Common use of Mutilated, Destroyed, Lost or Stolen Certificate Clause in Contracts

Mutilated, Destroyed, Lost or Stolen Certificate. If (a) any mutilated Certificate is surrendered to the Owner Trustee, or the Owner Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (b) there is delivered to the Owner Trustee such security or indemnity as it may require to hold it harmless, then, in the absence of notice to the Owner Trustee that such Certificate has been acquired by a protected purchaser, the Owner Trustee on behalf of the Issuer will execute, and the Owner Trustee will authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a replacement Certificate of like tenor (including the same date of issuance) and Percentage Interest. In connection with the issuance of any replacement Certificate under this Section, the Owner 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 reasonable expenses connected therewith. Every replacement Certificate issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Certificate will constitute complete and indefeasible evidence of an ownership interest in the Issuer, as if originally issued, whether or not the mutilated, destroyed, lost or stolen Certificate is found at any time.

Appears in 2 contracts

Samples: Trust Agreement (Ford Credit Floorplan LLC), Trust Agreement (Ford Credit Floorplan LLC)

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Mutilated, Destroyed, Lost or Stolen Certificate. If (a) any ------------------------------------------------ mutilated Certificate is surrendered to the Owner Trustee, or the Owner Trustee receives evidence to its reasonable satisfaction of the destruction, loss or theft of any Certificate, and (b) there is delivered to the Owner Trustee such security or indemnity as may be required by it may require to hold it the Owner Trustee harmless, then, in the absence of notice to the Owner Trustee that such Certificate has been acquired by a protected bona fide purchaser, the Owner Trustee on behalf of the Issuer will Trust shall execute, and the Owner Trustee will shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a replacement Certificate of like tenor (including the same date of issuance) and Percentage Interestdenomination. In connection with Upon the issuance of any replacement Certificate under this Section, the Owner 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 reasonable expenses connected therewith. Every replacement Certificate issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Certificate will shall constitute complete and indefeasible evidence of an ownership interest in the IssuerTrust, as if originally issued, whether or not the mutilated, destroyed, lost or stolen Certificate is shall be found at any time.

Appears in 1 contract

Samples: Trust Agreement (Household Credit Card Master Note Trust I)

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Mutilated, Destroyed, Lost or Stolen Certificate. If (a) any ------------------------------------------------ mutilated Certificate is surrendered to the Owner Trustee, or the Owner Trustee receives evidence to its reasonable satisfaction of the destruction, loss or theft of any Certificate, and (b) there is delivered to the Owner Trustee such security or indemnity as may be required by it may require to hold it the Owner Trustee harmless, then, in the absence of notice to the Owner Trustee that such Certificate has been acquired by a protected purchaser, the Owner Trustee on behalf of the Issuer will Trust shall execute, and the Owner Trustee will shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a replacement Certificate of like tenor (including the same date of issuance) and Percentage Interestdenomination. In connection with Upon the issuance of any replacement Certificate under this Section, the Owner 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 reasonable expenses connected therewith. Every replacement Certificate issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Certificate will shall constitute complete and indefeasible evidence of an ownership interest in the IssuerTrust, as if originally issued, whether or not the mutilated, destroyed, lost or stolen Certificate is shall be found at any time.

Appears in 1 contract

Samples: Trust Agreement (Household Credit Card Master Note Trust I)

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