DEFAULT EXCEEDING Sample Clauses
The "Default Exceeding" clause defines the consequences and procedures that apply when a party's default surpasses a specified threshold or duration. Typically, this clause outlines what constitutes an excessive default, such as repeated missed payments or prolonged failure to perform contractual obligations, and may trigger additional remedies or rights for the non-defaulting party, like the right to terminate the contract or claim damages. Its core practical function is to provide a clear escalation path for serious or ongoing breaches, ensuring that persistent non-performance can be addressed efficiently and with predefined consequences.
DEFAULT EXCEEDING. 10% OF FIRM UNITS OR OPTION UNITS. In the event that the default addressed in Section 6.1 above relates to more than 10% of the Firm Units or Option Units, you may in your discretion arrange for yourself or for another party or parties to purchase such Firm Units or Option Units to which such default relates on the terms contained herein. If within one business day after such default relating to more than 10% of the Firm Units or Option Units you do not arrange for the purchase of such Firm Units or Option Units, then the Company shall be entitled to a further period of one business day within which to procure another party or parties satisfactory to you to purchase said Firm Units or Option Units on such terms. In the event that neither you nor the Company arrange for the purchase of the Firm Units or Option Units to which a default relates as provided in this Section 6, this Agreement will be terminated by you or the Company without liability on the part of the Company (except as provided in Sections 3.13 and 5 hereof) or the several Underwriters (except as provided in Section 5 hereof); provided, however, that if such default occurs with respect to the Option Units, this Agreement will not terminate as to the Firm Units; and provided further that nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other several Underwriters and to the Company for damages occasioned by its default hereunder.
DEFAULT EXCEEDING. 10% OF FIRM UNITS OR OPTION UNITS. In the event that the default addressed in Section 6.1 above relates to more than 10% of the Firm Units or Option Units, MCF may in its sole discretion arrange for itself or for another party or parties to purchase such Firm Units or Option Units to which such default relates on the terms contained herein. If within one business day after such default relating to more than 10% of the Firm Units or Option Units MCF does not arrange for the purchase of such Firm Units or Option Units, then the Company shall be entitled to a further period of one business day within which to procure another party or parties satisfactory to MCF to purchase said Firm Units or Option Units on such terms. In the event that neither MCF nor the Company arrange for the purchase of the Firm Units or Option Units to which a default relates as provided in this Section 6, this Agreement shall be terminated by MCF or the Company without liability on the part of the Company (except as provided in Sections 3.13 and 5 hereof) or the several Underwriters (except as provided in Section 5 hereof); provided, however, that if such default occurs with respect to the Option Units, this Agreement will not terminate as to the Firm Units; provided, further, that nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other several Underwriters and to the Company for damages occasioned by its default hereunder.
DEFAULT EXCEEDING. 10% OF THE SHARES. In the event that such default relates to more than 10% of the Shares or Option Shares, you may in your discretion arrange for your self or for another party or parties to purchase such Shares or Option Shares to which such default relates on the terms contained herein. If within one business day after such default relating to more than 10% of the Shares or Option Shares you do not arrange for the purchase of such Shares or Option Shares, then the Company shall be entitled to a further period of one business day within which to procure another party or parties satisfactory to you to purchase said Shares or Option Shares on such terms. In the event that neither you nor the Company arrange for the purchase of the Shares of Option Shares to which a default relates as provided in this Section 6, this Agreement may be terminated by you or the Company without liability on the part of the Company (except as provided in Section 3.9 and Section 4.9.1 hereof) or the several Underwriters but nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other several Underwriters and to the Company for damages occasioned by its default hereunder.