Surrender after Replacement Sample Clauses
The 'Surrender after Replacement' clause defines the process and conditions under which a party may surrender an asset, property, or right after it has been replaced with a new one. Typically, this clause applies in contexts such as equipment leases or insurance policies, where an old item is replaced by a new or upgraded version, and the original must then be returned or relinquished. Its core function is to ensure a clear and orderly transition of assets, preventing disputes over ownership or responsibility once a replacement has occurred.
Surrender after Replacement. If a Certificate that has been replaced is surrendered to a Transfer Agent for payment, that Transfer Agent shall forthwith inform the Registrar, who shall so inform the Issuer.
Surrender after Replacement. Whenever any Certificates alleged to have been lost, stolen or destroyed, in replacement for which a new Certificate has been issued, shall be surrendered or delivered to an Agent prior to payment, conversion or for redemption or purchase the Agent shall as soon as practicable send notice thereof to the Issuer, the Registrar and the Principal Paying Agent.
Surrender after Replacement. If a Note which has been replaced is surrendered to the Registrar for payment, the Registrar shall as soon as reasonably practicable inform the Principal Paying Agent, who shall inform the Issuer as soon as reasonably practicable.