Common use of Cancellation and Destruction Clause in Contracts

Cancellation and Destruction. All Debentures which are paid on the Maturity Date, purchased by the Province and surrendered to the Fiscal Agent for cancellation, or surrendered for registration of transfer or exchange for other certificates or for replacement, shall be canceled by the Fiscal Agent who shall register such cancellation. The Fiscal Agent shall, as soon as practicable after the date of cancellation of Debentures under this Section 10 or Subsection 8(a), or the date that the Register is adjusted to reflect the mutilation, defacement, destruction, theft or loss of a certificate pursuant to Subsection 8(a) hereof, furnish the Province with a certificate or certificates stating the serial numbers, dollar value and total number of Debentures that have been canceled. The Fiscal Agent shall dispose of all canceled Debentures in accordance with the practices adopted by the Fiscal Agent and shall furnish the Province, on a timely basis, with certificates of disposal stating the serial numbers, dollar value and total number of all Debentures disposed of thereunder; alternatively, upon the instructions of the Province, the Fiscal Agent shall return all such Debentures to the Province.