Default by the Selling Shareholders. If the Selling Shareholders shall fail to sell and deliver the number of Firm Shares or Option Shares, as the case may be, that the Selling Shareholders are obligated to sell, the Representatives may, at their option, by notice to the Company, either (a) require the Company to sell and deliver such number of shares of Common Stock as to which the Selling Shareholders have defaulted, or (b) elect to purchase the Firm Shares and the Option Shares that the Company and the non-defaulting Selling Shareholders have agreed to sell pursuant to this Agreement. In the event of a default under this Section that does not result in the termination of this Agreement, either the Representatives or the Company shall have the right to postpone the First Closing Date or Option Closing Date for a period not exceeding seven days in order to effect any required changes in the Registration Statement or Prospectus or in any other documents or arrangements. No action taken pursuant to this Section shall relieve the Company or the Selling Shareholder so defaulting from liability, if any, in respect of such default.
Default by the Selling Shareholders. If the Selling Shareholders shall fail at Closing Time or at a Date of Delivery to sell and deliver the number of Securities which the Selling Shareholders are obligated to sell hereunder, then the International Managers may, at option of the Lead Managers, by notice from the Lead Managers to the Company and 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 4, 6 and 7 shall remain in full force and effect or (b) elect to purchase the Securities which the non-defaulting Selling Shareholders have agreed to sell hereunder. No action taken pursuant to this Section 11 shall relieve the Selling Shareholders so defaulting from liability, if any, in respect of such default. In the event of a default by any of the Selling Shareholders as referred to in this Section 11, each of the Lead Managers and the Company shall have the right to postpone Closing Time or Date of Delivery for a period not exceeding seven days in order to effect any required change in the Registration Statement or Prospectuses or in any other documents or arrangements.
Default by the Selling Shareholders. If a Selling Shareholder shall fail at the Closing Time or a Date of Delivery, as the case may be, to sell and deliver the number of Securities which such Selling Shareholder is obligated to sell hereunder, then the Underwriters may, at the option of the Representatives, by notice from the Representatives to the Company, terminate this Agreement without any liability on the fault of any non-defaulting party except that the provisions of Sections 1, 4, 6, 7, 9, 16, 17 and 18 shall remain in full force and effect. No action taken pursuant to this Section 12 shall relieve a Selling Shareholder so defaulting from liability, if any, in respect of such default. In the event of a default by a Selling Shareholder as referred to in this Section 12, each of the Representatives and the Company shall have the right to postpone the Closing Time or any Date of Delivery, as the case may be, for a period not exceeding seven days in order to effect any required change in the Registration Statement, the General Disclosure Package or the Prospectus or in any other documents or arrangements.
Default by the Selling Shareholders. If the Selling Shareholders shall fail to sell the number of Shares that the Selling Shareholders are obligated to sell, the Representatives may, at their option, by notice to the Company, either (a) require the Company to sell and deliver the number of Shares as to which the Selling Shareholders have defaulted or such lesser number as may be requested by the Representatives, or (b) terminate this Agreement without liability on the part of the Underwriters
Default by the Selling Shareholders. If one or more of the Selling Shareholders shall fail at the Closing Date or the Additional Closing Date to sell and deliver the number of Existing Shares which such Selling Shareholder or Selling Shareholders are obligated to sell hereunder, and the remaining Selling Shareholders do not exercise the right hereby granted to increase, pro rata or otherwise, the number of Existing Shares to be sold by them hereunder so that the total number of Existing Shares to be sold by all non-defaulting Selling Shareholders is as set forth on Schedule II, then the Underwriters may at their option, by written notice to the Company and the non-defaulting Selling Shareholders, either (a) terminate this Agreement as to the Existing Shares without any liability on the part of any Underwriter or, except as provided in Section 9 and Section 14 hereof, any non-defaulting party; provided that this Agreement will not terminate as to the Firm Shares, or (b) elect to purchase the Existing Shares which the non-defaulting Selling Shareholders have agreed to sell hereunder. In the event of a default by any Selling Shareholder as referred to in this Section, either the Underwriters or the Company, or by joint action only, the non-defaulting Selling Shareholders, shall have the right to postpone the Closing Date or the Additional Closing Date for a period not exceeding seven days in order to effect any required changes in the Registration Statement, the Pricing Disclosure Package or the Prospectus or in any other documents or arrangements.
Default by the Selling Shareholders. If any of the Selling Shareholders shall fail at the Closing Time to sell the number of Shares that it is obligated to sell hereunder, then this Agreement shall terminate without any liability on the part of any nondefaulting party; provided, however, that the provisions of Sections 1, 4, 6, 7 and 11 shall remain in full force and effect. No action taken pursuant to this Section shall relieve the Selling Shareholders from liability, if any, in respect of such default.
Default by the Selling Shareholders. If one or more of the Selling Shareholders shall fail or refuse on the Closing Date or an Option Closing Date to sell and deliver the number of Shares that the Selling Shareholder is obligated to sell hereunder, then the Underwriters may, at the option of the Representative, by notice from the Representative to the Company, terminate this Agreement without liability on the fault of any non-defaulting party. In any such case the Representative, the Company or the Selling Shareholders shall have the right to postpone the Closing Date or Option Closing Date but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Time of Sale Prospectus, in the Prospectus and in any other documents or arrangements may be effected. Any action taken under this Section shall not relieve the defaulting Selling Shareholder from liability in respect of any default of the Selling Shareholder under this Agreement.
