Common use of Release of Pledged Bonds Clause in Contracts

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. Upon reinstatement If a payment is made by or on behalf of the amount available Pledgor in respect of its reimbursement obligation under the Letter Reimbursement Agreement and if the other conditions respecting payment of Credit to be drawn accrued interest as a Purchase Draft following payment by set forth in the Reimbursement Agreement are met, 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 agrees upon receipt of such Purchase Draft or upon satisfaction payment to release from the lien of such other requirements as may be agreed this Pledge Agreement and cause the Custodian to by Pledgor and the Bank), the Agent automatically shall release and deliver to the Pledgor or its designee the Trustee or to such other party as shall make payment to the Bank, as the case may be, Pledged Bonds (of in 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 increasedpaid; provided, however, that in any event, if all existing and future liabilities and obligations the payment is less than the minimum denomination of Pledgor to the Bank Bonds then available under the Reimbursement Agreement are fully paid and fully securedIndenture, all Pledged Bonds shall be released only at such time as the cumulative amount of payments made under the Reimbursement Agreement, and delivered to the Pledgor or its designee. The foregoing notwithstanding, all for which no Pledged Bonds shall be have been released and delivered under this paragraph, equals the minimum denomination of Bonds then available. Custodian agrees not to release any Pledged Bonds until the Trustee and the Custodian shall have received from the Bank a Notice of Reinstatement for cancellation at redemption or maturityRemarketed Pledged Bonds, which the Bank agrees to send in accordance with the provisions of the Letter of Credit.