Common use of Surrender of Receipts and Withdrawal of Stock Clause in Contracts

Surrender of Receipts and Withdrawal of Stock. Upon surrender of this Receipt to the Depositary at the Corporate Office, or at such other offices as the Depositary may designate, and subject to the provisions of the Deposit Agreement, the holder hereof is entitled to withdraw, and to obtain delivery, to or upon the order of such holder, of any or all of the Stock (but only in whole shares of Stock) and all money and other property, if any, at the time represented by the Adjustable Rate Depositary Shares evidenced by this Receipt, but holders of such shares of Stock will not thereafter be entitled to deposit such shares of Stock hereunder or to receive Adjustable Rate Depositary Shares therefor. If the Receipt or Receipts delivered by the holder to the Depositary in connection with such withdrawal shall evidence a number of Adjustable Rate Depositary Shares in excess of the number of Adjustable Rate Depositary Shares representing the whole number of shares of Stock to be withdrawn, the Depositary shall, in addition to such whole number of shares of Stock and such money and other property, if any, to be withdrawn, deliver, to or upon the order of such holder, a new Receipt or Receipts evidencing such excess number of Adjustable Rate Depositary Shares.

Appears in 2 contracts

Samples: Deposit Agreement (El Paso Natural Gas Co), Agreement and Plan of Merger (El Paso Natural Gas Co)

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Surrender of Receipts and Withdrawal of Stock. Upon surrender (a) Except as provided in Section 2.06(b), no holder of this a Receipt or Receipts shall have the right to the Depositary at the Corporate Office, or at such other offices as the Depositary may designate, and subject to the provisions withdraw any of the Deposit Agreementshares of Stock represented by such Receipts. (b) Notwithstanding Section 2.06(a), the holder hereof is entitled Company shall have the right to withdraw, and to obtain delivery, to or upon the order of such holder, of withdraw any or all of the Stock (but only in whole shares of Stock) represented by the Depositary Shares and all money and other property, if any, represented by such Depositary Shares by surrendering the Receipt or Receipts evidencing such Depositary Shares at the time Corporate Office, or at such other office as the Depositary may designate for such withdrawals (and cancellation of the surrendered Receipts as provided in Section 2.09). After such surrender, without unreasonable delay, the Depositary shall deliver to the Company the whole number of shares of Stock and all such money and other property, if any, represented by the Adjustable Rate Depositary Shares evidenced by this Receipt, but holders of such shares of Stock will not thereafter be entitled to deposit such shares of Stock hereunder the Receipt or to receive Adjustable Rate Depositary Shares thereforReceipts so surrendered for withdrawal. If the Receipt or Receipts delivered by the holder Company to the Depositary in connection with such withdrawal shall evidence a number of Adjustable Rate Depositary Shares in excess of the number of Adjustable Rate whole Depositary Shares representing the whole number of shares of Stock to be withdrawn, the Depositary shallshall at the same time, in addition to such whole number of shares of Stock and such money and other property, if any, to be withdrawn, deliverdeliver to the Company, or (subject to or Section 2.04) upon the order of such holderits order, a new Receipt or Receipts evidencing such excess number of Adjustable Rate whole Depositary Shares.

Appears in 1 contract

Samples: Deposit Agreement (Apache Corp)

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Surrender of Receipts and Withdrawal of Stock. Upon surrender of this Receipt to the Depositary at the Corporate Office, or at such other offices as the Depositary may designate, and subject to the provisions of the Deposit Agreement, the holder hereof is entitled to withdraw, and to obtain delivery, to or upon the order of such holder, of any or all of the Stock (but only in whole shares of Stock) and all money and other property, if any, at the time represented by the Adjustable Rate Depositary Shares evidenced by this Receipt, but holders of such shares of Stock will not thereafter be entitled to deposit such shares of Stock hereunder or to receive Adjustable Rate Depositary Shares therefor. If the Receipt or Receipts delivered by the holder to the Depositary in connection with such withdrawal shall evidence a number of Adjustable Rate Depositary Shares in excess of the number of Adjustable Rate Depositary Shares representing the whole number of shares of Stock to be withdrawn, the Depositary shall, in addition to such whole number of shares of Stock and such money and other property, if any, to be withdrawn, deliver, to or upon the order of such holder, a new Receipt or Receipts evidencing such excess number of Adjustable Rate Depositary Shares.

Appears in 1 contract

Samples: Deposit Agreement (El Paso Energy Corp/De)

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