Surrender and Cancellation Clause Samples
The Surrender and Cancellation clause outlines the process by which a party voluntarily gives up its rights or interests under an agreement, leading to the formal termination or nullification of those rights. Typically, this clause details the steps required for surrender, such as providing written notice or returning relevant documents, and specifies the conditions under which cancellation becomes effective. Its core function is to provide a clear and orderly mechanism for ending obligations or interests, thereby preventing disputes and ensuring both parties understand how and when rights can be relinquished.
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Surrender and Cancellation. Except as provided in Section 2(b), the Warrantholder shall not be required to physically surrender this Warrant to the Company until the Warrantholder has purchased all of the Common Shares available hereunder and this Warrant has been exercised in full, in which case the Warrantholder shall surrender this Warrant to the Company for cancellation within three Business Days following the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant shall lower the number of Warrant Shares available hereunder by an amount equal to the applicable number of Warrant Shares purchased. The Warrantholder and the Company shall maintain records showing the number of Common Shares purchased and the remaining number of Common Shares available hereunder. The Warrantholder and any assignee of the Warrantholder, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Common Shares available hereunder, the Warrant Shares (and, therefore, the number of Common Shares available for purchase hereunder) at any given time may be less than the amount stated herein.
Surrender and Cancellation. Once the Principal Amount, plus all accrued but unpaid interest thereon, has been paid in full, all obligations under this Note will immediately and automatically terminate, and the Lender will promptly surrender this Note to the Borrower for cancellation.
Surrender and Cancellation. You agree to surrender the card to us upon demand. You agree, further, that the card shall at all times remain our property and that we may cancel this Agreement at any time, subject to such notification as may be required by applicable law. You agree that we may amend this Agreement and these disclosures, from time to time, subject to such notification as may be required by applicable law.
Surrender and Cancellation. 7.1 Notes shall only be redeemed against surrender of the relevant Certificate(s) for cancellation in the case of full redemption and for the enfacement of a memorandum of the amount and date of redemption in the case of partial redemption.
7.2 All Notes redeemed by the Issuers under the provisions of this Instrument shall be cancelled and shall not be re-issued.
Surrender and Cancellation. 29.1 The Concessionaire on giving to MIREM not less than thirty (30) days notice may:
(a) if its obligations in respect of any Exploration Period have been fulfilled, at any time thereafter surrender its rights in respect of the entire EPC Area with the consequence that no new obligations will thereafter accrue; and
(b) at any time, surrender its rights in respect of any acreage forming part of the EPC Area with the consequence that no new obligations will thereafter accrue in respect of such acreage; provided, however, that:
(i) no surrender by the Concessionaire of its rights over any part of the EPC Area shall relieve the Concessionaire of any of its obligations as set out in Article 4; and
(ii) any area surrendered shall be continuously delineated by meridians and parallels of latitude expressed in whole minutes of a degree.
29.2 Unless otherwise provided in this article, the Government may, by notice to the Concessionaire, cancel this EPC for the reasons given in the laws or regulations, including in any of the following events:
(a) the Concessionaire is in material breach of the terms and conditions of this EPC;
(b) the Concessionaire fails to materially comply within a reasonable period of time with any final decision reached as a result of arbitration proceedings conducted pursuant to Article 30.2 or fails within a reasonable period of time to accept as final and binding the decision of a sole expert to whom, pursuant to this EPC, any matter has been referred under Article 30.6;
(c) where the Concessionaire is one Person, an order is made or a resolution is passed by a court of competent jurisdiction winding up the affairs of the Concessionaire unless the winding up is for the purpose of amalgamation or reorganisation and the Government has been notified of the amalgamation or reorganisation, or if without the approval of the Government, the majority of the shares in the Concessionaire are acquired by third parties other than an Affiliated Company; or
(d) the Concessionaire is more than one Person and all Persons who constitute the Concessionaire are for the purpose of Article 29.3(a) Defaulting Participants.
(a) In the event that more than one Person constitutes the Concessionaire, and in respect of any such Person (hereinafter in this article referred to as the “Defaulting Participant”) an event occurs of the kind described in Article 29.2(c) or any such Person (also hereinafter referred to as the “Defaulting Participant”) is in material breach o...
Surrender and Cancellation. The Trustee shall surrender the Insurer's Policy to the Insurer for cancellation upon the expiration of the term of the Insurer's Policy as provided in the Insurer's Policy.
Surrender and Cancellation. At the Effective Time, Buyer will deliver or cause to be delivered to a third-party agent to be appointed by Buyer and reasonably acceptable to ▇▇▇▇▇▇ (the “Exchange Agent”) an amount equal to the aggregate Cash Consideration to be paid pursuant to Section 2.6(b) and will deliver or cause to be delivered to the Exchange Agent or ▇▇▇▇▇▇’▇ payroll provider an amount equal to the aggregate Option Consideration to be paid pursuant to Section 2.6(c). Buyer shall cause the Exchange Agent to, as promptly as practical after the Effective Time, but in no event later than ten (10) days after the Closing Date, send or cause to be sent to each former holder of record of ▇▇▇▇▇▇ Common Stock transmittal materials (the “Letter of Transmittal”) for use in exchanging their Certificates for the consideration provided in this Agreement. The Letter of Transmittal will contain instructions with respect to the surrender of Certificates and the receipt of the Cash Consideration contemplated by Section 2.6(b). Upon surrender for cancellation to the Exchange Agent of any Certificates held by any ▇▇▇▇▇▇ shareholder, together with the Letter of Transmittal, duly executed, the Exchange Agent shall pay to such Mercer shareholder the Cash Consideration with respect to such Certificates. No interest will be paid or accrued for the benefit of any Mercer shareholder on the amount payable upon the surrender of any Certificates held by such shareholder. Until surrendered as contemplated by this Section 2.7, each Certificate shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the Cash Consideration contemplated by Section 2.6(b).
Surrender and Cancellation. The Trustee shall surrender the Certificate Insurance Policies to the Certificate Insurer for cancellation upon termination of the Trust pursuant to Article V hereof.
Surrender and Cancellation. Optionee hereby surrenders all right, title and interest of Optionee in the options granted to him in the August 1994 Option. The Company hereby cancels and terminates the August 1994 Option Agreement and the options granted therein.
Surrender and Cancellation. As a condition to the opportunity to purchase shares hereunder, the Stockholder is contemporaneously surrendering for cancellation all existing stock option agreements previously awarded to him, consisting of grants for 25,000 shares awarded on December 17, 1990 and June 15, 1990, respectively. The Stockholder hereby authorizes the Company to reflect such cancellation on the Company's option ledger.