Loss of Tokens Sample Clauses

Loss of Tokens. By default, all issued Share Tokens are subject to a recovery function embedded in the Smart Contract. The recovery function allows Share Token Holders that lost access to their Share Tokens to reclaim them. Potential abuse of the recovery function is guarded against by requiring a collateral and by having a suitably long period during which counterclaims can be filed. It is possible to opt out from the recovery function on a per-address basis by invoking the respective function. As a further fallback to prevent abuse, the Issuer is given the power to cancel a pending token recovery, thereby preventing the recovery from completing. The Issuer agrees to only exert this power in case of suspected abuse or errors. Alternatively, lost Share Tokens can be declared invalid by a judge and replaced with new Share Tokens in accordance with the procedure laid out in article 973h CO. Accordingly, the beneficiary of lost Share Tokens may demand the competent court at the seat of the Issuer to cancel the respective ledger-based securities, provided that the beneficiary furnishes credible evidence of its original power of disposal and of the loss thereof. The cancellation procedure according to article 982 – 986 CO applies mutatis mutandis, except that only one public notice for presentation of the security in the Swiss Official Gazette of Commerce is required, and the time limit (waiting period) is at least one month after the public notice. Invalid Share Tokens remain in the Smart Contract but do not allow registration in the Share Register anymore. The Issuer will inform about invalid tokens on the Website. Anyone regaining control over lost tokens is required to return them to the Issuer or burn them.
Sample 1Sample 2Sample 3See All (13)
AutoNDA by SimpleDocs
Loss of Tokens. By default, all issued Share Tokens are subject to a recovery function embedded in the Token Register. The recovery function allows Token Holders that lost access to their Share Tokens to reclaim them. Potential abuse of the recovery function is guarded against by requiring a collateral and by having a suitably long period during which counterclaims can be filed. It is possible to opt out from the recovery function on a per-address basis by invoking the respective function on the smart contract. As a further fallback to prevent abuse, the Issuer is given the power to cancel a pending token recovery, thereby preventing the recovery from completing. The Issuer agrees to only exert this power in case of suspected abuse or errors. The recovery mechanism is documented in more detail on xxxxxx.xxx/xxxxxxxxxxx/xxxxxxxxx/xxxx/xxxxxx/xxx/xxxxxxxxxxx.xx Alternatively, lost Share Tokens can be declared invalid by a judge and replaced with new Share Tokens in accordance with the procedure laid out in article 973h CO. Invalid Share Tokens remain in the Token Register but do not represent Shares anymore. It is the responsibility of the Issuer to inform about invalid tokens on the Website.
Sample 1Sample 2
Loss of Tokens. According to Swiss Laws, a Shareholder can ask a Swiss court to invalidate the Share Token. Invalid Share Tokens remain in the Smart Contract but do not represent Shares anymore. In the event of Token Loss, the Shareholder is obliged to notify the Issuer forthwith. Upon receipt of sufficient proof from the Shareholder demonstrating both the initial entitlement to control the Share Token and the subsequent misplacement or deprivation thereof, the Issuer is authorized to enact a provisional suspension of the transferability of Share Tokens associated with the Shareholder's address. During the suspension, the Issuer will stipulate a definitive period for the Shareholder to institute legal proceedings aimed at obtaining an official annulment of the Share Token. This specified duration shall not surpass one month. Failure by the Shareholder to initiate such proceedings within the allocated time frame can result in the Issuer lifting the provisional suspension.
Sample 1
Loss of Tokens. 7.7.The Buyer warrants to have sufficient knowledge and experience in business, technology and financial matters, including sufficient knowledge of blockchain or cryptographic tokens and other digital assets, smart contracts, storage mechanisms (such as digital or token wallets), blockchain-based software systems and blockchain technology, etc. in order to assess the risks and merits of the purchase and delivery of Tokens, including but not limited to the matters set forth in this Agreement, and that it is able to bear the risks thereof, including loss of all paid amounts, loss of Tokens. The Buyer warrants to have obtained sufficient information to make an informed decision to purchase Tokens.
Sample 1

Related to Loss of Tokens

  • Loss of Data In the event of loss of any State data or records where such loss is due to the intentional act, omission, or negligence of the Contractor or any of its subcontractors or agents, the Contractor shall be responsible for recreating such lost data in the manner and on the schedule set by the Contract Manager. The Contractor shall ensure that all data is backed up and is recoverable by the Contractor.

  • Loss of a Facility Hub In the event that BellSouth loses a facility hub, the recovery process is much the same as above. Once the NMC has observed the problem and administered the appropriate controls, the ECC will assume authority for the repairs. The recovery effort will include

  • ACCIDENTAL DAMAGE IN HANDLING ( “ADH”): If purchased, the Covered Product is protected against accidental damage in handling such as drops and liquid spills. Immersion of Your Covered Product is not covered under this Agreement. ADH only covers operational or mechanical failure caused by a single incident while handling and does not include protection against theft, mysterious disappearance, misplacement, viruses or reckless, abusive, willful or intentional misconduct associated with handling and/or use of the Covered Product, cosmetic damage and/or other damage that does not affect the unit’s functionality, damage caused during shipment between You and Our service providers and any other limitations listed in the “What is Not Covered” section of this Agreement. For the purpose of this Agreement, Accidental Damage is defined as a single, unexpected, sudden and unintentional event and does not include accumulated damage from continual or multiple events. The use of this coverage requires an explanation of where and when the Accidental Damage occurred as well as a detailed description of the actual event. If needed, the replacement value of the Covered Product will be solely determined by the Administrator of this Agreement.

Time is Money Join Law Insider Premium to draft better contracts faster.