Common use of Replacement Units Clause in Contracts

Replacement Units. (a) If any mutilated Unit is surrendered to the Unit Agent or the Issuers and the Unit Agent receives evidence to its satisfaction of the destruction, loss or theft of any Unit, the Issuers will issue and the Unit Agent, upon receipt of a Company Order, will authenticate a replacement Unit if the Unit Agent’s requirements are met. An indemnity bond must be supplied by the Unitholder that is sufficient in the judgment of the Unit Agent and the Issuers to protect the Issuers, the Unit Agent, any Agent and any authenticating agent from any loss that any of them may suffer if a Unit is replaced. The Issuers may charge for their expenses in replacing a Unit. (b) Every replacement Unit is an additional obligation of the Issuers and will be entitled to all of the benefits of this Agreement equally and proportionately with all other Units duly issued hereunder.