Common use of Mutilated, Destroyed, Lost and Stolen Obligations Clause in Contracts

Mutilated, Destroyed, Lost and Stolen Obligations. If (i) any mutilated Obligation is surrendered to the Trustee, or the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Obligation, and (ii) there is delivered to the Trustee such security or indemnity as may be required to save each of the Company and the Trustee harmless, then, in the absence of notice to the Company or the Trustee that such Obligation has been acquired by a bona fide purchaser, the Company shall execute and upon its written request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Obligation, a new Obligation of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. In case any such mutilated, destroyed, lost or stolen Obligation has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Obligation, pay all amounts to become due and payable with respect to such Obligation. Upon the issuance of any new Obligation under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expense (including the fees and expenses of the Trustee) connected therewith. Every new Obligation issued pursuant to this Section in lieu of any destroyed, lost or stolen Obligation shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Obligation shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and ratably with all other Outstanding Obligations. The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Obligations.

Appears in 3 contracts

Samples: Supplemental Indenture (Old Dominion Electric Cooperative), Supplemental Indenture (Old Dominion Electric Cooperative), Indenture (Old Dominion Electric Cooperative)

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Mutilated, Destroyed, Lost and Stolen Obligations. If (i) any mutilated Obligation is surrendered to the Trustee, or the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Obligation, and (ii) there is delivered to the Trustee such security or indemnity as may be required to save each of the Company and the Trustee each of them harmless, then, in the absence of notice to the Company or the Trustee that such Obligation has been acquired by a bona fide purchaser, the Company shall execute and upon its written request the Trustee shall authenticate and deliver, in exchange for for, or in lieu of of, any such mutilated, destroyed, lost or stolen Obligation, a new Obligation of the same series and of like tenor and principal amount and bearing a number not assigned to any other Obligation contemporaneously outstandingOutstanding. In case any such mutilated, destroyed, lost or stolen Obligation has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Obligation, pay all amounts to become due and payable with respect to such Obligation. Upon the issuance of any new Obligation under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expense (including the fees and expenses of the Trustee) connected therewith. Every new Obligation issued pursuant to this Section in lieu of any destroyed, lost or stolen Obligation shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Obligation shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and ratably with all other Outstanding Obligations. The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Obligations.

Appears in 1 contract

Samples: Indenture (Chugach Electric Association Inc)

Mutilated, Destroyed, Lost and Stolen Obligations. If (i) any mutilated Obligation is surrendered to the Trustee, or the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Obligation, and (ii) there is delivered to the Company and the Trustee such security or indemnity as may be required by them to save each of the Company and the Trustee them harmless, then, in the absence of notice to the Company or the Trustee that such Obligation has been acquired by a bona fide purchaser, the Company shall execute and upon its written request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Obligation, a new Obligation of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. In case any such mutilated, destroyed, lost or stolen Obligation has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Obligation, pay all amounts to become due and payable with respect to such Obligation. Upon the issuance of any new Obligation under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expense (including the fees and expenses of the Trustee) connected therewith. Every new Obligation issued pursuant to this Section in lieu of any destroyed, lost or stolen Obligation shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Obligation shall be at any time enforceable by anyone, and shall be entitled to all the security and benefits of this Indenture equally and ratably with all other Outstanding Secured Obligations. The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Obligations.

Appears in 1 contract

Samples: Indenture (Oglethorpe Power Corp)

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Mutilated, Destroyed, Lost and Stolen Obligations. Unless otherwise provided in a Supplemental Indenture authorizing a series of Obligations, the provisions of this Section shall apply to all series of Obligations. A mutilated Obligation may be surrendered and thereupon the Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Obligation of like tenor, series, interest rate and principal amount, bearing a number not contemporaneously outstanding. If there shall be delivered to the Trustee (i) any mutilated Obligation is surrendered to the Trustee, or the Company and the Trustee receive evidence to their its satisfaction of the destruction, loss or theft of any Obligation, and and (ii) there is delivered to the Trustee such security or indemnity as may be required by it to save each of the Company Trustee and the Trustee Issuer harmless, then, in the absence of notice to the Company Issuer or the Trustee that such Obligation has been acquired by a bona fide purchaser, the Company Issuer shall execute and upon its written request the Trustee shall authenticate and deliver, in exchange for or deliver in lieu of any such mutilated, destroyed, lost or stolen Obligation, a new Obligation of the same series and of like tenor tenor, series, interest rate and principal amount and amount, bearing a number not contemporaneously outstanding. If the Obligation in lieu of which a replacement Obligation was issued is subsequently presented for payment by a bona fide purchaser, the Issuer and the Trustee shall be entitled to recover such replacement Obligation, except from a bona fide purchaser thereof and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Trustee in connection therewith. In case any such mutilated, destroyed, lost destroyed or stolen Obligation has become or is about to become due and payable, the Company Issuer in its discretion may, instead of issuing a new Obligation, pay all amounts to become due and payable with respect to such Obligation. Upon the issuance of any new Obligation under this Section, the Company Issuer and the Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expense expenses (including the fees and expenses of the Trustee) connected therewith. Every new Obligation issued pursuant to this Section in lieu of any destroyed, lost or stolen Obligation shall constitute an original additional contractual obligation of the CompanyIssuer, whether or not the destroyed, lost or stolen Obligation shall be at any time enforceable by anyone, and shall be entitled to all the benefits and security of this Trust Indenture equally and ratably proportionately with any and all other Outstanding ObligationsObligations duly issued hereunder. The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Obligations.

Appears in 1 contract

Samples: Trust Indenture

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