Common use of Underwriting Syndicate Clause in Contracts

Underwriting Syndicate. (a) Subject to the terms and conditions hereof, the respective obligations of the Underwriters to purchase the Units shall be several and neither joint nor joint and several. The percentage of the Units to be severally purchased and paid for by each of the Underwriters shall be as follows: Beacon Securities Limited 80.0% Echelon Wealth Partners Inc. 10.0% PI Financial Corp. 10.0% (b) In the event that any Underwriter shall fail to purchase its applicable percentage of the Units (the “Defaulted Securities”) at the Closing Time, and (i) if the number of Defaulted Securities does not exceed 10% of the number of Units to be purchased hereunder, the non-defaulting Underwriters shall be obligated, each severally, and not jointly, nor jointly and severally, to purchase the full amount thereof in the proportions that their respective underwriting obligations hereunder bear to the underwriting obligation of all non-defaulting Underwriters (the “Continuing Underwriters”); or (ii) if the number of Defaulted Securities exceeds 10% of the number of Units to be purchased on such date, the Continuing Underwriters may, but shall not be obligated to purchase any of the Defaulted Securities and the Corporation will have the right to either (A) proceed with the sale of the Units (less the Defaulted Securities) to the Continuing Underwriters, or (B) terminate its obligations hereunder without any further liability on the part of the Corporation to the Continuing Underwriters, except pursuant to the provisions of Section 17 and Section

Underwriting Syndicate. (a) Subject to the terms and conditions hereof, the respective obligations of the Underwriters to purchase the Units shall be several and neither joint nor joint and several. The percentage of the Units to be severally purchased and paid for by each of the Underwriters shall be as follows: Beacon Securities Limited 80.070.0% Echelon Wealth Partners Inc. 10.0Canaccord Genuity Corp 15.0% PI Financial Corp. 10.0Eight Capital 15.0% (b) In the event that any Underwriter shall fail to purchase its applicable percentage of the Units (the “Defaulted Securities”) at the Closing Time, and (i) if the number of Defaulted Securities does not exceed 10% of the number of Units to be purchased hereunder, the non-defaulting Underwriters shall be obligated, each severally, and not jointly, nor jointly and severally, to purchase the full amount thereof in the proportions that their respective underwriting obligations hereunder bear to the underwriting obligation of all non-defaulting Underwriters (the “Continuing Underwriters”); or (ii) if the number of Defaulted Securities exceeds 10% of the number of Units to be purchased on such date, the Continuing Underwriters may, but shall not be obligated to purchase any of the Defaulted Securities and the Corporation will have the right to either (A) proceed with the sale of the Units (less the Defaulted Securities) to the Continuing Underwriters, or (B) terminate its obligations hereunder without any further liability on the part of the Corporation to the Continuing Underwriters, except pursuant to the provisions of Section 17 and Section