Common use of Failure to Deliver Securities Clause in Contracts

Failure to Deliver Securities. If any Securityholder who has become obligated to sell Securities hereunder shall fail to deliver such Securities to the Corporation in accordance with the terms of this Agreement, the Corporation may, at its option, send to such Securityholder by registered mail, return receipt requested, the consideration for such Securities as is herein specified. Thereupon, the Corporation shall (i) cancel on its books the certificate or certificates in the name of the Corporation representing such Securities and (ii) issue, in lieu thereof, a new certificate or certificates in the name of the Corporation representing such Securities, and thereupon all of such Securityholder’s rights in and to such Securities shall terminate, subject to any previously asserted and outstanding claim by such Securityholder. [Signature Page Follows]

Failure to Deliver Securities. If any Securityholder who has become obligated to sell Securities hereunder shall fail to deliver such Securities to the Corporation in accordance with the terms of this Agreement, the Corporation may, at its option, send to such Securityholder by registered mail, return receipt requested, the consideration for such Securities as is herein specified. Thereupon, the Corporation shall (i) cancel on its books the certificate or certificates in the name of the Corporation representing such Securities and (ii) issue, in lieu thereof, a new certificate or certificates in the name of the Corporation representing such Securities, and thereupon all of such Securityholder’s rights in and to such Securities shall terminate, subject to any previously asserted and outstanding claim by such Securityholder. [Signature Page Follows].