Common use of Default by the Underwriter Clause in Contracts

Default by the Underwriter. If the Underwriter shall fail at the Closing Time to purchase the Securities which it is obligated to purchase under this Agreement (the "Defaulted Securities"), the Underwriter shall have the right, within 24 hours thereafter, to make arrangements for any other underwriters to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set forth. No action taken pursuant to this Section shall relieve the Underwriter from liability in respect of its default. In the event of any such default which does not result in a termination of this Agreement, either the Underwriter or the Company shall have the right to postpone the Closing Time 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. As used herein, the term "Underwriter" includes any person substituted for an Underwriter under this Section 10.

Default by the Underwriter. If the Underwriter shall fail at the Closing Time or a Date of Delivery to purchase the Securities AMPS which it is obligated to purchase under this Agreement (the "“Defaulted Securities"AMPS”), the Underwriter Representative shall have the right, within 24 hours thereafter, to make arrangements for any other underwriters to purchase all, but not less than all, of the Defaulted Securities AMPS in such amounts as may be agreed upon and upon the terms herein set forth. No action taken pursuant to this Section ; if, however, the Representative shall relieve the Underwriter from liability in respect of its defaultnot have completed such arrangements within such 24-hour period. In the event of any such default which does not result in a termination of this Agreement, Agreement either the Underwriter Representative or the Company Fund shall have the right to postpone the Closing Time 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. As used herein, the term "“Underwriter" ” includes any person substituted for an the Underwriter under this Section 10.

Default by the Underwriter. If the Underwriter shall fail at the Closing Time to purchase the Securities Shares which it is obligated to purchase under this Agreement (the "Defaulted SecuritiesShares"), the Underwriter shall have the right, within 24 hours thereafter, to make arrangements for any other underwriters to purchase all, but not less than all, of the Defaulted Securities Shares in such amounts as may be agreed upon and upon the terms herein set forth. No action taken pursuant to this Section shall relieve the Underwriter from liability in respect of its default. In the event of any such default which does not result in a termination of this Agreement, either the Underwriter or the Company shall have the right to postpone the Closing Time 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. As used herein, the term "Underwriter" includes any person substituted for an Underwriter under this Section 10.

Default by the Underwriter. If the Underwriter shall fail at the Closing Time Date to purchase the Securities Shares which it is obligated to purchase under this Agreement (the "Defaulted SecuritiesShares"), the Underwriter shall have the right, within 24 hours thereafter, to make arrangements for 27 any other underwriters to purchase all, but not less than all, of the Defaulted Securities Shares in such amounts as may be agreed upon and upon the terms herein set forth. No action taken pursuant to this Section shall relieve the Underwriter from liability in respect of its default. In the event of any such default which does not result in a termination of this Agreement, either the Underwriter or the Company shall have the right to postpone the Closing Time 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. As used herein, the term "Underwriter" includes any person substituted for an Underwriter under this Section 10.

Default by the Underwriter. If the Underwriter shall fail at the Closing Time Date to purchase the Securities Shares which it is obligated to purchase under this Agreement (the "Defaulted SecuritiesShares"), the Underwriter shall have the right, within 24 hours thereafter, to make arrangements for any other underwriters to purchase all, but not less than all, of the Defaulted Securities Shares in such amounts as may be agreed upon and upon the terms herein set forth. No action taken pursuant to this Section shall relieve the Underwriter from liability in respect of its default. In the event of any such default which does not result in a termination of this Agreement, either the Underwriter or the Company shall have the right to postpone the Closing Time 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. As used herein, the term "Underwriter" includes any person substituted for an Underwriter under this Section 10.