Initial Bonds. Subject to the provisions hereof, the Initial Bonds may be authenticated and delivered by the Trustee upon satisfaction of the conditions specified in Section 2.4 hereof and any additional conditions specified in the Supplemental Indenture authorizing such Series of Bonds.
Initial Bonds. The Bonds shall be initially issued either 334 (i) as a single fully registered bond in the total principal amount specified in the Bond 335 Purchase Agreement with principal installments to become due and payable as provided 336 in the Bond Purchase Agreement and numbered T-1, or (ii) as multiple fully registered 337 bonds, being one bond for each stated maturity in the applicable principal amount and 338 denomination and to be numbered consecutively from T-1 and upward (the “Initial 339 Bond(s)”). In either case, the Initial Bond(s) shall be registered in the name of the 340 Underwriters or their designee. The Initial Bond(s) shall be the Bonds submitted to the 341 Office of the Attorney General of the State of Texas for approval, certified and 342 registered by the Office of the Comptroller of Public Accounts of the State of Texas and 343 delivered to the Underwriters. Any time after the delivery of the Initial Bond(s), the 344 Paying Agent/Registrar, pursuant to written instructions from the Underwriters, or their 345 designee, shall cancel the Initial Bond(s) delivered and exchange for the Initial Bond(s) 346 definitive Bonds of authorized denominations, Stated Maturities, principal amounts and 347 bearing applicable interest rates for transfer and delivery to the Holders named at the 348 addresses identified for the Holders; all pursuant to and in accordance with such written 349 instructions from the Underwriters, or their designee, and any other information and 350 documentation as the Paying Agent/Registrar may reasonably require.
Initial Bonds. 2. At the time of the APA closing, Orinoco, as the Principal, shall deliver to TETRA, as the Obligee, forty two (42) non-revocable performance bonds issued by Indemnity National Insurance Company (“INI”) (each an “Initial Bond” and collectively the “Initial Bonds”), in the amounts identified on Exhibit A hereto (“Individual ARO Estimates”, and each an “Initial Bond Penal Sum”) and in the form identified on Exhibit B hereto, to cover the full and faithful performance by Orinoco and Maritech of the Abandonment Obligations, defined below, for the individual offshore well(s), pipeline(s), platform(s) and/or surface restoration obligations identified on Exhibit “A” hereto (“Individual AROs”), for an aggregate original penal sum of forty six million seven hundred fifty-six thousand ninety-eight dollars and 37/100 ($46,756,098.37) (“INI Original Penal Sum”);
Initial Bonds. Upon the receipt of the proceeds of the sale of the Initial Bonds, the Trustee, upon the written direction of the Issuer, shall deposit in the Refunding Fund an amount equal to $12,500,000, representing: the outstanding principal amount of the Prior Obligations, $12,050,000, a 3.5% early redemption premium on the Prior Obligations, $421,750 and a portion of the accrued interest on the Prior Obligations from January 1, 2004 to April 8, 2004, $28,250.
Initial Bonds. Each Award Certificate may provide for the use of an initial Bond or Bonds for a Series. In such event, on the Issue Date, one initial Bond representing the entire principal amount of Bonds of a Series, payable in stated installments to the order of the initial purchaser of the Bonds or its designee, executed by manual or facsimile signature of the Chair of the Corporation and Secretary of the Corporation, approved by the Attorney General of Texas, and registered and manually signed by the Comptroller of Public Accounts of the State of Texas, will be delivered to such purchaser or its designee. Upon payment for the initial Bonds, the Trustee shall cancel each of the initial Bonds and deliver to the DTC on behalf of such purchaser one registered definitive Bond for each year of maturity of the Bonds, in the aggregate principal amount of all of the Bonds for such maturity.
