Common use of Default of Initial Purchasers Clause in Contracts

Default of Initial Purchasers. (a) If, on the Closing Date, any Initial Purchaser defaults on its obligation to purchase the Securities that it has agreed to purchase hereunder, the non-defaulting Initial Purchasers may in their discretion arrange for the purchase of such Securities by other persons satisfactory to the Company on the terms contained in this Agreement. If, within 36 hours after any such default by any Initial Purchaser, the non-defaulting Initial Purchasers do not arrange for the purchase of such Securities, then the Company shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Initial Purchasers to purchase such Securities on such terms. If other persons become obligated or agree to purchase the Securities of a defaulting Initial Purchaser, either the non-defaulting Initial Purchasers or the Company may postpone the Closing Date for up to five full business days in order to effect any changes that in the opinion of counsel for the Company or counsel for the Initial Purchasers may be necessary in the Pricing Disclosure Package, the Final Memorandum or in any other document or arrangement, and the Company agrees to promptly prepare any amendment or supplement to the Pricing Disclosure Package or the Final Memorandum that effects any such changes. As used in this Agreement, the term “Initial Purchaser” includes, for all purposes of this Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section 18, purchases Securities that a defaulting Initial Purchaser agreed but failed to purchase.

Default of Initial Purchasers. (a) If, If on the Closing Date, any Initial Purchaser defaults on default in its obligation obligations to purchase the Offered Securities that it has agreed to purchase hereunder, the non-defaulting Initial Purchasers may in their discretion arrange for the purchase of such Offered Securities by the non-defaulting Initial Purchasers or other persons satisfactory to the Company on the terms contained in this Agreement. If, within 36 hours after any such default by any Initial PurchaserPurchasers, the non-defaulting Initial Purchasers do not arrange for the purchase of such Offered Securities, then the Company shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Initial Purchasers to purchase such the Offered Securities on such terms. If other persons become obligated or agree to purchase In the Securities of a event that within the respective prescribed periods, the non-defaulting Initial PurchaserPurchasers notify the Company that they have so arranged for the purchase of such Offered Securities, or the Company notifies the non-defaulting Initial Purchasers that it has so arranged for the purchase of such Offered Securities, either the non-defaulting Initial Purchasers or the Company may postpone the Closing Date for up to five seven full business days in order to effect any changes that that, in the opinion of counsel for the Company or counsel for the Initial Purchasers Purchasers, may be necessary in the Pricing General Disclosure Package, the Final Offering Memorandum or in any other document or arrangement, and the Company agrees to promptly prepare any amendment or supplement to the Pricing General Disclosure Package or the Final Offering Memorandum that effects any such changes. As used in this Agreement, the term “Initial Purchaser” includes, for all purposes of this Agreement unless the context otherwise requiresrequires otherwise, any person party not listed in Schedule 1 A hereto that, pursuant to this Section 1810, purchases Offered Securities that a defaulting Initial Purchaser agreed agreed, but failed subsequently failed, to purchase.