Common use of Payments on Default Clause in Contracts

Payments on Default. If any of the conditions, representations or warranties set forth in Article VIII of this Agreement are not fulfilled in any material respect, or if for any reason the Company fails to comply with the terms of this Agreement in any material respect (other than in connection with a breach of the Agreement by the Underwriter), and if the Underwriter elects to terminate this Agreement pursuant to Article XI hereto, then, in addition to paying the Company's own expenses as provided in Article V hereof, the Company shall reimburse the Underwriter for its actual accountable out-of-pocket expenses.