Pledged Bonds. Beneficial interests in Bonds purchased as provided in this Article with proceeds of a drawing under the Letter of Credit or the Confirming Letter of Credit shall be registered on the records of the Securities Depository as provided in Section 4.06(b) above. The beneficial interests so pledged shall be released from the pledge as provided in the Reimbursement Agreement or any pledge agreement referenced therein; provided that they shall not be released unless the Trustee shall have received written direction from the L/C Bank or the Confirming Bank and evidence of corresponding reinstatement of the Letter of Credit or the Confirming Letter of Credit. The Remarketing Agent shall use its best efforts to remarket Pledged Bonds as provided in the Remarketing Agreement.
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