Application of Proceeds Settlement. (a) In the event a Holder of Income PRIDES has not made an effective Cash Settlement or an Early Settlement of the Purchase Contract(s), underlying its Income PRIDES, such Holder shall be deemed to have elected to pay for the shares of Common Stock to be issued under such Purchase Contract(s) from the Proceeds of the related Pledged Preferred Securities. The Collateral Agent shall, by 10:00 a.m., New York City time, on the Business Day immediately preceding the Purchase Contract Settlement Date, without any instruction from such Holder of Income PRIDES, present the related Preferred Securities to the Institutional Trustee for repayment at the Repayment Price. The Collateral Agent shall, at the written direction of the Purchase Contract Agent, promptly invest
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Sources: Pledge Agreement (MCN Corp)
Application of Proceeds Settlement. (a) In the event a Holder of Income PRIDES has not made an effective Cash Settlement or an Early Settlement of the Purchase Contract(s), ) underlying its Income PRIDES, such Holder shall be deemed to have elected to pay for the shares of Common Stock to be issued under such Purchase Contract(s) from the Proceeds of the related Pledged Preferred Securities. The Collateral Agent shall, by 10:00 a.m., New York City time, on the Business Day immediately preceding the Purchase Contract Settlement Date, without any instruction from such Holder of Income PRIDES, present the related Preferred Securities to the Institutional Trustee for repayment at the Repayment Price. The Collateral Agent shall, at the written direction of the Purchase Contract Agent, promptly investinvest any Cash received in respect of the repayment of the
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