Common use of Default by Selling Shareholders Clause in Contracts

Default by Selling Shareholders. If any Selling Shareholder shall fail at the Closing Date or the Option Closing Date, as the case may be, to sell and deliver the number of Shares which such Selling Shareholders are obligated to sell hereunder and the Company does not sell or arrange for the sale of that number of Shares in accordance with Section 2(d), then the Underwriters may, at the option of the Representatives, by notice from the Representatives to the non-defaulting Selling Shareholders, either (a) terminate this Agreement without any liability on the fault of any non- defaulting party except that the provisions of Sections 1, 5 and 8 shall remain in full force and effect or (b) elect to purchase the Shares which the non-defaulting Selling Shareholders have agreed to sell hereunder. No action taken pursuant to this Section 10 shall relieve any Selling Shareholder so defaulting from liability, if any, in respect of such default.

Default by Selling Shareholders. (a) If any Selling Shareholder shall fail at the Closing Date or the Option Closing Date, as the case may be, Time to sell and deliver the number of Shares Securities which such Selling Shareholders are Shareholder is obligated to sell hereunder and the Company does not sell or arrange for the sale of that number of Shares in accordance with Section 2(d)hereunder, then the Underwriters may, at the option of the Representatives, by notice from the Representatives to the non-defaulting Selling ShareholdersCompany, either (ai) terminate this Agreement without any liability on the fault of any non- non-defaulting party except that the provisions of Sections 1, 5 4, 6, 7 and 8 shall remain in full force and effect or (bii) elect to purchase the Shares Securities which such Selling Shareholder has agreed to sell hereunder from the non-defaulting Selling Shareholders have agreed to sell hereunderShareholders. No action taken pursuant to this Section 10 11 shall relieve any such Selling Shareholder so defaulting from liability, if any, in respect of such default.

Default by Selling Shareholders. If any Selling Shareholder shall fail at the Closing Date or the Option Closing Date, as the case may be, to sell and deliver the number of Shares which such Selling Shareholders are obligated to sell hereunder and the Company does not sell or arrange for the sale of that number of Shares in accordance with Section 2(d), then the Underwriters Purchaser may, at the option of the RepresentativesPurchaser, by notice from the Representatives Purchaser to the non-defaulting Selling Shareholders, either (a) terminate this Agreement without any liability on the fault of any non- non-defaulting party except that the provisions of Sections 1, 5 and 8 shall remain in full force and effect or (b) elect to purchase the Shares which the non-defaulting Selling Shareholders have agreed to sell hereunder. No action taken pursuant to this Section 10 shall relieve any Selling Shareholder so defaulting from liability, if any, in respect of such default.