Common use of Default by the Underwriter Clause in Contracts

Default by the Underwriter. (a) If any Underwriter shall default in its obligation to purchase the Notes which it has agreed to purchase hereunder, you may in your discretion arrange for you or another party or other parties to purchase such Notes on the terms contained herein. If within thirty-six hours after such default by any Underwriter you do not arrange for the purchase of such Notes, then the Seller shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to you to purchase such Notes on such terms. In the event that, within the respective prescribed periods, you notify the Seller that you have so arranged for the purchase of such Notes, or the Seller notifies you that it has so arranged for the purchase of such Notes, you or the Seller shall have the right to postpone the Closing Date 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 Seller agrees to file promptly any amendments to the Registration Statement or the Prospectus which 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 Notes.

Default by the Underwriter. (a) If any Underwriter shall default in its obligation to purchase the Notes Certificates which it has agreed to purchase hereunder, you may in your discretion arrange for you or another party or other parties to purchase such Notes Certificates on the terms contained herein. If within thirty-six hours after such default by any Underwriter you do not arrange for the purchase of such NotesCertificates, then the Seller shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to you to purchase such Notes Certificates on such terms. In the event that, within the respective prescribed periods, you notify the Seller that you have so arranged for the purchase of such NotesCertificates, or the Seller notifies you that it has so arranged for the purchase of such NotesCertificates, you or the Seller shall have the right to postpone the Closing Date 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 Seller agrees to file promptly any amendments to the Registration Statement or the Prospectus which 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 NotesCertificates.