Common use of Effectiveness; Defaulting Initial Purchasers Clause in Contracts

Effectiveness; Defaulting Initial Purchasers. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto. If, on the Closing Date or the Option Closing Date, as the case may be, any one or more of the Initial Purchasers shall fail or refuse to purchase Securities that it has or they have agreed to purchase hereunder on such date, and the aggregate principal amount of Securities which such defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase is not more than one-tenth of the aggregate amount of the Securities to be purchased on such date, the other Initial Purchasers shall be obligated severally in the proportions that the principal amount of Firm Securities set forth opposite their respective names in Schedule I bears to the aggregate principal amount of Firm Securities set forth opposite the names of all such non-defaulting Initial Purchasers, or in such other proportions as you may specify, to purchase the Securities which such defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase

Effectiveness; Defaulting Initial Purchasers. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto. If, on the Closing Date Date, or the an Option Closing Date, as the case may be, any one or more of the Initial Purchasers shall fail or refuse to purchase Securities Notes that it has or they have agreed to purchase hereunder on such date, and the aggregate principal amount of Securities Notes which such defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase is not more than one-tenth of the aggregate principal amount of the Securities Notes to be purchased on such date, the other Initial Purchasers shall be obligated severally in the proportions that the principal amount of Firm Securities Notes set forth opposite their respective names in Schedule I bears to the aggregate principal amount of Firm Securities Notes set forth opposite the names of all such non-defaulting Initial Purchasers, or in such other proportions as you the Representatives may specify, to purchase the Securities Notes which such defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchasepurchase on such date; provided that in no event shall the principal amount of Notes that any Initial Purchaser has agreed to purchase pursuant to this Agreement be increased pursuant to this