Transfer and Exchange of Warrant Clause Example from Business Contracts

Transfer and Exchange of Warrant. 5.1. Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Public Warrant upon the Warrant Register, upon surrender of such Public Warrant for transfer, properly endorsed with signatures, in the case of certificated Public Warrants, properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Public Warrant representing an equal aggregate number of Public Warrants shall be issued and the old P...ublic Warrant shall be cancelled by the Warrant Agent. In the case of certificated Public Warrants, the Public Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request. 5.2. Procedure for Surrender of Warrants. Public Warrants may be surrendered to the Warrant Agent, either in certificated form or in book entry position, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Public Warrants, or book entry positions, as requested by the registered holder of the Public Warrants so surrendered, representing an equal aggregate number of Public Warrants; provided, however, that in the event that a Public Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Public Warrant and issue new Public Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Public Warrants must also bear a restrictive legend. 5.3. Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a warrant certificate or book-entry position for a fraction of a Public Warrant. 5.4. Service Charges. No service charge shall be made for any exchange or registration of transfer of Public Warrants. 5.5. Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Public Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Public Warrants duly executed on behalf of the Company for such purpose. 5.6. [Reserved.] 5.7. Transfers prior to Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit in which such Public Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Public Warrants included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.7 shall have no effect on any transfer of Public Warrants on or after the Detachment Date. View More