Common use of Failure to Deliver Stock Clause in Contracts

Failure to Deliver Stock. In the event that a Stockholder having become obligated to sell Equity Securities or Discount Debentures hereunder shall fail to deliver such securities in accordance with the terms of this Agreement, the purchaser of such securities may, at its option, in addition to all other remedies such purchaser may have, send to the selling Stockholder by registered mail, return receipt requested, the purchase price for such securities as is herein above specified and notify the Company of such action. Following receipt of such notice, the Company, upon written notice to the selling Stockholder, (i) shall cancel on its books the certificate or certificates representing the shares of stock to be sold, (ii) shall issue, in lieu thereof, a new certificate in the name of the purchaser representing such securities and (iii) shall deliver such new certificate or certificates to the purchaser, and thereupon all of the selling Stockholder's rights in and to said securities shall terminate.

Failure to Deliver Stock. In the event that a Stockholder having become obligated to sell Equity Securities or Discount Debentures hereunder shall fail to deliver such securities in accordance with the terms of this Agreement, the purchaser of such securities may, at its option, in addition to all other remedies such purchaser may have, send to the selling Stockholder by registered mail, return receipt requested, the purchase price for such securities as is herein above specified and notify the Company of such action. Following receipt of such notice, the Company, upon written notice to the selling Stockholder, (i) shall cancel on its books the certificate or certificates representing the shares of stock to be sold, (ii) shall issue, in lieu thereof, a new certificate in the name of the purchaser representing such securities and (iii) shall deliver such new certificate or certificates to the purchaser, and thereupon all of the selling Stockholder's rights in and to said securities shall terminate.