Common use of Failure to Surrender Debenture Called for Redemption Clause in Contracts

Failure to Surrender Debenture Called for Redemption. If this Debenture is called for redemption in whole or in part and the amount required to be paid pursuant hereto is paid or deposited as contemplated herein, and whether or not the Holder shall have surrendered the Debenture for endorsement as to the amount of repayment or for cancellation, as the case may be, prior to the date fixed for redemption, such payment shall for all purposes be and be deemed to be a payment to the Holder of the Redemption Amount and, to the extent of the Redemption Amount, this Debenture shall thereafter not be considered as outstanding hereunder and the Holder shall have no right in respect thereof.