Release of Pledged Bonds. Pledged Bonds, or such portion thereof, shall be released from the security interest created under this Agreement to the extent of and upon satisfaction in accordance with this Agreement of the Tender Advance Revolving Loans and amounts related thereto with respect to such Pledged Bonds. [End of Article VIII]
Release of Pledged Bonds. If the Company pays or causes to be paid in full its obligation under Section 2.10.5 for the reimbursement of the amount (or allocable portion thereof) drawn with a Tender Draft to fund the purchase of Pledged Bonds pursuant to the terms of the Indenture (or if the Trustee has received immediately available funds which, pursuant to the terms of the Indenture, the Trustee is required to pay over promptly to the Agent in an amount sufficient to pay the Company's reimbursement obligation under Section 2.10.5 hereof with respect to the amount drawn with such Tender Draft to fund the purchase of such Pledged Bonds), and provided no Event of Default has occurred and is continuing, the Agent will release from the pledge of this Second Restated Credit Agreement and will deliver, or cause its agent to deliver, such Pledged Bonds to such person or persons as the Company may direct. An amount equal to the principal of, plus accrued interest on, such Pledged Bonds shall be presumed (absent notice to the contrary) to be an "amount sufficient" for the purposes of this Section 6.3.3 and, upon receipt of such amount by the Trustee for payment to the Agent as aforesaid, the Trustee shall be automatically authorized to deliver such Pledged Bonds as aforesaid free from the pledge of this Agreement, unless the Trustee has received from the Agent written notice or telephonic notice (which shall thereafter be confirmed in writing) that such release shall not occur.
Release of Pledged Bonds. (a) Upon payment (full or partial) to the Issuing Bank, or the Bond Trustee on behalf of the Issuing Bank, of any Obligations, other than payments from the proceeds of a remarketing of the Bonds, and otherwise when required pursuant to Section 3 of the Reimbursement Agreement, the Issuing Bank agrees to release from the lien of this Pledge Agreement the Pledged Bonds from the pledge and security interest created herein, and to instruct the Custodian in writing to release and transfer to the order of the Pledgor, Pledged Bonds in a principal amount equal to the amount of the repayment allocable to principal of such drawing; provided, however, that the Issuing Bank shall not be obligated to release Pledged Bonds in an amount less than the minimum denomination permitted under the Bond Indenture for the Bonds (except in a situation in which the total amount of Pledged Bonds held by the Issuing Bank is less than such minimum denomination). Upon payment to the Issuing Bank (or the Bond Trustee on behalf of the Issuing Bank) as aforesaid, any notation on the book-entry records of the Bonds evidencing the pledge of such Bonds to the Issuing Bank shall be removed. If the Pledged Bonds have been remarketed pursuant to the Bond Indenture, so long as no Event of Default or Default then exists, the Issuing Bank shall also release to the purchaser of the Bonds from the pledge and security interest created by this Pledge Agreement a principal amount of Pledged Bonds equal to the principal amount of Bonds purchased by such purchaser. Bonds shall be released under this Pledge Agreement (i) upon notice from the Pledgor or the Remarketing Agent to the Issuing Bank specifying the principal amount of Bonds purchased or to be delivered to such purchaser, and (ii) upon receipt by the Bond Trustee (on behalf of the Issuing Bank) of remarketing proceeds with respect to such remarketed Bonds, all in accordance with the Bond Indenture. The proceeds of any such remarketing shall be delivered to the Issuing Bank on the same day as the Pledged Bonds are released from the lien and security interest of this Pledge Agreement in immediately available funds by depositing such proceeds with __________________________ through the Federal Reserve Wire System to ABA No. ____________ at the Federal Reserve Bank of New York for credit of ___________________, Attn: ___________________, Account No. ____________, RE: Kentucky Utilities, Reference: Letter of Credit No. ____________, or as otherwise d...
Release of Pledged Bonds. The Pledged Bonds shall not be released:
Release of Pledged Bonds. Xxxxxx agrees to release from the Lien of this Agreement Pledged Bonds if and only if Xxxxxx has given notice to the Trustee of the reinstatement of the Letter of Credit in an amount equal to the Original Purchase Price of the Pledged Bonds so released.
Release of Pledged Bonds. If the Borrower makes or causes to be made to the Bank a payment in respect of its reimbursement obligation under Paragraph 3A(i) of the Credit Agreement pursuant to clause (i) of Paragraph 3B thereof or such a payment is made on behalf of the Borrower pursuant to clause (ii) of Paragraph 3B thereof, the Bank agrees to release from the lien of this Pledge Agreement and deliver to the Borrower or the Trustee for resale in accordance with Section 4.07 of the Indenture, as the case may be, Pledged Bonds of the applicable series in a principal amount equal to the amount of the payment so made or to the principal amount of Pledged Bonds so purchased. Notwithstanding the foregoing, no payment of amounts owing to the Bank pursuant to Paragraph 3A(i) of the Credit Agreement may be made, and no Pledged Bonds shall be released, during the period commencing two Business Days prior to an interest payment date with respect to the Bonds and ending on such interest payment date.
Release of Pledged Bonds. Subject to and in accordance with the terms and conditions of Section 2.4 of the Reimbursement Agreement, the Pledgor shall have the right to effect releases of Pledged Bonds from the security interest created by this Agreement.
Release of Pledged Bonds. Upon reinstatement of the amount available under the Letter of Credit to be drawn as a Purchase Draft following payment by the Bank of a Purchase Draft under such Letter of Credit (which would occur following repayment to the Bank of all amounts owed by the Pledgor to the Bank in connection with payment by the Bank of such Purchase Draft or upon satisfaction of such other requirements as may be agreed to by Pledgor and the Bank), the Agent automatically shall release and deliver to the Pledgor or its designee Pledged Bonds (of the Bonds secured by such Letter of Credit) in a principal amount up to but not exceeding the amount by which the stated amount of the applicable Letter of Credit shall have been so increased; provided, however, that in any event, if all existing and future liabilities and obligations of Pledgor to the Bank under the Reimbursement Agreement are fully paid and fully secured, all Pledged Bonds shall be released and delivered to the Pledgor or its designee. The foregoing notwithstanding, all Pledged Bonds shall be released and delivered to the Trustee for cancellation at redemption or maturity.
Release of Pledged Bonds. Lender agrees to release the Pledged Bonds from the lien of this Agreement and deliver the Pledged Bonds to the Remarketing Agent in accordance with Section 2.02 of the Reimbursement Agreement.
Release of Pledged Bonds. Upon payment to the Bank of the proceeds of remarketed Pledged Bonds in an amount sufficient to cover the principal of and accrued interest, if any, on the Unremarketed Bonds, the Bank shall (i) reinstate the Letter of Credit to an amount equal to the principal amount of such Bonds together with an amount equal to forty-five (45) days interest thereon calculated at an interest rate (based on a 365/366 day year for the actual number of days elapsed) of seventeen percent (17%) to pay interest on the Bonds; (ii) notify the Trustee of the amount of such reinstatement; and (iii) release or instruct the Pledged Bonds Custodian to release Pledged Bonds in a principal amount equal to the principal amount of such payment to the Bank from the pledge and security interest created by this Agreement for resale in accordance with Section 5.01, 5.04 or 5.05 of the Indenture. Such Pledged Bonds shall be delivered to or upon the order of the Tender Agent only after payment to the Bank as aforesaid.
