Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 8 contracts
Samples: Underwriting Agreement (ConnectOne Bancorp, Inc.), Underwriting Agreement (Legacy Housing Corp), Underwriting Agreement (NMI Holdings, Inc.)
Increase in Underwriters’ Commitments. If Subject to Sections 6 and 7 hereof, if any Underwriter shall fail, refuse, or default at the Closing Time or on at any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter Underwriter, severally and not jointly, shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 5 contracts
Samples: Underwriting Agreement (Synergy CHC Corp.), Underwriting Agreement (Synergy CHC Corp.), Underwriting Agreement (Synergy CHC Corp.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such terminationnon-defaulting Underwriter. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with the like effect as if such substituted Underwriter had originally been named in this Agreement.
Appears in 5 contracts
Samples: Underwriting Agreement (Resource Asset Investment Trust), Underwriting Agreement (Rait Investment Trust), Underwriting Agreement (Rait Investment Trust)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 5 contracts
Samples: Underwriting Agreement (Quanta Capital Holdings LTD), Underwriting Agreement (Allied Healthcare International Inc), Quanta Capital Holdings LTD
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the rightuse reasonable efforts, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). If, during such 36-hour period, the Representative shall not have made such arrangements, then the Company shall be entitled to a further period of 36 hours within which to make arrangements for another party or parties satisfactory to the Representative to purchase the Defaulted Shares. Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of the total number of Shares to be purchased on such totaldate, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 Section 6 and 9 Section 10 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter underwriter or Underwriters underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 5 contracts
Samples: Underwriting Agreement (OFS Credit Company, Inc.), Staffing Agreement (OFS Credit Company, Inc.), Underwriting Agreement (OFS Credit Company, Inc.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 4 contracts
Samples: Underwriting Agreement (Saul Centers Inc), Underwriting Agreement (Thomas Properties Group Inc), Underwriting Agreement (Website Pros Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 48 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 3648-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party (other than the defaulting Underwriter), except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 4 contracts
Samples: Underwriting Agreement (Ashford Hospitality Trust Inc), Underwriting Agreement (Ashford Hospitality Trust Inc), Underwriting Agreement (Ashford Hospitality Trust Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 Section 7 and 9 Section 11 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 4 contracts
Samples: Letter Agreement (Shimmick Construction Company, Inc.), Underwriting Agreement (ExOne Co), Underwriting Agreement (ExOne Co)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Initial Closing Time or on any at an Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 48 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 3648-hour period, (ia) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears bear to the underwriting obligations of all non-defaulting Underwriters; and (iib) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party (other than the defaulting Underwriter), except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Initial Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 4 contracts
Samples: Underwriting Agreement (CapLease, Inc.), Underwriting Agreement (CapLease, Inc.), Underwriting Agreement (CapLease, Inc.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”"DEFAULTED SHARES"). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 7 and 9 11 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 4 contracts
Samples: Underwriting Agreement (Websidestory Inc), Underwriting Agreement (Websidestory Inc), Websidestory Inc
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative either (A) may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such terminationtermination or (B) make arrangements with the other non-defaulting Underwriters, or other underwriters selected by the Representative and approved by the Company, to take up all, but not less than all, of the Shares to be purchased under this Agreement, including the Defaulted Shares. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 4 contracts
Samples: Underwriting Agreement (Aames Investment Corp), Underwriting Agreement (Aames Investment Corp), Underwriting Agreement (Aames Investment Corp)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares Securities to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 9 hereof), the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Securities which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted SharesSecurities”). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares Securities does not exceed 10% of the total number of Shares Securities to be purchased on such dateat the time of purchase or each additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares Securities which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares Securities agreed to be purchased by all such defaulting Underwriters in such amount or amounts as the defaulting Representative may designate with the consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Securities shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Securities set opposite the names of such non-defaulting Underwriters in Schedule A hereto; and (ii) if the total number of Defaulted Shares Securities exceeds 10% of such totaltotal number of Securities to be purchased at the time of purchase or each additional time of purchase, as the case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Securities, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 3, 5(p), 7, 11 and 9 hereof 12 shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares Securities hereunder on such date unless all of the Shares to be purchased on such date Securities are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Representative shall have the right to postpone the Closing Time time of purchase or each additional time of purchase, as the relevant Option Closing Time case may be, for a period not exceeding five business days seven Business Days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 10 with like effect as if such substituted Underwriter had originally been named in Schedule A hereto.
Appears in 4 contracts
Samples: Underwriting Agreement (Annaly Capital Management Inc), Underwriting Agreement (Annaly Capital Management Inc), Underwriting Agreement (Annaly Capital Management Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 4 contracts
Samples: Underwriting Agreement (Brillian Corp), Underwriting Agreement (Accredited Home Lenders Holding Co), Underwriting Agreement (Integrated Alarm Services Group Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative Credit Suisse shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such dateat the time of purchase or each additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters in such amount or amounts as Credit Suisse may designate with the defaulting consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Shares set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number of Defaulted Shares exceeds 10% of such totaltotal number of Shares to be purchased at the time of purchase or each additional time of purchase, as the Representative case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Shares, Credit Suisse may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 3, 4(p), 5, 9 and 9 hereof 10 shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Credit Suisse with the approval of the Company or selected by the Company with the approval of the RepresentativeCredit Suisse’s approval). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Credit Suisse shall have the right to postpone the Closing Time time of purchase or each additional time of purchase, as the relevant Option Closing Time case may be, for a period not exceeding five business days seven Business Days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with like effect as if such substituted Underwriter had originally been named in Schedule A.
Appears in 4 contracts
Samples: Underwriting Agreement (Annaly Capital Management Inc), Underwriting Agreement (Annaly Capital Management Inc), Underwriting Agreement (Annaly Capital Management Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares Offered Securities to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Offered Securities which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted SharesSecurities”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares Securities does not exceed 10% of the total number of Shares Offered Securities to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares Offered Securities which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares Offered Securities agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares Securities exceeds 10% of the total number of Offered Securities to be purchased on such totaldate, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 6 and 9 10 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares Offered Securities hereunder on such date unless all of the Shares Offered Securities to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five seven business days in order that any necessary changes in the Registration Statement and Prospectus Statement, the Prospectus, the Disclosure Package and other documents may be effected.
Appears in 4 contracts
Samples: Underwriting Agreement (FBR Securitization, Inc.), Underwriting Agreement (First NLC Securitization, Inc.), Underwriting Agreement (FBR Securitization, Inc.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which that such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall be required to take up and pay for (in addition to the number of Shares which that it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement Statement, the Disclosure Package and the Prospectus and other documents may be effected.
Appears in 3 contracts
Samples: Underwriting Agreement (Turning Point Brands, Inc.), Underwriting Agreement (Turning Point Brands, Inc.), Underwriting Agreement (Turning Point Brands, Inc.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, date the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwritersunderwriters satisfactory to the Company, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party non-defaulting Underwriter except as set forth in Section 9 (provided that if such default occurs with respect to the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive Initial Shares after the Closing Time, this Agreement will not terminate as to the Initial Shares or any Option Shares purchased prior to such termination). Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with the like effect as, if such substituted Underwriter had originally been named in this Agreement.
Appears in 3 contracts
Samples: Underwriting Agreement (Anworth Mortgage Asset Corp), Underwriting Agreement (Anworth Mortgage Asset Corp), Underwriting Agreement (Anworth Mortgage Asset Corp)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 48 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 3648-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party (other than the defaulting Underwriter), except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 3 contracts
Samples: Underwriting Agreement (Ashford Hospitality Trust Inc), Underwriting Agreement (Ashford Hospitality Trust Inc), Underwriting Agreement (Ashford Hospitality Trust Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 3 contracts
Samples: Underwriting Agreement (Armstrong Energy, Inc.), Underwriting Agreement (Armstrong Energy, Inc.), Underwriting Agreement (Website Pros Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the rightuse reasonable efforts, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). If, during such 36-hour period, the Representatives shall not have made such arrangements, then the Company shall be entitled to a further period of 36 hours within which to make arrangements for another party or parties satisfactory to you to purchase the Defaulted Shares. Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of the total number of Shares to be purchased on such totaldate, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 Section 6 and 9 Section 10 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter underwriter or Underwriters underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 3 contracts
Samples: Underwriting Agreement (OFS Capital Corp), Underwriting Agreement (OFS Capital Corp), Underwriting Agreement (OFS Capital, LLC)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, date the Representative shall have the right, within 36 48 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-48 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such terminationnon-defaulting Underwriter. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it the Company will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with the like effect as if such substituted Underwriter had originally been named in this Agreement.
Appears in 3 contracts
Samples: Underwriting Agreement (Opinion Research Corp), Underwriting Agreement (Opinion Research Corp), Underwriting Agreement (Opinion Research Corp)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares Offered Securities to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Offered Securities which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted SharesSecurities”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares Securities does not exceed 10% of the total number of Shares Offered Securities to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares Offered Securities which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares Offered Securities agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares Securities exceeds 10% of the total number of Offered Securities to be purchased on such totaldate, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 6 and 9 10 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares Offered Securities hereunder on such date unless all of the Shares Offered Securities to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five seven business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 3 contracts
Samples: Underwriting Agreement (First NLC Securitization, Inc.), Underwriting Agreement (First NLC Securitization, Inc.), FBR Securitization, Inc.
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 9 hereof), the Representative Xxxxxxx Xxxxx shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such dateat the time of purchase or each additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters in such amount or amounts as Xxxxxxx Xxxxx may designate with the defaulting consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Shares set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number of Defaulted Shares exceeds 10% of such totaltotal number of Shares to be purchased at the time of purchase or each additional time of purchase, as the Representative case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Shares, Xxxxxxx Xxxxx may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 3 5(p), 7, 11 and 9 hereof 12 shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Xxxxxxx Xxxxx with the approval of the Company or selected by the Company with the approval of the RepresentativeXxxxxxx Xxxxx). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Xxxxxxx Xxxxx shall have the right to postpone the Closing Time time of purchase or each additional time of purchase, as the relevant Option Closing Time case may be, for a period not exceeding five business days seven Business Days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 10 with like effect as if such substituted Underwriter had originally been named in Schedule A.
Appears in 3 contracts
Samples: Underwriting Agreement (Chimera Investment Corp), Underwriting Agreement (Chimera Investment Corp), Underwriting Agreement (Chimera Investment Corp)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares Securities to be purchased by it under this Agreement on such date, the Representative shall have the rightuse reasonable efforts, within 36 thirty-six (36) hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares aggregate principal amount of Securities which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted SharesSecurities”). If, during such thirty-six (36) hour period, the Representative shall not have made such arrangements, then the Company shall be entitled to a further period of thirty-six (36) hours within which to make arrangements for another party or parties satisfactory to the Representative to purchase the Defaulted Securities. Absent the completion of such arrangements within such thirty-six (36-) hour period, (i) if the total number aggregate principal amount of Defaulted Shares Securities does not exceed 10% of the total number aggregate principal amount of Shares Securities to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares aggregate principal amount which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number aggregate principal amount of Shares Securities agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number aggregate principal amount of Defaulted Shares Securities exceeds 10% of the total aggregate principal amount of Securities to be purchased on such totaldate, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 Section 6 and 9 Section 10 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares Securities hereunder on such date unless all of the Shares Securities to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter underwriter or Underwriters underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five (5) business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 3 contracts
Samples: Underwriting Agreement (OFS Capital Corp), Staffing Agreement (OFS Capital Corp), Underwriting Agreement (OFS Capital Corp)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five (5) business days in order that any necessary changes in the Registration Statement and Final Prospectus and other documents may be effected.
Appears in 3 contracts
Samples: Underwriting Agreement (Horsehead Holding Corp), Underwriting Agreement (Horsehead Holding Corp), Underwriting Agreement (Horsehead Holding Corp)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the First Closing Time Date or on any a Option Closing Time Date in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 48 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 3648-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of the total number of Shares to be purchased on such totaldate, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and Section 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the First Closing Time Date or the relevant Option Closing Time Date for a period not exceeding five seven business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 3 contracts
Samples: Underwriting Agreement (American Financial Realty Trust), Underwriting Agreement (GMH Communities Trust), Underwriting Agreement (American Financial Realty Trust)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, date the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such terminationnon-defaulting Underwriter. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with the like effect as, if such substituted Underwriter had originally been named in this Agreement.
Appears in 3 contracts
Samples: New Century Financial Corp, American Home Mortgage Holdings Inc, American Home Mortgage Holdings Inc
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares Securities to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 9 hereof), the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Securities which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted SharesSecurities”). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares Securities does not exceed 10% of the total number of Shares Securities to be purchased on such dateat the time of purchase or each additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares Securities which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares Securities agreed to be purchased by all such defaulting Underwriters in such amount or amounts as the defaulting Representative may designate with the consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Securities shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Securities set opposite the names of such non-defaulting Underwriters in Schedule A hereto; and (ii) if the total number of Defaulted Shares Securities exceeds 10% of such totaltotal number of Securities to be purchased at the time of purchase or each additional time of purchase, as the case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Securities, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 3, 5(q), 7, 11 and 9 hereof 12 shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares Securities hereunder on such date unless all of the Shares to be purchased on such date Securities are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Representative shall have the right to postpone the Closing Time time of purchase or each additional time of purchase, as the relevant Option Closing Time case may be, for a period not exceeding five business days seven Business Days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 10 with like effect as if such substituted Underwriter had originally been named in Schedule A hereto.
Appears in 3 contracts
Samples: Underwriting Agreement (Annaly Capital Management Inc), Underwriting Agreement (Annaly Capital Management Inc), Underwriting Agreement (Annaly Capital Management Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, date the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such terminationnon-defaulting Underwriter. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with the like effect as if such substituted Underwriter had originally been named in this Agreement.
Appears in 3 contracts
Samples: Underwriting Agreement (Americredit Corp), Warrant Agreement (American Capital Strategies LTD), Underwriting Agreement (Planvista Corp)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares Offered Securities to be purchased by it under this Agreement on such date(other than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 6 hereof), the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Offered Securities which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted SharesSecurities”). Absent the completion of such arrangements within such 36-hour period, (ia) if the total number of Defaulted Shares Securities does not exceed 10% of the total number of Shares Offered Securities to be purchased on such dateat the time of purchase or each additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares Offered Securities agreed to be purchased by all such defaulting Underwriters in such amount or amounts as the defaulting Representatives may designate with the consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Defaulted Securities shall be taken up and paid for by all non-defaulting Underwriters; Underwriters pro rata in proportion to the aggregate number of Firm Securities set opposite the names of such non-defaulting Underwriters in Schedule A; and (iib) if the total number of Defaulted Shares Securities exceeds 10% of such totaltotal number of Offered Securities to be purchased at the time of purchase or each additional time of purchase, as the case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Securities, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 2, 3(n), 4, 8, and 9 hereof shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares Offered Securities hereunder on such date unless all of the Shares to be purchased on such date Offered Securities are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Representatives shall have the right to postpone the Closing Time time of purchase or each additional time of purchase, as the relevant Option Closing Time case may be, for a period not exceeding five business days seven Business Days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 7 with like effect as if such substituted Underwriter had originally been named in Schedule A.
Appears in 3 contracts
Samples: Underwriting Agreement (Two Harbors Investment Corp.), Underwriting Agreement (Two Harbors Investment Corp.), Underwriting Agreement (Two Harbors Investment Corp.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares Capital Securities to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Capital Securities which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”Capital Securities"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares Capital Securities does not exceed 10% of the total number of Shares Capital Securities to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares Capital Securities which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares Capital Securities agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares Capital Securities exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the CompanyCompany and the Trust, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such terminationnon-defaulting Underwriter. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees and the Trust agree with the non-defaulting Underwriters that it will not sell any Shares Capital Securities hereunder on such date unless all of the Shares Capital Securities to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company and the Trust or selected by the Company and/or the Trust with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company Company, the Trust or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with the like effect as, if such substituted Underwriter had originally been named in this Agreement.
Appears in 2 contracts
Samples: Haven Bancorp Inc, Haven Bancorp Inc
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 9 hereof), the Representative Credit Suisse shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such dateat the time of purchase or each additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters in such amount or amounts as Credit Suisse may designate with the defaulting consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Shares set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number of Defaulted Shares exceeds 10% of such totaltotal number of Shares to be purchased at the time of purchase or each additional time of purchase, as the Representative case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Shares, Credit Suisse may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 3 5(p), 7, 11 and 9 hereof 12 shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Credit Suisse with the approval of the Company or selected by the Company with the approval of the RepresentativeCredit Suisse). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Credit Suisse shall have the right to postpone the Closing Time time of purchase or each additional time of purchase, as the relevant Option Closing Time case may be, for a period not exceeding five business days seven Business Days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 10 with like effect as if such substituted Underwriter had originally been named in Schedule A.
Appears in 2 contracts
Samples: Underwriting Agreement (Chimera Investment Corp), Underwriting Agreement (Chimera Investment Corp)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative UBS shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such dateat the time of purchase or the additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters in such amount or amounts as UBS may designate with the defaulting consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Shares set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number of Defaulted Shares exceeds 10% of such totaltotal number of Shares to be purchased at the time of purchase or the additional time of purchase, as the Representative case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five business day period from the date of default for the purchase of such Defaulted Shares, UBS may terminate this Agreement by notice to the Company, without liability of any party to any other party party, except that the provisions of Sections 4(o), 5 and 9 hereof shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative UBS with the approval of the Company or selected by the Company with the approval of the RepresentativeUBS’s approval). If a new Underwriter is, or new Underwriters are are, substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters UBS shall have the right to postpone the Closing Time time of purchase or the relevant Option Closing Time additional time of purchase, as the case may be, for a period not exceeding five business days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any underwriter substituted under this Section 8 with like effect as if such substituted underwriter had originally been named in Schedule A.
Appears in 2 contracts
Samples: Mfa Mortgage (Mfa Mortgage Investments), Underwriting Agreement (Mfa Mortgage Investments)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party other than the defaulting Underwriter to any other party party, except that the provisions of Sections 5 7 and 9 11 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (NetSTREIT Corp.), Underwriting Agreement (Clipper Realty Inc.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 forty eight (48) hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 3648-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party (other than the defaulting Underwriter), except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (Ashford Hospitality Trust Inc), Underwriting Agreement (Ashford Hospitality Trust Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the CompanyCompany and the Forward Purchasers, without liability of any party other than the defaulting Underwriter to any other party party, except that the provisions of Sections 5 6 and 9 10 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company Company, the Forward Purchasers or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (NETSTREIT Corp.), Underwriting Agreement (NETSTREIT Corp.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the CompanyCompany and each Selling Stockholder, without liability of any party to any other party except that the provisions of Sections 5 6 and 9 10 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees and each Selling Stockholder agree with the non-defaulting Underwriters that it they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (Arlington Asset Investment Corp.), Underwriting Agreement (FBR Capital Markets Corp)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares Securities to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase allthe principal amount, but not less than allthe principal amount, of the Shares Securities which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted SharesSecurities”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number principal amount of Defaulted Shares Securities does not exceed 10% of the total number principal amount of Shares Securities to be purchased on such dateat the time of purchase or the additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number principal amount of Shares Securities which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion principal amount of the total number of Shares Securities agreed to be purchased by all such defaulting Underwriters in such amount or amounts as the defaulting Representatives may designate with the consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Securities shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate principal amount of Firm Securities set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number principal amount of Defaulted Shares Securities exceeds 10% of such totaltotal principal amount of Securities to be purchased at the time of purchase or the additional time of purchase, as the case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five business day period from the date of default for the purchase of such Defaulted Securities, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party party, except that the provisions of Sections 4(p), 5 and 9 hereof shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares Securities hereunder on such date unless all of the Shares to be purchased on such date Securities are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives’ approval). If a new Underwriter is, or new Underwriters are are, substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Representatives shall have the right to postpone the Closing Time time of purchase or the relevant Option Closing Time additional time of purchase, as the case may be, for a period not exceeding five business days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any underwriter substituted under this Section 8 with like effect as if such substituted underwriter had originally been named in Schedule A.
Appears in 2 contracts
Samples: Underwriting Agreement (Mfa Financial, Inc.), Underwriting Agreement (Mfa Financial, Inc.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares Securities to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Securities which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted SharesSecurities”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares Securities does not exceed 10% of the total number of Shares Securities to be purchased on such dateat the time of purchase or the additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares Securities which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares Securities agreed to be purchased by all such defaulting Underwriters in such amount or amounts as the defaulting Representatives may designate with the consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Securities shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Securities set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number of Defaulted Shares Securities exceeds 10% of such totaltotal number of Securities to be purchased at the time of purchase or the additional time of purchase, as the case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five business day period from the date of default for the purchase of such Defaulted Securities, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party party, except that the provisions of Sections 4(p), 5 and 9 hereof shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares Securities hereunder on such date unless all of the Shares to be purchased on such date Securities are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives’ approval). If a new Underwriter is, or new Underwriters are are, substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Representatives shall have the right to postpone the Closing Time time of purchase or the relevant Option Closing Time additional time of purchase, as the case may be, for a period not exceeding five business days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any underwriter substituted under this Section 8 with like effect as if such substituted underwriter had originally been named in Schedule A.
Appears in 2 contracts
Samples: Underwriting Agreement (Mfa Financial, Inc.), Underwriting Agreement (Mfa Financial, Inc.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares Securities to be purchased by it under this Agreement on such date, the Representative shall have the rightuse reasonable efforts, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares aggregate principal amount of Securities which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted SharesSecurities”). If, during such 36-hour period, the Representative shall not have made such arrangements, then the Company shall be entitled to a further period of 36 hours within which to make arrangements for another party or parties satisfactory to the Representative to purchase the Defaulted Securities. Absent the completion of such arrangements within such 36-hour period, (i) if the total number aggregate principal amount of Defaulted Shares Securities does not exceed 10% of the total number aggregate principal amount of Shares Securities to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares aggregate principal amount which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number aggregate principal amount of Shares Securities agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number aggregate principal amount of Defaulted Shares Securities exceeds 10% of the total aggregate principal amount of Securities to be purchased on such totaldate, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 Section 6 and 9 Section 10 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares Securities hereunder on such date unless all of the Shares Securities to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter underwriter or Underwriters underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (OFS Capital Corp), Underwriting Agreement (OFS Capital Corp)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 6 and 9 hereof 10 shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Aventine Renewable Energy Holdings Inc, Aventine Renewable Energy Holdings Inc
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares Notes to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Notes which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted SharesNotes”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number aggregate principal amount of Defaulted Shares Notes does not exceed 10% of the total number aggregate principal amount of Shares the Notes to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number principal amount of Shares the Notes which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number aggregate principal amount of Shares the Notes agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number aggregate principal amount of Defaulted Shares Notes exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 6 and 9 10 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares Notes hereunder on such date unless all of the Shares Notes to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (Great Ajax Corp.), Underwriting Agreement (Great Ajax Corp.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such terminationnon-defaulting Underwriter. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected. The term "Underwriter" as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with the like effect as if such substituted Underwriter had originally been named in this Agreement.
Appears in 2 contracts
Samples: America First Mortgage Investments Inc, America First Mortgage Investments Inc
Increase in Underwriters’ Commitments. If any Underwriter Subject to Sections 7 and 8 hereof, if one or more of the Underwriters shall default at the Closing Time or on any Option Closing Time in its their obligation to take up and pay for the Shares to be purchased by it under hereunder at the time of closing or an additional time of closing (otherwise than for a failure of a condition set forth in Section 7 hereof or a reason sufficient to justify the termination of this Agreement on such dateunder the provisions of Section 8 hereof), then the Representative Representatives (excluding any defaulting Representative) shall have use reasonable efforts within the right, within 36 24 hours after such default, default to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall defaulting Underwriters have agreed but failed to take up and pay for (the “Defaulted Shares”). If, during such 24-hour period, the Representatives have not made such arrangements, the Company shall, at its option, be entitled to a 36-hour period within which to make arrangements for another party or parties to purchase all or a portion of the Defaulted Shares. Absent the completion of such arrangements within such the 24-hour period provided above and, if applicable, the 36-hour periodperiod provided above, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each the non-defaulting Underwriter Underwriters shall take up and pay for (in addition to the aggregate number of Shares which it is otherwise they are obligated to purchase on such date pursuant to this AgreementSection 1 hereof) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters as of the time of purchase or additional time of purchase, as applicable. Such Shares shall be taken up and paid for by such non-defaulting Underwriters in such amount or amounts as the non-defaulting Representatives may designate with the consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting Underwriters; and (ii) if Underwriters pro rata in proportion to the total aggregate number of Defaulted Firm Shares exceeds 10% set opposite the names of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. non-defaulting Underwriters in Schedule A. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the non-defaulting Underwriters (or by substituted Underwriters selected by the Representative you with the approval of the Company or selected by the Company with the approval of the Representativeyour approval). If a new Underwriter or Underwriters are substituted by the Underwriters or by the Company for a defaulting Underwriter or Underwriters in accordance with the foregoing provision, the Company or the non-defaulting Underwriters Representatives shall have the right to postpone the Closing Time time of purchase or the relevant Option Closing Time additional time of purchase, as applicable, for a period not exceeding five business days in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 9 with like effect as if such substituted Underwriter had originally been named in Schedule A. If the Defaulted Shares exceed 10% of the total number of Shares which all Underwriters agreed to purchase hereunder at the time of closing or additional time of closing, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the relevant periods provided above for the purchase of all the Defaulted Shares, this Agreement shall terminate without further act or deed and without any liability on the part of the Company to any non-defaulting Underwriter and without any liability on the part of any non-defaulting Underwriter to the Company. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.
Appears in 2 contracts
Samples: Underwriting Agreement (MONROE CAPITAL Corp), Underwriting Agreement (MONROE CAPITAL Corp)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such totaltotal number of Shares to be purchased on such date, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination; provided, however, that nothing herein will relieve a defaulting Underwriter from liability for its default. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (Goldleaf Financial Solutions Inc.), Underwriting Agreement (Goldleaf Financial Solutions Inc.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement Agreement, on such date, date the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such terminationnon-defaulting Underwriter. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with the like effect as, if such substituted Underwriter had originally been named in this Agreement.
Appears in 2 contracts
Samples: Underwriting Agreement (Meadowbrook Insurance Group Inc), Underwriting Agreement (Meadowbrook Insurance Group Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected. The term "Underwriter" as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with the same effect as if such substituted Underwriter had originally been named in this Agreement.
Appears in 2 contracts
Samples: Underwriting Agreement (Customers Bancorp, Inc.), Underwriting Agreement (Customers Bancorp, Inc.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 48 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 3648-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party (other than the defaulting Underwriter), except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (Ashford Hospitality Trust Inc), Ashford Hospitality Trust Inc
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 forty-eight (48) hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36forty-eight (48) hour period, (ia) if the total number of Defaulted Shares does not exceed ten percent (10% %) of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (iib) if the total number of Defaulted Shares exceeds ten percent (10% %) of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five (5) business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (Northstar Realty), Underwriting Agreement (Northstar Realty)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Companyshall terminate, without liability of any party to any other party non-defaulting Underwriter or the Company except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (Midwest Banc Holdings Inc), Underwriting Agreement (Midwest Banc Holdings Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative Xxxxxxx Xxxxx shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such dateat the time of purchase or each additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters in such amount or amounts as Xxxxxxx Xxxxx may designate with the defaulting consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Shares set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number of Defaulted Shares exceeds 10% of such totaltotal number of Shares to be purchased at the time of purchase or each additional time of purchase, as the Representative case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Shares, Xxxxxxx Xxxxx may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 3 4(p), 5, 9 and 9 hereof 10 shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Xxxxxxx Xxxxx with the approval of the Company or selected by the Company with the approval of the RepresentativeXxxxxxx Xxxxx' approval). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Xxxxxxx Xxxxx shall have the right to postpone the Closing Time time of purchase or each additional time of purchase, as the relevant Option Closing Time case may be, for a period not exceeding five business days seven Business Days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with like effect as if such substituted Underwriter had originally been named in Schedule A.
Appears in 2 contracts
Samples: Execution (Annaly Capital Management Inc), Underwriting Agreement (Annaly Capital Management Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares Units to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Units which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted SharesUnits”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares Units does not exceed 10% of the total number of Shares Units to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares Units which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares Units agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares Units exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the CompanyPartnership, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company Partnership agrees with the non-defaulting Underwriters that it will not sell any Shares Units hereunder on such date unless all of the Shares Units to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company Partnership or selected by the Company Partnership with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company Partnership or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (Armstrong Resource Partners, L.P.), Underwriting Agreement (Armstrong Resource Partners, L.P.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative UBS shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such dateat the time of purchase or the additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters in such amount or amounts as UBS may designate with the defaulting consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Shares set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number of Defaulted Shares exceeds 10% of such totaltotal number of Shares to be purchased at the time of purchase or the additional time of purchase, as the Representative case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five business day period from the date of default for the purchase of such Defaulted Shares, UBS may terminate this Agreement by notice to the Company, without liability of any party to any other party party, except that the provisions of Sections 4(m), 5 and 9 hereof shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative UBS with the approval of the Company or selected by the Company with the approval of the RepresentativeUBS’s approval). If a new Underwriter is, or new Underwriters are are, substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters UBS shall have the right to postpone the Closing Time time of purchase or the relevant Option Closing Time additional time of purchase, as the case may be, for a period not exceeding five business days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any underwriter substituted under this Section 8 with like effect as if such substituted underwriter had originally been named in Schedule A.
Appears in 2 contracts
Samples: Underwriting Agreement (Mfa Mortgage Investments), Underwriting Agreement (Mfa Mortgage Investments)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares Securities to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Securities which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted SharesSecurities”). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares Securities does not exceed 10% of the total number of Shares Securities to be purchased on such dateat the time of purchase or each additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares Securities which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares Securities agreed to be purchased by all such defaulting Underwriters in such amount or amounts as the defaulting Representative may designate with the consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Securities shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Securities set opposite the names of such non-defaulting Underwriters in Schedule A hereto; and (ii) if the total number of Defaulted Shares Securities exceeds 10% of such totaltotal number of Securities to be purchased at the time of purchase or each additional time of purchase, as the case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Securities, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 3, 4(p), 5, 9 and 9 hereof 10 shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares Securities hereunder on such date unless all of the Shares to be purchased on such date Securities are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Representative shall have the right to postpone the Closing Time time of purchase or each additional time of purchase, as the relevant Option Closing Time case may be, for a period not exceeding five business days seven Business Days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with like effect as if such substituted Underwriter had originally been named in Schedule A hereto.
Appears in 2 contracts
Samples: Underwriting Agreement (Annaly Capital Management Inc), Underwriting Agreement (Annaly Capital Management Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder at the Closing Time or on such date any Date of Delivery unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (New York Mortgage Trust Inc), New York Mortgage Trust Inc
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears bear to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that (other than the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such terminationdefaulting Underwriter). Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Specialty Underwriters (Specialty Underwriters Alliance, Inc.), Underwriting Agreement (Specialty Underwriters Alliance, Inc.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such terminationnon-defaulting Underwriter. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with the like effect as if such substituted Underwriter had originally been named in this Agreement.
Appears in 2 contracts
Samples: Agreement (Resource Asset Investment Trust), Agreement (Resource Asset Investment Trust)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares Securities to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Securities which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted SharesSecurities”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number amount of Defaulted Shares Securities does not exceed 10% of the total number amount of Shares Securities to be purchased on such dateat the time of purchase or each additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number amount of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares Securities agreed to be purchased by all such defaulting Underwriters in such amount or amounts as the defaulting Representatives may designate with the consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Securities shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate principal amount of Firm Securities set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number amount of Defaulted Shares Securities exceeds 10% of such totaltotal amount of Securities to be purchased at the time of purchase or each additional time of purchase, as the case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five (5) Business Day period from the date of default for the purchase of such Defaulted Securities, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 3, 4(p), 5, 9 and 9 hereof 10 shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares Securities hereunder on such date unless all of the Shares to be purchased on such date Securities are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Representatives shall have the right to postpone the Closing Time time of purchase or each additional time of purchase, as the relevant Option Closing Time case may be, for a period not exceeding five business days seven Business Days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with like effect as if such substituted Underwriter had originally been named in Schedule A hereto.
Appears in 2 contracts
Samples: Underwriting Agreement (Chimera Investment Corp), Underwriting Agreement (Chimera Investment Corp)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative Xxxxxxx Xxxxx shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such dateat the time of purchase or each additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters in such amount or amounts as Xxxxxxx Xxxxx may designate with the defaulting consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Shares set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number of Defaulted Shares exceeds 10% of such totaltotal number of Shares to be purchased at the time of purchase or each additional time of purchase, as the Representative case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Shares, Xxxxxxx Xxxxx may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 3 4(p), 5 and 9 hereof shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Xxxxxxx Xxxxx with the approval of the Company or selected by the Company with the approval of the RepresentativeXxxxxxx Xxxxx' approval). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Xxxxxxx Xxxxx shall have the right to postpone the Closing Time time of purchase or each additional time of purchase, as the relevant Option Closing Time case may be, for a period not exceeding five business days seven Business Days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with like effect as if such substituted Underwriter had originally been named in Schedule A.
Appears in 2 contracts
Samples: Underwriting Agreement (Annaly Mortgage Management Inc), Underwriting Agreement (Annaly Mortgage Management Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus Statement, the Prospectus, the Disclosure Package and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (Pacific DataVision, Inc.), Underwriting Agreement (Pacific DataVision, Inc.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 7 and 9 11 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (Great Ajax Corp.), Underwriting Agreement (Great Ajax Corp.)
Increase in Underwriters’ Commitments. If any Underwriter shall default defaults at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which that it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears bear to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 Section 3 and 9 Section 7 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Offering Statement and Prospectus Offering Circular and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (Prometheum, Inc.), Underwriting Agreement (Prometheum, Inc.)
Increase in Underwriters’ Commitments. If Subject to Sections 6 and 7 hereof, if any Underwriter shall fail, refuse, or default at the Closing Time or on at any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter Underwriter, severally and not jointly, shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and Section 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (Rhodium Enterprises, Inc.), Underwriting Agreement (Telos Corp)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 48 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 3648-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party (other than the defaulting Underwriter), except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five (5) business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (Ashford Hospitality Trust Inc), Underwriting Agreement (Ashford Hospitality Trust Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, date the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such terminationnon-defaulting Underwriter. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with the like effect as, if such substituted Underwriter had originally been named in this Agreement.
Appears in 2 contracts
Samples: Underwriting Agreement (Netcreations Inc), Underwriting Agreement (Kennedy Wilson Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the First Closing Time Date or on any an Option Closing Time Date in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 48 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of the total number of Shares to be purchased on such totaldate, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and Section 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the First Closing Time Date or the relevant Option Closing Time Date for a period not exceeding five seven business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Medical Properties Trust Inc, Medical Properties Trust Inc
Increase in Underwriters’ Commitments. If any Underwriter Subject to Sections 7 and 8 hereof, if one or more of the Underwriters shall default at the Closing Time or on any Option Closing Time in its their obligation to take up and pay for the Shares to be purchased by it under hereunder at the time of closing or an additional time of closing (otherwise than for a failure of a condition set forth in Section 7 hereof or a reason sufficient to justify the termination of this Agreement on such dateunder the provisions of Section 8 hereof), then the Representative Joint Book-Running Managers (excluding any defaulting Joint Book-Running Manager) shall have use reasonable efforts within the right, within 36 24 hours after such default, default to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall defaulting Underwriters have agreed but failed to take up and pay for (the “Defaulted Shares”). If, during such 24-hour period, the Joint Book-Running Managers have not made such arrangements, the Company shall, at its option, be entitled to a 36-hour period within which to make arrangements for another party or parties to purchase all or a portion of the Defaulted Shares. Absent the completion of such arrangements within such the 24-hour period provided above and, if applicable, the 36-hour periodperiod provided above, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each the non-defaulting Underwriter Underwriters shall take up and pay for (in addition to the aggregate number of Shares which it is otherwise they are obligated to purchase on such date pursuant to this AgreementSection 1 hereof) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters as of the time of purchase or additional time of purchase, as applicable. Such Shares shall be taken up and paid for by such non-defaulting Underwriters in such amount or amounts as the non-defaulting Joint Book-Running Managers may designate with the consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting Underwriters; and (ii) if Underwriters pro rata in proportion to the total aggregate number of Defaulted Firm Shares exceeds 10% set opposite the names of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. non-defaulting Underwriters in Schedule I. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the non-defaulting Underwriters (or by substituted Underwriters selected by the Representative you with the approval of the Company or selected by the Company with the approval of the Representativeyour approval). If a new Underwriter or Underwriters are substituted by the Underwriters or by the Company for a defaulting Underwriter or Underwriters in accordance with the foregoing provision, the Company or the non-defaulting Underwriters Joint Book-Running Managers shall have the right to postpone the Closing Time time of purchase or the relevant Option Closing Time additional time of purchase, as applicable, for a period not exceeding five business days in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 9 with like effect as if such substituted Underwriter had originally been named in Schedule I. If the Defaulted Shares exceed 10% of the total number of Shares which all Underwriters agreed to purchase hereunder at the time of closing or additional time of closing, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the relevant periods provided above for the purchase of all the Defaulted Shares, this Agreement shall terminate without further act or deed and without any liability on the part of the Company to any non-defaulting Underwriter and without any liability on the part of any non-defaulting Underwriter to the Company. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.
Appears in 2 contracts
Samples: Underwriting Agreement (MONROE CAPITAL Corp), Underwriting Agreement (MONROE CAPITAL Corp)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative Xxxxxx Xxxxxxx shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such dateat the time of purchase or the additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters in such amount or amounts as Xxxxxx Xxxxxxx may designate with the defaulting consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Shares set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number of Defaulted Shares exceeds 10% of such totaltotal number of Shares to be purchased at the time of purchase or the additional time of purchase, as the Representative case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five business day period from the date of default for the purchase of such Defaulted Shares, Xxxxxx Xxxxxxx may terminate this Agreement by notice to the Company, without liability of any party to any other party party, except that the provisions of Sections 4(o), 5 and 9 hereof shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Xxxxxx Xxxxxxx with the approval of the Company or selected by the Company with the approval of the RepresentativeXxxxxx Xxxxxxx’x approval). If a new Underwriter is, or new Underwriters are are, substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Xxxxxx Xxxxxxx shall have the right to postpone the Closing Time time of purchase or the relevant Option Closing Time additional time of purchase, as the case may be, for a period not exceeding five business days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any underwriter substituted under this Section 8 with like effect as if such substituted underwriter had originally been named in Schedule A.
Appears in 2 contracts
Samples: Underwriting Agreement (Mfa Financial, Inc.), Underwriting Agreement (Mfa Financial, Inc.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative Xxxxxxx Xxxxx shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such dateat the time of purchase or each additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters in such amount or amounts as Xxxxxxx Xxxxx may designate with the defaulting consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Shares set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number of Defaulted Shares exceeds 10% of such totaltotal number of Shares to be purchased at the time of purchase or each additional time of purchase, as the Representative case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Shares, Xxxxxxx Xxxxx may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 3 4(p), 5, 9 and 9 hereof 10 shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Xxxxxxx Xxxxx with the approval of the Company or selected by the Company with the approval of the RepresentativeXxxxxxx Xxxxx’ approval). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Xxxxxxx Xxxxx shall have the right to postpone the Closing Time time of purchase or each additional time of purchase, as the relevant Option Closing Time case may be, for a period not exceeding five business days seven Business Days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with like effect as if such substituted Underwriter had originally been named in Schedule A.
Appears in 2 contracts
Samples: Underwriting Agreement (Annaly Capital Management Inc), Underwriting Agreement (Annaly Capital Management Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares Offered Securities to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Offered Securities which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”"DEFAULTED SECURITIES"). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares Securities does not exceed 10% of the total number of Shares Offered Securities to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares Offered Securities which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares Offered Securities agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares Securities exceeds 10% of the total number of Offered Securities to be purchased on such totaldate, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 6 and 9 10 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares Offered Securities hereunder on such date unless all of the Shares Offered Securities to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five seven business days in order that any necessary changes in the Registration Statement and Prospectus Statement, the Prospectus, the Disclosure Package and other documents may be effected.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Lares Asset Securitization, Inc.), Lares Asset Securitization, Inc.
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 7 and 9 11 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 2 contracts
Samples: Underwriting Agreement (Century Communities, Inc.), Underwriting Agreement (Great Ajax Corp.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the rightuse reasonable efforts, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). If, during such 36-hour period, the Representative shall not have made such 27 arrangements, then the Company shall be entitled to a further period of 36 hours within which to make arrangements for another party or parties satisfactory to the Representative to purchase the Defaulted Shares. Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of the total number of Shares to be purchased on such totaldate, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 Section 6 and 9 Section 10 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter underwriter or Underwriters underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant applicable Option Closing Time for a period not exceeding five 5 business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 1 contract
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any a Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party (other than any defaulting underwriter) to any other party except that the provisions of Sections 5 7 and 9 11 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 1 contract
Samples: Seabright Insurance Holdings Inc
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative UBS Warburg shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such dateat the time of purchase or the additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters in such amount or amounts as UBS Warburg may designate with the defaulting consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Shares set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number of Defaulted Shares exceeds 10% of such totaltotal number of Shares to be purchased at the time of purchase or the additional time of purchase, as the Representative case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Shares, UBS Warburg may terminate this Agreement by notice to the Company, without liability of any party to any other party party, except that the provisions of Sections 4(o), 5 and 9 hereof shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative UBS Warburg with the approval of the Company or selected by the Company with the approval of the RepresentativeUBS Warburg’s approval). If a new Underwriter is, or new Underwriters are are, substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters UBS Warburg shall have the right to postpone the Closing Time time of purchase or the relevant Option Closing Time additional time of purchase, as the case may be, for a period not exceeding five business days Business Days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any underwriter substituted under this Section 8 with like effect as if such substituted underwriter had originally been named in Schedule A.
Appears in 1 contract
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five ten business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 1 contract
Samples: Underwriting Agreement (Asset Capital Corporation, Inc.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares Offered Securities to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 48 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Offered Securities which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”"DEFAULTED SECURITIES"). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares Securities does not exceed 10% of the total number of Shares Offered Securities to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares Offered Securities which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares Offered Securities agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares Securities exceeds 10% of the total number of Offered Securities to be purchased on such totaldate, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 6 and 9 11 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares Offered Securities hereunder on such date unless all of the Shares Offered Securities to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five seven business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 1 contract
Samples: Origen Residential Securities, Inc.
Increase in Underwriters’ Commitments. If any Underwriter Subject to Sections 7 and 8 hereof, if one or more of the Underwriters shall default at the Closing Time or on any Option Closing Time in its their obligation to take up and pay for the Shares Securities to be purchased by it under hereunder at the time of closing or an additional time of closing (otherwise than for a failure of a condition set forth in Section 7 hereof or a reason sufficient to justify the termination of this Agreement on such dateunder the provisions of Section 8 hereof), then the Representative Joint Book-Running Managers (excluding any defaulting Joint Book-Running Manager) shall have use reasonable efforts within the right, within 36 24 hours after such default, default to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Securities which such Underwriter shall defaulting Underwriters have agreed but failed to take up and pay for (the “Defaulted SharesSecurities”). If, during such 24-hour period, the Joint Book-Running Managers have not made such arrangements, the Company shall, at its option, be entitled to a 36-hour period within which to make arrangements for another party or parties to purchase all or a portion of the Defaulted Securities. Absent the completion of such arrangements within such the 24-hour period provided above and, if applicable, the 36-hour periodperiod provided above, (i) if the total number principal amount of Defaulted Shares Securities does not exceed 10% of the total number aggregate principal amount of Shares Securities to be purchased on such date, each the non-defaulting Underwriter Underwriters shall take up and pay for (in addition to the number aggregate principal amount of Shares which it is otherwise Securities they are obligated to purchase on such date pursuant to this AgreementSection 1 hereof) the portion principal amount of the total number of Shares Securities agreed to be purchased by all such defaulting Underwriters as of the time of purchase or additional time of purchase, as applicable. Such Securities shall be taken up and paid for by such non-defaulting Underwriters in such amount or amounts as the non-defaulting Joint Book-Running Managers may designate with the consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Securities shall be taken up and paid for by all non-defaulting Underwriters; and (ii) if Underwriters pro rata in proportion to the total number aggregate principal amount of Defaulted Shares exceeds 10% Initial Securities set opposite the names of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. non-defaulting Underwriters in Schedule I. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares Securities hereunder on such date unless all of the Shares Securities to be purchased on such date are purchased on such date by the non-defaulting Underwriters (or by substituted Underwriters selected by the Representative you with the approval of the Company or selected by the Company with the approval of the Representativeyour approval). If a new Underwriter or Underwriters are substituted by the Underwriters or by the Company for a defaulting Underwriter or Underwriters in accordance with the foregoing provision, the Company or the non-defaulting Underwriters Joint Book-Running Managers shall have the right to postpone the Closing Time time of purchase or the relevant Option Closing Time additional time of purchase, as applicable, for a period not exceeding five business days in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 9 with like effect as if such substituted Underwriter had originally been named in Schedule I. If the Defaulted Securities exceed 10% of the aggregate principal amount of Securities which all Underwriters agreed to purchase hereunder at the time of closing or additional time of closing, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the relevant periods provided above for the purchase of all the Defaulted Securities, this Agreement shall terminate without further act or deed and without any liability on the part of the Company to any non-defaulting Underwriter and without any liability on the part of any non-defaulting Underwriter to the Company. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.
Appears in 1 contract
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation a Date of Delivery to take up and pay for purchase the Shares that it is obligated to be purchased by it purchase (the "Defaulted Shares") under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up be obligated, severally and pay for not jointly, to purchase (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 7 and 9 11 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 1 contract
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares Securities to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Securities which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted SharesSecurities”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares Securities does not exceed 10% of the total number of Shares Securities to be purchased on such dateat the time of purchase or the additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares Securities which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares Securities agreed to be purchased by all such defaulting Underwriters in such amount or amounts as the defaulting Representatives may designate with the consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Securities shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Securities set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number of Defaulted Shares Securities exceeds 10% of such totaltotal number of Securities to be purchased at the time of purchase or the additional time of purchase, as the case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five business day period from the date of default for the purchase of such Defaulted Securities, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party party, except that the provisions of Sections 4(o), 5 and 9 hereof shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares Securities hereunder on such date unless all of the Shares to be purchased on such date Securities are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives’ approval). If a new Underwriter is, or new Underwriters are are, substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Representatives shall have the right to postpone the Closing Time time of purchase or the relevant Option Closing Time additional time of purchase, as the case may be, for a period not exceeding five business days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any underwriter substituted under this Section 8 with like effect as if such substituted underwriter had originally been named in Schedule A.
Appears in 1 contract
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative UBS Securities shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such dateat the time of purchase or the additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters in such amount or amounts as UBS Securities may designate with the defaulting consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Shares set opposite the names of such non-defaulting Underwriters in SCHEDULE A; and (ii) if the total number of Defaulted Shares exceeds 10% of such totaltotal number of Shares to be purchased at the time of purchase or the additional time of purchase, as the Representative case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Shares, UBS Securities may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 4(p), 5 and 9 hereof shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative UBS Securities with the approval of the Company or selected by the Company with the approval of the RepresentativeUBS Securities' approval). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters UBS Securities shall have the right to postpone the Closing Time time of purchase or the relevant Option Closing Time additional time of purchase, as the case may be, for a period not exceeding five business days Business Days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with like effect as if such substituted Underwriter had originally been named in SCHEDULE A.
Appears in 1 contract
Samples: Underwriting Agreement (Annaly Mortgage Management Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 7 and 9 11 hereof shall at all times be effective and shall survive such termination; provided, however, that nothing herein shall relieve a defaulting Underwriter from liability for its default. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 1 contract
Samples: Underwriting Agreement (CastlePoint Holdings, Ltd.)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any the Option Closing Time in its obligation to take up and pay for the Shares Initial Securities or Option Securities, as the case may be, to be purchased by it under this Agreement on such date, the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwritersUnderwriters, to purchase all, but not less than all, of the Shares Initial Securities or Option Securities, as the case may be, which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”Securities"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number or amount of Defaulted Shares Securities does not exceed 10% of the total number or amount of Shares Initial Securities or Option Securities, as the case may be, to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number or amount of Shares Initial Securities or Option Securities, as the case may be, which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number or amount of Shares Initial Securities or Option Securities, as the case may be, agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number or amount of Defaulted Shares Securities exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such terminationnon-defaulting Underwriter. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares Initial Securities or Option Securities, as the case may be, hereunder on such date unless all of the Shares Initial Securities or Option Securities, as the case may be, to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Time, as applicable, for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with the like effect as, if such substituted Underwriter had originally been named in Schedule I to this Agreement.
Appears in 1 contract
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time ------------------------------------- in its obligation under this Agreement to take up and pay for the Shares to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative UBS Warburg shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such dateat the time of purchase or the additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters in such amount or amounts as UBS Warburg may designate with the defaulting consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Shares set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number ---------- of Defaulted Shares exceeds 10% of such totaltotal number of Shares to be purchased at the time of purchase or the additional time of purchase, as the Representative case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Shares, UBS Warburg may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 4(p), 5 and 9 hereof shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative UBS Warburg with the approval of the Company or selected by the Company with the approval of the RepresentativeUBS Warburg's approval). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters UBS Warburg shall have the right to postpone the Closing Time time of purchase or the relevant Option Closing Time additional time of purchase, as the case may be, for a period not exceeding five business days Business Days from the date of substitution in order that any necessary changes in the Registration Statement Statements and Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with like effect as if such substituted Underwriter had originally been named in Schedule A. ----------
Appears in 1 contract
Samples: Thornburg Mortgage Inc
Increase in Underwriters’ Commitments. If any Underwriter shall default ------------------------------------- at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, date the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such terminationnon-defaulting Underwriter. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with the like effect as, if such substituted Underwriter had originally been named in this Agreement.
Appears in 1 contract
Samples: Anworth Mortgage Asset Corp
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on of Purchase, any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, Underwriters shall fail or any other underwriters, refuse to purchase allShares which it or they have agreed to purchase hereunder on such date, but not less than all, and the aggregate number of the Shares which such defaulting Underwriter shall have or Underwriters agreed but failed or refused to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36purchase is not more than one-hour period, (i) if the total number of Defaulted Shares does not exceed 10% tenth of the total aggregate number of Shares to be purchased on such date, each the other Underwriters shall be obligated severally in the proportions that the aggregate number of Shares set forth opposite their respective names in Schedule I bears to the aggregate number of Shares described opposite the names of all such non-defaulting Underwriters, or in such other proportions as the Representative may specify, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; provided that in no event shall take up and pay for (in addition to the number of Shares which it is otherwise obligated that any Underwriter has agreed to purchase on such date pursuant to Section 1 be increased pursuant to this Agreement) the portion Section 8 by an amount in excess of the total one-tenth of such number of Shares without the written consent of such Underwriter. If at the Time of Purchase any Underwriter or Underwriters shall fail or refuse to purchase the Shares which it or they have agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares purchase hereunder on such date unless all date, and the aggregate number of Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Shares to be purchased on such date are purchased date, the Representative may in its discretion arrange for itself or another party or other parties to purchase such Shares on the terms contained in this Agreement. If within 36 hours after such default by any Underwriter the Representative does not arrange for the purchase of such Shares, then the Company shall be entitled to a further period of 36 hours within which to procure another party or other parties satisfactory to the Representative to purchase Shares on such date by terms. In the Underwriters (or by substituted Underwriters selected by event that, within the respective prescribed periods, the Representative with the approval of notifies the Company that it has so arranged for the purchase of such Shares, or selected by the Company with notifies the approval Representative that it has so arranged for the purchase of such Shares, then either the Representative). If a new Underwriter Representative or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time of Purchase, but in no event for a period not exceeding five business days longer than seven days, in order that any necessary changes the required changes, if any, in the Registration Statement and Prospectus and in the Prospectuses or in any other documents or arrangements may be effected. If no such arrangements for the purchase of such Shares are made within the respective prescribed periods, this Agreement (or the obligations of the several Underwriters to Purchase the Option Shares, as the case may be) shall terminate without liability on the part of any non-defaulting Underwriter or the Company. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.
Appears in 1 contract
Samples: Randgold Resources LTD
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwritersunderwriters satisfactory to the Company, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party non-defaulting Underwriter except as set forth in Section 10 (provided that if such default occurs with respect to the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive Initial Shares after the Closing Time, this Agreement will not terminate as to the Initial Shares or any Option Shares purchased prior to such termination). Without relieving any defaulting Underwriter from its obligations hereunder, and without waiving the Company’s right to seek damages from any such defaulting Underwriter, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five seven business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 1 contract
Samples: Underwriting Agreement (American Mortgage Acceptance Co)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 6, 10, 17 and 9 18 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees and the Operating Partnership agree with the non-defaulting Underwriters that it they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 1 contract
Samples: Nordic Realty Trust, Inc.
Increase in Underwriters’ Commitments. If any Underwriter shall default ------------------------------------- at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, date the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwritersunderwriters satisfactory to the Company, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party non-defaulting Underwriter except as set forth in Section 9 (provided that if such default occurs with respect to the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive Initial Shares after the Closing Time, this Agreement will not terminate as to the Initial Shares or any Option Shares purchased prior to such termination). Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with the like effect as, if such substituted Underwriter had originally been named in this Agreement.
Appears in 1 contract
Samples: Anworth Mortgage Asset Corp
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares Securities to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Securities which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted SharesSecurities”). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares Securities does not exceed 10% of the total number of Shares Securities to be purchased on such dateat the time of purchase or each additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares Securities which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares Securities agreed to be purchased by all such defaulting Underwriters in such amount or amounts as the defaulting Representatives may designate with the consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Securities shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Securities set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number of Defaulted Shares Securities exceeds 10% of such totaltotal number of Securities to be purchased at the time of purchase or each additional time of purchase, as the case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Securities, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 3, 4(o), 5, 9 and 9 hereof 10 shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares Securities hereunder on such date unless all of the Shares to be purchased on such date Securities are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives’ approval). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Representatives shall have the right to postpone the Closing Time time of purchase or each additional time of purchase, as the relevant Option Closing Time case may be, for a period not exceeding five business days seven Business Days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with like effect as if such substituted Underwriter had originally been named in Schedule A.
Appears in 1 contract
Samples: Underwriting Agreement (Annaly Capital Management Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares Offered ADSs to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares Offered ADSs which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares Offered ADSs to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares Offered ADSs which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares Offered ADSs agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares Offered ADSs hereunder on such date unless all of the Shares Offered ADSs to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 1 contract
Increase in Underwriters’ Commitments. If any Underwriter Subject to Sections 7 and 8 hereof, if one or more of the Underwriters shall default at the Closing Time or on any Option Closing Time in its their obligation to take up and pay for the Shares to be purchased by it under hereunder at the time of closing or an additional time of closing (otherwise than for a failure of a condition set forth in Section 7 hereof or a reason sufficient to justify the termination of this Agreement on such dateunder the provisions of Section 8 hereof), then the Representative Joint Book-Running Managers (excluding any defaulting Joint Book-Running Manager) shall have use reasonable efforts within the right, within 36 24 hours after such default, default to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall defaulting Underwriters have agreed but failed to take up and pay for (the “Defaulted Shares”). If, during such 24-hour period, the Joint Book-Running Managers have not made such arrangements, the Company shall, at its option, be entitled to a 36-hour period within which to make arrangements for another party or parties to purchase all or a portion of the Defaulted Shares. Absent the completion of such arrangements within such the 24-hour period provided above and, if applicable, the 36-hour periodperiod provided above, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each the non-defaulting Underwriter Underwriters shall take up and pay for (in addition to the aggregate number of Shares which it is otherwise they are obligated to purchase on such date pursuant to this AgreementSection 1 hereof) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters as of the time of purchase or additional time of purchase, as applicable. Such Shares shall be taken up and paid for by such non-defaulting Underwriters in such amount or amounts as the non-defaulting Joint Book-Running Managers may designate with the consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting Underwriters; and (ii) if Underwriters pro rata in proportion to the total aggregate number of Defaulted Firm Shares exceeds 10% set opposite the names of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. non-defaulting Underwriters in Schedule A. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the non-defaulting Underwriters (or by substituted Underwriters selected by the Representative you with the approval of the Company or selected by the Company with the approval of the Representativeyour approval). If a new Underwriter or Underwriters are substituted by the Underwriters or by the Company for a defaulting Underwriter or Underwriters in accordance with the foregoing provision, the Company or the non-defaulting Underwriters Joint Book-Running Managers shall have the right to postpone the Closing Time time of purchase or the relevant Option Closing Time additional time of purchase, as applicable, for a period not exceeding five business days in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 9 with like effect as if such substituted Underwriter had originally been named in Schedule A. If the Defaulted Shares exceed 10% of the total number of Shares which all Underwriters agreed to purchase hereunder at the time of closing or additional time of closing, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the relevant periods provided above for the purchase of all the Defaulted Shares, this Agreement shall terminate without further act or deed and without any liability on the part of the Company to any non-defaulting Underwriter and without any liability on the part of any non-defaulting Underwriter to the Company. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.
Appears in 1 contract
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party non-defaulting Underwriter, except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 1 contract
Samples: One Liberty Properties Inc
Increase in Underwriters’ Commitments. If any Underwriter shall ------------------------------------- default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement Agreement, on such date, date the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of the Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such terminationnon-defaulting Underwriter. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-non- defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery, as the case may be, for a period not exceeding five business days in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 10 with the like effect as if such substituted Underwriter had originally been named in this Agreement.
Appears in 1 contract
Samples: Underwriting Agreement (Friedman Billings Ramsey Group Inc)
Increase in Underwriters’ Commitments. If Subject to Sections 6 and 7, if any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares to be purchased by it under this Agreement on such date(otherwise than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative Lead Manager shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such dateat the time of purchase or the additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters in such amount or amounts as the defaulting Lead Manager may designate with the consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Shares set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number of Defaulted Shares exceeds 10% of such totaltotal number of Shares to be purchased at the time of purchase or the additional time of purchase, as the case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Shares, the Representative Lead Manager may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 4(q), 5 and 9 hereof shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Lead Manager with the approval of the Company or selected by the Company with the approval of the RepresentativeLead Manager's approval). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Lead Manager shall have the right to postpone the Closing Time time of purchase or the relevant Option Closing Time additional time of purchase, as the case may be, for a period not exceeding five business days Business Days from the date of substitution in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with like effect as if such substituted Underwriter had originally been named in Schedule A.
Appears in 1 contract
Samples: Thornburg Mortgage Inc
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, date the Representative shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections Section 5 and Section 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 1 contract
Samples: Underwriting Agreement (Annaly Mortgage Management Inc)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the Representative Underwriters shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Underwriters may terminate this Agreement by notice to the Company, without liability of any party (except a defaulting Underwriter) to any other party and except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Underwriters with the approval of the Company or selected by the Company with the approval of the RepresentativeUnderwriters). No action taken pursuant to this Section shall relieve any defaulting Underwriter from liability in respect of its default. If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 1 contract
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation under this Agreement to take up and pay for the Shares to be purchased by it under this Agreement on such date(other than for reasons sufficient to justify the termination of this Agreement under the provisions of Section 7 hereof), the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”)for. Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such dateat the time of purchase or each additional time of purchase, as the case may be, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by all such defaulting Underwriters in such amount or amounts as the defaulting Representatives may designate with the consent of each Underwriter on such date so designated or, in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of event no such designation is made, such Shares shall be taken up and paid for by all non-defaulting UnderwritersUnderwriters pro rata in proportion to the aggregate number of Firm Shares set opposite the names of such non-defaulting Underwriters in Schedule A; and (ii) if the total number of Defaulted Shares exceeds 10% of such totaltotal number of Shares to be purchased at the time of purchase or each additional time of purchase, as the case may be, and if neither the non-defaulting Underwriters nor the Company shall make arrangements within the five Business Day period from the date of default for the purchase of such Defaulted Shares, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 3, 4(o), 5, 9, and 9 hereof 10 shall at all times be effective and shall survive such termination. Nothing in this paragraph, and no action taken hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter or Underwriters in accordance with the foregoing provisionprovisions, the Company or the non-defaulting Underwriters Representatives shall have the right to postpone the Closing Time time of purchase or each additional time of purchase, as the relevant Option Closing Time case may be, for a period not exceeding five business days seven Business Days from the date of substitution in order that any necessary changes in the Registration Statement and the Prospectus and other documents may be effected.. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with like effect as if such substituted Underwriter had originally been named in Schedule A.
Appears in 1 contract
Samples: Underwriting Agreement (Two Harbors Investment Corp.)
Increase in Underwriters’ Commitments. If any Underwriter shall or Underwriters default at in their obligations to purchase Securities hereunder on the Closing Time Date (otherwise than for a failure of a condition set forth in Section 7 hereof or on any Option Closing Time in its obligation a reason sufficient to take up and pay for justify the Shares to be purchased by it under termination of this Agreement on under the provisions of Section 7(c)), and the aggregate number of shares of Securities that such date, the Representative shall have the right, within 36 hours after such default, to make arrangements for one defaulting Underwriter or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have Underwriters agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares purchase does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to shares of Securities that the number of Shares which it is otherwise Underwriters are obligated to purchase on the Closing Date, the Representatives may make arrangements satisfactory to the Company for the purchase of such date pursuant Securities by other persons, including any of the Underwriters, but if no such arrangements are made by the Closing Date, the non-defaulting Underwriters shall be obligated severally, in proportion to this Agreement) their respective commitments hereunder, to purchase the portion Securities that such defaulting Underwriters agreed but failed to purchase on the Closing Date. If any Underwriter or Underwriters so default and the aggregate number of shares of Securities with respect to which such default or defaults occur exceeds 10% of the total number of Shares agreed shares of Securities that the Underwriters are obligated to be purchased by purchase on the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears Closing Date and arrangements satisfactory to the underwriting obligations of all non-defaulting Underwriters; Representatives and (ii) if the total number of Defaulted Shares exceeds 10% Company for the purchase of such total, the Representative may terminate this Agreement Securities by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive persons are not made within 36 hours after such termination. Without relieving any defaulting Underwriter from its obligations hereunderdefault, the Company agrees with shall be entitled to a further period of 36 hours to make arrangements satisfactory to the non-defaulting Underwriters Representatives for the purchase of such Securities. In the event that, within the respective prescribed period, the Representatives notify the Company that they have arranged for the purchase of such defaulted Securities, or the Company notifies the Representatives that it will not sell any Shares hereunder on has arranged for the purchase of such date unless all of defaulted Securities, the Shares to be purchased on such date are purchased on such date by the Underwriters (Representatives or by substituted Underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date for a period of not exceeding five business days more than seven days, in order that any to effect whatever changes may thereby be made necessary changes in the Registration Statement and Prospectus and Statement, the Disclosure Package or the Prospectus, or in any other documents may be effectedor arrangements. If, after giving effect to any arrangements for the purchase of the defaulted Securities by the Representatives and the Company as provided above, the aggregate principal amount of Securities which remain unpurchased exceeds 10% of the total number of shares of Securities that the Underwriters are obligated to purchase on the Closing date, then this Agreement will terminate without liability on the part of any non-defaulting Underwriter or the Company, except as provided in Section 10. As used in this Agreement, the term ‘‘Underwriter’’ includes any person substituted for an Underwriter under this Section. Nothing herein will relieve a defaulting Underwriter from liability for its default.
Appears in 1 contract
Samples: Underwriting Agreement (Aspen Insurance Holdings LTD)
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time in its obligation to take up and pay for the Shares Securities to be purchased by it under this Agreement on such date, the Representative shall have the rightuse reasonable efforts, within 36 thirty-six (36) hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares aggregate principal amount of Securities which such Underwriter shall have agreed but failed to take up and pay for (the “Defaulted SharesSecurities”). If, during such thirty-six (36) hour period, the Representative shall not have made such arrangements, then the Company shall be entitled to a further period of thirty-six (36) hours within which to make arrangements for another party or parties satisfactory to the Representative to purchase the Defaulted Securities. Absent the completion of such arrangements within such thirty-six (36-) hour period, (i) if the total number aggregate principal amount of Defaulted Shares Securities does not exceed 10% of the total number aggregate principal amount of Shares Securities to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares aggregate principal amount which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number aggregate principal amount of Shares Securities agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; Underwriters; and (ii) if the total number aggregate principal amount of Defaulted Shares Securities exceeds 10% of the total aggregate principal amount of Securities to be purchased on such totaldate, the Representative may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 Section 6 and 9 Section 10 hereof shall at all times be effective and shall survive such termination. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Shares Securities hereunder on such date unless all of the Shares Securities to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters underwriters selected by the Representative with the approval of the Company or selected by the Company with the approval of the Representative). If a new Underwriter underwriter or Underwriters underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five (5) business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected.
Appears in 1 contract
Increase in Underwriters’ Commitments. If any Underwriter shall default at the Closing Time or on any Option Closing Time a Date of Delivery in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, date the Representative Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such Underwriter shall have agreed but failed to take up and pay for (the “"Defaulted Shares”"). Absent the completion of such arrangements within such 36-36 hour period, (i) if the total number of Defaulted Shares does not exceed 10% of the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if the total number of Defaulted Shares exceeds 10% of such total, the Representative Representatives may terminate this Agreement by notice to the Company, without liability of any party to any other party except that the provisions of Sections 5 and 9 hereof shall at all times be effective and shall survive such terminationnon-defaulting Underwriter. Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the non-defaulting Underwriters that it will not sell any Initial Shares hereunder on such date unless all of the Initial Shares to be purchased on such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representative Representatives with the approval of the Company or selected by the Company with the approval of the RepresentativeRepresentatives). If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time Date of Delivery for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and other documents may be effected. The term Underwriter as used in this Agreement shall refer to and include any Underwriter substituted under this Section 8 with the like effect as if such substituted Underwriter had originally been named in this Agreement.
Appears in 1 contract
Samples: Miami Computer Supply Corp