Default by the Selling Stockholder or the Company. (a) If the Selling Stockholder shall fail at Closing Time or at a Date of Delivery to sell and deliver the number of Securities which the Selling Stockholder is obligated to sell hereunder, then the Underwriters may, at the option of the Representatives, by notice from the Representatives to the Company and the Selling Stockholder, either (i) terminate this Agreement without any liability on the fault of any non-defaulting party except that the provisions of Sections 1, 4, 6, 7 and 8 shall remain in full force and effect or (ii) elect to purchase the Securities which the Company has agreed to sell hereunder. No action taken pursuant to this Section 11 shall relieve the Selling Stockholder so defaulting from liability, if any, in respect of such default. In the event of a default by the Selling Stockholder as referred to in this Section 11, each of the Representatives and the Company shall have the right to postpone Closing Time or Date of Delivery for a period not exceeding seven days in order to effect any required change in the Registration Statement or Prospectus or in any other documents or arrangements.
Default by the Selling Stockholder or the Company. (a) If the Selling Stockholder shall fail at Closing Time to sell and deliver the number of Securities which the Selling Stockholder is obligated to sell hereunder, the Company shall have the right, to the extent permitted under the 1933 Act and 1933 Act Regulations, to increase the number of shares of Common Stock, together with associated Rights, to be sold by it hereunder to equal the total number to be sold by the Company and the Selling Stockholder as set forth in Schedule B hereto, in which event the terms "Initial Securities" and "Securities" as used herein shall be deemed to include the additional shares of Common Stock, together with associated Rights, to be sold by the Company. If the Selling Stockholder shall fail at Closing Time to sell and deliver the number of Securities which the Selling Stockholder is obligated to sell hereunder and the Company does not exercise the right granted to it pursuant to the immediately preceding sentence, then the Underwriters may, at the option of the Representatives, by notice from the Representatives to the Company either (i) terminate this Agreement without any liability on the fault of any non-defaulting party, except that the provisions of Sections 4, 6 and 7 shall remain in full force and effect, or (ii) elect to purchase the Securities which the Company has agreed to sell hereunder. No action taken pursuant to this Section 11 shall relieve the Selling Stockholder from liability, if any, in respect of such default. In the event of a default by the Selling Stockholder as referred to in this Section 11, each of the Representatives and the Company shall have the right to postpone Closing Time for a period not exceeding seven days in order to effect any required change in the Registration Statement or Prospectus or in any other documents or arrangements.
Default by the Selling Stockholder or the Company. (a) If ------------------------------------------------- the Selling Stockholder shall fail at Closing Time to sell the number of Securities that it is obligated to sell hereunder, then this Agreement shall terminate without any liability on the part of any Section 11 nondefaulting party; provided, however, that the provisions of Sections 1, 4, 6, 7 and 8 shall remain in full force and effect. No action taken pursuant to this Section 11(a) shall relieve the Selling Stockholder from liability, if any, in respect of such default.
Default by the Selling Stockholder or the Company. (a) If the Selling Stockholder shall fail on the First Closing Date (if applicable) or any Option Closing Date (if applicable), as the case may be, to sell and deliver the number of Shares which the Selling Stockholder is obligated to sell hereunder, and the Company does not exercise the right hereby granted to increase, pro rata or otherwise, the number of Offered Shares to be sold by it hereunder to the total number to be sold by the Company and the Selling Stockholder as set forth in Schedule B hereto, then the Underwriters may, at the option of the Representatives, by written notice from the Representatives to the Company, either (i) terminate this Agreement without any liability on the fault of any non-defaulting party except that the provisions of Sections 1, 6, 9, 11, 12, 15 and 19 shall remain in full force and effect or (ii) elect to purchase the Offered Shares which the Company has agreed to sell hereunder. No action taken pursuant to this Section 13 shall relieve the Selling Stockholder so defaulting from liability, if any, in respect of such default. In the event of a default by the Selling Stockholder as referred to in this Section 13, each of the Representatives and the Company shall have the right to postpone the First Closing Date or any Option Closing Date, as the case may be, for a period not exceeding seven days in order to effect any required change in the Registration Statement, the Time of Sale Prospectus or the Prospectus or in any other documents or arrangements.
Default by the Selling Stockholder or the Company. If the Selling Stockholder shall fail at the First Closing Date to sell and deliver the number of Securities which the Selling Stockholder is obligated to sell hereunder, then the Underwriters may at your option, by notice from you to the Company, either (a) terminate this Agreement without any liability on the part of any non-defaulting party or (b) elect to purchase the Securities which the Company has agreed to sell hereunder. If the Company shall fail at the First Closing Date to sell and deliver the number of Securities which it is obligated to sell hereunder, then this Agreement shall terminate without any liability on the part of any non-defaulting party. No action taken pursuant to this Section shall relieve the Company or the Selling Stockholder so defaulting from liability, if any, in respect of such default.
Default by the Selling Stockholder or the Company. If the Selling Stockholder shall fail at the Closing Time or a Date of Delivery, as the case may be, to sell and deliver the number of Securities that it is obligated to sell hereunder, then this Agreement shall terminate without any liability on the part of any nondefaulting party; provided, however, that the provisions of Sections 1, 4, 6, 7, 8, 15, 16 and 17 shall remain in full force and effect. No action taken pursuant to this Section 11 shall relieve the Selling Stocholder from liability, if any, in respect of such default.
Default by the Selling Stockholder or the Company. (a) If the Selling Stockholder shall fail at the Closing Time to sell and deliver the number of Selling Stockholder Shares which the Selling Stockholder is obligated to sell hereunder (a “Selling Stockholder Default”), then the Company may increase the number of Company Shares to be sold by the Company by the number of Selling Stockholder Shares which the Selling Stockholder was obligated to sell.
Default by the Selling Stockholder or the Company. (a) If the Selling Stockholder shall fail at Closing Time or at the Date of Delivery to sell and deliver the number of Securities which such Selling Stockholder is obligated to sell hereunder, then the Company shall have the right, to the extent permitted under the 1933 Act and the 1933 Act Regulations, to increase
Default by the Selling Stockholder or the Company. (a) If the Selling Stockholder shall fail at Closing Time or at a Date of Delivery to sell and deliver the number of Securities which the Selling Stockholder is obligated to sell hereunder, then, subject to the other provisions of this Agreement, the Underwriters shall continue to be obligated to purchase the Securities which the Company has agreed to sell hereunder. No action taken pursuant to this Section 11 shall relieve the Selling Stockholder so defaulting from liability, if any, in respect of such default. In the event of a default by the Selling Stockholder as referred to in this Section 11, each of the Representatives and the Company shall have the right to postpone Closing Time or Date of Delivery for a period not exceeding seven days in order to effect any required change in either of the Registration Statements or Prospectus or in any other documents or arrangements.
Default by the Selling Stockholder or the Company
