Common use of Termination and Settlement Clause in Contracts

Termination and Settlement. Unless earlier terminated by you, this Agreement shall terminate at the close of business on the 30th day after the initial public offering unless extended by you for an additional period or periods not exceeding an aggregate of 30 additional days. You may extend this Agreement for such period or periods and may terminate this Agreement at any time without prior notice. As soon as practicable after any such termination, any Securities held by you for our account or reserved by you for sale to dealers and other persons but not sold and paid for, shall be delivered to us and our net credit or debit balance, taking into account our share of known expenses and charges and any necessary reserve for additional expenses, shall be received from or paid to you. Notwithstanding any settlement under this Agreement, we agree to pay our proportion (based on the number of Securities we agree to purchase from the Company) of the amount of any claim, demand or liability which may be asserted against and discharged by the Underwriters, or any of them, based on the claim that the Underwriters constitute an association, unincorporated business or other separate entity, and also to pay a like proportion of any transfer taxes which may be assessed after such settlement and a like proportion of the expenses incurred by the Underwriters, or any of them, and approved by you in contesting any such claim, demand, liability or tax.

Termination and Settlement. Unless earlier terminated by you, this Agreement shall terminate at the close of business on the 30th day after the initial public offering unless extended by you for an additional period or periods not exceeding an aggregate of 30 additional days. You may extend this Agreement for such period or periods and may terminate this Agreement at any time without prior notice. As soon as practicable after any such termination, any Securities Units held by you for our account or reserved by you for sale to dealers and other persons but not sold and paid for, shall be delivered to us and our net credit or debit balance, taking into account our share of known expenses and charges and any necessary reserve for additional expenses, shall be received from or paid to you. Notwithstanding any settlement under this Agreement, we agree to pay our proportion (based on the number of Securities Units we agree to purchase from the Company) of the amount of any claim, demand or liability which may be asserted against and discharged by the Underwriters, or any of them, based on the claim that the Underwriters constitute an association, unincorporated business or other separate entity, and also to pay a like proportion of any transfer taxes which may be assessed after such settlement and a like proportion of the expenses incurred by the Underwriters, or any of them, and approved by you in contesting any such claim, demand, liability or tax.