Common use of Remedy for Failure to Transfer Shares Clause in Contracts

Remedy for Failure to Transfer Shares. In the event that any Stockholder shall sell his shares of Stock pursuant to any provision hereof, and in the further event that such Stockholder is unable to, or for any reason does not, deliver the certificate or certificates evidencing such shares to the person who, or entity which, is (or desires) to purchase such shares, in accordance with the applicable provisions of this Agreement, the purchaser of such shares may deposit the purchase price for such shares (by good check, promissory note or both, as the case may be under the applicable provisions of this Agreement) with any bank doing business within fifty (50) miles of the Corporation's principal office, or with the Corporation's certified public accountants, as agent or trustee, or in escrow, for such Stockholder, to be held by such bank or accountant until withdrawn by such Stockholder. Upon such deposit of the purchase price by the purchaser of such shares and upon notice to the Stockholder who was required to sell, the shares of Stock of such Stockholder to be sold pursuant to the applicable provisions of this Agreement shall at such time be deemed to have been sold, assigned, transferred and conveyed to such purchaser, such Stockholder shall have no further rights thereto and the Corporation shall record such transfer in its stock transfer book.

Remedy for Failure to Transfer Shares. In the event that any Stockholder shall be required to sell his shares of its Class A Stock pursuant to any provision hereof, and in the further event that such Stockholder is unable to, or for any reason does not, deliver the certificate or certificates evidencing such shares to the person who, or entity which, is (or desires) to purchase such shares, in accordance with the applicable provisions of this Agreement, the purchaser of such shares may deposit the purchase price for such shares (by good check, promissory note or both, as the case may be under the applicable provisions of this Agreement) with any bank doing business within fifty (50) miles of in the Corporation's principal officeWashington, D.C. metropolitan area, or with the Corporation's certified public accountants, as agent or trustee, or in escrow, for such Stockholder, to be held by such bank bank, accountant or accountant escrow agent until withdrawn by such Stockholder. Upon such deposit of the purchase price by the purchaser of such shares and upon notice to the Stockholder who was required to sell, the shares of Class A Stock of such Stockholder to be sold pursuant to the applicable provisions of this Agreement shall at such time be deemed to have been sold, assigned, transferred and conveyed to such purchaser, such Stockholder shall have no further rights thereto and the Corporation shall record such transfer in its stock transfer book.

Remedy for Failure to Transfer Shares. In the event that any Stockholder a Seller shall become obligated to sell his shares of Stock pursuant to any provision hereof, and in the further event that such Stockholder Seller is unable to, or for any reason does not, deliver the certificate or certificates evidencing such shares to the person who, or entity which, is (or desires) to purchase such shares, in accordance with the applicable provisions of this Agreement, the purchaser of such shares may deposit the purchase price for such shares (by good check, promissory note or both, as the case may be under the applicable provisions of this Agreement) with any bank doing business within fifty (50) miles of the Corporation's principal office, or with the Corporation's certified public accountants, as agent or trustee, or in escrow, for such StockholderSeller, to be held by such bank or accountant until withdrawn by such StockholderSeller. Upon such deposit of the purchase price by the purchaser of such shares and upon notice to the Stockholder Seller who was required to sell, the shares of Stock of such Stockholder Seller to be sold pursuant to the applicable provisions of this Agreement shall at such time be deemed to have been sold, assigned, transferred and conveyed convoyed to such purchaser, such Stockholder Seller shall have no further rights thereto and the Corporation shall record such transfer in its stock transfer book.

Remedy for Failure to Transfer Shares. In the event that any a Stockholder shall be required to sell his shares of Stock pursuant to any provision hereof, and in the further event that such the Stockholder is unable to, or for any reason does not, deliver the certificate or certificates evidencing such the shares to the person who, or entity which, is (or desires) desires to purchase such the shares, in accordance with the applicable provisions of this Agreement, the purchaser of such the shares may deposit the purchase price for such shares (the shares, by good check, promissory note or both, as the case may be under the applicable provisions of this Agreement) , with any bank doing business within fifty (50) miles of the CorporationCompany's principal office, or with the CorporationCompany's certified public accountants, as agent or trustee, or in escrow, for such the Stockholder, to be held by such the bank or accountant until withdrawn by such the Stockholder. Upon such the deposit by the purchaser of the purchase price by for the purchaser of such shares and upon notice to the Stockholder who was required to sell, the shares of Stock of such Stockholder to be sold pursuant to the applicable provisions of this Agreement shall at such time be deemed to have been sold, assigned, transferred transferred, and conveyed to such the purchaser, such the Stockholder shall have no further rights thereto thereto, and the Corporation Company shall record such the transfer in its stock transfer book.