Common use of Replacement Debenture Clause in Contracts

Replacement Debenture. (a) If the Debenture is mutilated and is surrendered to the Company, the Company shall execute and deliver in exchange therefor a new Debenture of like tenor and principal amount and bearing a number not contemporaneously outstanding. If there shall be delivered to the Company: (i) evidence to its satisfaction of the destruction, loss or theft of the Debenture; and (ii) such security or indemnity as may be required by it to save the Company and any agent harmless. Then, in the absence of notice to the Company that the Debenture has been acquired by a bona fide purchaser, the Company shall execute and deliver, in lieu of any such destroyed, lost or stolen Debenture, a new Debenture of like tenor and principal amount and bearing a number not contemporaneously outstanding. In the event such mutilated, destroyed, lost or stolen Debenture has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Debenture, retire such Debenture.