Common use of Underwriter Default Clause in Contracts

Underwriter Default. (a) If any Underwriter shall default in its obligation to purchase the Designated Securities which it has agreed to purchase under the Pricing Agreement relating to such Designated Securities, the Representatives may in their discretion arrange for themselves or another party or other parties to purchase such Designated Securities on the terms contained herein. If within 36 hours after such default by any Underwriter the Representatives do not arrange for the purchase of such Designated Securities then the Company shall be entitled to a further period of 36 hours within which to procure another party or other parties reasonably satisfactory to the Representatives to purchase such Designated Securities on such terms. In the event that, within the respective prescribed period, the Representatives notify the Company that they have so arranged for the purchase of such Designated Securities, or the Company notifies the Representatives that it has so arranged for the purchase of such Designated Securities, the Representatives or the Company shall have the right to postpone the Time of Delivery for such Designated Securities for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus as amended or supplemented, or in any other documents or arrangements, and the Company agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus which in the opinion of the Representatives may thereby be made necessary. The term “Underwriter” as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to the Pricing Agreement with respect to such Designated Securities.

Underwriter Default. (a) If any Underwriter shall default in its obligation to purchase the Firm Designated Securities or Optional Securities which it has agreed to purchase under the Pricing Agreement relating to such Designated Securities, the Representatives may in their discretion arrange for themselves or another party or other parties to purchase such Designated Securities on the terms contained herein. If within 36 hours after such default by any Underwriter the Representatives do not arrange for the purchase of such Firm Designated Securities or Optional Securities, as the case may be, then the Company shall be entitled to a further period of 36 hours within which to procure another party or other parties reasonably satisfactory to the Representatives to purchase such Designated Securities on such terms. In the event that, within the respective prescribed period, the Representatives notify the Company that they have so arranged for the purchase of such Designated Securities, or the Company notifies the Representatives that it has so arranged for the purchase of such Designated Securities, the Representatives or the Company shall have the right to postpone the Time of Delivery for such Designated Securities for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus as amended or supplemented, or in any other documents or arrangements, and the Company agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus which in the opinion of the Representatives may thereby be made necessary. The term “Underwriter” as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to the Pricing Agreement with respect to such Designated Securities.

Underwriter Default. (a) If any Underwriter shall default in its obligation to purchase the Designated Trust Preferred Securities which it has agreed to purchase under the Pricing Agreement relating to such Designated Securitieshereunder, the Representatives you may in their your discretion arrange for themselves you or another party or other parties to purchase such Designated Trust Preferred Securities on the terms contained hereinherein at the Closing Date or the Option Closing Date. If within 36 thirty six hours after such default by any Underwriter the Representatives Underwriter, you do not arrange for the purchase of such Designated Securities Trust Preferred Securities, then the Company Guarantor shall be entitled to a further period of 36 thirty six hours within which to procure another party or other parties reasonably satisfactory to the Representatives to purchase such Designated Trust Preferred Securities on such terms. In the event that, within the respective prescribed periodperiods, the Representatives you notify the Company Guarantor that they you have so arranged for the purchase of such Designated Trust Preferred Securities, or the Company Guarantor notifies the Representatives you that it has so arranged for the purchase of such Designated Trust Preferred Securities, the Representatives you or the Company Guarantor shall have the right to postpone the Time of Delivery for such Designated Securities Closing Date or the Option Closing Date, as the case may be, for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus as amended or supplementedProspectus, or in any other documents or arrangements, and the Company Guarantor agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus which that in the your opinion of the Representatives may thereby be made necessary. The term “Underwriter” as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to the Pricing this Agreement with respect to such Designated Trust Preferred Securities.

Underwriter Default. (a) If any Underwriter shall default in its obligation to purchase the Designated Trust Preferred Securities which it has agreed to purchase under the Pricing Agreement relating to such Designated Securitieshereunder, the Representatives you may in their your discretion arrange for themselves you or another party or other parties to purchase such Designated Trust Preferred Securities on the terms contained herein. If within 36 thirty-six hours after such default by any Underwriter the Representatives Underwriter, you do not arrange for the purchase of such Designated Securities Trust Preferred Securities, then the Company Guarantor shall be entitled to a further period of 36 thirty-six hours within which to procure another party or other parties reasonably satisfactory to the Representatives Representative to purchase such Designated Trust Preferred Securities on such terms. In the event that, within the respective prescribed periodperiods, the Representatives you notify the Company Guarantor that they you have so arranged for the purchase of such Designated Trust Preferred Securities, or the Company Guarantor notifies the Representatives you that it has so arranged for the purchase of such Designated Trust Preferred Securities, the Representatives you or the Company Guarantor shall have the right to postpone the Time of Delivery for such Designated Securities Closing Date for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus as amended or supplementedProspectus, or in any other documents or arrangements, and the Company Guarantor agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus which that in the your opinion of the Representatives may thereby be made necessary. The term “Underwriter” as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to the Pricing this Agreement with respect to such Designated Trust Preferred Securities.

Underwriter Default. (a) If any Underwriter shall default in its obligation to purchase the Designated Trust Preferred Securities which it has agreed to purchase under the Pricing Agreement relating to such Designated Securitieshereunder, the Representatives you may in their your discretion arrange for themselves you or another party or other parties to purchase such Designated Trust Preferred Securities on the terms contained herein. If within 36 thirty six hours after such default by any Underwriter the Representatives you do not arrange for the purchase of such Designated Securities Trust Preferred Securities, then the Company Guarantor shall be entitled to a further period of 36 thirty six hours within which to procure another party or other parties reasonably satisfactory to the Representatives you to purchase such Designated Trust Preferred Securities on such terms. In the event that, within the respective prescribed periodperiods, the Representatives you notify the Company Guarantor that they you have so arranged for the purchase of such Designated Trust Preferred Securities, or the Company Guarantor notifies the Representatives you that it has so arranged for the purchase of such Designated Trust Preferred Securities, the Representatives you or the Company Guarantor shall have the right to postpone the Time of Delivery for such Designated Securities Closing Date for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus as amended or supplementedProspectus, or in any other documents or arrangements, and the Company Guarantor agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus which that in the your opinion of the Representatives may thereby be made necessary. The term “Underwriter” as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to the Pricing this Agreement with respect to such Designated Trust Preferred Securities.