling Shareholder or Selling Shareholders shall fail at the Closing Time to sell and deliver the number of U.S. Securities that which such Selling Shareholder or Selling Shareholders is obligated to sell hereunder, then the U.S. Underwriters may, at the option of the U. S. Representatives, by notice from the U.S. Representatives to the Company and the non-defaulting Selling ShareholdersShareholder, either (ia) terminate this Agreement without any liability on the fault part of any non-defaulting party except that the provisions of Sections 1, 4, 6, 7, 8, 15, 16 7 and 17 8 shall remain in full force and effect or (iib) elect to purchase the U.S. Securities that which the non-defaulting Selling Shareholders Shareholder and the Company have agreed to sell hereunder. No action taken pursuant to this Section 11(a) 11 shall relieve any Selling Shareholder so defaulting from liability, if any, in respect of such default. In the event of a default by any Selling Shareholder as referred to in this Section 11(a)11, each of (i) the U.S. Representatives, and (ii) the Company and the non-defaulting Selling Shareholders shall have the right to postpone the Closing Time, and each of the Representatives and the Company shall have the right to postpone any Date of Delivery, Time for a period not exceeding seven days in order to effect any required change in the Registration Statement, the General Disclosure Package Statement or the Prospectus Prospectuses or in any other documents or arrangements.