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, 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: 159,599,803 Shares upon failure to pay the Second Installment, 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 Shares prior to the Second Installment, 9,974,988 and 3,657,495 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: 159,599,803 53,199,934 Shares upon failure to pay the Second Installment, 149,624,815 or 49,542,439 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.