Default Exceeding 10% of Firm Units or Option Units. In the event the default addressed in Section 6.1 above relates to more than 10% of the Firm Units or Option Units, if the Over-allotment Option is exercised, the Representative may, in its discretion, arrange for the Representative or for another party or parties to purchase such Firm Units or Option Units, if the Over-allotment option is exercised, to which such default relates on the terms contained herein. If within one (1) Business Day after such default relating to more than 10% of the Firm Units or Option Units, the Representative does not arrange for the purchase of such Firm Units or Option Units, if the Over-allotment Option is exercised, the Company shall be entitled to a further period of one (1) Business Day within which to procure another party or parties satisfactory to the Representative to purchase said Firm Units or Option Units, if the Over-allotment Option is exercised, on such terms. In the event neither the Representative nor the Company arrange for the purchase of the Firm Units or Option Units to which a default relates as provided in this Section 6, this Agreement may be terminated by the Representative or the Company without liability on the part of the Company (except as provided in Sections 3.15 and 5 hereof) or the several Underwriters (except as provided in Section 5 hereof); provided, however, that if such default occurs with respect to Option Units, this Agreement will not terminate as to the Firm Units; and provided further that nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other several Underwriters and to the Company for damages occasioned by its default hereunder.
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Default Exceeding 10% of Firm Units or Option Units. In the event the default addressed in Section 6.1 above relates to more than 10% of the Firm Units or Option Units, if the Over-allotment Option is exercised, the Representative may, in its discretion, arrange for the Representative or for another party or parties to purchase such Firm Units or Option Units, if the Over-allotment option is exercised, to which such default relates on the terms contained herein. If within one (1) Business Day after such default relating to more than 10% of the Firm Units or Option Units, the Representative does not arrange for the purchase of such Firm Units or Option Units, if the Over-allotment Option is exercised, the Company shall be entitled to a further period of one (1) Business Day within which to procure another party or parties satisfactory to the Representative to purchase said Firm Units or Option Units, if the Over-allotment Option is exercised, on such terms. In the event neither the Representative nor the Company arrange for the purchase of the Firm Units or Option Units to which a default relates as provided in this Section 6, this Agreement may be terminated by the Representative or the Company without liability on the part of the Company (except as provided in Sections 3.15 3.12 and 5 hereof) or the several Underwriters (except as provided in Section 5 hereof); provided, however, that if such default occurs with respect to Option Units, this Agreement will not terminate as to the Firm Units; and provided further that nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other several Underwriters and to the Company for damages occasioned by its default hereunder.. 41 Maxim Group LLC _________________, 2007 Page 42 of 50
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