Failure to Deliver Securities. If any Member fails to deliver any Units to be acquired, Transferred or exchanged hereunder, the acquiror may elect to establish a segregated account in the amount of the price to be paid therefor, such account to be turned over to such Member upon delivery of instruments Transferring the Units. If a segregated account is so established, the Company shall take such action as is appropriate to Transfer record title to the Units from such Member to the acquiror. Each Member hereby irrevocably grants the Company a power of attorney to effectuate the purposes of this Section.
Appears in 2 contracts
Sources: Asset Purchase Agreement (Trudy Corp), Asset Purchase Agreement (Trudy Corp)
Failure to Deliver Securities. If any Member fails to deliver any Units interests to be acquired, Transferred transferred or exchanged hereunder, the acquiror may elect to establish a segregated account in the amount of the price to be paid therefor, such account to be turned over to such Member upon delivery of instruments Transferring transferring the Unitsinterests. If a segregated account is so established, the Company shall take such action as is appropriate to Transfer transfer record title to the Units interests from such Member to the acquiror. Each Member hereby irrevocably grants the Company a power of attorney to effectuate the purposes of this Section.
Appears in 1 contract
Sources: Limited Liability Company Agreement (Applied Precision, Inc.)