Common use of Default by Underwriter Clause in Contracts

Default by Underwriter. Default by one or more Underwriters in respect of their obligations under the Underwriting Agreement shall not release us from any of our obligations or in any way affect the liability of any defaulting Underwriter to the other Underwriters for damages resulting from such default. In case of such default for an aggregate amount of 9.99% or less of the Firm Shares, we will purchase additional Firm Shares as set forth in Section 3 of the Underwriting Agreement. If such default exceeds 9.99% of the Firm Shares, you are authorized, but shall not be obligated, to arrange for the purchase by other persons, who may include yourself or any non-defaulting Underwriter, of that defaulted portion in excess of such 9.99%. In the event such arrangements are made, we will, on your request, purchase additional Firm Shares not exceeding our original commitment under the Underwriting Agreement and the respective aggregate amounts of Firm Shares to be purchased by the non-defaulting Underwriters and by other such persons, if any, shall be taken as the basis for determining the proportionate several obligations and benefits hereunder and under the Underwriting Agreement, but this shall in no way affect the liability of any defaulting Underwriter for damages resulting from such default. If there is any default as to the purchase of the Option Shares, you are authorized but shall not be obligated, to purchase or to arrange for the purchase by the non-defaulting Underwriters of the defaulted portion.

Default by Underwriter. Default by one or more Underwriters in respect of their obligations under the Underwriting Agreement shall not release us from any of our obligations or in any way affect the liability of any defaulting Underwriter to the other Underwriters for damages resulting from such default. In case of such default for an aggregate amount of 9.99% or less of the Firm Shares, we will purchase additional Firm Shares as set forth in Section 3 of the Underwriting Agreement. If such default exceeds 9.99% of the Firm Shares, you are authorized, but shall not be obligated, to arrange arranged for the purchase by other persons, who may include yourself or any non-defaulting Underwriter, of that defaulted portion in excess of such 9.99%. In the event such arrangements are made, we will, on your request, purchase additional Firm Shares not exceeding our original commitment under the Underwriting Agreement and the respective aggregate amounts of Firm Shares to be purchased by the non-defaulting Underwriters and by other such persons, if any, shall be taken as the basis for determining the proportionate several obligations and benefits hereunder and under the Underwriting Agreement, but this shall in no way affect the liability of any defaulting Underwriter for damages resulting from such default. If there is any default as to the purchase of the Option Shares, you are authorized but shall not be obligated, to purchase or to arrange for the purchase by the non-defaulting Underwriters of the defaulted portion.