Common use of Replacement of Bonds Clause in Contracts

Replacement of Bonds. Notwithstanding the provisions of Section 2.11 of the Mortgage, including, without limitation, the final sentence of the first paragraph thereof, upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Bond (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Bond is, or is a nominee for, an original Purchaser or another holder of a Bond with a minimum net worth of at least $50,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or (b) in the case of mutilation, upon surrender and cancellation thereof, within ten Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Bond, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Bond or dated the date of such lost, stolen, destroyed or mutilated Bond if no interest shall have been paid thereon.

Replacement of Bonds. Notwithstanding the provisions of Section 2.11 of the Mortgage, including, without limitation, the final sentence of the first paragraph thereof, upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Bond (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Bond is, or is a nominee for, an original Purchaser or another holder of a Bond with a minimum net worth of at least $50,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or (b) in the case of mutilation, upon surrender and cancellation thereof, within ten Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new BondBond of the appropriate series, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Bond or dated the date of such lost, stolen, destroyed or mutilated Bond if no interest shall have been paid thereon.