Ord 1988-019 - Laserfiche WebLink

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(a) Subject to the provisions of this Section 4.06, the Issuer hereby instructs MTrust to de1iver fully registered Bonds in exchange for or in lieu of mutilated, destroyed, lost or stolen Bonds as long as the same does not result in an overissuance. (b) If (i) any mutilated Bond is surrendered to MTrust, or the Issuer and MTrust receive evidence to their satisfaction of the destruction, loss, or theft of any Bond, and (ii) there is de1ivered to the Issuer and MTrust such security or indemnity as may be required by MTrust to save and hold each of them harmless, then, in the absence of notice to the Issuer or MTrust that such Bond has been acquired by a bona fide purchaser, the Issuer shall execute and upon its request MTrust shall register and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost, or stolen Bond, a new Bond of the same stated maturity and of like tenor and principal amount bearing a number not contemporaneously outstanding. (c) Every new Bond issued pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen Bond shaH constitute a replacement of the prior obligation of the Issuer, whether or not the mutilated, destroyed, lost, or stolen Bond shall be at any time enforceable by anyone, and shall be entitled to all the benefits of the Bond Resolution equaHy and ratably with all other outstanding Bonds. (d) Upon the satisfaction of MTrust and the Issuer that a Bond has been mutilated, destroyed, lost or stolen, and upon receipt by MTrust and the Issuer of such indemnity or security as they may require, MTrust shaH cancel the Bond number on the Bond registered with a notation in the Register that said Bond has been mutilated, destroyed, lost or stolen, and a new Bond shall be issued of the same series and of like tenor and principal amount bearing a number, according to the Register, not contemporaneously outstanding. (e) MTrust may charge the Owner MTrust's fees and expenses in connection with issuing a new Bond in lieu of or exchange for a mutilated, destroyed, lost or stolen Bond. (0 The Issuer hereby accepts MTrust's current blanket certificate for lost, stolen or destroyed Bonds and any future substitute blanket certificate for lost, stolen or destroyed Bonds that MTrust may arrange, and agrees that the coverage under any such blanket certificate is acceptable to it and meets the Issuer's requirements as to security or indemnity. MTrust need not notify the Issuer of any changes in the security or the company giving such certificate or the terms of any such certificate, provided that the amount of such certificate is not reduced below the amount of the certificate on the date of execution of this Agreement. The blanket certificate then utilized by MTrust for lost, stolen or destroyed Bonds by MTrust is available for inspection by the Issuer on request. Section 4.07. Transaction Information to Issuer. 2430f -6-