Common use of Cancellation and Destruction of Surrendered Bonds Clause in Contracts

Cancellation and Destruction of Surrendered Bonds. All Bonds surrendered for payment, registration of transfer or exchange shall, if surrendered to any Person other than the Bond Registrar, be delivered to the Bond Registrar and shall be promptly cancelled by it. The Issuer may at any time deliver to the Bond Registrar for cancellation any Bond previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Bonds so delivered shall be promptly cancelled by the Bond Registrar. No Bonds shall be authenticated in lieu of or in exchange for any Bonds cancelled as provided in this Section, except as expressly permitted by this Indenture. The Bond Registrar is hereby directed to destroy all cancelled Bonds unless the Issuer shall direct otherwise by an Issuer Order. The Trustee shall deliver to the Issuer a certificate of destruction in respect to all Bonds so destroyed.

Cancellation and Destruction of Surrendered Bonds. All Bonds surrendered for payment, registration of transfer or exchange shall, if surrendered to any Person other than the Bond Registrar, be delivered to the Bond Registrar and shall be promptly cancelled by it. The Issuer may at any time deliver to the Bond Registrar for cancellation any Bond previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Bonds so delivered shall shill be promptly cancelled by the Bond Registrar. No Bonds shall be authenticated in lieu of or in exchange for any Bonds cancelled as provided in this Section, except as expressly permitted by this Indenture. The Bond Registrar is hereby directed to destroy all cancelled Bonds unless the Issuer shall direct otherwise by an Issuer Order. The Trustee shall deliver to the Issuer a certificate of destruction in respect to all Bonds so destroyed.