Default by the Underwriter. If the Underwriter shall fail at the Closing Date or an Option Closing Date to purchase the Securities which it is obligated to purchase under this Agreement, the obligation of the Underwriter to purchase and of the Company to sell the Securities shall terminate. No action taken pursuant to this Section 10 shall relieve the Underwriter from liability in respect of its default.
Appears in 2 contracts
Sources: Purchase Agreement (Lexington Realty Trust), Purchase Agreement (Lexington Realty Trust)