Common use of Right of Remaining Underwriters Clause in Contracts

Right of Remaining Underwriters. If any of the Underwriters shall fail to purchase the entire number of shares of Stock and Warrants set opposite its name and such failure to purchase shall not constitute a default by such Underwriter in the performance of its obligations under this Agreement, the remaining Underwriters shall have the right, but shall not be obligated, to take up and pay for (in such proportions as in be agreed upon among them) the entire amount (but not less than all) of the shares of Stock and Warrants which all withdrawing Underwriters agreed but failed to purchase.

Right of Remaining Underwriters. If any of the Underwriters shall fail to purchase the entire number of shares of Stock and Warrants Units set opposite its name and such failure to purchase shall not constitute a default by such Underwriter in the performance of its obligations under this Agreement, the remaining Underwriters shall have the right, but shall not be obligated, to take up and pay for (in such proportions as in may be agreed upon among them) the entire amount (but not less than all) of the shares of Stock and Warrants Units which all withdrawing Underwriters agreed but failed to purchase.