DEFAULT IN PURCHASE OF Clause Samples

DEFAULT IN PURCHASE OF. 10% OR LESS OF SHARES. If any Underwriter or Underwriters shall fail or refuse to purchase the number of the Shares agreed by such Underwriter or Underwriters to be purchased hereunder, upon tender of such Shares in accordance with the terms hereof, and the number of the Shares not purchased does not aggregate more than 10% of the total number of the Shares set forth in Schedule I hereto, each non-defaulting Underwriter shall be obligated, severally, in the proportion which the number of Firm Shares set forth opposite its name in Schedule I hereto bears to the aggregate number of Firm Shares set forth opposite the names of all non-defaulting Underwriters or in such other proportion as may otherwise be determined by you, to purchase the Shares which such defaulting Underwriter or Underwriters agreed, but failed or refused, to purchase.