University of Virginia Library

Section 2.9 Notes Mutilated, Lost, Destroyed or Stolen.

If any Note shall become mutilated, the University, at the expense of the owner of such Note, shall execute, and the Issuing and Paying Agent shall thereupon authenticate and deliver, a new Note of like tenor bearing a different number in exchange and substitution for the Note so mutilated, but only upon surrender to the Issuing and Paying Agent of the Note so mutilated. Every mutilated Note so surrendered to the Issuing and Paying Agent shall be canceled by it and shall be delivered to, or upon the order of, the University. If any Note shall be lost, destroyed or stolen, evidence of the ownership thereof and of such loss, destruction or theft may be submitted to the University and the Issuing and Paying Agent and, if such evidence be satisfactory to them and indemnity satisfactory to them shall be given, the University, at the expense of the owner, shall execute, and the Issuing and Paying Agent shall thereupon authenticate and deliver, a new Note of like tenor bearing a different number in lieu of and in substitution for the Note so lost, destroyed or stolen (or if any such Note shall have matured or shall be about to mature, instead of issuing a substitute Note, the Issuing and Paying Agent may pay the same without surrender thereof). The University may require payment of a sum not exceeding the actual cost of preparing each new Note issued under this Section and of the related expenses which may be incurred by the University and the Issuing and Paying Agent. Any Note issued under the provisions of this Section in lieu of any Note alleged to be lost, destroyed or stolen shall constitute an original additional contractual obligation on the part of the University whether or not the Note so alleged to be lost, destroyed or stolen be at any time enforceable by anyone, and shall be entitled to the benefits of this Resolution with all other Notes secured by this Resolution.