Mutilated, Destroyed, Stolen or Lost Bonds. If: (a) any mutilated Bond is surrendered to the Trustee or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Bond; and (b) there is delivered to the Trustee, the Authority, the Borrower and the Letter of Credit Issuer, such security or indemnity as may be required by the Trustee, the Authority, the Borrower and the Letter of Credit Issuer to save the Trustee, the Authority, the Borrower and the Letter of Credit Issuer harmless, then, in the absence of notice to the Authority, the Borrower, the Letter of Credit Issuer or the Trustee that such Bond has been acquired by a bona fide purchaser, the Authority shall execute and upon its request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, stolen or lost Bond, a new Bond or Bonds of the same tenor, aggregate principal amount, maturity and interest rate and bearing a number not contemporaneously outstanding; provided, however, that if any such mutilated, destroyed, lost or stolen Bond shall have become or shall be about to become due and payable, or shall have become subject to redemption in full, instead of issuing a new Bond, the Authority may pay such Bond without surrender thereof, except that any mutilated Bond shall be surrendered. If, after the delivery of such new Bond or payment of a destroyed, lost or stolen Bond pursuant to the proviso in the preceding sentence, a bona fide purchaser of the original Bond in lieu of which such new Bond was issued presents for payment such original Bond, the Authority, the Letter of Credit Issuer, the Borrower and the Trustee shall be entitled to recover such new Bond (or such payment) from the person to whom it was delivered or any person taking such new Bond from such person, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any damage, loss, cost or expenses incurred by the Authority, the Borrower, the Letter of Credit Issuer or the Trustee in connection therewith. ---Subject to the provisions of the first paragraph of this Section 210, every Bond issued pursuant to the provisions of this Section in exchange or substitution for any Bond which is mutilated, destroyed, stolen or lost shall constitute an additional contractual obligation of the Authority, whether or not the destroyed, stolen or lost Bond shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Bonds duly issued under this Agreement. All Bonds shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, stolen or lost Bonds, and shall preclude any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. ---Upon the issuance of any new Bond under this Section, 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 reasonable expenses (including the fees and expenses of the Trustee) connected therewith.
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Sources: Trust Agreement (Maxxam Inc), Trust Agreement (Maxxam Inc)
Mutilated, Destroyed, Stolen or Lost Bonds. If: If (a) any mutilated Bond is surrendered to the Trustee or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Bond; , and (b) there is delivered to the Trustee, the Authority, the Borrower and the Letter of Credit Issuer, Trustee such security or indemnity as may be required by the Trustee, the Authority, the Borrower and the Letter of Credit Issuer 35 42 Trustee to save the Trustee, the Authority, the Borrower and the Letter of Credit Issuer Guarantor harmless, then, in the absence of notice to the Authority, the Borrower, the Letter of Credit Issuer Guarantor or the Trustee that such Bond has been acquired by a bona fide purchaser, the Authority shall execute and upon its request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, stolen or lost Bond, a new Bond or Bonds of the same tenor, aggregate principal amount, maturity and interest rate and bearing a number not contemporaneously outstanding; provided, however, that if any such mutilated, destroyed, lost or stolen Bond shall have become or shall be about to become due and payable, or shall have become subject to redemption in full, instead of issuing a new Bond, the Authority may pay such Bond without surrender thereof, except that any mutilated Bond shall be surrendered. If, after the delivery of such new Bond or payment of a destroyed, lost or stolen Bond pursuant to the proviso in to the preceding sentence, a bona fide purchaser of the original Bond in lieu of which such new Bond was issued presents for payment such original Bond, the Authority, the Letter of Credit Issuer, the Borrower Authority and the Trustee shall be entitled to recover such new Bond (or such payment) from the person to whom it was delivered or any person taking such new Bond from such person, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any damage, loss, cost or expenses incurred by the Authority, the Borrower, the Letter of Credit Issuer Guarantor or the Trustee in connection therewith. ---Subject Subject to the provisions of the first paragraph of this Section 210, every Bond issued pursuant to the provisions of this Section in exchange or substitution for any Bond which is mutilated, destroyed, stolen or lost shall constitute an additional contractual obligation of the Authority, whether or not the destroyed, stolen or lost Bond shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Bonds duly issued under this Agreement. All Bonds shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, stolen or lost Bonds, and shall preclude any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. ---Upon the issuance of any new Bond under this Section, 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 reasonable expenses (including the fees and expenses of the Trustee) connected therewith.the
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