Cancellation of Converted Debentures Clause Samples
The 'Cancellation of Converted Debentures' clause defines the process by which debentures that have been converted into equity or another form of security are formally cancelled and removed from the company's outstanding obligations. Typically, this clause outlines the administrative steps required after conversion, such as updating company records and notifying relevant parties to ensure the debentures are no longer recognized as debt instruments. Its core practical function is to prevent double counting or confusion regarding the company's liabilities, ensuring that once debentures are converted, they are effectively retired and cannot be claimed or traded as debt.
Cancellation of Converted Debentures. Subject to the provisions of Section 6.4 as to Debentures converted in part, all Debentures converted in whole or in part under the provisions of this Article shall be forthwith delivered to and cancelled by the Trustee and no Debenture shall be issued in substitution for those converted.
Cancellation of Converted Debentures. All Debentures delivered for conversion shall be delivered to the Trustee to be canceled by the Trustee, which shall dispose of the same as provided in Section 2.10 of the Base Indenture.
Cancellation of Converted Debentures. All Debentures delivered for conversion shall be delivered to the Trustee to be canceled by or at the direction of the Trustee, which shall dispose of the same as provided in Section 3.9.
Cancellation of Converted Debentures. Subject to the provision of Section 6.4 as to Debentures converted in part, all Debentures converted in whole or in part under the provisions of this Article shall be forthwith delivered to and cancelled by the Trustee and no Debenture shall be issued in substitution therefor.
Cancellation of Converted Debentures. Subject to subsection 5.3(2), all Debentures with respect to which the conversion rights under the provisions of this Article 5 are exercised shall be immediately cancelled.
Cancellation of Converted Debentures. All Debentures delivered for conversion shall be cancelled and no such Debenture shall thereafter be reissued.
Cancellation of Converted Debentures. All Debentures converted under Section 2.5(5) shall be cancelled by the Trustee and no Debenture shall be issued in substitution for those converted.
Cancellation of Converted Debentures. All Definitive Debentures delivered for conversion shall be delivered to the Trustee or its agent to be canceled by or at the direction of the Trustee, which shall dispose of the same as provided in Section 2.11. Upon conversions of beneficial interests in any Global Debenture, the Trustee or the Custodian, at the direction of the Trustee, shall reduce the aggregate principal amount of outstanding Debentures represented by such Global Debenture to reflect the conversion pursuant to Section 2.01(b).
Cancellation of Converted Debentures. All Convertible Debentures that are converted shall be delivered to and canceled by the Company.
Cancellation of Converted Debentures. All Debentures or portions thereof surrendered for conversion shall ipso facto on the conversion thereof be extinguished and shall be canceled and disposed of as provided in Section 2.08, and no Debentures shall be issued under the Indenture in lieu thereof.