Common use of Replacement Convertible Notes Clause in Contracts

Replacement Convertible Notes. (a) If the Holder of a Convertible Note claims that the Convertible Note has been mutilated, lost, destroyed or wrongfully taken, the Company shall issue a replacement Convertible Note if the Company’s reasonable and customary requirements are met and, in the case of a mutilated Convertible Note, such mutilated Convertible Note is surrendered to the Company. In the case of lost, destroyed or wrongfully taken Convertible Notes, if required by the Company, an affidavit of loss and indemnity must be provided by the Holder that is reasonably sufficient to protect the Company from any loss that it may suffer if a Convertible Note is replaced. (b) Every replacement Convertible Note is an obligation of the Company.