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 a Subsequent Closing Date, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Units that it or they have agreed to purchase hereunder on such date, and the aggregate number of Units which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase does not exceed 10% of the aggregate number of the Units to be purchased on such date, the other Underwriters shall be obligated, severally, in the proportions that the number of Firm Units set forth opposite their respective names on Schedule A bears to the aggregate number of Firm Units set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Underwriters with the consent of the non-defaulting Underwriters, to purchase the Units which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. If, on the Closing Date or a Subsequent Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase Units and the aggregate number of Units with respect to which such default occurs exceeds 10% of the aggregate number of Units to be purchased on such date, and arrangements satisfactory to the Underwriters and the Company for the purchase of such Units are not made within 48 hours after such default, this Agreement shall terminate without liability of any party to any other party except that the provisions of Section 4,

Default of One or More of the Several Underwriters. If, on the Closing Date or a Subsequent the applicable Option Closing Date, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Units Shares that it or they have agreed to purchase hereunder on such date, and the aggregate number Representative may make arrangements reasonably satisfactory to the Company for the purchase of Units which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase does not exceed 10% Shares by other persons, including any of the aggregate number of the Units to be purchased on Underwriters, but if no such datearrangements are made by such Closing Date, the other Underwriters shall be obligated, severallyseverally and not jointly, in the proportions that the number of Firm Units Underwritten Shares set forth opposite their respective names on Schedule A I bears to the aggregate number of Firm Units Underwritten Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Underwriters Representative with the consent of the non-defaulting Underwriters, to purchase the Units Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. If, on In any such case either the Representative or the Company shall have the right to postpone the Closing Date or a Subsequent the applicable Option Closing Date, as the case may be, any one or more of but in no event for longer than seven days in order that the Underwriters shall fail or refuse required changes, if any, to purchase Units the Registration Statement and the aggregate number of Units with respect to which such default occurs exceeds 10% of the aggregate number of Units to be purchased on such date, and arrangements satisfactory to the Underwriters and the Company for the purchase of such Units are not made within 48 hours after such default, this Agreement shall terminate without liability of any party to Prospectus or any other party except that the provisions of Section 4,documents or arrangements may be effected.

Default of One or More of the Several Underwriters. If, on the First Closing Date or a Subsequent the Second Closing Date, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Units that it or they have agreed to purchase hereunder on such date, and the aggregate number of Units which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase does not exceed 10% of the aggregate number of the Units to be purchased on such date, the other Underwriters shall be obligated, severally, in the proportions that the number of Firm Units set forth opposite their respective names on Schedule A 1 bears to the aggregate number of Firm Units set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Underwriters Representatives with the consent of the non-defaulting Underwriters, to purchase the Units which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. If, on the First Closing Date or a Subsequent the Second Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase Units and the aggregate number of Units with respect to which such default occurs exceeds 10% of the aggregate number of Units to be purchased on such date, and arrangements satisfactory to the Underwriters and the Company for the purchase of such Units are not made within 48 hours after such default, this Agreement shall terminate without liability of any party to any other party except that the provisions of Section 4,be

Default of One or More of the Several Underwriters. If, on the First Closing Date or a Subsequent the Second Closing Date, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Units Shares that it or they have agreed to purchase hereunder on such date, and the aggregate number of Units Common Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase does not exceed 10% of the aggregate number of the Units Shares to be purchased on such date, the other Underwriters shall be obligated, severally, in the proportions that the number of Firm Units Shares set forth opposite their respective names on Schedule A attached hereto bears to the aggregate number of Firm Units Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Underwriters JMP Securities LLC with the consent of the non-defaulting Underwriters, to purchase the Units Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. If, on the First Closing Date or a Subsequent the Second Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase Units Shares and the aggregate number of Units Shares with respect to which such default occurs exceeds 10% of the aggregate number of Units Shares to be purchased on such date, and arrangements satisfactory to the Underwriters JMP Securities LLC and the Company for the purchase of such Units Shares are not made within 48 forty-eight (48) hours after such default, this Agreement shall terminate without liability of any party to any other party except that the provisions of Section 4,of

Default of One or More of the Several Underwriters. If, on the First Closing Date or a Subsequent the Second Closing Date, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Units Shares that it or they have agreed to purchase hereunder on such date, and the aggregate number of Units Common Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase does not exceed 10% of the aggregate number of the Units Shares to be purchased on such date, the other Underwriters shall be obligated, severally, in the proportions that the number of Firm Units Common Shares set forth opposite their respective names on Schedule A bears to the aggregate number of Firm Units Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Underwriters Representatives with the consent of the non-defaulting Underwriters, to purchase the Units Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. If, on the First Closing Date or a Subsequent the Second Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase Units Shares and the aggregate number of Units Shares with respect to which such default occurs exceeds 10% of the aggregate number of Units Shares to be purchased on such date, and arrangements satisfactory to the Underwriters Representatives and the Company for the purchase of such Units Shares are not made within 48 hours after such default, this Agreement shall terminate without liability of any party to any other party except that the provisions of Section 4,without

Default of One or More of the Several Underwriters. If, on the First Closing Date or a Subsequent the Option Closing Date, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Units that it or they have agreed to purchase hereunder on such date, and the aggregate number of Units which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase does not exceed 10% of the aggregate number of the Units to be purchased on such date, the other Underwriters shall be obligated, severally, in the proportions that the number of Firm Units set forth opposite their respective names on Schedule SCHEDULE A bears to the aggregate number of Firm Units set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Underwriters Representatives with the consent of the non-defaulting Underwriters, to purchase the Units which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. If, on the First Closing Date or a Subsequent the Option Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase Units and the aggregate number of Units with respect to which such default occurs exceeds 10% of the aggregate number of Units to be purchased on such date, and arrangements satisfactory to the Underwriters Representative and the Company for the purchase of such Units are not made within 48 hours after such default, this Agreement shall terminate without liability of any party to any other party except that the provisions of Section 4,6, Section 7 and Section 8 shall at all times be effective and shall survive such 31