Failure to Deliver Stock. If a Purchaser or a Shareholder (or any personal representative or other representative of a Shareholder) who has become obligated to sell stock of the Corporation hereunder shall fail to deliver such stock on the terms and in accordance with this Agreement, the party(ies) having the right to purchase such stock, in addition to all other remedies they may have, may send to the such obligated party by registered mail, return receipt requested, the purchase price for such Stock on the terms provided for in this Agreement. Thereupon, the Corporation, upon written notice to such obligated Purchaser or Shareholder, shall cause the cancellation on its books or cause the Transfer Agent to cancel the certificates representing the stock to be sold; and thereupon, all of the obligated Purchaser's or Shareholder's rights in and to such Stock shall terminate.
Appears in 4 contracts
Samples: Right of First Refusal Agreement (Penske Motorsports Inc), Right of First Refusal Agreement (International Speedway Corp), Right of First Refusal Agreement (Penske Motorsports Inc)
