Surrender of Control Clause Samples

The Surrender of Control clause defines the circumstances under which one party relinquishes authority or decision-making power over certain assets, operations, or processes to another party. In practice, this may occur when a party is required to hand over control of property, financial accounts, or business operations, often triggered by specific events such as insolvency, default, or regulatory intervention. The core function of this clause is to ensure a clear and orderly transfer of control, minimizing disputes and confusion during critical situations where swift action is necessary.
Surrender of Control. Upon accrual of the Issuer’s right of re-entry as the result of the Company’s default hereunder or upon the cancellation or termination of this Lease by lapse of time or otherwise (other than as a result of the Company’s purchase of the Project), the Company shall peacefully surrender control of the Project to the Issuer in good condition and repair, ordinary wear and tear excepted; provided, however, the Company shall have the right, prior to or within 60 days after the termination of this Lease, to remove from on or about the Project the buildings, improvements, machinery, equipment, personal property, furnishings and trade fixtures which the Company owns under the provisions of this Lease and which are not a part of the Project. All repairs to and restorations of the Project required to be made because of such removal shall be made by and at the sole cost and expense of the Company. All buildings, improvements, machinery, equipment, personal property, furnishings and trade fixtures owned by the Company and which are not so removed from on or about the Project prior to or within 60 days after such termination of this Lease shall become the separate and absolute property of the Issuer.
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Surrender of Control. Upon accrual of the Issuer’s right of re-entry as the result of the Company’s default hereunder or upon the cancellation or termination of this Lease by lapse of time or otherwise (other than as a result of the Company’s purchase of the Project), the Company shall peacefully surrender control of the Project to the Issuer in good condition and
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Surrender of Control. Each holder of a certificate representing controlled interest under VIE to be exchanged under this Agreement and Plan of Share Exchange for VIE interest will be entitled, after the Effective Time and upon presentation and surrender to ▇▇▇▇▇▇ (or its agent) by signing the VIE agreements, to receive in exchange therefor a certificate representing the number of shares of ▇▇▇▇▇▇ to which such holder is entitled under this Agreement and Plan of Share Exchange. Until so surrendered, each outstanding certificate that prior to the Effective Time represented controlling interest of XFC and SFC will be deemed for all purposes to evidence ownership of corresponding 1 million shares of ▇▇▇▇▇▇ after the Effective Time.
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Related to Surrender of Control

  • Surrender of Possession Upon the expiration or upon the sooner termination of this Lease, Tenant shall remove all of Tenant’s signs from the exterior of the Building and shall remove all of Tenant’s inventory, equipment, trade fixtures, furniture, supplies, wall decorations and other personal property (collectively, “Tenant’s FF&E”) from within the Leased Premises, including the Building and the Outside Areas, and shall vacate and surrender the Leased Premises, and all portions thereof, to Landlord broom clean and in good condition, reasonable wear and tear excepted. Tenant shall repair all damage to the Leased Premises, and all portions thereof, caused by Tenant’s removal of Tenant’s property. Tenant shall patch and refinish, to Landlord’s reasonable satisfaction, all penetrations made by Tenant or its employees to the floor, walls or ceiling of the Leased Premises, whether such penetrations were made with Landlord’s approval or not. Tenant shall repair or replace all stained or damaged ceiling tiles, wall coverings and floor coverings to the reasonable satisfaction of Landlord. Tenant shall repair all damage caused by Tenant to the exterior surface of the Building and the paved surfaces of the Outside Areas and, where necessary, replace or resurface same. Additionally, to the extent that Landlord shall have notified Tenant in writing at the time Landlord approved any improvements requiring Landlord approval that it desired to have such improvements removed at the expiration or sooner termination of the Lease (“Required Removables”), Tenant shall, upon the expiration or sooner termination of the Lease, remove the Required Removables and repair all damage caused by such removal. If Tenant fails to comply with the terms of this P▇▇▇▇▇▇▇▇ ▇.▇, ▇▇▇▇▇▇▇▇ may perform Tenant’s obligations at Tenant’s expense, and Tenant shall be liable to Landlord for all reasonable costs incurred by Landlord in performing such obligations for Tenant (including, without limitation, reasonable costs of Landlord’s oversight of removal, repair and replacement work). Tenant shall pay to Landlord the amount of all costs so incurred within fifteen (15) days of Landlord’s delivery to Tenant of an invoice together with reasonable supporting information. Tenant shall indemnify Landlord against loss or liability resulting from delay by Tenant in surrendering the Leased Premises, including, without limitation, any claims made by any succeeding tenant or any losses to Landlord with respect to lost opportunities to lease to succeeding tenants.

  • Surrender of License On the Effective Date of this Agreement, Respondent agrees to the surrender of Respondent’s mortgage loan originator license or any MLO Activity Endorsement issued by each State Mortgage Regulator in the corresponding Participating State. This surrender will go into effect on or after the effective date of this agreement as processed and reflected through the NMLS. Respondent further agrees that Respondent will not apply for a new mortgage loan originator license or, as applicable, petition for the reinstatement of any MLO Activity Endorsement in any of the Participating States for a period of three months from the Effective Date of this Agreement. Should the Respondent apply for such a license or petition for the reinstatement of an MLO Activity Endorsement during that three-month period, that license application or MLO Activity Endorsement petition, as consented to by the Respondent herein, shall be deemed denied.