Common use of Default by the Underwriters Clause in Contracts

Default by the Underwriters. (a) If any Underwriter shall default in its obligation to purchase the Trust Preferred Securities which it has agreed to purchase hereunder, the Representative may in its discretion arrange for it or another party or other parties to purchase such Trust Preferred Securities on the terms contained herein. If within thirty-six hours after such default by any Underwriter, the Representative does not arrange for the purchase of such Trust Preferred Securities, then the Company and the Trust shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to the Representative to purchase such Trust Preferred Securities on such terms. In the event that, within the respective prescribed periods, the Representative notifies the Company and the Trust that it has so arranged for the purchase of such Trust Preferred Securities, or the Company and the Trust notify the Representative that it has so arranged for the purchase of such Trust Preferred Securities, the Representative or the Company and the Trust 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 Company and the Trust agree to file promptly any amendments to the Registration Statement or the Prospectus which in the opinion of the Representative 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 Trust Preferred Securities.

Default by the Underwriters. (a) If any Underwriter or Underwriters shall default in its obligation their obligations to purchase the Trust Preferred Securities Securities, which it has they have agreed to purchase hereunder, the Representative may in its discretion arrange for it or another party or other parties to purchase such Trust Preferred Securities on the terms contained herein. If within thirty-six hours after such default by any Underwriter, the Representative does not arrange for the purchase of such Trust Preferred Securities, then the Company and the Trust shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to the Representative to purchase such Trust Preferred Securities on such terms. In the event that, within the respective prescribed periods, the Representative notifies the Company and the Trust that it has so arranged for the purchase of such Trust Preferred Securities, or the Company and the Trust notify the Representative that it has they have so arranged for the purchase of such Trust Preferred Securities, the Representative or the Company and the Trust 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 Company and the Trust agree to file promptly any amendments to the Registration Statement or the Prospectus which in the opinion of the Representative 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 Trust Preferred Securities. The foregoing shall not relieve any defaulting Underwriter from liability for its default.

Default by the Underwriters. (a) If If, on the Closing Date any one or more of the Underwriters shall fail or refuse to purchase Shares that it has or they have agreed to purchase hereunder on such date, and the aggregate number of Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall default be obligated severally in its obligation the proportions that the number of Shares set forth opposite their respective names in Schedule C bears to the aggregate number of Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as you may specify, to purchase the Trust Preferred Securities Shares which it such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; provided that in no event shall the number of Shares that any Underwriter has agreed to purchase hereunderpursuant to this Agreement be increased pursuant to this Section 13 by an amount in excess of one-ninth of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Shares and the aggregate number of Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Shares to be purchased on such date, and arrangements satisfactory to you, the Representative may in its discretion arrange for it or another party or other parties to purchase such Trust Preferred Securities on Company and the terms contained herein. If within thirty-six hours after such default by any Underwriter, the Representative does not arrange Selling Securityholders for the purchase of such Trust Preferred SecuritiesShares are not made within 36 hours after such default, then the Company and the Trust shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to the Representative to purchase such Trust Preferred Securities on such terms. In the event that, within the respective prescribed periods, the Representative notifies the Company and the Trust that it has so arranged for the purchase of such Trust Preferred Securities, or the Company and the Trust notify the Representative that it has so arranged for the purchase of such Trust Preferred Securities, the Representative or the Company and the Trust 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 Company and the Trust agree to file promptly any amendments to the Registration Statement or the Prospectus which in the opinion of the Representative may thereby be made necessary. The term "Underwriter" as used in this Agreement shall include terminate without liability on the part of 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 Trust Preferred Securitiesnon-defaulting Underwriter, the Company or the Selling Securityholders.

Default by the Underwriters. (a) If any Underwriter or Underwriters shall default in its obligation their obligations to purchase the Trust Preferred Securities Common Shares which it has they have agreed to purchase hereunder, the Representative Representatives may in its their discretion arrange for it the purchase of such Common Shares by themselves or another party or other parties to purchase such Trust Preferred Securities on the terms contained herein. If within thirty-six hours after such default by any Underwriter, the Representative does Representatives do not arrange for the purchase of such Trust Preferred SecuritiesCommon Shares, then the Company and the Trust shall be entitled to a further period of thirty-six hours within which to procure another party or other parties reasonably satisfactory to the Representative Representatives to purchase such Trust Preferred Securities Common Shares on such terms. In the event that, within the respective prescribed periods, the Representative Representatives notify the Company that they have so arranged for the purchase of such Common Shares, or the Company notifies the Company and the Trust Representatives that it has so arranged for the purchase of such Trust Preferred SecuritiesCommon Shares, the Representatives or the Company and the Trust notify the Representative that it has so arranged for the purchase of such Trust Preferred Securities, the Representative or the Company and the Trust 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 Company and the Trust agree agrees to file promptly any amendments to the Registration Statement or the Prospectus which in the opinion of the Representative Representatives 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 Trust Preferred SecuritiesCommon Shares. The foregoing shall not relieve any defaulting Underwriter from liability for its default. (b) If, after giving effect to any arrangements for the purchase of the Common Shares of a defaulting Underwriter or Underwriters by the Representatives and the Company as provided in subsection (a) above, the aggregate number of shares of such Common Shares which remains unpurchased does not exceed 10% of the aggregate number of shares of all the Common Shares, then the Company shall have the right to require each non-defaulting Underwriter to purchase the number of shares of Common Shares which such Underwriter agreed to purchase hereunder and, in addition, to require each non-defaulting Underwriter to purchase its pro rata share (based on the aggregate number of Common Shares which such Underwriter agreed to purchase hereunder) of the Common Shares of such defaulting Underwriter or Underwriters for which such arrangements have not been made; but nothing herein shall relieve any defaulting Underwriter from liability for its default. (c) If, after giving effect to any arrangements for the purchase of the Common Shares of a defaulting Underwriter or Underwriters by the Representatives and the Company as provided in subsection (a) above, the aggregate number of Common Shares which remains unpurchased exceeds 10% of the aggregate number of all of the Common Shares to be purchased, or if the Company shall not exercise the right described in subsection (b) above to require non-defaulting Underwriters to purchase Common Shares of the defaulting Underwriter or Underwriters, then this Agreement shall thereupon terminate, without liability on the part of any non-defaulting Underwriter or the Company, except for the expenses to be borne by the Company and the Underwriters as provided in Section 5 hereof and the indemnity and contribution agreements in Section 7 hereof, but nothing herein shall relieve a defaulting Underwriter from liability for its default.

Default by the Underwriters. (a) If any Underwriter or Underwriters shall default in its obligation their obligations to purchase the Trust Preferred Securities Common Shares which it has they have agreed to purchase hereunder, the Representative Representatives may in its their discretion arrange for it the purchase of such Common Shares by themselves or another party or other parties to purchase such Trust Preferred Securities on the terms contained herein. If within thirty-six hours after such default by any Underwriter, the Representative does Representatives do not arrange for the purchase of such Trust Preferred SecuritiesCommon Shares, then the Company and the Trust shall be entitled to a further period of thirty-six hours within which to procure another party or other parties reasonably satisfactory to the Representative Representatives to purchase such Trust Preferred Securities Common Shares on such terms. In the event that, within the respective prescribed periods, the Representative Representatives notify the Company that they have so arranged for the purchase of such Common Shares, or the Company notifies the Company and the Trust Representatives that it has so arranged for the purchase of such Trust Preferred SecuritiesCommon Shares, the Representatives or the Company and the Trust notify the Representative that it has so arranged for the purchase of such Trust Preferred Securities, the Representative or the Company and the Trust 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 Company and the Trust agree agrees to file promptly any amendments to the Registration Statement or the Prospectus which in the opinion of the Representative Representatives 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 Trust Preferred SecuritiesCommon Shares. The foregoing shall not relieve any defaulting Underwriter from liability for its default. (b) If, after giving effect to any arrangements for the purchase of the Common Shares of a defaulting Underwriter or Underwriters by the Representatives and the Company as provided in subsection (a) above, the aggregate number of such Common Shares which remains unpurchased does not exceed 10% of the aggregate number of all the Common Shares, then the Company shall have the right to require each non-defaulting Underwriter to purchase the number of Common Shares which such Underwriter agreed to purchase hereunder and, in addition, to require each non-defaulting Underwriter to purchase its pro rata share (based on the aggregate number of Common Shares which such Underwriter agreed to purchase hereunder) of the Common Shares of such defaulting Underwriter or Underwriters for which such arrangements have not been made; but nothing herein shall relieve any defaulting Underwriter from liability for its default. (c) If, after giving effect to any arrangements for the purchase of the Common Shares of a defaulting Underwriter or Underwriters by the Representatives and the Company as provided in subsection (a) above, the aggregate number of Common Shares which remains unpurchased exceeds 10% of the aggregate number of all of the Common Shares to be purchased, or if the Company shall not exercise the right described in subsection (b) above to require non-defaulting Underwriters to purchase Common Shares of the defaulting Underwriter or Underwriters, then this Agreement shall thereupon terminate, without liability on the part of any non-defaulting Underwriter or the Company, except for the expenses to be borne by the Company and the Underwriters as provided in Section 5 hereof and the indemnity and contribution agreements in Section 7 hereof, but nothing herein shall relieve a defaulting Underwriter from liability for its default.

Default by the Underwriters. (a) If any Underwriter one or more of the Underwriters shall default in its obligation fail or refuse to purchase the Trust Preferred principal amount of Securities which that it has or they have agreed to purchase hereunder, each non-defaulting Underwriter shall be obligated, severally, in the proportion in which the principal amount of the Securities set forth opposite its name in Schedule I hereto bears to the aggregate principal amount Securities set forth opposite the names of all non-defaulting Underwriters or in such other proportion as they may agree with such non-defaulting Underwriters, to purchase the Securities that such defaulting Underwriter or Underwriters failed or refused to purchase. If any Underwriter or Underwriters shall fail or refuse to purchase a principal amount of Securities that is more than one-tenth of the aggregate Securities and arrangements satisfactory to the Representative may in its discretion arrange for it or another party or other parties to purchase such Trust Preferred Securities on and the terms contained herein. If within thirty-six hours after such default by any Underwriter, the Representative does not arrange Company for the purchase of such Trust Preferred SecuritiesSecurities are not made within 48 hours after such default, then this Agreement will terminate without liability on the Company and part of any non-defaulting Underwriter or the Trust shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to the Representative to purchase such Trust Preferred Securities on such termsCompany. In the event thatany such case that does not result in termination of this Agreement, within the respective prescribed periods, the Representative notifies the Company and the Trust that it has so arranged for the purchase of such Trust Preferred Securities, or the Company and the Trust notify the Representative that it has so arranged for the purchase of such Trust Preferred Securities, either the Representative or the Company and the Trust shall have the right to postpone the Closing Date Date, but in no event for a period of not more longer than seven (7) days, in order to effect whatever changes may thereby be made necessary that the required changes, if any, in the Registration Statement and the Prospectus or the Prospectus, or in any other documents or arrangements, and the Company and the Trust agree to file promptly any amendments to the Registration Statement or the Prospectus which in the opinion of the Representative arrangements may thereby be made necessaryeffected. The term "Underwriter" as used in this Agreement shall include any person substituted Any action taken under this Section with like effect as if 10 shall not relieve any defaulting Underwriter from liability in respect of any such person had originally been a party to default of any such Underwriter under this Agreement with respect to such Trust Preferred SecuritiesAgreement.

Default by the Underwriters. (a) If any Underwriter or Underwriters shall default in its obligation their obligations to purchase the Trust Preferred Securities Common Shares which it has they have agreed to purchase hereunder, the Representative Representatives may in its their discretion arrange for it the purchase of such Common Shares by themselves or another party or other parties to purchase such Trust Preferred Securities on the terms contained herein. If within thirty-six hours after such default by any Underwriter, the Representative does Representatives do not arrange for the purchase of such Trust Preferred SecuritiesCommon Shares, then the Company and the Trust shall be entitled to a further period of thirty-six hours within which to procure another party or other parties reasonably satisfactory to the Representative Representatives to purchase such Trust Preferred Securities Common Shares on such terms. In the event that, within the respective prescribed periods, the Representative Representatives notify the Company that they have so arranged for the purchase of such Common Shares, or the Company notifies the Company and the Trust Representatives that it has so arranged for the purchase of such Trust Preferred SecuritiesCommon Shares, the Representatives or the Company and the Trust notify the Representative that it has so arranged for the purchase of such Trust Preferred Securities, the Representative or the Company and the Trust 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 Company and the Trust agree agrees to file promptly any amendments to the Registration Statement or the Prospectus which in the opinion of the Representative Representatives 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 Trust Preferred SecuritiesCommon Shares. The foregoing shall not relieve any defaulting Underwriter from liability for its default.

Default by the Underwriters. (a) If any Underwriter or Underwriters shall default in its obligation their obligations to purchase the Trust Preferred Securities Stock which it has they have agreed to purchase hereunder, the Representative Representatives may in its their discretion arrange for it the purchase of such Preferred Stock by themselves or another party or other parties to purchase such Trust Preferred Securities on the terms contained herein. If within thirty-six hours after such default by any Underwriter, the Representative does Representatives do not arrange for the purchase of such Trust Preferred SecuritiesStock, then the Company and the Trust shall be entitled to a further period of thirty-six hours within which to procure another party or other parties reasonably satisfactory to the Representative Representatives to purchase such Trust Preferred Securities Stock on such terms. In the event that, within the respective prescribed periods, the Representative Representatives notify the Company that they have has so arranged for the purchase of such Preferred Stock, or the Company notifies the Company and the Trust Representatives that it has so arranged for the purchase of such Trust Preferred SecuritiesStock, the Representatives or the Company and the Trust notify the Representative that it has so arranged for the purchase of such Trust Preferred Securities, the Representative or the Company and the Trust 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 Company and the Trust agree agrees to file promptly any amendments to the Registration Statement or the Prospectus which in the opinion of the Representative Representatives 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 Trust Preferred SecuritiesStock. The foregoing shall not relieve any defaulting Underwriter from liability for its default.