Common use of Tender Clause in Contracts

Tender. At any time the Option Holder of this stock option agreement, pursuant to the foregoing terms and conditions, shall exercise the right to purchase these option shares, the Option Holder of said stock option agreement shall surrender this stock option agreement for said shares of option shares, accompanied by proper instruments of surrender, to Commerce, at its principal office, accompanied by a written notice to the effect that the Option Holder elects to exercise its stock option agreement, and stating the name or names in which the certificate or certificates for shares of option shares shall be issued. As promptly as practicable, after the receipt of such notice and the surrender of this stock option agreement, Commerce shall issue and deliver to Option Holder or such other holder of the stock option agreement, or to the written order of such holder, a new certificate or certificates for the number of shares of option shares issuable upon surrendering of this s tock option agreement. Such issuance of option shares shall be deemed to have been effected on the date on which such notice shall have been received by Commerce and such stock option agreement shall have been surrendered as hereinabove provided. All shares of option shares which may be issued upon exercise of the stock option agreement, shall, upon issuance, be validly issued, fully paid, and nonassessable by Commerce.

Tender. At any time the Option Holder of this stock option agreement, pursuant to the foregoing terms and conditions, shall exercise the right to purchase these option shares, the Option Holder of said stock option agreement shall surrender this stock option agreement for said shares of option shares, accompanied by proper instruments of surrender, to Commerce, at its principal office, accompanied by a written notice to the effect that the Option Holder elects to exercise its stock option agreement, and stating the name or names in which the certificate or certificates for shares of option shares shall be issued. As promptly as practicable, after the receipt of such notice and the surrender of this stock option agreement, Commerce shall issue and deliver to Option Holder or such other holder of the stock option agreement, or to the written order of such holder, a new certificate or certificates for the number of shares of option shares issuable upon surrendering of this s tock stock option agreement. Such issuance of option shares shall be deemed to have been effected on the date on which such notice shall have been received by Commerce and such stock option agreement shall have been surrendered as hereinabove provided. All shares of option shares which may be issued upon exercise of the stock option agreement, shall, upon issuance, be validly issued, fully paid, and nonassessable by Commerce.