Common use of Failure to Deliver Securities Clause in Contracts

Failure to Deliver Securities. If any Member or holder of a Unit Equivalent fails to deliver any interests 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 or holders of a Unit Equivalent upon delivery of instruments Transferring the interests. If a segregated account is so established, the Company shall take such action as is appropriate to Transfer record title to the interests from such Member or holder of a Unit Equivalent to the acquiror. Each Member, and holder of a Unit Equivalent hereby irrevocably grants the Company a power of attorney to effectuate the purposes of this Section.