License Surrender Clause Samples
License Surrender. Following the effective date of this decision, if Applicant ceases 20 practicing due to retirement, health reasons or is otherwise unable to satisfy the terms and conditions of 21 probation, Applicant may voluntarily tender his license to the board. The board reserves the right to 22 evaluate the Applicant's request and to exercise its discretion whether to grant the request, or to take any 23 other action deemed appropriate and reasonable under the circumstances. Upon formal acceptance of 24 the tendered license, Applicant will no longer be subject to the terms and conditions of probation.
License Surrender. The Company shall use its reasonable best efforts to cause SBAC to take all actions necessary to surrender its premium finance agency license (the “Premium Finance License”) issued by the New York State Department of Financial Services (the “DFS”), including: (i) delivering a notice of surrender of the Premium Finance License to DFS, including through the Nationwide Multistate Licensing System, (ii) disposing of any New York loan receivables under the Premium Finance License, including delivering loan forgiveness waiver letters to all borrowers of SBAC such that no loans remain outstanding, (iii) returning to DFS all original licenses and riders issued by DFS, and (iv) promptly submitting any additional filings, notifications and submissions requested by the DFS in connection therewith, each of (i), (ii), and (iii) to be completed by no later than May 5, 2026. The Company shall keep Purchaser reasonably informed of the status of such surrender and cooperate with the Purchaser in connection therewith pursuant to Section 7.02 of this Agreement. The Company will deliver to Purchaser at the Closing evidence reasonably satisfactory to Purchaser of the actions taken pursuant to this Section 7.20. For the avoidance of doubt, no action taken by the Company or SBAC in compliance with and furtherance of this Section 7.20 shall constitute (i) a breach of any representation, warranty, covenant or agreement of the Company or Company Parent under this Agreement or (ii) a failure of any condition set forth in Article VIII of this Agreement.
(c) Section 8.02 of the Merger Agreement is hereby amended to include the following as a new clause (e):
License Surrender