Surrender or Cancellation Sample Clauses

The Surrender or Cancellation clause outlines the conditions under which a party may voluntarily give up or terminate their rights or interests in an agreement, property, or contract. Typically, this clause specifies the process for notifying the other party, any required documentation, and the effective date of surrender or cancellation. For example, in a lease, it may allow a tenant to end the lease early by providing written notice and meeting certain conditions. The core function of this clause is to provide a clear and orderly mechanism for ending obligations, thereby reducing uncertainty and potential disputes between the parties.
POPULAR SAMPLE Copied 2 times
Surrender or Cancellation. The voluntary or other surrender of this Lease by the Lessee, or a mutual cancellation thereof, shall not work a merger, and shall terminate all or any existing subleases, unless the Lessor elects to treat such surrender or cancellation as an assignment to the Lessor of any or all of such subleases.
View SourceView Similar (14)
Surrender or Cancellation. The Owner shall have the sol right to surrender or cancel the Policy, in whole or in part, and to receive his (or its) surrender value, subject to the provisions of this paragraph 5. In the event of any partial or complete surrender or cancellation, the Employer shall be provided with written notice of such surrender or cancellation by the Owner at least fifteen (15) days prior to a distribution from the Insurer. Subject to paragraph 6, in the event of any partial surrender, the Employer shall be entitled to recover the surrender proceeds to the extent of its net premium outlay. In the event of a complete surrender or cancellation, the Employer shall be entitled to recover the lesser of its net premium outlay and the surrender value of the Policy.
View SourceView Similar (5)
Surrender or Cancellation. The voluntary or other surrender of this Lease by Lessee, or a mutual cancellation thereof, shall not work a merger.
View Source
Surrender or Cancellation. The voluntary or other surrender of this Lease by Tenant, or a mutual cancellation thereof, shall not work a merger, but shall terminate all or any existing subleases unless Landlord expressly elects to treat such surrender or cancellation as an assignment to Landlord of any or all of such subleases.
View SourceView Similar (6)
Surrender or Cancellation. If the Policy is surrendered during ------------------------- the term of the Agreement, the right to receive an amount equal to the greater of (i) the Advances as of the date of surrender, or (ii) the cash surrender value of the Policy as of the date of surrender, less reimbursed Advances. (i) The Employer retains the power and authority to borrow from the Insurer, in the name of the Trust, the amount payable under the Agreement (including amounts due under Paragraph 10 of the Agreement), and to pledge or otherwise encumber the Policy to ensure repayment of the loan. The Employer shall have the right to receive the loan proceeds and shall have no obligation to make any payments on the loan. (ii) To Employer shall not have the authority to cancel or surrender the policy.
View Source

Related to Surrender or Cancellation

  • No Cancellation No Required Insurance policy may be canceled by either Party during the required insured period under this Agreement, except after thirty days’ prior written notice to the City by certified mail, return receipt requested. Prior to the effective date of any such cancellation Consultant must procure and put into effect equivalent coverage(s).

  • Cancellation and Destruction of Surrendered Receipts All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled.

  • Cancellation of Surrendered Warrants All Warrant Certificates surrendered pursuant to Article 3 shall be cancelled by the Warrant Agent and upon such circumstances all such Uncertificated Warrants shall be deemed cancelled and so noted on the register by the Warrant Agent. Upon request by the Corporation, the Warrant Agent shall furnish to the Corporation a cancellation certificate identifying the Warrant Certificates so cancelled, the number of Warrants evidenced thereby, the number of Common Shares, if any, issued pursuant to such Warrants and the details of any Warrant Certificates issued in substitution or exchange for such Warrant Certificates cancelled.

  • Section 309 Cancellation All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of as directed by a Company Order.

  • RIGHTS ON CANCELLATION 21.1 If this Agreement or Purchase Order is cancelled in whole or in part in terms of clause 20 [Total or Partial Failure to Perform], Transnet may execute or complete this Agreement with any other entity and do so on such terms as it may deem proper, or may procure other comparable Goods/Services in substitution for those neglected to be manufactured or supplied or rejected as aforesaid, and may recover from the Supplier the difference between the cost of such Goods/Services and the Price [if the latter was lower] as well as any costs and expenses [including any additional transport costs] which Transnet may have had to incur in consequence of the Supplier’s/Service Provider’s default. 21.2 Any amount which may be recoverable from the Supplier/Service Provider in terms of clause 21.1 above, without prejudice to any other legal remedies available to Transnet, may be deducted in whole or in part from any monies in the hands of Transnet and due for payment to the Supplier/Service Provider.