Common use of Surrender of Share Certificates Clause in Contracts

Surrender of Share Certificates. Each Member agrees that upon the redemption of Shares as provided in this Section 8.2, if such Shares were certificates, such Member or his or her legal representative shall promptly deliver the certificates for such Shares to the Company for cancellation. If the Member or his or her legal representative does not do so, the Company shall nevertheless enter the transfer on its records. In the event such certificate evidenced Shares in addition to the Shares being redeemed, the Company shall forthwith issue and deliver to or upon the order of such Member a new certificate of like tenor, in the name of such Member, providing on the face thereof for the number of Shares which such certificate represented which have not been so redeemed.