Common use of Default by One or More Underwriters Clause in Contracts

Default by One or More Underwriters. If one of the Underwriters shall fail at the Closing Date to purchase the Certificates that it is obligated to purchase hereunder (the "Defaulted Certificates"), then the non-defaulting Underwriter shall have the right, but not the obligation, within 24 hours thereafter, to make arrangements to purchase all, but not less than all, of the Defaulted Certificates in such amounts as may be agreed upon and upon the terms herein set forth. If; however, the non-defaulting Underwriter has not completed such arrangements within such 24-hour period, then:

Default by One or More Underwriters. If one of the Underwriters shall fail at the Closing Date to purchase the Certificates Notes that it is obligated to purchase hereunder (the "Defaulted CertificatesNotes"), then the non-defaulting Underwriter shall have the right, but not the obligation, within 24 hours thereafter, to make arrangements to purchase all, but not less than all, of the Defaulted Certificates Notes in such amounts as may be agreed upon and upon the terms herein set forth. If; however, the non-defaulting Underwriter has not completed such arrangements within such 24-hour period, then: