Surrender of Bonds. (a) The Agent shall forthwith surrender to or upon the order of the Company all Bonds held by it at the first time at which the Commitments shall have been terminated and all Obligations shall have been paid in full. (b) Upon any permanent reduction in the Aggregate Commitment pursuant to the terms of the Credit Agreement, the Agent shall forthwith surrender to or upon the order of the Company Bonds in an aggregate principal amount equal to the excess of the aggregate principal amount of Bonds held by the Agent over the Aggregate Commitment; provided that the Agent shall not surrender Interest Bearing Bonds at any time that Zero Rate Bonds are outstanding.
Appears in 2 contracts
Sources: Credit Agreement (Panhandle Eastern Pipe Line Co), 364 Day Credit Agreement (Consumers Energy Co)