Common use of EXCHANGE OR REPLACEMENT OF DEBENTURE Clause in Contracts

EXCHANGE OR REPLACEMENT OF DEBENTURE. (a) The Payees collectively may, at their option, in person or by duly authorized attorney, surrender this Debenture for exchange, at the principal business office of any Payor, and the Payees, or each Payee, as the case may be, will receive in exchange therefor, a new Debenture or Debentures, as the case may be, in the same principal amount as the unpaid principal amount of this Debenture, or such Payees percentage allocation (as set forth on Schedule 1 hereto) of the unpaid principal amount, as the case may be, and bearing interest at the same annual rate as this Debenture, such new Debenture, or Debentures, as the case may be, to be dated as of the date of this Debenture and to be in such principal amount as remains unpaid and payable to such person or persons, or order, as the Payees may designate in writing.

EXCHANGE OR REPLACEMENT OF DEBENTURE. (ao) The Payees collectively may, at their option, in person or by duly authorized attorney, surrender this Debenture for exchange, at the principal business office of any Payor, and the Payees, or each Payee, as the case may be, will receive in exchange therefor, a new Debenture or Debentures, as the case may be, in the same principal amount as the unpaid principal amount of this Debenture, or such Payees percentage allocation (as set forth on Schedule 1 hereto) of the unpaid principal amount, as the case may be, and bearing interest at the same annual rate as this Debenture, such new Debenture, or Debentures, as the case may be, to be dated as of the date of this Debenture and to be in such principal amount as remains unpaid and payable to such person or persons, or order, as the Payees may designate in writing.