Common use of Default By the Purchasers Clause in Contracts

Default By the Purchasers. Each of the following shall constitute an "Event of Default" by the Purchasers under this Agreement: a. failure of the Purchasers to perform its obligations under the Standby Commitment when and as due and payable in accordance with the terms thereof and of this Agreement, which default continues for 5 days after performance is due; b. prior to performance in full of the Standby Commitment, failure by the Purchasers to observe and perform any of their other covenants under this Agreement and, if curable, any such failure continues for 30 days after notice by the Company; c. prior to performance in full of the Standby Commitment, any representation or warranty of the Purchasers set forth in Section 6 hereof shall have been untrue or misleading in any material respect as of the date made and, such untrue and misleading representation or warranty shall be material as of the date asserted as an Event of Default hereunder; d. prior to performance in full of the Standby Commitment, any final judgment in excess of $25 million is entered against the Purchasers in any judicial or administrative proceeding, which judgment is not stayed within 30 days following the entry thereof; e. prior to performance in full of the Standby Commitment, the Purchasers (i) commence a voluntary case or other proceeding under any state or federal bankruptcy, insolvency or receivership law, (ii) seek or acquiesce to the appointment of a trustee, receiver, liquidator or custodian or any substantial part of its property, (iii) make a general assignment for the benefit of their creditors or (iv) take any corporate action authorizing the foregoing; or f. prior to performance in full of the Standby Commitment, an involuntary case or other proceeding under any state or federal bankruptcy, insolvency or 16 receivership law is commenced against either of the Purchasers and remains undismissed and unstayed for 60 days.

Default By the Purchasers. Each of the following shall constitute an "Event of Default" by the Purchasers under this Agreement: a. failure of the Purchasers to perform its obligations under the Standby Purchase Commitment when and as due and payable in accordance with the terms thereof and of this Agreement, which default continues for 5 days after performance is due; b. prior to performance in full of the Standby Purchase Commitment, failure by the Purchasers to observe and perform any of their other covenants under this Agreement and, if curable, any such failure continues for 30 days after notice by the Company; c. prior to performance in full of the Standby Purchase Commitment, any representation or warranty of the Purchasers set forth in Section 6 hereof shall have been untrue or misleading in any material respect as of the date made and, such untrue and misleading representation or warranty shall be material as of the date asserted as an Event of Default hereunder; d. prior to performance in full of the Standby Purchase Commitment, any final judgment in excess of $25 million is entered against the Purchasers in any judicial or administrative proceeding, which judgment is not stayed within 30 days following the entry thereof; e. prior to performance in full of the Standby Purchase Commitment, the Purchasers (i) commence a voluntary case or other proceeding under any state or federal bankruptcy, insolvency or receivership law, (ii) seek or acquiesce to the appointment of a trustee, receiver, liquidator or custodian or any substantial part of its property, (iii) make a general assignment for the benefit of their creditors or (iv) take any corporate action authorizing the foregoing; or f. prior to performance in full of the Standby Commitment, an involuntary case or other proceeding under any state or federal bankruptcy, insolvency or 16 receivership law is commenced against either of the Purchasers and remains undismissed and unstayed for 60 days.the