Default by the Company Clause Example from Business Contracts

This example Default by the Company clause appears in 2 contracts from 1 company

Default by the Company. (a) Default by the Company. If the Company shall fail at the First Closing Date to sell and deliver the number of Securities that it is obligated to sell hereunder, then this Agreement shall terminate without any liability on the part of any Underwriter. (b) No Relief from Liability. No action taken pursuant to this Section shall relieve the Company from liability, if any, in respect of such default.