Common use of Default by an Initial Purchaser Clause in Contracts

Default by an Initial Purchaser. (a) If any Initial Purchaser shall default in its obligation to purchase Notes hereunder, you may in your discretion arrange for yourself or for another party or parties to purchase such Notes to which such default relates on the terms contained herein. In the event that within five (5) calendar days after such a default you do not arrange for the purchase of the Notes to which such default relates as provided in this Section 8, this Agreement shall thereupon terminate, without liability on the part of the Issuers with respect thereto (except in each case as provided in Section 4, 6(a) and 7 hereof) or the non-defaulting Initial Purchaser, but nothing in this Agreement shall relieve a defaulting Initial Purchaser of its liability, if any, to the other Initial Purchaser and the Issuers for damages occasioned by its or their default hereunder. (b) In the event that the Notes to which the default relates are to be purchased by the non-defaulting Initial Purchaser, or are to be purchased by another party or parties as aforesaid, you or the Company shall have the right to postpone the Closing Date for a period, not exceeding seven (7) business days, in order to effect whatever changes may thereby be made necessary in the Offering Memorandum or in any other documents and arrangements. The term "Initial Purchaser" as used in this Agreement shall include any party substituted under this Section 8 with like effect as if it had originally been a party to this Agreement with respect to such Notes.

Default by an Initial Purchaser. (a) If any Initial Purchaser shall default in its obligation to purchase Notes the Securities hereunder, you the other Initial Purchaser may in your its discretion arrange for yourself itself or for another party or parties to purchase such Notes Securities to which such default relates on the terms contained herein. In the event that within five (5) calendar days after such a default you do not arrange for the purchase of the Notes Securities to which such default relates as provided in this Section 8, this Agreement shall thereupon terminate, without liability on the part of the Issuers Company with respect thereto (except in each case as provided in Section 4, 6(a) and 7 hereof) or the non-defaulting Initial Purchaser, but nothing in this Agreement shall relieve a defaulting Initial Purchaser of its liability, if any, to the other Initial Purchaser and the Issuers Company for damages occasioned by its or their default hereunder. (b) In the event that the Notes Securities to which the default relates are to be purchased by the non-defaulting Initial Purchaser, or are to be purchased by another party or parties as aforesaid, you or the Company shall have the right to postpone the Closing Date for a period, not exceeding seven (7) business days, in order to effect whatever changes may thereby be made necessary in the Offering Memorandum or in any other documents and arrangements. The term "Initial Purchaser" as used in this Agreement shall include any party substituted under this Section 8 with like effect as if it had originally been a party to this Agreement with respect to such NotesSecurities.

Default by an Initial Purchaser. (a) If any Initial Purchaser shall default in its obligation to purchase Notes the Securities hereunder, you any other Initial Purchaser may in your its discretion arrange for yourself itself or for another party or parties to purchase such Notes Securities to which such default relates on the terms contained herein. In the event that within five (5) calendar days after such a default you do not arrange for the purchase of the Notes Securities to which such default relates as provided in this Section 8, this Agreement shall thereupon terminate, without liability on the part of the Issuers with respect thereto (except in each case as provided in Section 4, 6(a) and 7 hereof) or the non-defaulting Initial PurchaserPurchasers, but nothing in this Agreement shall relieve a defaulting Initial Purchaser of its liability, if any, to the other Initial Purchaser Purchasers and the Issuers for damages occasioned by its or their default hereunder. (b) In the event that the Notes Securities to which the default relates are to be purchased by the any non-defaulting Initial Purchaser, or are to be purchased by another party or parties as aforesaid, you or the Company Issuers shall have the right to postpone the Closing Date for a period, not exceeding seven (7) business days, in order to effect whatever changes may thereby be made necessary in the Offering Memorandum or in any other documents and arrangements. The term "Initial Purchaser" as used in this Agreement shall include any party substituted under this Section 8 with like effect as if it had originally been a party to this Agreement with respect to such NotesSecurities.