Common use of Default by the Purchaser Clause in Contracts

Default by the Purchaser. The Purchaser shall not sell, transfer, distribute or otherwise convey more than the following number of the Purchased Shares prior to the payment to the Company of each of the following Installments: 0 Shares prior to the Second Installment, and 3,657,495 Shares prior to the Third Installment. If the Purchaser fails to pay any Installment as required, the Purchaser shall return to the Company the following number of the Purchased Shares and the Purchaser shall not be obligated to pay nor the Company to accept any subsequent Installment: 53,199,934 Shares upon failure to pay the Second Installment, or 49,542,439 Shares upon failure to pay the Third Installment, respectively, as the case may be. Purchaser also agrees that should the Purchaser fail to return said Shares to the Company on or before the applicable date described in this Section 6.7, the Company may cancel said Shares without further notice to the Purchaser, and the Purchaser shall thereby forfeit any and all rights it would otherwise have as the owner of said Shares.

Default by the Purchaser. The Purchaser shall not sell, transfer, distribute or otherwise convey more than the following number of the Purchased Shares prior to the payment to the Company of each of the following Installments: 0 Shares prior to the Second Installment, and 3,657,495 9,974,988 Shares prior to the Third Installment and 79,799,901 Shares prior to the Fourth Installment. If the Purchaser fails to pay any Installment as required, the Purchaser shall return to the Company the following number of the Purchased Shares and the Purchaser shall not be obligated to pay nor the Company to accept any subsequent Installment: 53,199,934 159,599,803 Shares upon failure to pay the Second Installment, or 49,542,439 149,624,815 Shares upon failure to pay the Third Installment or 79,799,901 Shares upon failure to pay the Fourth Installment, respectively, as the case may be. Purchaser also agrees that should the Purchaser fail to return said Shares to the Company on or before the applicable date described in this Section 6.7, the Company may cancel said Shares without further notice to the Purchaser, and the Purchaser shall thereby forfeit any and all rights it would otherwise have as the owner of said Shares.

Default by the Purchaser. The Purchaser shall not sell, transfer, distribute or otherwise convey more than the following number of the Purchased Shares prior to the payment to the Company of each of the following Installments: 0 no Shares prior to the Second Installment, ; and 3,657,495 70,933,246 Shares prior to the Third Installment. If the Purchaser fails to pay any Installment installment as requiredrequired by this Second Amendment, the Purchaser shall return to the Company the following number of the Amended Purchased Shares Shares, and the Purchaser shall not be obligated to pay nor the Company to accept any subsequent Installment: 53,199,934 106,399,869 Shares upon failure to pay the Second Installment, ; or 49,542,439 35,466,623 Shares upon failure to pay the Third Installment, respectively, as the case may be. The Purchaser also agrees that that, should the Purchaser fail to return said Shares to the Company on or before the applicable date described in this Section 6.7, the Company may cancel said Shares without further notice to the Purchaser, and the Purchaser shall thereby forfeit any and all rights it would otherwise have as the owner of said Shares.

Default by the Purchaser. The Purchaser shall not sell, transfer, distribute or otherwise convey more than the following number of the Amended Purchased Shares prior to the payment to the Company of each of the following Installments: 0 no Shares prior to the Second Installment, and ; 3,657,495 Shares prior to the Third Installment; 10,307,487 prior to the Fourth Installment; 53,199,934 prior to the Fifth Installment; and 70,933,246 prior to the Sixth Installment. If the Purchaser fails to pay any Installment as requiredrequired by this First Amendment, the Purchaser shall return to the Company the following number of the Amended Purchased Shares Shares, and the Purchaser shall not be obligated to pay nor the Company to accept any subsequent Installment: 53,199,934 102,742,374 Shares upon failure to pay the Second Installment, or 49,542,439 ; 96,092,382 Shares upon failure to pay the Third Installment; 53,199,934 upon failure to pay the Fourth Installment; or 35,466,623 upon failure to pay the Fifth Installment, respectively, as the case may be. The Purchaser also agrees that should the Purchaser fail to return said Shares to the Company on or before the applicable date described in this Section 6.7, the Company may cancel said Shares without further notice to the Purchaser, and the Purchaser shall thereby forfeit any and all rights it would otherwise have as the owner of said Shares.