Common use of Default by the Underwriter Clause in Contracts

Default by the Underwriter. If the Underwriter shall fail to purchase and pay for any of the Securities agreed to be purchased by such Underwriter, such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement. If within one Business Day after such default relating to more than 10% of the Underwritten Securities the Underwriter does not arrange for the purchase of such Underwritten Securities, then the Company shall be entitled to a further period of two Business Days within which to procure another party or parties reasonably satisfactory to the Underwriter to purchase said Underwritten Securities. In the event that neither the Underwriter nor the Company purchase or arrange for the purchase of all of the Underwritten Securities to which a default relates as provided in this Section ‎9, this Agreement will terminate without liability to any nondefaulting party. In the event of a default by the Underwriter as set forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding five Business Days, in order that the required changes in the Registration Statement and the Prospectus or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve the defaulting Underwriter of its liability, if any, to the Company for damages occasioned by its default hereunder.

Default by the Underwriter. If the Underwriter theUnderwriter shall fail to purchase and pay for any of the Securities agreed to be purchased by such Underwriter, the Underwriter hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement. If within one Business Day after such default relating to more than 10% of the Underwritten Securities the Underwriter does not arrange for the purchase of such Underwritten Securities, then the Company shall be entitled to a further period of two one (1) Business Days Day within which to procure another party or parties reasonably satisfactory to the Underwriter Representative to purchase said Underwritten Securities. In the event that neither the Underwriter nor the Company purchase or does not arrange for the purchase of all of the Underwritten Securities to which a default relates as provided in this Section ‎9, this Agreement will terminate without liability to any nondefaulting partythe Company. In the event of a default by the Underwriter as set forth in this Section 9‎9, the Closing Date shall be postponed for such period, not exceeding five (5) Business Days, as the Representative shall determine in order that the required changes in the Registration Statement and the Prospectus or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve the defaulting Underwriter of its liability, if any, to the Company for damages occasioned by its default hereunder.