Surrender of Control Clause Samples
The Surrender of Control clause defines the circumstances under which one party relinquishes authority or decision-making power over certain assets, operations, or processes to another party. In practice, this may occur when a party is required to hand over control of property, financial accounts, or business operations, often triggered by specific events such as insolvency, default, or regulatory intervention. The core function of this clause is to ensure a clear and orderly transfer of control, minimizing disputes and confusion during critical situations where swift action is necessary.
Surrender of Control. Upon accrual of the Issuer’s right of re-entry as the result of the Company’s default hereunder or upon the cancellation or termination of this Lease by lapse of time or otherwise (other than as a result of the Company’s purchase of the Project), the Company shall peacefully surrender control of the Project to the Issuer in good condition and repair, ordinary wear and tear excepted; provided, however, the Company shall have the right, prior to or within 60 days after the termination of this Lease, to remove from on or about the Project the buildings, improvements, machinery, equipment, personal property, furnishings and trade fixtures which the Company owns under the provisions of this Lease and which are not a part of the Project. All repairs to and restorations of the Project required to be made because of such removal shall be made by and at the sole cost and expense of the Company. All buildings, improvements, machinery, equipment, personal property, furnishings and trade fixtures owned by the Company and which are not so removed from on or about the Project prior to or within 60 days after such termination of this Lease shall become the separate and absolute property of the Issuer.
Surrender of Control. Upon accrual of the Issuer’s right of re-entry as the result of the Company’s default hereunder or upon the cancellation or termination of this Lease by lapse of time or otherwise (other than as a result of the Company’s purchase of the Project), the Company shall peacefully surrender control of the Project to the Issuer in good condition and
Surrender of Control. Each holder of a certificate representing controlled interest under VIE to be exchanged under this Agreement and Plan of Share Exchange for VIE interest will be entitled, after the Effective Time and upon presentation and surrender to ▇▇▇▇▇▇ (or its agent) by signing the VIE agreements, to receive in exchange therefor a certificate representing the number of shares of ▇▇▇▇▇▇ to which such holder is entitled under this Agreement and Plan of Share Exchange. Until so surrendered, each outstanding certificate that prior to the Effective Time represented controlling interest of XFC and SFC will be deemed for all purposes to evidence ownership of corresponding 1 million shares of ▇▇▇▇▇▇ after the Effective Time.