Default Clause Example with 5 Variations from Business Contracts
This page contains Default clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Default. If one or more Underwriters shall fail at the Time of Purchase or an Option Securities Settlement Date to purchase the Securities which it or they are obligated to purchase under this Agreement (the "Defaulted Securities"), then the Representatives shall have the right, within 24 hours thereafter, to make arrangements for one of or more of the non-defaulting Underwriters or any other underwriters 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; provided, however, that if such arrangements shall not have been completed within such 24-hour period, then: (i) if the number of Defaulted Securities does not exceed 10% of the number of Securities to be so purchased by all of the Underwriters on such date, the non-defaulting Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that their respective initial purchase obligation bears to the purchase obligations of all non-defaulting Underwriters; or (ii) if the number of Defaulted Securities exceeds 10% of the number of Securities to be so purchased by all of the Underwriters on such date, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter. No action taken pursuant to this Section 7 shall relieve any defaulting Underwriter from liability in respect of its default. In the event of any such default which does not result in a termination of this Agreement, either the Representatives or the Company shall have the right to postpone the Time of Purchase or the relevant Option Securities Settlement Date, as the case may be, for a period not exceeding seven days in order to effect any required changes in the Registration Statement, the Disclosure Package or the Prospectus or in any other documents or arrangements. As used herein, the term "Underwriter" includes any person substituted for an Underwriter under this Section 7.View More
Variations of a "Default" Clause from Business Contracts
Default. If one or more of the Underwriters shall fail at the applicable Closing Time of Purchase or an Option Securities Settlement Date to purchase the Securities which it or they are obligated to purchase under this the applicable Terms Agreement (the "Defaulted Securities"), then the Representatives shall have the right, within 24 hours thereafter, to make arrangements for one of or more of the non-defaulting Underwriters Underwriters, or any other underwriters underwriters, 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; provided, forth. If, however, that if during such arrangements 24 hours you shall not have been completed within such 24-hour period, arrangements for the purchase of all of the Defaulted Securities, then: (i) A. if the number aggregate principal amount of Defaulted Securities does not exceed 10% of the number aggregate principal amount of the Securities to be so purchased by all of the Underwriters on pursuant to such date, Terms Agreement, the non-defaulting Underwriters shall be obligated, severally and not jointly, obligated to purchase the full amount thereof in the proportions that their respective initial purchase obligation bears underwriting obligations under the applicable Terms Agreement (including this Agreement as incorporated by reference therein) bear to the purchase underwriting obligations of all such non-defaulting Underwriters; Underwriters, unless otherwise agreed, or (ii) -23- B. if the number aggregate principal amount of Defaulted Securities exceeds 10% of the number aggregate principal amount of the Securities to be so purchased by all of the Underwriters on pursuant to such date, Terms Agreement, such Terms Agreement (including this Agreement as incorporated by reference therein) shall terminate terminate, without any liability on the part of any non-defaulting Underwriter. Underwriter or the Issuer. No action taken pursuant to this Section 7 10 shall relieve any defaulting Underwriter from liability in respect of its default. any default of such Underwriter under the applicable Terms Agreement or this Agreement. In the event of a default by any such default Underwriter or Underwriters as set forth in this Section 10 which does not result in a termination of this the applicable Terms Agreement, either the Representatives or the Issuer or the Company shall have the right to postpone the applicable Closing Time of Purchase or the relevant Option Securities Settlement Date, as the case may be, for a period not exceeding seven days in order to effect that any required changes in the Registration Statement, the Disclosure Package Statement or the Final Prospectus or in any other documents or arrangements. As used herein, the term "Underwriter" includes any person substituted for an Underwriter under this Section 7. arrangements may be effected. View More
Default. If one or more of the Underwriters shall fail at the applicable Closing Time of Purchase or an Option Securities Settlement Date to purchase the Securities which it or they are obligated to purchase under this the applicable Terms Agreement (the "Defaulted Securities"), then the Representatives shall have the right, within 24 hours thereafter, to make arrangements for one of or more of the non-defaulting Underwriters Underwriters, or any other underwriters underwriters, 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; provided, forth. If, however, that if during such arrangements 24 hours you shall not have been completed within such 24-hour period, arrangements for the purchase of all of the Defaulted Securities, then: (i) A. if the number aggregate principal amount of Defaulted Securities does not exceed 10% of the number aggregate principal amount of the Securities to be so purchased by all of the Underwriters on pursuant to such date, Terms Agreement, the non-defaulting Underwriters shall be obligated, severally and not jointly, obligated to purchase the full amount thereof in the proportions that their respective initial purchase obligation bears underwriting obligations under the applicable Terms Agreement (including this Agreement as incorporated by reference therein) bear to the purchase underwriting obligations of all such non-defaulting Underwriters; Underwriters, unless otherwise agreed, or (ii) B. if the number aggregate principal amount of Defaulted Securities exceeds 10% of the number aggregate principal amount of the Securities to be so purchased by all of the Underwriters on pursuant to such date, Terms Agreement, such Terms Agreement (including this Agreement as incorporated by reference therein) shall terminate terminate, without any liability on the part of any non-defaulting Underwriter. Underwriter or the Company. No action taken pursuant to this Section 7 10 shall relieve any defaulting Underwriter from liability in respect of its default. any default of such Underwriter under the applicable Terms Agreement or this Agreement. -19- In the event of a default by any such default Underwriter or Underwriters as set forth in this Section 10 which does not result in a termination of this the applicable Terms Agreement, either the Representatives or the Company shall have the right to postpone the applicable Closing Time of Purchase or the relevant Option Securities Settlement Date, as the case may be, for a period not exceeding seven days in order to effect that any required changes in the Registration Statement, the Disclosure Package Statement or the Final Prospectus or in any other documents or arrangements. As used herein, the term "Underwriter" includes any person substituted for an Underwriter under this Section 7. arrangements may be effected. View More
Default. If one or more of the Underwriters shall fail at the applicable Closing Time of Purchase or an Option Securities Settlement Date to purchase the Securities which it or they are obligated to purchase under this the applicable Terms Agreement (the "Defaulted Securities"), then the Representatives shall have the right, within 24 hours thereafter, to make arrangements for one of or more of the non-defaulting Underwriters Underwriters, or any other underwriters underwriters, 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; provided, forth. If, however, that if during such arrangements 24 hours you shall not have been completed within such 24-hour period, arrangements for the purchase of all of the Defaulted Securities, then: (i) A. if the number aggregate principal amount of Defaulted Securities does not exceed 10% of the number aggregate principal amount of the Securities to be so purchased by all of the Underwriters on pursuant to such date, Terms Agreement, the non-defaulting Underwriters shall be obligated, severally and not jointly, obligated to purchase the full amount thereof in the proportions that their respective initial purchase obligation bears underwriting obligations under the applicable Terms Agreement (including this Agreement as incorporated by reference therein) bear to the purchase underwriting obligations of all such non-defaulting Underwriters; Underwriters, unless otherwise agreed, or (ii) B. if the number aggregate principal amount of Defaulted Securities exceeds 10% of the number aggregate principal amount of the Securities to be so purchased by all of the Underwriters on pursuant to such date, Terms Agreement, such Terms Agreement (including this Agreement as incorporated by reference therein) shall terminate terminate, without any liability on the part of any non-defaulting Underwriter. Underwriter or the Company. No action taken pursuant to this Section 7 10 shall relieve any defaulting Underwriter from liability in respect of its default. any default of such Underwriter under the applicable Terms Agreement or this Agreement. In the event of a default by any such default Underwriter or Underwriters as set forth in this Section 10 which does not result in a termination of this the applicable Terms Agreement, either the Representatives or the Company shall have the right to postpone the applicable Closing Time of Purchase or the relevant Option Securities Settlement Date, as the case may be, for a period not exceeding seven days in order to effect that any required changes in the Registration Statement, the Disclosure Package Statement or the Final Prospectus or in any other documents or arrangements. As used herein, the term "Underwriter" includes any person substituted for an Underwriter under this Section 7. arrangements may be effected. View More
Default. If one or more Underwriters shall fail at the Time of Purchase or an Option Securities Settlement Date any Additional Time of Purchase to purchase the Securities Shares which it or they are obligated to purchase under this Agreement (the "Defaulted Securities"), Shares"), then the Representatives shall have the right, within 24 hours thereafter, to make arrangements for one of or more of the non-defaulting Underwriters or any other underwriters to purchase all, but not less than all, of the Defa...ulted Securities Shares in such amounts as may be agreed upon and upon the terms herein set forth; provided, however, that if such arrangements shall not have been completed within such 24-hour period, then: (i) if the number of Defaulted Securities Shares does not exceed 10% of the number of Securities Shares to be so purchased by all of the Underwriters on such date, the non-defaulting Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that their respective initial purchase obligation bears to the purchase obligations of all non-defaulting Underwriters; or (ii) if the number of Defaulted Securities Shares exceeds 10% of the number of Securities Shares to be so purchased by all of the Underwriters on such date, this Agreement or, with respect to any Additional Time of Purchase subsequent to the Time of Purchase, the obligation of the several Underwriters to purchase, and the Company to sell, such Additional Shares shall terminate without liability on the part of any non-defaulting Underwriter. No action taken pursuant to this Section 7 7 shall relieve any defaulting Underwriter from liability in respect of its default. In the event of any such default which does not result in a termination of this Agreement, Agreement or, with respect to Additional Shares, the obligation of the several Underwriters to purchase, and the Company to sell, such Additional Shares, either the Representatives or the Company shall have the right to postpone the Time of Purchase or the relevant Option Securities Settlement Date, applicable Additional Time of Purchase, as the case may be, for a period not exceeding seven days in order to effect any required changes in the Registration Statement, the Disclosure Package or the Prospectus or in any other documents or arrangements. As used herein, the term "Underwriter" includes any person substituted for an Underwriter under this Section 7. 7. View More
Default. If one or more Underwriters shall fail at the Time of Purchase or an Option Securities Settlement Date any Additional Time of Purchase to purchase the Securities Shares which it or they are obligated to purchase under this Agreement (the "Defaulted Securities"), Shares"), then the Representatives shall have the right, within 24 hours thereafter, to make arrangements for one of or more of the non-defaulting Underwriters or any other underwriters to purchase all, but not less than all, of the Defa...ulted Securities Shares in such amounts as may be agreed upon and upon the terms herein set forth; provided, however, that if such arrangements shall not have been completed within such 24-hour period, then: (i) if the number of Defaulted Securities Shares does not exceed 10% of the number of Securities Shares to be so purchased by all of the Underwriters on such date, the non-defaulting Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that their respective initial purchase obligation bears to the purchase obligations of all non-defaulting Underwriters; or (ii) if the number of Defaulted Securities Shares exceeds 10% of the number of Securities Shares to be so purchased by all of the Underwriters on such date, this Agreement or, with respect to any Additional Time of Purchase subsequent to the Time of Purchase, the obligation of the several Underwriters to purchase, and the Company to sell, such Additional Shares shall terminate without liability on the part of any non-defaulting Underwriter. No action taken pursuant to this Section 7 7 shall relieve any defaulting Underwriter from liability in respect of its default. In the event of any such default which does not result in a termination of this Agreement, Agreement or, with respect to Additional Shares, the obligation of the several Underwriters to purchase, and the Company to sell, such Additional Shares, either the Representatives or the Company shall have the right to postpone the Time of Purchase or the relevant Option Securities Settlement Date, applicable Additional Time of Purchase, as the case may be, for a period not exceeding seven days in order to effect any required changes in the Registration Statement, the Disclosure Package or the Prospectus or in any other documents or arrangements. As used herein, the term "Underwriter" includes any person substituted for an Underwriter under this Section 7. 7. View More
