Common use of Default Exceeding 10% of Firm Securities Clause in Contracts

Default Exceeding 10% of Firm Securities. In the event that the default addressed in Section 6(a) relates to more than 10% of the Firm Securities, the Representative may in its discretion arrange for themselves or for another party or parties to purchase such Firm Securities to which such default relates on the terms contained herein. If, within one (1) Business Day after such default relating to more than 10% of the Firm Securities, the Representative do not arrange for the purchase of such Firm Securities, then the Company shall be entitled to a further period of one (1) Business Day within which to procure another party or parties satisfactory to the Representative to purchase said Firm Securities on such terms. In the event that neither the Representative nor the Company arrange for the purchase of the Firm Securities to which a default relates as provided in this Section 6, this Agreement will automatically be terminated by the Representative or the Company without liability on the part of the Company (except as provided in Sections 3(k) and 5 hereof) or the several Underwriters (except as provided in Section 5 hereof); and provided, further, that nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other Underwriters and to the Company for damages occasioned by its default hereunder.

Default Exceeding 10% of Firm Securities. In the event that the default addressed in Section 6(a) 6.1 relates to more than ten percent (10% %) of the number of Firm Securities, the Representative Underwriter may in its discretion arrange for themselves itself or for another party or parties to purchase such Firm Securities to which such default relates on the terms contained herein. If, within one (1) Business Day after such default relating to more than ten percent (10% %) of the number of Firm Securities, the Representative do Underwriter does not arrange for the purchase of such Firm Securities, then the Company shall be entitled to a further period of one (1) Business Day within which to procure another party or parties satisfactory to the Representative Underwriter to purchase said Firm Securities on such terms. In the event that neither the Representative Underwriter nor the Company arrange for the purchase of the Firm Securities to which a default relates as provided in this Section 6, this Agreement will automatically be terminated by the Representative Underwriter or the Company without liability on the part of the Company (except as provided in Sections 3(k) 3.10 and 5 hereof) or the several Underwriters Underwriter (except as provided in Section 5 hereof); and provided, further, that nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other Underwriters and to the Company for damages occasioned by its default hereunder.

Default Exceeding 10% of Firm Securities. In the event that the such default addressed in Section 6(a) relates to more than 10% of the Firm Securities or Option Securities, the Representative you may in its your discretion arrange for themselves yourself or for another party or parties to purchase such Firm Securities or Option Securities to which such default relates on the terms contained herein. If, If within one (1) Business Day business day after such default relating to more than 10% of the Firm Securities, the Representative Securities or Option Securities you do not arrange for the purchase of such Firm Securities or Option Securities, then the Company shall be entitled to a further period of one (1) Business Day business day within which to procure another party or parties satisfactory to the Representative you to purchase said Firm Securities or Option Securities on such terms. In the event that neither the Representative you nor the Company arrange for the purchase of the Firm Securities or Option Securities to which a default relates as provided in this Section 6, this Agreement will automatically may be terminated by the Representative you or the Company without liability on the part of the Company (except as provided in Sections 3(k) Section 3.15 and 5 Section 5.1 hereof) or the several Underwriters (except as provided in Section 5 hereof); and provided, further, that but nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other several Underwriters and to the Company for damages occasioned by its default hereunder.