Default Not Exceeding 10% of Firm Units or Option Units Sample Clauses
This clause sets a limit on the number of units that can be in default, capping it at no more than 10% of either the firm units or the option units specified in the agreement. In practice, if the number of units in default approaches this threshold, the parties may need to take corrective action or renegotiate terms to remain within the allowed limit. The core function of this clause is to manage risk by preventing excessive defaults, thereby protecting both parties from significant disruptions or losses due to non-performance.
Default Not Exceeding 10% of Firm Units or Option Units. If any Underwriter or Underwriters shall default in its or their obligations to purchase the Firm Units or the Option Units, if the Over-allotment Option is exercised, hereunder, and if the number of the Firm Units or Option Units with respect to which such default relates does not exceed in the aggregate 10% of the number of Firm Units or Option Units that all Underwriters have agreed to purchase hereunder, then such Firm Units or Option Units to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder.
Default Not Exceeding 10% of Firm Units or Option Units. If any Underwriter or Underwriters other than NBCF with respect to the Shortfall Shares shall default in its or their obligations to purchase the Firm Units or the Option Units, if the over-allotment option is exercised, hereunder, and if the number of the Firm Units or Option Units with respect to which such default relates does not exceed in the aggregate 10% of the number of Firm Units or Option Units that all Underwriters have agreed to purchase hereunder, then such Firm Units or Option Units to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder. In no event shall any Underwriter other than NBCF be required to purchase Shortfall Shares.