Common use of The Principal Clause in Contracts

The Principal. Paying Agent or the Registrar, as the case may be, shall obtain verification in the case of an allegedly lost, stolen or destroyed Note, Coupon or Talon in respect of which the serial number is known, that the Note, Coupon or Talon has not previously been redeemed, paid or exchanged, as the case may be. Neither the Principal Paying Agent nor the Registrar, as the case may be, shall issue any replacement Note, Coupon or Talon unless and until the applicant therefor shall have made payment of the expenses incurred by the Issuer in connection therewith (including publication) and on such terms as to evidence, security, indemnity or otherwise in favour of the Issuer in respect thereof as the Issuer may reasonably require and shall have surrendered to the Principal Paying Agent or the Registrar, as the case may be, any mutilated or defaced Note, Coupon or Talon to be so replaced.