Common use of Default by Selling Shareholders Clause in Contracts

Default by Selling Shareholders. (d) If any Selling Shareholder or Selling Shareholders shall default in its or their obligation to sell and deliver any Shares hereunder, then the Representative may, by notice to the Company, terminate this Agreement without any liability on the part of any non-defaulting party except that the provisions of Sections 1, 2, 7, 9, 10, 13 and 14 hereof shall remain in full force and effect. No action taken pursuant to this Section 12 shall relieve any Selling Shareholder so defaulting from liability, if any, in respect of such default.

Default by Selling Shareholders. (da) If any Selling Shareholder or Selling Shareholders shall default in its or their obligation to sell and deliver any Shares hereunder, then the Representative Underwriter may, by notice to the Company, terminate this Agreement without any liability on the part of any non-defaulting party except that the provisions of Sections 1, 2, 7, 9, 10, 12 and 13 and 14 hereof shall remain in full force and effect. No action taken pursuant to this Section 12 11 shall relieve any Selling Shareholder so defaulting from liability, if any, in respect of such default.