Common use of Default by the Selling Stockholders Clause in Contracts

Default by the Selling Stockholders. If one or more of the Selling Stockholders shall fail at the First Closing Date to sell and deliver the number of Securities which such Selling Stockholder or Selling Stockholders are obligated to sell hereunder, and the remaining Selling Stockholders do not exercise the right hereby granted to increase, pro rata or otherwise, the number of Securities to be sold by them hereunder to the total number of Securities to be sold by all Selling Stockholders as set forth in Schedule I, then the Representative may at its option, by notice from the Representative to the Company and the non-defaulting Selling Stockholders, either (a) terminate this Agreement without any liability on the part of any Underwriter or, except as provided in Section 4(a)(vii), Section 4(b)(i), Section 4(b)(ii) and Section 6 hereof, any non-defaulting party or (b) elect for the Underwriters to purchase the Securities which the Company and the non-defaulting Selling Stockholders have agreed to sell hereunder. In the event of a default by any Selling Stockholder as referred to in this Section, either the Representative or the Company, or by joint action only, the non-defaulting Selling Stockholders shall have the right to postpone the First Closing Date for a period not exceeding seven days in order to effect any required changes in the Registration Statement, in the Time of Sale Disclosure Package or in the Prospectus or in any other documents or arrangements.

Default by the Selling Stockholders. If one or more of the Selling Stockholders shall fail at the First any Closing Date to sell and deliver the number of Securities which such Selling Stockholder or Selling Stockholders are obligated to sell hereunder, and the remaining Selling Stockholders do not exercise the right hereby granted to increase, pro rata or otherwise, the number of Securities to be sold by them hereunder to the total number of Securities to be sold by all Selling Stockholders as set forth in Schedule I, then the Representative Underwriter may at its option, by notice from the Representative you to the Company and the non-defaulting Selling Stockholders, either (a) terminate this Agreement without any liability on the part of any the Underwriter or, except as provided in Section 4(a)(vii), Section 4(b)(i), Section 4(b)(ii) and Section 6 hereof, any non-defaulting party or (b) elect for the Underwriters Underwriter to purchase the Securities which the Company and the non-defaulting Selling Stockholders have agreed to sell hereunder. In the event of a default by any Selling Stockholder as referred to in this Section, either the Representative Underwriter or the Company, or by joint action only, the non-defaulting Selling Stockholders Stockholders, shall have the right to postpone the First any Closing Date for a period not exceeding seven days in order to effect any required changes in the Registration Statement, in the Time of Sale Disclosure Package or in the Prospectus or in any other documents or arrangements.

Default by the Selling Stockholders. If one or more of the Selling Stockholders shall fail at the First any Closing Date to sell and deliver the number of Securities which any such Selling Stockholder or Selling Stockholders is or are obligated to sell hereunder, and the remaining Selling Stockholders do not exercise the right hereby granted to increase, pro rata or otherwise, the number of Securities to be sold by them hereunder to the total number of Securities to be sold by all Selling Stockholders as set forth in Schedule I, then the Representative Underwriters may at its their option, by notice from the Representative you to the Company and the non-defaulting Selling Stockholders, either (a) terminate this Agreement without any liability on the part of any Underwriter or, except as provided in Section 4(a)(vii), Section 4(b)(i), Section 4(b)(ii) and Section 6 hereof, any non-defaulting party or (b) elect for the Underwriters to purchase the Securities which the Company and the non-defaulting Selling Stockholders have agreed to sell hereunder. In the event of a default by any Selling Stockholder as referred to in this Section, either the Representative or the Company, or by joint action only, the non-defaulting Selling Stockholders Stockholders, shall have the right to postpone the First any Closing Date for a period not exceeding seven days in order to effect any required changes in the Registration Statement, in the Time of Sale Disclosure Package or in the Prospectus or in any other documents or arrangements.

Default by the Selling Stockholders. If one or more of the Selling Stockholders shall fail at the First Closing Date to sell and deliver the number of Securities which such Selling Stockholder or Selling Stockholders are obligated to sell hereunder, and the remaining Selling Stockholders do not exercise the right hereby granted to increase, pro rata or otherwise, the number of Securities to be sold by them hereunder to the total number of Securities to be sold by all Selling Stockholders as set forth in Schedule I, then the Representative Underwriters may at its your option, by notice from the Representative you to the Company and the non-defaulting Selling Stockholders, either (ai) terminate this Agreement without any liability on the part of any Underwriter or, except as provided in Section 4(a)(vii), Section 4(b)(i), Section 4(b)(ii) and Section 6 hereof, any non-defaulting party or (bii) elect for the Underwriters to purchase the Securities which the Company and the non-defaulting Selling Stockholders have agreed to sell hereunder. In the event of a default by any Selling Stockholder as referred to in this Section, either the Representative you or the CompanyCompany or, or by joint action only, the non-defaulting Selling Stockholders shall have the right to postpone the First Closing Date for a period not exceeding seven days in order to effect any required changes in the Registration Statement, in the Time of Sale Disclosure Package or in the Prospectus or in any other documents or arrangements.

Default by the Selling Stockholders. If one or more of the Selling Stockholders shall fail at the First any Closing Date to sell and deliver the number of Securities which such Selling Stockholder or Selling Stockholders are obligated to sell hereunder, and the remaining Selling Stockholders do not exercise the right hereby granted to increase, pro rata or otherwise, the number of Securities to be sold by them hereunder to the total number of Securities to be sold by all Selling Stockholders as set forth in Schedule I, then the Representative Underwriter may at its option, by notice from the Representative you to the Company and the non-defaulting non‑defaulting Selling Stockholders, either (a) terminate this Agreement without any liability on the part of any the Underwriter or, except as provided in Section 4(a)(vii), Section 4(b)(i), Section 4(b)(ii) and Section 6 hereof, any non-defaulting party or (b) elect for the Underwriters Underwriter to purchase the Securities which the Company and the non-defaulting Selling Stockholders have agreed to sell hereunder. In the event of a default by any Selling Stockholder as referred to in this Section, either the Representative Underwriter or the Company, or by joint action only, the non-defaulting Selling Stockholders Stockholders, shall have the right to postpone the First any Closing Date for a period not exceeding seven days in order to effect any required changes in the Registration Statement, in the Time of Sale Disclosure Package or in the Prospectus or in any other documents or arrangements.

Default by the Selling Stockholders. If one or more of the Selling Stockholders shall fail at the First Closing Date to sell and deliver the number of Securities which such Selling Stockholder or Selling Stockholders are obligated to sell hereunder, and the remaining Selling Stockholders do not exercise the right hereby granted to increase, pro rata or otherwise, the number of Securities to be sold by them hereunder to the total number of Securities to be sold by all Selling Stockholders as set forth in Schedule I, then the Representative Underwriters may at its your option, by notice from the Representative you to the Company and the non-defaulting Selling Stockholders, either (ai) terminate this Agreement without any liability on the part of any Underwriter or, except as provided in Section 4(a)(vii), Section 4(b)(i), Section 4(b)(ii) and Section 6 hereof, any non-defaulting party party, or (bii) elect for the Underwriters to purchase the Securities which the Company and the non-defaulting Selling Stockholders have agreed to sell hereunder. In the event of a default by any Selling Stockholder as referred to in this SectionSection 10, either the Representative you or the CompanyCompany or, or by joint action only, the non-defaulting Selling Stockholders shall have the right to postpone the First Closing Date for a period not exceeding seven days in order to effect any required changes in the Registration StatementStatements, in the Time of Sale Disclosure Package or in the Prospectus Prospectuses or in any other documents or arrangements.

Default by the Selling Stockholders. If one or more of the Selling Stockholders shall fail at the First any Closing Date to sell and deliver the number of Securities which such Selling Stockholder or Selling Stockholders are obligated to sell hereunder, and the remaining Selling Stockholders do not exercise the right hereby granted to increase, pro rata or otherwise, the number of Securities to be sold by them hereunder to the total number of Securities to be sold by all Selling Stockholders as set forth in Schedule I, then the Representative Underwriters may at its their option, by notice from the Representative you to the Company and the non-defaulting Selling Stockholders, either (a) terminate this Agreement without any liability on the part of any Underwriter or, except as provided in Section 4(a)(vii), Section 4(b)(i), Section 4(b)(ii) and Section 6 hereof, any non-defaulting party or (b) elect for the Underwriters to purchase the Securities which the Company and the non-defaulting Selling Stockholders have agreed to sell hereunder. In the event of a default by any Selling Stockholder as referred to in this Section, either the Representative Representatives or the Company, or by joint action only, the non-defaulting Selling Stockholders Stockholders, shall have the right to postpone the First any Closing Date for a period not exceeding seven days in order to effect any required changes in the Registration Statement, in the Time of Sale Disclosure Package or in the Prospectus or in any other documents or arrangements.

Default by the Selling Stockholders. (a) If one or more of the any Selling Stockholders Stockholder shall fail at the First Firm Commitment Closing Date to sell and deliver the number of Securities which Shares that such Selling Stockholder or Selling Stockholders are is obligated to sell hereunder, then the Company may sell and deliver such number of Shares to cure such default by such Selling Stockholder. If any Selling Stockholder shall fail at the remaining Selling Stockholders do not exercise the right hereby granted Firm Commitment Closing Date to increase, pro rata or otherwise, sell and deliver the number of Securities Shares that such Selling Stockholder is obligated to be sold by them hereunder to the total number of Securities to be sold by all Selling Stockholders as set forth in Schedule I, then the Representative may at its option, by notice from the Representative to sell and the Company and does not cure such default, the non-defaulting Selling StockholdersUnderwriters may, at the option of the Representative, either (a) terminate this Agreement without any liability on the part fault of any Underwriter or, except as provided in Section 4(a)(vii), Section 4(b)(i), Section 4(b)(ii) and Section 6 hereof, any non-defaulting party except that the provisions of Sections 8 and 10 shall remain in full force and effect or (b) elect for the Underwriters to purchase the Securities Shares which the Company and the non-defaulting Selling Stockholders have agreed to sell hereundersell. No action taken pursuant to this Section 11 shall relieve the Selling Stockholders so defaulting from liability, if any, in respect of such default. (b) In the event of a default by any the Selling Stockholder Stockholders as referred to in this SectionSection 11, either the Representative or the Company, or by joint action only, the non-defaulting Selling Stockholders shall have the right to postpone the First Firm Commitment Closing Date for a period not exceeding seven days in order to effect any required changes change in the Registration Statement, in the Time of Sale Disclosure Package Statement or in the Prospectus or in any other documents or arrangements.

Default by the Selling Stockholders. If one or more of the Selling Stockholders shall fail at the First Closing Date to sell and deliver the number of Securities which such Selling Stockholder or Selling Stockholders are obligated to sell hereunder, and the remaining Selling Stockholders do not exercise the right hereby granted to increase, pro rata or otherwise, the number of Securities to be sold by them hereunder to the total number of Securities to be sold by all Selling Stockholders as set forth in Schedule I, then the Representative Underwriter may at its option, by notice from the Representative you to the Company and the non-defaulting Selling Stockholders, either (ai) terminate this Agreement without any liability on the part of any the Underwriter or, except as provided in Section 4(a)(vii), Section 4(b)(i), Section 4(b)(ii) and Section 6 hereof, any non-defaulting party or (bii) elect for the Underwriters to purchase the Securities which the Company and the non-defaulting Selling Stockholders have agreed to sell hereunder. In the event of a default by any Selling Stockholder as referred to in this Section, either the Representative you or the CompanyCompany or, or by joint action only, the non-defaulting Selling Stockholders shall have the right to postpone the First Closing Date for a period not exceeding seven days in order to effect any required changes in the Registration Statement, in the Time of Sale Disclosure Package or in the Prospectus or in any other documents or arrangements.

Default by the Selling Stockholders. If one or more of the Selling Stockholders shall fail at the First any Closing Date to sell and deliver the number of Securities which such Selling Stockholder or Selling Stockholders are obligated to sell hereunder, and the remaining Selling Stockholders do not exercise the right hereby granted to increase, pro rata or otherwise, the number of Securities to be sold by them hereunder to the total number of Securities to be sold by all Selling Stockholders as set forth in Schedule I, then the Representative Underwriters may at its their option, by notice from the Representative you to the Company and the non-defaulting non‑defaulting Selling Stockholders, either (a) terminate this Agreement without any liability on the part of any Underwriter or, except as provided in Section 4(a)(vii), Section 4(b)(i), Section 4(b)(ii) and Section 6 hereof, any non-defaulting party or (b) elect for the Underwriters to purchase the Securities which the Company and the non-defaulting Selling Stockholders have agreed to sell hereunder. In the event of a default by any Selling Stockholder as referred to in this Section, either the Representative Representatives or the Company, or by joint action only, the non-defaulting Selling Stockholders Stockholders, shall have the right to postpone the First any Closing Date for a period not exceeding seven days in order to effect any required changes in the Registration Statement, in the Time of Sale Disclosure Package or in the Prospectus or in any other documents or arrangements.