Common use of Default of One or More of the Several Underwriters Clause in Contracts

Default of One or More of the Several Underwriters. If, on the Closing Date or the applicable Option Closing Date, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Shares that it or they have agreed to purchase hereunder on such date, the Representative may make arrangements reasonably satisfactory to the Company for the purchase of such Shares by other persons, including any of the Underwriters, but if no such arrangements are made by such Closing Date, the other Underwriters shall be obligated, severally and not jointly, in the proportions that the number of Underwritten Shares set forth opposite their respective names on Schedule I bears to the aggregate number of Underwritten Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Representative with the consent of the non-defaulting Underwriters, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. In any such case either the Representative or the Company shall have the right to postpone the Closing Date or the applicable Option Closing Date, as the case may be, but in no event for longer than seven days in order that the required changes, if any, to the Registration Statement and the Prospectus or any other documents or arrangements may be effected.

Default of One or More of the Several Underwriters. If, on the First Closing Date or the applicable Option Second Closing Date, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Common Shares that it or they have agreed to purchase hereunder on such date, and the Representative may make arrangements reasonably satisfactory aggregate number of Common Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to the Company for the purchase of such Shares by other persons, including any does not exceed 10% of the Underwriters, but if no aggregate number of the Common Shares to be purchased on such arrangements are made by such Closing Datedate, the other Underwriters shall be obligated, severally and not jointlyseverally, in the proportions that the number of Underwritten Firm Common Shares set forth opposite their respective names on Schedule I A bears to the aggregate number of Underwritten Firm Common Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Representative Underwriters with the consent of the non-defaulting Underwriters, to purchase the Common Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. In any such case either If, on the Representative or the Company shall have the right to postpone the First Closing Date or the applicable Option Second Closing Date, as the case may be, but in no event for longer than seven days in order that any one or more of the required changes, if any, Underwriters shall fail or refuse to the Registration Statement purchase Common Shares and the Prospectus or aggregate number As used in this Agreement, the term "Underwriter" shall be deemed to include any other documents or arrangements may be effectedperson substituted for a defaulting Underwriter under this Section 10. Any action taken under this Section 10 shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

Default of One or More of the Several Underwriters. If, on the First Closing Date or the applicable Option Second Closing Date, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Common Shares that it or they have agreed to purchase hereunder on such date, and the Representative may make arrangements reasonably satisfactory aggregate number of Common Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to the Company for the purchase of such Shares by other persons, including any does not exceed 10% of the Underwriters, but if no aggregate number of the Common Shares to be purchased on such arrangements are made by such Closing Datedate, the other Underwriters shall be obligated, severally and not jointlyseverally, in the proportions that the number of Underwritten Firm Common Shares set forth opposite their respective names on Schedule I A ---------- bears to the aggregate number of Underwritten Firm Common Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Representative Representatives with the consent of the non-defaulting Underwriters, to purchase the Common Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. In any such case either If, on the Representative or the Company shall have the right to postpone the First Closing Date or the applicable Option Second Closing Date, as the case may be, but in no event for longer than seven days in order that any one or more of the required changes, if any, Underwriters shall fail or refuse to the Registration Statement purchase Common Shares and the Prospectus or any other documents or arrangements may aggregate number of Common Shares with respect to which such default occurs exceeds 10% of the aggregate number of Common Shares to be effected.purchased on such date,

Default of One or More of the Several Underwriters. If, on the First Closing Date or the applicable Option Second Closing Date, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Common Shares that it or they have agreed to purchase hereunder on such date, and the Representative may make arrangements reasonably satisfactory aggregate number of Common Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to the Company for the purchase of such Shares by other persons, including any does not exceed 10% of the Underwriters, but if no aggregate number of the Common Shares to be purchased on such arrangements are made by such Closing Datedate, the other Underwriters shall be obligated, severally and not jointlyseverally, in the proportions that the number of Underwritten Firm Common Shares set forth opposite their respective names on Schedule I A bears to the aggregate number of Underwritten Firm Common Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Representative Representatives with the consent of the non-defaulting Underwriters, to purchase the Common Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. In any such case either If, on the Representative or the Company shall have the right to postpone the First Closing Date or the applicable Option Second Closing Date, as the case may be, but any one or more of the Underwriters shall fail or refuse to purchase Common Shares and As used in no event this Agreement, the term "Underwriter" shall be deemed to include any person substituted for longer than seven days a defaulting Underwriter under this Section . Any action taken under this Section shall not relieve any defaulting Underwriter from liability in order that the required changes, if any, to the Registration Statement and the Prospectus or respect of any other documents or arrangements may be effecteddefault of such Underwriter under this Agreement.

Default of One or More of the Several Underwriters. If, If one or more of the Underwriters shall fail on the Closing Date or a Date of Delivery to purchase the applicable Option Closing DateSecurities which it or they are obligated to purchase under this Agreement (the “Defaulted Securities”), as the case may beUnderwriters shall have the right, any within 24 hours thereafter, to make arrangements for one or more of the several Underwriters shall fail non‑defaulting Underwriters, or refuse to purchase Shares that it any other underwriters or they have agreed to purchase hereunder on such date, the Representative may make arrangements reasonably other persons satisfactory to the Company on the terms contained in this Agreement, to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set forth. If, within 24 hours after any such default by any Underwriter, the non-defaulting Underwriters do not arrange for the purchase of such Shares by other personsDefaulted Securities, including any of then the Underwriters, but if no such arrangements are made by such Closing Date, the other Underwriters Company shall be obligated, severally and not jointly, in the proportions that the number entitled to a further period of Underwritten Shares set forth opposite their respective names on Schedule I bears 24 hours within which to the aggregate number of Underwritten Shares set forth opposite the names of all such non-defaulting Underwriters, or in such procure other proportions as may be specified by the Representative with the consent of persons satisfactory to the non-defaulting Underwriters, Underwriters to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase Defaulted Securities on such dateterms. In any If, however, the Underwriters shall not have completed such case either arrangements within the Representative or first 24 hour period and the Company shall have the right has not been able to postpone the Closing Date or the applicable Option Closing Date, as the case may be, but in no event for longer than seven days in order that the required changes, if any, procure other persons satisfactory to the Registration Statement and non-defaulting Underwriters during the Prospectus or any other documents or arrangements may be effected.second 24 hour period, then:

Default of One or More of the Several Underwriters. If, on the First Closing Date or the applicable Option Second Closing Date, with respect to the Option Shares, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Shares that it or they have agreed to purchase hereunder on such date, and the Representative may make arrangements reasonably satisfactory aggregate number of Common Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to the Company for the purchase of such Shares by other persons, including any does not exceed 10% of the Underwriters, but if no aggregate number of the Shares to be purchased on such arrangements are made by such Closing Datedate, the other Underwriters shall be obligated, severally and not jointlyseverally, in the proportions that the number of Underwritten Firm Common Shares set forth opposite their respective names on Schedule I A bears to the aggregate number of Underwritten Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Representative Representatives with the consent of the non-defaulting Underwriters, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. In any such case either If, on the Representative or the Company shall have the right to postpone the Closing Date or the applicable Option First Closing Date, as the case may be, but in no event for longer than seven days in order that the required changes, if any, to the Registration Statement and the Prospectus or any other documents or arrangements may be effected.

Default of One or More of the Several Underwriters. If, on the First Closing Date or the applicable Option Second Closing Date, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Shares that it or they have agreed to purchase hereunder on such date, and the Representative may make arrangements reasonably satisfactory aggregate number of Common Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to the Company for the purchase of such Shares by other persons, including any does not exceed 10% of the Underwriters, but if no aggregate number of the Shares to be purchased on such arrangements are made by such Closing Datedate, the other Underwriters shall be obligated, severally and not jointlyseverally, in the proportions that the number of Underwritten Firm Common Shares set forth opposite their respective names on Schedule I A bears to the aggregate number of Underwritten Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Representative Representatives with the consent of the non-defaulting Underwriters, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. In any such case either If, on the Representative or the Company shall have the right to postpone the First Closing Date or the applicable Option Second Closing Date, as the case may be, but in no event for longer than seven days in order that any one or more of the required changes, if any, Underwriters shall fail or refuse to the Registration Statement purchase Shares and the Prospectus or any other documents or arrangements may be effected.aggregate number of

Default of One or More of the Several Underwriters. If, on the First Closing Date or the applicable Option Second Closing Date, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Shares Units that it or they have agreed to purchase hereunder on such date, and the Representative may make arrangements reasonably satisfactory aggregate number of Units which such defaulting Underwriter or Underwriters agreed but failed or refused to the Company for the purchase of such Shares by other persons, including any does not exceed 10% of the Underwriters, but if no aggregate number of the Units to be purchased on such arrangements are made by such Closing Datedate, the other Underwriters shall be obligated, severally and not jointlyseverally, in the proportions that the number of Underwritten Shares Firm Units set forth opposite their respective names on Schedule I 1 bears to the aggregate number of Underwritten Shares Firm Units set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Representative Representatives with the consent of the non-defaulting Underwriters, to purchase the Shares Units which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. In any such case either If, on the Representative or the Company shall have the right to postpone the First Closing Date or the applicable Option Second Closing Date, as the case may be, but in no event for longer than seven days in order that any one or more of the required changes, if any, Underwriters shall fail or refuse to the Registration Statement purchase Units and the Prospectus or any other documents or arrangements may be effected.aggregate number of Units with respect to which such default occurs exceeds 10% of the aggregate number of Units to be

Default of One or More of the Several Underwriters. If, on the First Closing Date or the applicable Option Second Closing Date, as the case may be, any one or more of the several Underwriters shall fail or refuse to purchase Shares that it or they have agreed to purchase hereunder on such date, and the Representative may make arrangements reasonably satisfactory aggregate number of Common Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to the Company for the purchase of such Shares by other persons, including any does not exceed 10% of the Underwriters, but if no aggregate number of the Shares to be purchased on such arrangements are made by such Closing Datedate, the other Underwriters shall be obligated, severally and not jointlyseverally, in the proportions that the number of Underwritten Firm Common Shares set forth opposite their respective names on Schedule I A bears to the aggregate number of Underwritten Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Representative Representatives with the consent of the non-defaulting Underwriters, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. In any such case either If, on the Representative or the Company shall have the right to postpone the First Closing Date or the applicable Option Second Closing Date, as the case may be, but in no event for longer than seven days in order that any one or more of the required changesUnderwriters shall fail or refuse to purchase Shares and the aggregate number of Shares with respect to which such default occurs exceeds 10% of the aggregate number of Shares to be purchased on such date, if any, and arrangements satisfactory to the Registration Statement Representatives and the Prospectus or any other documents or arrangements may be effected.Company for the purchase of such Shares are not made within 48 hours after such default, this Agreement shall terminate without