Common use of Default of One or More of the Several Underwriters Clause in Contracts

Default of One or More of the Several Underwriters. If, on the Closing Date or the applicable Option Closing Date, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Shares that it or they have agreed to purchase hereunder on such date, the Representative may make arrangements reasonably satisfactory to the Company for the purchase of such Shares by other persons, including any of the Underwriters, but if no such arrangements are made by such Closing Date, the other Underwriters shall be obligated, severally and not jointly, in the proportions that the number of Underwritten Shares set forth opposite their respective names on Schedule I bears to the aggregate number of Underwritten Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Representative with the consent of the non-defaulting Underwriters, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. In any such case either the Representative or the Company shall have the right to postpone the Closing Date or the applicable Option Closing Date, as the case may be, but in no event for longer than seven days in order that the required changes, if any, to the Registration Statement and the Prospectus or any other documents or arrangements may be effected.

Default of One or More of the Several Underwriters. If, on the First Closing Date or the applicable Option Second Closing Date, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Common Shares that it or they have agreed to purchase hereunder on such date, and the Representative may make arrangements reasonably satisfactory aggregate number of Common Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to the Company for the purchase of such Shares by other persons, including any does not exceed 10% of the Underwriters, but if no aggregate number of the Common Shares to be purchased on such arrangements are made by such Closing Datedate, the other Underwriters shall be obligated, severally and not jointlyseverally, in the proportions that the number of Underwritten Firm Common Shares set forth opposite their respective names on Schedule I A bears to the aggregate number of Underwritten Firm Common Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Representative Representatives with the consent of the non-defaulting Underwriters, to purchase the Common Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. In any such case either If, on the Representative or the Company shall have the right to postpone the First Closing Date or the applicable Option Second Closing Date, as the case may be, but any one or more of the Underwriters shall fail or refuse to purchase Common Shares and As used in no event this Agreement, the term "Underwriter" shall be deemed to include any person substituted for longer than seven days a defaulting Underwriter under this Section . Any action taken under this Section shall not relieve any defaulting Underwriter from liability in order that the required changes, if any, to the Registration Statement and the Prospectus or respect of any other documents or arrangements may be effecteddefault of such Underwriter under this Agreement.

Default of One or More of the Several Underwriters. If, on the First Closing Date or the applicable Option Second Closing Date, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Shares that it or they have agreed to purchase hereunder on such date, and the Representative may make arrangements reasonably satisfactory aggregate number of Common Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to the Company for the purchase of such Shares by other persons, including any does not exceed 10% of the Underwriters, but if no aggregate number of the Shares to be purchased on such arrangements are made by such Closing Datedate, the other Underwriters shall be obligated, severally and not jointlyseverally, in the proportions that the number of Underwritten Firm Common Shares set forth opposite their respective names on Schedule I A bears to the aggregate number of Underwritten Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Representative Representatives with the consent of the non-defaulting Underwriters, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. In any such case either If, on the Representative or the Company shall have the right to postpone the First Closing Date or the applicable Option Second Closing Date, as the case may be, but in no event for longer than seven days in order that any one or more of the required changesUnderwriters shall fail or refuse to purchase Shares and the aggregate number of Shares with respect to which such default occurs exceeds 10% of the aggregate number of Shares to be purchased on such date, if any, and arrangements satisfactory to the Registration Statement Representatives and the Prospectus or any other documents or arrangements may be effected.Company for the purchase of such Shares are not made within 48 hours after such default, this Agreement shall terminate without