Common use of Underwriter Default Clause in Contracts

Underwriter Default. (a) If any Underwriter shall default in its obligation to purchase the Trust Preferred Securities which it has agreed to purchase hereunder, you may in your discretion arrange for you or another party or other parties to purchase such Trust Preferred Securities on the terms contained herein at the Closing Date or the Option Closing Date. If within thirty six hours after such default by any Underwriter, you do not arrange for the purchase of such Trust Preferred Securities, then the Guarantor shall be entitled to a further period of thirty six hours within which to procure another party or other parties satisfactory to the Representatives to purchase such Trust Preferred Securities on such terms. In the event that, within the respective prescribed periods, you notify the Guarantor that you have so arranged for the purchase of such Trust Preferred Securities, or the Guarantor notifies you that it has so arranged for the purchase of such Trust Preferred Securities, you or the Guarantor shall have the right to postpone the Closing Date or the Option Closing Date, as the case may be, for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus, or in any other documents or arrangements, and the Guarantor agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus that in your opinion may thereby be made necessary. The term “Underwriter” as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to this Agreement with respect to such Trust Preferred Securities.

Underwriter Default. (a) If any Underwriter shall default in its obligation to purchase the Trust Preferred Designated Securities which it has agreed to purchase hereunderunder the Pricing Agreement relating to such Designated Securities, you the Representatives may in your their discretion arrange for you themselves or another party or other parties to purchase such Trust Preferred Designated Securities on the terms contained herein at the Closing Date or the Option Closing Dateherein. If within thirty six 36 hours after such default by any Underwriter, you Underwriter the Representatives do not arrange for the purchase of such Trust Preferred Securities, Designated Securities then the Guarantor Company shall be entitled to a further period of thirty six 36 hours within which to procure another party or other parties reasonably satisfactory to the Representatives to purchase such Trust Preferred Designated Securities on such terms. In the event that, within the respective prescribed periodsperiod, you the Representatives notify the Guarantor Company that you they have so arranged for the purchase of such Trust Preferred Designated Securities, or the Guarantor Company notifies you the Representatives that it has so arranged for the purchase of such Trust Preferred Designated Securities, you the Representatives or the Guarantor Company shall have the right to postpone the Closing Date or the Option Closing Date, as the case may be, Time of Delivery for such Designated Securities for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the ProspectusProspectus as amended or supplemented, or in any other documents or arrangements, and the Guarantor Company agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus that which in your the opinion of the Representatives may thereby be made necessary. The term “Underwriter” as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to this the Pricing Agreement with respect to such Trust Preferred Designated Securities.

Underwriter Default. (a) If any Underwriter shall default in its obligation to purchase the Trust Preferred Firm Designated Securities or Optional Securities which it has agreed to purchase hereunderunder the Pricing Agreement relating to such Designated Securities, you the Representatives may in your their discretion arrange for you themselves or another party or other parties to purchase such Trust Preferred Designated Securities on the terms contained herein at the Closing Date or the Option Closing Dateherein. If within thirty six 36 hours after such default by any Underwriter, you Underwriter the Representatives do not arrange for the purchase of such Trust Preferred Firm Designated Securities or Optional Securities, as the case may be, then the Guarantor Company shall be entitled to a further period of thirty six 36 hours within which to procure another party or other parties reasonably satisfactory to the Representatives to purchase such Trust Preferred Designated Securities on such terms. In the event that, within the respective prescribed periodsperiod, you the Representatives notify the Guarantor Company that you they have so arranged for the purchase of such Trust Preferred Designated Securities, or the Guarantor Company notifies you the Representatives that it has so arranged for the purchase of such Trust Preferred Designated Securities, you the Representatives or the Guarantor Company shall have the right to postpone the Closing Date or the Option Closing Date, as the case may be, Time of Delivery for such Designated Securities for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the ProspectusProspectus as amended or supplemented, or in any other documents or arrangements, and the Guarantor Company agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus that which in your the opinion of the Representatives may thereby be made necessary. The term “Underwriter” as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to this the Pricing Agreement with respect to such Trust Preferred Designated Securities.

Underwriter Default. (a) If any Underwriter shall default in its obligation to purchase the Trust Preferred Securities which it has agreed to purchase hereunder, you may in your discretion arrange for you or another party or other parties to purchase such Trust Preferred Securities on the terms contained herein at the Closing Date or the Option Closing Dateherein. If within thirty six hours after such default by any Underwriter, Underwriter you do not arrange for the purchase of such Trust Preferred Securities, then the Guarantor shall be entitled to a further period of thirty six hours within which to procure another party or other parties satisfactory to the Representatives you to purchase such Trust Preferred Securities on such terms. In the event that, within the respective prescribed periods, you notify the Guarantor that you have so arranged for the purchase of such Trust Preferred Securities, or the Guarantor notifies you that it has so arranged for the purchase of such Trust Preferred Securities, you or the Guarantor shall have the right to postpone the Closing Date or the Option Closing Date, as the case may be, for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus, or in any other documents or arrangements, and the Guarantor agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus that in your opinion may thereby be made necessary. The term “Underwriter” as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to this Agreement with respect to such Trust Preferred Securities.

Underwriter Default. (a) If any Underwriter shall default in its obligation to purchase the Trust Preferred Securities which it has agreed to purchase hereunder, you may in your discretion arrange for you or another party or other parties to purchase such Trust Preferred Securities on the terms contained herein at the Closing Date or the Option Closing Dateherein. If within thirty thirty-six hours after such default by any Underwriter, you do not arrange for the purchase of such Trust Preferred Securities, then the Guarantor shall be entitled to a further period of thirty thirty-six hours within which to procure another party or other parties satisfactory to the Representatives Representative to purchase such Trust Preferred Securities on such terms. In the event that, within the respective prescribed periods, you notify the Guarantor that you have so arranged for the purchase of such Trust Preferred Securities, or the Guarantor notifies you that it has so arranged for the purchase of such Trust Preferred Securities, you or the Guarantor shall have the right to postpone the Closing Date or the Option Closing Date, as the case may be, for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus, or in any other documents or arrangements, and the Guarantor agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus that in your opinion may thereby be made necessary. The term “Underwriter” as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to this Agreement with respect to such Trust Preferred Securities.