Common use of Default by the Underwriter Clause in Contracts

Default by the Underwriter. If the Underwriter shall fail at the Closing Time or a Date of Delivery to purchase the Securities which it is obligated to purchase under this Agreement (the “Defaulted Securities”), then this agreement shall terminate without any liability on the part of any non-defaulting party; provided, however, that the provisions of Sections 6 and 7 shall remain in full force and affect. No action taken pursuant to this section shall relieve the Underwriter from liability if any, in respect of such default.

Default by the Underwriter. If the Underwriter shall fail at the Closing Time or a Date of Delivery to purchase the Securities which it is obligated to purchase under this Agreement (the “Defaulted Securities”), then this agreement Agreement shall terminate without any liability on the part of any non-defaulting party; provided, however, that the provisions of Sections 6 and 7 shall remain in full force and affecteffect. No action taken pursuant to this section Section shall relieve the Underwriter from liability liability, if any, in respect of such default.