BONA FIDE PLEDGE. Notwithstanding the provisions of Section 2.1, a Shareholder shall be entitled to make a bona fide pledge of his or her stock to a financial institution or broker in connection with borrowing transactions (each a "Lender"); provided, however, that, as contemplated by Section 2.4 hereof, any transfer of Stock to the Lender pursuant to such arrangement, upon foreclosure or otherwise, shall be subject to the "Right of First Refusal" provisions of Sections 2.3 and 2.4 hereof.
Appears in 4 contracts
Samples: Right of First Refusal Agreement (International Speedway Corp), Right of First Refusal Agreement (Penske Motorsports Inc), Refusal Agreement (Grand Prix Association of Long Beach Inc)
