Common use of Default by an Initial Purchaser Clause in Contracts

Default by an Initial Purchaser. If either of the Initial Purchasers shall fail at the Closing Date to purchase the Notes which it is obligated to purchase under this Agreement (the "Defaulted Notes"), the non-defaulting Initial Purchaser shall have the right, within 24 hours thereafter, to make arrangements for it to purchase all, but not less than all, of the Defaulted Notes upon the terms herein set forth; PROVIDED, HOWEVER, that if the non-defaulting Initial Purchaser shall not have completed such arrangements within such 24-hour period, then, upon the expiration of such 24-hour period, this Agreement shall terminate without liability on the part of the non-defaulting Initial Purchaser. No action taken pursuant to this Section shall relieve the defaulting Initial Purchaser from liability in respect of its default. In the event of any such default which does not result in a termination of this Agreement, either the non-defaulting Initial Purchaser or the Company shall have the right to postpone the Closing Date for a period not exceeding seven days in order to effect any required changes in the Offering Circular or in any other documents or arrangements.

Default by an Initial Purchaser. If either one or more of the Initial Purchasers shall fail at the Closing Date to purchase the Notes which it is obligated to purchase under this Agreement (the "Defaulted Notes"), the non-defaulting Initial Purchaser Purchaser(s) shall have the right, within 24 hours thereafter, to make arrangements for it or any other Initial Purchaser(s) to purchase all, but not less than all, of the Defaulted Notes in such amounts as may be agreed upon and upon the terms herein set forth; PROVIDEDif, HOWEVERhowever, that if the non-defaulting Initial Purchaser Purchaser(s) shall not have completed such arrangements within such 24-hour period, then, upon the expiration of such 24-hour period, then this Agreement shall terminate without liability on the part of the non-defaulting Initial PurchaserPurchaser(s). No action taken pursuant to this Section shall relieve the any defaulting Initial Purchaser Purchasers from liability in respect of its default. In the event of any such default which does not result in a termination of this Agreement, either the non-defaulting Initial Purchaser Purchasers or the Company shall have the right to postpone the Closing Date for a period not exceeding seven days in order to effect any required changes in the Offering Circular Memorandum or in any other documents or arrangements.

Default by an Initial Purchaser. If either any of the Initial Purchasers shall fail at the Closing Date or Additional Closing Date to purchase the Notes which it is obligated to purchase under this Agreement (the "Defaulted NotesDEFAULTED NOTES"), the non-defaulting Initial Purchaser shall have the right, within 24 hours thereafter, to make arrangements for it to purchase all, but not less than all, of the Defaulted Notes upon the terms herein set forth; PROVIDED, HOWEVER, that if the non-defaulting Initial Purchaser shall not have completed such arrangements within such 24-hour period, then, upon the expiration of such 24-hour period, this Agreement shall terminate without liability on the part of the non-defaulting Initial Purchaser. No action taken pursuant to this Section shall relieve the defaulting Initial Purchaser from liability in respect of its default. In the event of any such default which does not result in a termination of this Agreement, either the non-defaulting Initial Purchaser or the Company shall have the right to postpone the Closing Date for a period not exceeding seven days in order to effect any required changes in the Offering Circular or in any other documents or arrangements.