Common use of Defaulting Initial Purchasers Clause in Contracts

Defaulting Initial Purchasers. If, on the Closing Date, any Initial Purchaser defaults in the performance of its obligations under this Agreement, the remaining non-defaulting Initial Purchasers shall be obligated to purchase the Notes that the defaulting Initial Purchaser agreed but failed to purchase on the Closing Date in the respective proportions that the number of Notes set opposite the name of each remaining non-defaulting Initial Purchaser in Schedule I hereto bears to the total number of Notes set opposite the names of all the remaining non-defaulting Initial Purchasers in Schedule I hereto; provided, however, that the remaining non-defaulting Initial Purchasers shall not be obligated to purchase any of the Notes on the Closing Date if the aggregate principal amount of Notes that the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase on such date exceeds 9.09% of the aggregate principal amount of Notes to be purchased on the Closing Date, and any remaining non-defaulting Initial Purchasers shall not be obligated to purchase more than 110% of the aggregate principal amount of Notes that it agreed to purchase on the Closing Date pursuant to the terms of

Defaulting Initial Purchasers. If, on the Closing applicable Delivery Date, any Initial Purchaser defaults in the performance of its obligations under this Agreement, the remaining non-defaulting Initial Purchasers Purchaser shall be obligated to purchase the Notes that principal amount of Firm Securities which the defaulting Initial Purchaser agreed but failed to purchase on the Closing Date in the respective proportions that the number of Notes set opposite the name of each remaining non-defaulting Initial Purchaser in Schedule I hereto bears to the total number of Notes set opposite the names of all the remaining non-defaulting Initial Purchasers in Schedule I heretosuch Delivery Date; provided, however, that the remaining non-defaulting Initial Purchasers Purchaser shall not be obligated to purchase any of the Notes Firm Securities on the Closing such Delivery Date if the aggregate principal amount of Notes that Firm Securities which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase on such date exceeds 9.09% of the aggregate principal amount of Notes Firm Securities to be purchased on the Closing such Delivery Date, and any remaining non-defaulting Initial Purchasers Purchaser shall not be obligated to purchase more than 110% of the aggregate principal amount of Notes that Firm Securities which it agreed to purchase on the Closing such Delivery Date pursuant to the terms ofof Section 2. If the foregoing maximums are exceeded, you shall have the right, within 48 hours thereafter, to make arrangements with the non-defaulting Initial Purchaser, or those other purchasers satisfactory to the non-defaulting Initial Purchaser who so agree, to purchase, in such proportion as may be agreed upon among them, the aggregate principal amount of Firm Securities to be purchased on such Delivery Date. The remaining Initial Purchaser shall have the option, but not the

Defaulting Initial Purchasers. If, on the Closing Date, any Initial Purchaser defaults in the performance of its obligations under this Agreement, the remaining non-defaulting Initial Purchasers shall be obligated to purchase the aggregate principal amount of Initial Notes that which the defaulting Initial Purchaser agreed but failed to purchase on the Closing Date in the respective proportions that which the number total aggregate principal amount of Initial Notes set opposite the name of each remaining non-defaulting Initial Purchaser in Schedule I 1 hereto bears to the total number aggregate principal amount of Notes set opposite the names of all the remaining non-defaulting Initial Purchasers in Schedule I 1 hereto; provided, however, that the remaining non-defaulting Initial Purchasers shall not be obligated to purchase any of the Initial Notes on the Closing Date if the total aggregate principal amount of Initial Notes that which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase on such date exceeds 9.09% of the total aggregate principal amount at maturity of Initial Notes to be purchased on the Closing Date, and any remaining non-defaulting Initial Purchasers Purchaser shall not be obligated to purchase more than 110% of the aggregate principal amount at maturity of Initial Notes that which it agreed to purchase on the Closing Date pursuant to the terms ofof Section 3. If the foregoing maximums are exceeded, the remaining non-defaulting Initial Purchasers, or those 25 25

Defaulting Initial Purchasers. If, on the Closing Delivery Date, any Initial Purchaser defaults in the performance of its obligations under this Agreement, the remaining non-defaulting Initial Purchasers shall be obligated to purchase the principal amount of Notes that which the defaulting Initial Purchaser agreed but failed to purchase on the Closing Delivery Date in the respective proportions that which the number principal amount of Notes set opposite the name of each remaining non-defaulting Initial Purchaser in Schedule I 1 hereto bears to the total number principal amount of Notes set opposite the names of all the remaining non-defaulting Initial Purchasers in Schedule I 1 hereto; provided, however, that the remaining non-defaulting Initial Purchasers shall not be obligated to purchase any of the Notes on the Closing Delivery Date if the aggregate total principal amount of Notes that which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase on such date exceeds 9.09% of the aggregate total principal amount of Notes to be purchased on the Closing Delivery Date, and any remaining non-defaulting Initial Purchasers Underwriter shall not be obligated to purchase more than 110% of the aggregate principal amount of the Notes that which it agreed to purchase on the Closing Delivery Date pursuant to the terms ofof Section 2. If the foregoing maximums are exceeded, the remaining