Ord 1991-020 - Laserfiche WebLink

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promptly cancelled by it and, if surrendered to the Issuer, shall be delivered to AMERITRUST and, if not already cancelled, shall be promptly cancelled by AMERITRUST. The Issuer may at any time deliver to AMERITRUST for cancellation any Obligations previously certified or registered and delivered which the Issuer may have acquired in any manner whatsoever, and all Obligations so delivered shall be promptly cancelled by AMERITRUST. All cancelled Obligations held by AMERITRUST shall be disposed of as directed by the Issuer. Section 4.06. Mutilated, Destroyed, Lost or Stolen Obliqations. (a) Subject to the provisions of this Section 4.06, the Issuer hereby instructs AMERITRUST to deliver fully registered Obligations in exchange for or in lieu of mutilated, destroyed, lost or stolen Obligations as long as the same does not result in an overissuance. (b) If (i) any mutilated Obligation is surrendered to AMERITRUST, or the Issuer and AMERITRUST receive evidence to their satisfaction of the destruction, loss, or theft of any Obligation, and (ii) there is delivered to the Issuer and AMERITRUST such security or indemnity as may be requi red by AMERITRUST to save and hold each of them harmless, then, in the absence of notice to the Issuer or AMERITRUST that such Obligation has been acquired by a bona fide purchaser, the Issuer shall execute and upon its request AMERITRUST shall register and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost, or stolen Obligation, a new Obligation of the same stated maturity and of like tenor and principal amount bearing a number not contemporaneously outstanding. (c) Every new Obligation issued pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen Obligation shall constitute a replacement of the prior obligation of the Issuer, whether or not the mutilated, destroyed, lost, or stolen Obligation shall be at any time enforceable by anyone, and shall be entitled to all the benefits of the Bond Resolution equally and ratably with all other outstanding Obligations. (d) Upon the satisfaction of AMERITRUST and the Issuer that a Obligation has been mutilated, destroyed, lost or stolen, and upon receipt by AMERITRUST and the Issuer of such indemnity or securi ty as they may require, AMERITRUST shall cancel the Obligation number on the Obligation registered with a notation in the Register that said Obligation has been mutilated, destroyed, lost or stolen, and a new Obligation shall be issued of the same series and of like tenor and principal amount bearing a number, according to the Register, not contemporaneously outstanding. 4178f -6-