Common use of Default by Underwriter Clause in Contracts

Default by Underwriter. Default by one or more Underwriters under counterparts to this Agreement executed by such Underwriters or under the Underwriting Agreement will not release the other Underwriters from their obligations or affect the liability of any defaulting Underwriter to the other Underwriters for damages resulting from such default. If one or more Underwriters default under the Underwriting Agreement, you may arrange for the purchase by one or more non-defaulting Underwriters of Securities not taken up by the defaulting Underwriter or Underwriters and we will, at your request, increase pro rata with the other non-defaulting Underwriters the amount of our underwriting obligation by an amount not exceeding ten percent (10%) of our underwriting obligation with respect to the Securities.