Common use of Default of Purchasers Clause in Contracts

Default of Purchasers. If any Purchaser or Purchasers default in their obligations to purchase Securities hereunder and the aggregate principal amount of Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchase in the aggregate does not exceed 10% of the total principal amount of Offered Securities, CSFB may make arrangements satisfactory to the Company for the purchase of such Offered Securities by other persons, including any of the Purchasers, but if no such arrangements are made by the Closing Date, the non-defaulting Purchasers shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Securities that such defaulting Purchaser or Purchasers agreed but failed to purchase. If any Purchaser or Purchasers so default and the aggregate principal amount of Offered Securities with respect to which such default or defaults occur exceeds in the aggregate 10% of the total principal amount of Offered Securities and arrangements satisfactory to CSFB and the Company for the purchase of such Offered Securities by other persons are not made within 36 hours after such default or defaults, this Agreement will terminate without liability on the part of any non-defaulting Purchaser, the Company or any Guarantors, except as provided in Section 9. As used in this Agreement, the term “Purchaser” includes any person substituted for a Purchaser under this Section 8. Nothing herein will relieve a defaulting Purchaser from liability for its default.

Default of Purchasers. If any Purchaser or Purchasers default in their obligations to purchase Offered Securities hereunder on the Closing Date and the aggregate principal amount of Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchase in the aggregate does not exceed 10% of the total aggregate principal amount of Offered SecuritiesSecurities that the Purchasers are obligated to purchase on the Closing Date, CSFB the Representative may make arrangements satisfactory to the Company for the purchase of such Offered Securities by other persons, including any of the Purchasers, but if no such arrangements are made by the Closing Date, the non-defaulting Purchasers shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchasepurchase on the Closing Date. If any Purchaser or Purchasers so default and the aggregate principal amount of Offered Securities with respect to which such default or defaults occur exceeds in the aggregate 10% of the total aggregate principal amount of Offered Securities that the Purchasers are obligated to purchase on the Closing Date and arrangements satisfactory to CSFB the Representative and the Company for the purchase of such Offered Securities by other persons are not made within 36 hours after such default or defaultsdefault, this Agreement will terminate without liability on the part of any non-defaulting Purchaser, Purchaser or the Company or any GuarantorsCompany, except as provided in Section 910. As used in this Agreement, the term “Purchaser” includes any person substituted for a Purchaser under this Section 8Section. Nothing herein will relieve a defaulting Purchaser from liability for its default.

Default of Purchasers. If any Purchaser or Purchasers default in their obligations to purchase Offered Securities hereunder on the Closing Date and the aggregate principal amount of Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchase in the aggregate does not exceed 10% of the total principal amount of Offered SecuritiesSecurities that the Purchasers are obligated to purchase on such Closing Date, CSFB may make arrangements satisfactory to the Company for the purchase of such Offered Securities by other persons, including any of the Purchasers, but if no such arrangements are made by the such Closing Date, the non-defaulting Purchasers shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchasepurchase on such Closing Date. If any Purchaser or Purchasers so default and the aggregate principal amount of Offered Securities with respect to which such default or defaults occur exceeds in the aggregate 10% of the total principal amount of Offered Securities that the Purchasers are obligated to purchase on such Closing Date and arrangements satisfactory to CSFB and the Company for the purchase of such Offered Securities by other persons are not made within 36 hours after such default or defaultsdefault, this Agreement will terminate without liability on the part of any non-defaulting Purchaser, Purchaser or the Company or any GuarantorsCompany, except as provided in Section 9. As used in this Agreement, the term “Purchaser” includes any person substituted for a Purchaser under this Section 8Section. Nothing herein will relieve a defaulting Purchaser from liability for its default.

Default of Purchasers. If any Purchaser or Purchasers default in their obligations to purchase Securities hereunder on the Closing Date and the aggregate principal amount of the Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchase in the aggregate does not exceed 10% of the total principal amount of the Offered SecuritiesSecurities that the Purchasers are obligated to purchase on the Closing Date, CSFB Credit Suisse may make arrangements satisfactory to the Company for the purchase of such Offered Securities by other persons, including any of the Purchasers, but if no such arrangements are made by the Closing Date, the non-defaulting Purchasers shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Securities that such defaulting Purchaser or Purchasers agreed but failed to purchasepurchase on the Closing Date. If any Purchaser or Purchasers so default and the aggregate principal amount of the Offered Securities with respect to which such default or defaults occur exceeds in the aggregate 10% of the total principal amount of the Offered Securities that the Purchasers are obligated to purchase on the Closing Date and arrangements satisfactory to CSFB Credit Suisse and the Company for the purchase of such Offered Securities by other persons are not made within 36 hours after such default or defaultsdefault, this Agreement will terminate without liability on the part of any non-defaulting Purchaser, Purchaser or the Company or any GuarantorsCompany, except as provided in Section 9. As used in this Agreement, the term “Purchaser” includes any person substituted for a Purchaser under this Section 8Section. Nothing herein will relieve a defaulting Purchaser from liability for its default.

Default of Purchasers. If any Purchaser or Purchasers default in their obligations to purchase Securities hereunder and the aggregate principal amount of the Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchase in the aggregate does not exceed 10% of the total principal amount of the Offered Securities, CSFB the Representatives may make arrangements satisfactory to the Company for the purchase of such Offered Securities by other personspersons (provided that such persons shall not cause the offer, sale or issuance of the Offered Securities to require registration under the Securities Act, other than pursuant to the Registration Rights Agreement, or make the exemptions provided by Rule 144A and/or Regulation S unavailable for the offer, sale and issuance of the Offered Securities), including any of the Purchasers, but if no such arrangements are made by the Closing Date, the non-defaulting Purchasers shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchase. If any Purchaser or Purchasers so default and the aggregate principal amount of the Offered Securities with respect to which such default or defaults occur exceeds in the aggregate 10% of the total principal amount of the Offered Securities and arrangements satisfactory to CSFB the Representatives and the Company for the purchase of such Offered Securities by other persons are not made within 36 hours after such default or defaults, this Agreement will terminate without liability on the part of any non-defaulting Purchaser, the Company or any Guarantors, except as provided in Section 9. As used in this Agreement, the term “Purchaser” includes any person substituted for a Purchaser under this Section 8. Nothing herein will relieve a defaulting Purchaser from liability for its default.within

Default of Purchasers. If any Purchaser or Purchasers default default(s) in its or their obligations to purchase Offered Securities hereunder on the Closing Date and the aggregate principal amount of Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchase in the aggregate does not exceed 10% of the total aggregate principal amount of Offered SecuritiesSecurities that the Purchasers are obligated to purchase on the Closing Date, CSFB the Representatives may make arrangements satisfactory to the Company for the purchase of such Offered Securities by other persons, including any of the Purchasers, but if no such arrangements are made by the Closing Date, the non-defaulting Purchasers shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchasepurchase on the Closing Date. If any Purchaser or Purchasers so default default(s) and the aggregate principal amount of Offered Securities with respect to which such default or defaults occur exceeds in the aggregate 10% of the total aggregate principal amount of Offered Securities that the Purchasers are obligated to purchase on the Closing Date and arrangements satisfactory to CSFB the Representatives and the Company and Hovnanian for the purchase of such Offered Securities by other persons are not made within 36 48 hours after such default or defaultsdefault, this Agreement will terminate without liability on the part of any non-defaulting Purchaser, Purchaser or the Company or any GuarantorsHovnanian, except as provided in Section 910. As used in this Agreement, the term “Purchaser” includes any person substituted for a Purchaser under this Section 8Section. Nothing herein will relieve a defaulting Purchaser from liability for its default.

Default of Purchasers. If any Purchaser or Purchasers default default(s) in its or their obligations to purchase Offered Securities hereunder on the Closing Date and the aggregate principal amount of Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchase in the aggregate does not exceed 10% of the total aggregate principal amount of Offered SecuritiesSecurities that the Purchasers are obligated to purchase on the Closing Date, CSFB the Representatives may make arrangements satisfactory to the Company for the purchase of such Offered Securities by other persons, including any of the Purchasers, but if no such arrangements are made by the Closing Date, the non-defaulting Purchasers shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchasepurchase on the Closing Date. If any Purchaser or Purchasers so default default(s) and the aggregate principal amount of Offered Securities with respect to which such default or defaults occur exceeds in the aggregate 10% of the total aggregate principal amount of Offered Securities that the Purchasers are obligated to purchase on the Closing Date and arrangements satisfactory to CSFB the Representatives and the Company and Hovnanian for the purchase of such Offered Securities by other persons are not made within 36 48 hours after such default or defaultsdefault, this Agreement will terminate without liability on the part of any non-defaulting Purchaser, Purchaser or the Company or any GuarantorsHovnanian, except as provided in Section 910. As used in this Agreement, the term “Purchaser” includes any person substituted for a Purchaser under this Section 8. Nothing herein will relieve a defaulting Purchaser from liability for its default.term

Default of Purchasers. If any Purchaser or Purchasers default in their obligations to purchase Offered Securities hereunder and the aggregate principal amount of Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchase in the aggregate does not exceed 10% of the total principal amount of Offered SecuritiesSecurities that the Purchasers are obligated to purchase on such Closing Date, CSFB Credit Suisse may make arrangements satisfactory to each of the Company Company, Deutsche Bank Securities Inc., and X.X. Xxxxxx Securities Inc. for the purchase of such Offered Securities by other persons, including any of the Purchasers, but if no such arrangements are made by the such Closing Date, the non-defaulting Purchasers shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchasepurchase on such Closing Date. If any Purchaser or Purchasers so default and the aggregate principal amount of Offered Securities with respect to which such default or defaults occur exceeds in the aggregate 10% of the total principal amount of Offered Securities that the Purchasers are obligated to purchase on such Closing Date and arrangements satisfactory to CSFB Credit Suisse and the Company Company, Deutsche Bank Securities Inc., and X.X. Xxxxxx Securities Inc. for the purchase of such Offered Securities by other persons are not made within 36 hours after such default or defaultsdefault, this Agreement will terminate without liability on the part of any non-defaulting Purchaser, Purchaser or the Company or any GuarantorsCompany, except as provided in Section 910. As used in this Agreement, the term “Purchaser” includes any person substituted for a Purchaser under this Section 8Section. Nothing herein will relieve a defaulting Purchaser from liability for its default.

Default of Purchasers. If any Purchaser or Purchasers default in their obligations to purchase Offered Securities hereunder on either the First Closing Date or any Optional Closing Date and the aggregate principal amount number of Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchase in the aggregate does not exceed 10% of the total principal amount number of Offered SecuritiesSecurities that the Purchasers are obligated to purchase on such Closing Date, CSFB the Representatives may make arrangements satisfactory to the Company for the purchase of such Offered Securities by other persons, including any of the Purchasers, but if no such arrangements are made by the such Closing Date, the non-defaulting Purchasers shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchasepurchase on such Closing Date. If any Purchaser or Purchasers so default and the aggregate principal amount number of Offered Securities with respect to which such default or defaults occur exceeds in the aggregate 10% of the total principal amount number of shares of Offered Securities that the Purchasers are obligated to purchase on such Closing Date and arrangements satisfactory to CSFB the Representatives and the Company for the purchase of such Offered Securities by other persons are not made within 36 hours after such default or defaultsdefault, this Agreement will terminate without liability on the part of any non-defaulting Purchaser, Purchaser or the Company or any GuarantorsCompany, except as provided in Section 910 (provided that if such default occurs with respect to Optional Securities after the First Closing Date, this Agreement shall not terminate as to the Firm Securities or any Optional Securities purchased prior to such termination). As used in this Agreement, the term “Purchaser” includes any person substituted for a Purchaser under this Section 8Section. Nothing herein will relieve a defaulting Purchaser from liability for its default.

Default of Purchasers. If any Purchaser or Purchasers default in their obligations to purchase Offered Securities hereunder on either the First or any Optional Closing Date and the aggregate principal amount of Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchase in the aggregate does not exceed 10% of the total principal amount of Offered SecuritiesSecurities that the Purchasers are obligated to purchase on such Closing Date, CSFB the Representatives may make arrangements satisfactory to the Company for the purchase of such Offered Securities by other persons, including any of the Purchasers, but if no such arrangements are made by the such Closing Date, the non-defaulting Purchasers shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchasepurchase on such Closing Date. If any Purchaser or Purchasers so default and the aggregate principal amount of Offered Securities with respect to which such default or defaults occur exceeds in the aggregate 10% of the total principal amount of Offered Securities that the Purchasers are obligated to purchase on such Closing Date and arrangements satisfactory to CSFB the Representatives and the Company for the purchase of such Offered Securities by other persons are not made within 36 hours after such default or defaultsdefault, this Agreement will terminate without liability on the part of any non-defaulting Purchaser, Purchaser or the Company or any GuarantorsCompany, except as provided in Section 910 (provided that, if such default occurs with respect to Optional Securities after the First Closing Date, this Agreement will not terminate as to the Firm Securities or any Optional Securities purchased prior to such termination). As used in this Agreement, the term “Purchaser” includes any person substituted for a Purchaser under this Section 8Section. Nothing herein will relieve a defaulting Purchaser from liability for its default.