Common use of Default by an Initial Purchaser Clause in Contracts

Default by an Initial Purchaser. If either Initial Purchaser shall breach its obligations to purchase the Offered Securities that it has agreed to purchase hereunder on any Closing Date, then the other Initial Purchaser may, but shall not be required to, purchase such Offered Securities or may make arrangements satisfactory to the Company for the purchase of the Offered Securities by other persons. If such non-defaulting Initial Purchaser does not elect to purchase such Offered Securities and arrangements satisfactory to the Company for the purchase of such Offered Securities are not made within 36 hours after such default, this Agreement shall terminate with respect to such defaulting Initial Purchaser without liability on the part of the Company. Nothing herein shall relieve the Initial Purchaser from liability for its default.

Default by an Initial Purchaser. If either Initial Purchaser shall breach its obligations to purchase the Offered Securities Notes that it has agreed to purchase hereunder on the Closing Date or any Additional Closing Date, then the other Initial Purchaser may, but shall not be required to, purchase such Offered Securities Notes or may make arrangements satisfactory to the Company for the purchase of the Offered Securities Notes by other persons. If such non-defaulting Initial Purchaser does not elect to purchase such Offered Securities Notes and arrangements satisfactory to the Company for the purchase of such Offered Securities Notes are not made within 36 hours after such default, this Agreement shall terminate with respect to such defaulting Initial Purchaser without liability on the part of the non-defaulting Initial Purchaser or the Company. Nothing herein shall relieve the defaulting Initial Purchaser from liability for its default.