Lost, Destroyed or Mutilated Certificates. Except as provided in this Section 3.5, no new Unit Certificates, if any, shall be issued to replace an old Unit Certificate, if any, unless the latter is surrendered to the Company and canceled at the same time. The Board of Managers may, in the event any Unit Certificate is lost, stolen, or destroyed, authorize the issuance of a replacement Unit Certificate on such terms and conditions as the Board of Managers may require, including a provision for indemnification of the Company secured by a bond or other adequate security sufficient to protect the Company against any claim that may be made against it, including any expense or liability on account of alleged loss, theft, or destruction of the Unit Certificate or the issuance of the replacement Unit Certificate.
Appears in 2 contracts
Sources: Operating Agreement, Operating Agreement (Asta Funding Inc)