Share Transfer Right. Upon an Event of Default, at Xxxxxx’s option, Debtor shall transfer to Holder any portion of the 95,000 shares of Debtor’s common stock which Debtor is seeking to sell in its currently pending Regulation A Offering (the “Offering”), that has not been sold at the time of such Event of Default (the “Unsold Shares”). If Xxxxxx demands the transfer of such Unsold Shares and sells all of the Unsold Shares within 90 days after Debtor completes the transfer of such Unsold Shares to Holder, the net proceeds received by Holder from such sale shall be applied as described in paragraph 3. If, after the application of such proceeds, there remains a balance owed by Xxxxxx to Holder hereunder, Debtor shall remain liable for paying the remaining balance due hereunder. If Xxxxxx demands the transfer of such Unsold Shares and has not sold all of the Unsold Shares within 90 days after Debtor completes the transfer of such Unsold Shares to Holder, any remaining unpaid balance due hereunder shall be forgiven.
Appears in 12 contracts
Samples: Philadelphia Powderkegs, Inc., Atlanta Hot Wings, Inc., Florida Mangos Wild, Inc.
