Replacement on Loss Division and Combination Clause Samples
The "Replacement on Loss; Division and Combination" clause outlines the procedures for replacing lost, destroyed, or damaged documents or instruments, as well as the rules for dividing or combining such items. In practice, this clause allows a party to request a replacement for a lost certificate or document, often upon providing satisfactory evidence of the loss and possibly an indemnity. It may also specify how multiple documents can be consolidated into one, or how a single document can be split into several, depending on the needs of the parties. The core function of this clause is to ensure continuity and flexibility in documentation, minimizing disruption caused by loss or administrative changes.
Replacement on Loss Division and Combination. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to it and, in case of mutilation, upon surrender of such Warrant for cancellation to the Company, the Company shall execute and deliver to the Holder, in lieu hereof, a new Warrant of like tenor and exercisable for an equivalent number of Warrant Shares as the Warrant so lost, stolen, mutilated or destroyed.
Replacement on Loss Division and Combination. (a) Replacement of Warrant on Loss. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written indemnification agreement or affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation, upon surrender of such Warrant for cancellation to the Company, the Company at its own expense shall execute and deliver to the Holder, in lieu hereof, a new Warrant of like tenor and exercisable for an equivalent number of Warrant Shares as the Warrant so lost, stolen, mutilated, or destroyed; provided, that, in the case of mutilation, no indemnity shall be required if this Warrant in identifiable form is surrendered to the Company for cancellation.
Replacement on Loss Division and Combination