Common use of Early Settlement; Merger Early Settlement Clause in Contracts

Early Settlement; Merger Early Settlement. Upon written notice to the Collateral Agent by the Purchase Contract Agent that one or more Holders of Securities have elected to effect Early Settlement or Merger Early Settlement of their respective obligations under the Purchase Contracts forming a part of such Securities in accordance with the terms of the Purchase Contracts and the Purchase Contract Agreement (setting forth the number of such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement), and that the Purchase Contract Agent has received from such Holders, and paid to the Company as confirmed in writing by the Company, the related Early Settlement Amounts or Merger Early Settlement Amounts, as the case may be, pursuant to the terms of the Purchase Contracts and the Purchase Contract Agreement and that all conditions to such Early Settlement or Merger Early Settlement, as the case may be, have been satisfied, then the Collateral Agent shall release from the Pledge, (a) Pledged Capital Securities or Pledged Treasury Consideration, as the case may be, in the case of a Holder of Normal Units or (b) Pledged Treasury Securities, in the case of a Holder of Stripped Units, relating to such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement, and shall Transfer all such Pledged Capital Securities, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, free and clear of the Pledge created hereby, to the Purchase Contract Agent for the benefit of the Holders.

Early Settlement; Merger Early Settlement. Upon written notice to Unless a Termination Event has occurred and the Collateral Agent has received from the Company or the Purchase Contract Agent or holders of at least 10% of the outstanding PIES written notice of such Termination Event, upon receipt by the Collateral Agent of a notice from the Purchase Contract Agent that one or more Holders a Holder of Securities have PIES has elected to effect Early Settlement or Merger Early Settlement of their respective its obligations under the Purchase Contracts forming a part of such Securities PIES in accordance with the terms of the Purchase Contracts and the Purchase Contract Agreement (setting which notice shall set forth the number of such Purchase Contracts as to which such Holders have Holder has elected to effect Early Settlement or Merger Early Settlement), and that the Purchase Contract Agent has received from such HoldersHolder, and paid to the Company as confirmed in writing by the Company, the related Early Settlement Amounts or Merger Early Settlement Amounts, as the case may beapplicable, pursuant to the terms of the Purchase Contracts and the Purchase Contract Agreement and that all conditions to such Early Settlement or Merger Early Settlement, as the case may beapplicable, have been satisfied, then the Collateral Agent shall release from the Pledge, (a1) Pledged Capital Securities Senior Notes, or Pledged Treasury ConsiderationPortfolio Interest, as the case may be, in the case of a Holder of Normal Units Corporate PIES, or (b2) Pledged Treasury Securities, in the case of a Holder of Stripped UnitsTreasury PIES, relating with a Value equal to such the product of (i) the Stated Amount times (ii) the number of Purchase Contracts as to which such Holders have Holder has elected to effect Early Settlement or Merger Early Settlement, as applicable, and shall instruct the Securities Intermediary to Transfer all such Pledged Capital SecuritiesSenior Notes, Pledged Treasury Consideration Portfolio Interest or Pledged Treasury Securities, as the case may be, to the Purchase Contract Agent for the benefit of such Holder, in each case free and clear of the Pledge created hereby, for distribution to such Holder. Notwithstanding anything to the Purchase Contract Agent for the benefit contrary contained herein, Holders may not effect Early Settlement during an Active Remarketing Period and Holders may effect Early Settlement or Merger Early Settlement of the HoldersPIES only in integral multiples of 20 Corporate PIES or 20 Treasury PIES.

Early Settlement; Merger Early Settlement. Upon written notice to the Collateral Agent by the Purchase Contract Agent that one or more Holders of Securities Units have elected to effect Early Settlement or Merger Early Settlement of their respective obligations under the Purchase Contracts forming a part of such Securities Units in accordance with the terms of the Purchase Contracts and the Purchase Contract Agreement (setting forth the number of such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement), and that the Purchase Contract Agent has received from such Holders, and paid to the Company as confirmed in writing by the Company, the related Early Settlement Amounts or Merger Early Settlement Amounts, as the case may be, pursuant to the terms of the Purchase Contracts and the Purchase Contract Agreement and that all conditions to such Early Settlement or Merger Early Settlement, as the case may be, have been satisfied, then the Collateral Agent shall release from the Pledge, Pledge (a) Pledged Capital Securities Debentures or Pledged Treasury Consideration, as the case may be, in the case of a Holder of Normal Units or (b) Pledged Treasury Securities, in the case of a Holder of Stripped Units, relating to such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement, and shall Transfer all such Pledged Capital SecuritiesDebentures, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, free and clear of the Pledge to the Collateral Agent created hereby, to the Purchase Contract Agent for the benefit of the Holders.

Early Settlement; Merger Early Settlement. Upon written notice to the Collateral Agent by the Purchase Contract Agent that one or more Holders of Securities have elected to effect Early Settlement or Merger Early Cash Settlement of their respective obligations under the Purchase Contracts forming a part of such Securities Equity Security Units or Stripped Units in accordance with the terms of the Purchase Contracts and the Purchase Contract Agreement (setting forth the number of such Purchase Contracts as to which such Holders have elected to effect Early Settlement, Merger Early Settlement or Merger Early Cash Settlement), and that that, with respect to Early Settlement and Merger Early Settlement, the Purchase Contract Agent has received and, with respect to Cash Settlement, the Collateral Agent has received from such Holders, and paid to the Company as confirmed in writing by the Company, the related Early Settlement Amounts, Merger Early Settlement Amounts or Merger Early Cash Settlement Amounts, as the case may be, pursuant to the terms of the Purchase Contracts and the Purchase Contract Agreement and that all conditions to such Early Settlement or Merger Early Settlement or Cash Settlement, as the case may be, have been satisfied, then the Collateral Agent shall release from the Pledge, Pledge (a) Pledged Capital Securities Notes, Pledged Treasury Consideration or Pledged Applicable Ownership Interests in the Treasury ConsiderationPortfolio, as the case may be, in the case of a Holder of Normal Equity Security Units or (b) Pledged Treasury Securities, in the case of a Holder of Stripped Units, relating to such Purchase Contracts as to which such Holders have elected to effect Early Settlement, Merger Early Settlement or Merger Early Cash Settlement, and shall Transfer all such Pledged Capital SecuritiesNotes, Pledged Treasury Consideration Consideration, Pledged Applicable Ownership Interests in the Treasury Portfolio or Pledged Treasury Securities, as the case may be, free and clear of the Pledge created hereby, to the Purchase Contract Agent for the benefit of the such Holders.

Early Settlement; Merger Early Settlement. Upon written notice to the Collateral Agent by the Purchase Contract Agent that one or more Holders of Securities have elected to effect Early Settlement or Merger Early Settlement of their respective obligations under the Fixed-Share Purchase Contracts or Variable-Share Repurchase Contracts forming a part of such Securities in accordance with the terms of the Purchase Contracts and the Purchase Contract Agreement (setting forth the number of such Purchase Contracts as to which such Holders have elected to effect such Early Settlement or Merger Early Settlement), and that the Purchase Contract Agent has received from such Holders, and paid or delivered to the Company Company, as confirmed to the Collateral Agent in writing by the Company, in the case of the Fixed-Share Purchase Contracts, the related Early Settlement Amounts or Merger Early Settlement Amounts, as the case may be, and in the case of the Variable-Share Repurchase Contracts, Common Stock as specified in Section 5.9(c) of the Purchase Contract Agreement or Merger Consideration as specified in Section 5.10(b) of the Purchase Contract Agreement, as applicable, in each case pursuant to the terms of the Fixed-Share Purchase Contracts or the Variable-Share Repurchase Contracts, as applicable, and the Purchase Contract Agreement and that all conditions to such Early Settlement or Merger Early Settlement, as the case may be, have been satisfied, then the Collateral Agent shall release from the Pledge, (a) Pledged Capital Securities or Pledged Treasury Consideration, as the case may be, in the case of a Holder of Normal Units or (b) Pledged Treasury Securities, in the case of a Holder of Stripped Units, relating to such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement, and shall Transfer all such Pledged Capital Securities, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, free and clear of the Pledge created hereby, to the Purchase Contract Agent for the benefit of the Holders.then:

Early Settlement; Merger Early Settlement. Upon written notice to Unless a Termination Event has occurred and the Collateral Agent has received from the Company or the Purchase Contract Agent or holders of at least 10% of the outstanding Units written notice of such Termination Event, upon receipt by the Collateral Agent of a notice from the Purchase Contract Agent that one or more Holders a Holder of Securities have Units has elected to effect Early Settlement or Merger Early Settlement of their respective its obligations under the Purchase Contracts forming a part of such Securities Units in accordance with the terms of the Purchase Contracts and the Purchase Contract Agreement (setting which notice shall set forth the number of such Purchase Contracts as to which such Holders have Holder has elected to effect erect Early Settlement or Merger Early Settlement), and that the Purchase Contract Agent has received from such HoldersHolder, and paid to the Company as confirmed in writing by the Company, the related Early Settlement Amounts or Merger Early Settlement Amounts, as the case may beapplicable, pursuant to the terms of the Purchase Contracts and the Purchase Contract Agreement and that all conditions to such Early Settlement or Merger Early Settlement, as the case may beapplicable, have been satisfied, then the Collateral Agent shall release from the Pledge, (a1) Pledged Capital Securities Debt Securities, or Pledged Treasury ConsiderationPortfolio Interest, as the case may be, in the case of a Holder of Normal Units Corporate Units, or (b2) Pledged Treasury Securities, in the case of a Holder of Stripped Treasury Units, relating with a Value equal to such the product of (i) the Stated Amount times (ii) the number of Purchase Contracts as to which such Holders have Holder has elected to effect Early Settlement or Merger Early Settlement, as applicable, and shall instruct the Securities Intermediary to Transfer all such Pledged Capital Debt Securities, Pledged Treasury Consideration Portfolio Interest or Pledged Treasury Securities, as the case may be, to the Purchase Contract Agent for the benefit of such Holder, in each case free and clear of the Pledge created hereby, for distribution to such Holder. Notwithstanding anything to the Purchase Contract Agent for contrary contained herein, Holders may not effect Early Settlement after 5:00 p.m. (New York City time) on the benefit Election Date and Holders may effect Merger Early Settlement of the HoldersUnits only in integral multiples of 20 Corporate Units or 20 Treasury Units.

Early Settlement; Merger Early Settlement. Upon (a) Unless a Successful Initial Remarketing or a Tax Event Redemption has occurred, upon written notice to the Collateral Agent by the Purchase Contract Agent that one or more Holders of Securities have elected to effect Early Settlement or Merger Early Settlement of their respective obligations under the Purchase Contracts forming a part of such Securities in accordance with the terms of the Purchase Contracts and the Purchase Contract Agreement (setting forth the number of such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement), and that the Purchase Contract Agent has received from such Holders, and paid to the Company as confirmed in writing by the Company, the related Early Settlement Amounts or Merger Early Settlement Amounts, as the case may be, pursuant to the terms of the Purchase Contracts and the Purchase Contract Agreement and that all conditions to such Early Settlement or Merger Early Settlement, as the case may be, have been satisfied, then the Collateral Agent shall release from the Pledge, (a) Pledged Capital Securities Notes in the case of a Holder of Corporate Units or (b) Pledged Treasury ConsiderationSecurities in the case of a Holder of Treasury Units, as the case may be, in each case with an aggregate principal amount, as the case may be, equal to the product of a Holder (i) the Stated Amount times (ii) the number of Normal Units or (b) Pledged Treasury Securities, in the case of a Holder of Stripped Units, relating to such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement, and shall Transfer all such Pledged Capital Securities, Pledged Treasury Consideration Notes or the Pledged Treasury Securities, as the case may be, free and clear of the Pledge created hereby, to the Purchase Contract Agent for the benefit of the such Holders.

Early Settlement; Merger Early Settlement. Upon written notice to the Collateral Agent by the Purchase Contract Agent that one or more Holders of Securities Units have elected to effect Early Settlement or Merger Early Settlement of their respective obligations under the Purchase Contracts forming a part of such Securities Units in accordance with the terms of the Purchase Contracts and the Purchase Contract Agreement (setting forth the number of such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement), and that the Purchase Contract Agent has received from such Holders, and paid to the Company as confirmed in writing by the Company, the related Early Settlement Amounts or Merger Early Settlement Amounts, as the case may be, pursuant to the terms of the Purchase Contracts and the Purchase Contract Agreement and that all conditions to such Early Settlement or Merger Early Settlement, as the case may be, have been satisfied, then the Collateral Agent shall release from the Pledge, (a) Pledged Capital Preferred Securities or Pledged Treasury Consideration, as the case may be, in the case of a Holder of Normal Units or (b) Pledged Treasury Securities, in the case of a Holder of Stripped Units, relating to such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement, and shall Transfer all such Pledged Capital Preferred Securities, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, free and clear of the Pledge created hereby, to the Purchase Contract Agent for the benefit of the Holders.

Early Settlement; Merger Early Settlement. Upon written notice to the Collateral Agent by the Purchase Contract Agent that one or more Holders of Securities Units have elected to effect Early Settlement or Merger Early Settlement of their respective obligations under the Purchase Contracts forming a part of such Securities Units in accordance with the terms of the Purchase Contracts and the Purchase Contract Agreement (setting forth the number of such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement), and that the Purchase Contract Agent has received from such Holders, and paid to the Company as confirmed in writing by the Company, the related Early Settlement Amounts or Merger Early Settlement Amounts, as the case may be, pursuant to the terms of the Purchase Contracts and the Purchase Contract Agreement and that all conditions to such Early Settlement or Merger Early Settlement, as the case may be, have been satisfied, then the Collateral Agent shall release from the Pledge, Pledge (a) Pledged Capital Securities Debentures or Pledged Treasury Consideration, as the case may be, in the case of a Holder of Normal Units or (b) Pledged Treasury Securities, in the case of a Holder of Stripped Units, relating to such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement, and shall Transfer all such Pledged Capital SecuritiesDebentures, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, free and clear of the Pledge created hereby, to the Purchase Contract Agent for the benefit of the Holders.

Early Settlement; Merger Early Settlement. Upon written ------------------------------------------------------ notice to the Collateral Agent by the Purchase Contract Agent that one or more Holders of Securities have elected to effect Early Settlement or Merger Early Settlement of their respective obligations under the Purchase Contracts forming a part of such Securities in accordance with the terms of the Purchase Contracts and the Purchase Contract Agreement (setting forth the number of such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement), and that the Purchase Contract Agent has received from such Holders, and paid to the Company as confirmed in writing by the Company, the related Early Settlement Amounts or Merger Early Settlement Amounts, as the case may be, pursuant to the terms of the Purchase Contracts and the Purchase Contract Agreement Agreement, and that all conditions to such Early Settlement or Merger Early Settlement, as the case may be, have been satisfied, then the Collateral Agent shall release from the Pledge, (a) Pledged Capital Trust Preferred Securities or Pledged Treasury Consideration, as the case may be, in the case of a Holder of Normal Units or (b) Pledged Treasury Securities, in the case of a Holder of Stripped UnitsUnits , relating to such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement, and shall Transfer all such Pledged Capital Trust Preferred Securities, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, free and clear of the Pledge created hereby, to the Purchase Contract Agent for the benefit of the Holders.

Early Settlement; Merger Early Settlement. Upon written notice to the Collateral Agent by the Purchase Contract Agent that one or more Holders of Securities have elected to effect Early Settlement or Merger Early Settlement of their respective obligations under the Purchase Contracts forming a part of such Securities in accordance with the terms of the Purchase Contracts and the Purchase Contract Agreement (setting forth the number of such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement), and that the Purchase Contract Agent has received from such Holders, and paid to the Company as confirmed in writing by the Company, the related Early Settlement Amounts or Merger Early Settlement Amounts, as the case may be, pursuant to the terms of the Purchase Contracts and the Purchase Contract Agreement Agreement, and that all conditions to such Early Settlement or Merger Early Settlement, as the case may be, have been satisfied, then the Collateral Agent shall release from the Pledge, (a) Pledged Capital Trust Preferred Securities or Pledged Treasury Consideration, as the case may be, in the case of a Holder of Normal Units or (b) Pledged Treasury Securities, in the case of a Holder of Stripped UnitsUnits , relating to such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement, and shall Transfer all such Pledged Capital Trust Preferred Securities, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, free and clear of the Pledge created hereby, to the Purchase Contract Agent for the benefit of the Holders.

Early Settlement; Merger Early Settlement. Upon written notice to the Collateral Agent by the Purchase Contract Agent that one or more Holders of Securities Units have elected to effect Early Settlement or Merger Early Settlement of their respective obligations under the Purchase Contracts forming a part of such Securities in accordance with the terms of the Purchase Contracts and the Purchase Contract Agreement (setting forth the number of such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement), and that the Purchase Contract Agent has received from such Holders, and paid to the Company TECO as confirmed in writing by the CompanyTECO, the related Early Settlement Amounts or Merger Early Settlement Amounts, as the case may be, pursuant to the terms of the Purchase Contracts and the Purchase Contract Agreement Agreement, and that all conditions to such Early Settlement or Merger Early Settlement, as the case may be, have been satisfied, then the Collateral Agent shall release from the Pledge, (a) Pledged Capital Trust Preferred Securities or Pledged Treasury Consideration, as the case may be, in the case of a Holder of Normal Units or (b) Pledged Treasury Securities, in the case of a Holder of Stripped Units, relating to such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement, and shall Transfer all such Pledged Capital Trust Preferred Securities, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, free and clear of the Pledge created hereby, to the Purchase Contract Agent for the benefit of the Holders.

Early Settlement; Merger Early Settlement. Upon written notice to Unless a Termination Event has occurred, upon receipt by the Collateral Agent by of a notice from the Purchase Contract Agent that one or more Holders a Holder of Securities have PIES has elected to effect Early Settlement or Merger Early Settlement of their respective its obligations under the Purchase Contracts forming a part of such Securities PIES in accordance with the terms of the Purchase Contracts and the Purchase Contract Agreement (setting which notice shall set forth the number of such Purchase Contracts as to which such Holders have Holder has elected to effect Early Settlement or Merger Early Settlement), and that the Purchase Contract Agent has received from such HoldersHolder, and paid to the Company as confirmed in writing by the Company, the related Early Settlement Amounts or Merger Early Settlement Amounts, as the case may beapplicable, pursuant to the terms of the Purchase Contracts and the Purchase Contract Agreement and that all conditions to such Early Settlement or Merger Early Settlement, as the case may beapplicable, have been satisfied, then the Collateral Agent shall release from the Pledge, (a1) Pledged Capital Securities Senior Notes, or Pledged Treasury ConsiderationPortfolio Interest, as the case may be, in the case of a Holder of Normal Units Corporate PIES, or (b2) Pledged Treasury Securities, in the case of a Holder of Stripped UnitsTreasury PIES, relating with a Value equal to such the product of (i) the Stated Amount times (ii) the number of Purchase Contracts as to which such Holders have Holder has elected to effect Early Settlement or Merger Early Settlement, as applicable, and shall instruct the Securities Intermediary to Transfer all such Pledged Capital SecuritiesSenior Notes, Pledged Treasury Consideration Portfolio Interest or Pledged Treasury Securities, as the case may be, to the Purchase Contract Agent for the benefit of such Holder, in each case free and clear of the Pledge created hereby, for distribution to such Holder. Notwithstanding anything to the Purchase Contract Agent for contrary contained herein, Holders may not effect Early Settlement after 5:00 p.m. (New York City time) on the benefit Election Date and Holders may effect Merger Early Settlement of the HoldersPIES only in integral multiples of 20 Corporate PIES or 20 Treasury PIES.

Early Settlement; Merger Early Settlement. Upon written notice to the Collateral Agent by the Purchase Contract Agent that one or more Holders of Securities have elected to effect Early Settlement or Merger Early Settlement of their respective obligations under the Purchase Contracts forming a part of such Securities in accordance with the terms of the Purchase Contracts and the Purchase Contract Agreement (setting forth the number of such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement), and that the Purchase Contract Agent has received from such Holders, and paid to the Company as confirmed in writing by the Company, the related Early Settlement Amounts or Merger Early Settlement Amounts, as the case may be, Amounts pursuant to the terms of the Purchase Contracts and the Purchase Contract Agreement and that all conditions to such Early Settlement or Merger Early Settlement, as the case may be, Settlement have been satisfied, then the Collateral Agent shall release from the Pledge, (a) Pledged Capital Securities Senior Notes or the appropriate Pledged Applicable Ownership Interest of the Treasury Portfolio in the case of a Holder of Corporate Units or (b) Pledged Treasury ConsiderationSecurities in the case of a Holder of Treasury Units, as the case may be, in each case with an aggregate principal amount, as the case may be, equal to the product of a Holder (i) the Stated Amount times (ii) the number of Normal Units or (b) Pledged Treasury Securities, in the case of a Holder of Stripped Units, relating to such Purchase Contracts as to which such Holders have elected to effect Early Settlement or Merger Early Settlement, Settlement and shall Transfer all such Pledged Capital SecuritiesSenior Notes, the appropriate Pledged Applicable Ownership Interest of the Treasury Consideration Portfolio or the Pledged Treasury Securities, as the case may bemaybe, free and clear of the Pledge created hereby, to the Purchase Contract Agent for the benefit of such Holders. Upon a release of Pledged Senior Notes, the HoldersCollateral Agent shall reflect a decrease in the aggregate principal amount of such Pledged Senior Notes by an endorsement on the schedule attached to the certificate representing such Pledged Senior Notes.