Common use of Defaulting Purchaser Clause in Contracts

Defaulting Purchaser. (a) If, on the Closing Date, any Purchaser defaults on its obligation to purchase the Notes that it has agreed to purchase hereunder, the non-defaulting Purchasers may in their discretion arrange for the purchase of such Notes by other persons satisfactory to the Company on the terms contained in this Agreement. If, within 36 hours after any such default by any Purchaser, the non-defaulting Purchasers do not arrange for the purchase of such Notes, then the Company shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Purchasers to purchase such Notes on such terms. If other persons become obligated or agree to purchase the Notes of a defaulting Purchaser, either the non-defaulting Purchasers or the Company may postpone the Closing Date for up to five full Business Days in order to effect any changes that in the opinion of counsel for the Company or counsel for the Purchasers may be necessary in any document or arrangement. As used in this Agreement, the term "Purchaser" includes, for all purposes of this Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Article VIII, purchases Notes that a defaulting Purchaser agreed but failed to purchase.

Defaulting Purchaser. (a) If, on the Closing Date, any Purchaser defaults on its obligation to purchase the Notes that it has agreed to purchase hereunder, the non-defaulting Purchasers may in their discretion arrange for the purchase of such Notes by other persons satisfactory to the Company on the terms contained in this Agreement. If, within 36 hours after any such default by any Purchaser, the non-defaulting Purchasers do not arrange for the purchase of such Notes, then the Company shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Purchasers to purchase such Notes on such terms. If other persons become obligated or agree to purchase the Notes of a defaulting Purchaser, either the non-defaulting Purchasers or the Company may postpone the Closing Date for up to five full Business Days in order to effect any changes that in the opinion of counsel for the Company or counsel for the Purchasers may be necessary in any document or arrangement. As used in this Agreement, the term "“Purchaser" ” includes, for all purposes of this Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Article VIII, purchases Notes that a defaulting Purchaser agreed but failed to purchase.