Common use of Defaults of Underwriters Clause in Contracts

Defaults of Underwriters. If any Underwriter defaults in its obligation to purchase the Notes hereunder on the Closing Date and the aggregate principal amount of the Notes that such defaulting Underwriter agreed but failed to purchase does not exceed 10% of the total principal amount of the Notes, the Representative may make arrangements satisfactory to the Representative and the Company for the purchase of such Notes by other persons, including either of the Underwriters, but if no such arrangements are made by the Closing Date, the nondefaulting Underwriter(s) shall be obligated, in proportion to its respective commitment hereunder, to purchase the Notes that such defaulting Underwriter agreed but failed to purchase. If an Underwriter so defaults and the aggregate principal amount of the Notes with respect to such default exceeds 10% of the total principal amount of the Notes and arrangements satisfactory to the Representative and the Company for the purchase of such Notes by other persons are not made within 24 hours after such default, this Agreement will terminate without liability on the part of the nondefaulting Underwriter or the Company, except as provided in Section 11. Nothing herein will relieve a defaulting Underwriter from liability for its default.

Defaults of Underwriters. If any Underwriter defaults in its obligation to purchase the Notes Certificates hereunder on the Closing Date and the aggregate principal amount of the Notes Securities that such defaulting Underwriter agreed but failed to purchase does not exceed 10% of the total principal amount of the NotesSecurities, the Representative may make arrangements satisfactory to the Representative and the Company for the purchase of such Notes Securities by other persons, including either of the Underwriters, but if no such arrangements are made by the Closing Date, the nondefaulting Underwriter(s) Underwriter shall be obligated, in proportion to its respective commitment hereunder, to purchase the Notes Securities that such defaulting Underwriter agreed but failed to purchase. If an Underwriter so defaults and the aggregate principal amount of the Notes Securities with respect to such default exceeds 10% of the total principal amount of the Notes Securities and arrangements satisfactory to the Representative and the Company for the purchase of such Notes Securities by other persons are not made within 24 hours after such default, this Agreement will terminate without liability on the part of the nondefaulting Underwriter or the Company, except as provided in Section 11. Nothing herein will relieve a defaulting Underwriter from liability for its default.

Defaults of Underwriters. If any Underwriter defaults in its obligation to purchase the Notes Certificates hereunder on the Closing Date and the aggregate principal amount of the Notes Securities that such defaulting Underwriter agreed but failed to purchase does not exceed 10% of the total principal amount of the NotesCertificates, the Representative may make arrangements satisfactory to the Representative and the Company Seller for the purchase of such Notes Securities by other persons, including either of the Underwriters, but if no such arrangements are made by the Closing Date, the nondefaulting Underwriter(s) Underwriter shall be obligated, in proportion to its respective commitment hereunder, to purchase the Notes Securities that such defaulting Underwriter agreed but failed to purchase. If an Underwriter so defaults and the aggregate principal amount of the Notes Securities with respect to such default exceeds 10% of the total principal amount of the Notes Securities and arrangements satisfactory to the Representative and the Company for the purchase of such Notes Securities by other persons are not made within 24 hours after such default, this Agreement will terminate without liability on the part of the nondefaulting Underwriter or the Company, except as provided in Section 11. Nothing herein will relieve a defaulting Underwriter from liability for its default.

Defaults of Underwriters. If any Underwriter defaults in its obligation to purchase the Notes Certificates hereunder on the Closing Date and the aggregate principal amount of the Notes Securities that such defaulting Underwriter agreed but failed to purchase does not exceed 10% of the total principal amount of the NotesSecurities, the Representative may make arrangements satisfactory to the Representative and the Company Seller for the purchase of such Notes Securities by other persons, including either of the Underwriters, but if no such arrangements are made by the Closing Date, the nondefaulting Underwriter(s) Underwriter shall be obligated, in proportion to its respective commitment hereunder, to purchase the Notes Securities that such defaulting Underwriter agreed but failed to purchase. If an Underwriter so defaults and the aggregate principal amount of the Notes Securities with respect to such default exceeds 10% of the total principal amount of the Notes Securities and arrangements satisfactory to the Representative and the Company for the purchase of such Notes Securities by other persons are not made within 24 hours after such default, this Agreement will terminate without liability on the part of the nondefaulting Underwriter or the Company, except as provided in Section 11. Nothing herein will relieve a defaulting Underwriter from liability for its default.