Common use of Default by One or More of the U.S Clause in Contracts

Default by One or More of the U.S. Underwriters. If one or more of the U.S. Underwriters shall fail at the Closing Time to purchase the Securities which it or they are obligated to purchase under this Agreement (the "Defaulted Securities"), the U.S. Representative(s) shall have the right, within 24 hours thereafter, to make arrangements for one or more of the nondefaulting U.S. Underwriters, or any other underwriters, 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 U.S. Representative(s) shall not have completed such arrangements within such 24-hour period, then:

Default by One or More of the U.S. UnderwritersUNDERWRITERS. If one or more of the U.S. Underwriters 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 U.S. Representative(s) Representatives shall have the right, within 24 hours thereafter, to make arrangements for one or more of the nondefaulting non-defaulting U.S. Underwriters, or any other underwriters, 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 U.S. Representative(s) Representatives shall not have completed such arrangements within such 24-hour period, then:

Default by One or More of the U.S. Underwriters. If one or more of the U.S. Underwriters 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 U.S. Representative(s) Representatives shall have the right, within 24 hours thereafter, to make arrangements for one or more of the nondefaulting non-defaulting U.S. Underwriters, or any other underwriters, 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 U.S. Representative(s) Representatives shall not have completed such arrangements within such 24-hour period, then:

Default by One or More of the U.S. Underwriters. If one or ----------------------------------------------- more of the U.S. Underwriters 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 U.S. Representative(s) Representatives shall have the right, within 24 hours thereafter, to make arrangements for one or more of the nondefaulting non-defaulting U.S. Underwriters, or any other underwriters, 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 U.S. Representative(s) Representatives shall not have completed such arrangements within such 24-hour period, then:

Default by One or More of the U.S. Underwriters. If one or more of the U.S. Underwriters 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 U.S. Representative(s) 34 -30- Representatives shall have the right, within 24 hours thereafter, to make arrangements for one or more of the nondefaulting non-defaulting U.S. Underwriters, or any other underwriters, 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 U.S. Representative(s) Representatives shall not have completed such arrangements within such 24-hour period, then: