Common use of Release from Covenants Clause in Contracts

Release from Covenants. Upon proof being given that: (a) the principal of all of the Debt Securities, Premium (if any) thereon and interest (including interest on amounts in default) thereon and other money payable under this Indenture has been paid or satisfied; or (b) all the outstanding Debt Securities have matured or have been duly called for redemption (or the Indenture Trustee has been given irrevocable instructions by Baytex to publish, within 90 days, notice of redemption of all outstanding Debt Securities), and such payment or redemption has been duly provided for by payment to the Indenture Trustee or otherwise, and upon payment of all costs, charges and expenses properly incurred by the Indenture Trustee in relation to this Indenture and all interest thereon and the remuneration of the Indenture Trustee (or upon provision satisfactory to the Indenture Trustee being made therefor), at the written request and at the expense of Baytex, the Indenture Trustee will forthwith execute and deliver to Baytex and the Guarantors, as the case may be, such deeds or other instruments necessary to evidence the satisfaction and discharge of this Indenture and to release Baytex and the Guarantors, as the case may be, from their respective covenants in this Indenture, except those relating to the indemnification of the Indenture Trustee.

Release from Covenants. Upon proof being given thatto the reasonable satisfaction of the Trustee of compliance with the following conditions: (1) that the Bank has paid and discharged or provided for the payment and discharge of the entire indebtedness on all Debentures outstanding hereunder in any one or more of the following ways: (a) by paying or causing to be paid the principal of all of the Debt Securitiesand premium, Premium (if any) thereon , and interest (including interest on amounts in default, if any) thereon on Debentures outstanding hereunder as and when the same became due and payable; (b) by paying to the Trustee, or making provision satisfactory to the Trustee for the payment of, moneys sufficient to pay principal and interest to maturity on Debentures outstanding hereunder and /or; (c) by delivering to the Trustee, for cancellation by it, all Debentures outstanding hereunder with all unpaid coupons pertaining thereto; (2) that all other money moneys, if any, payable under this Indenture has hereunder have been paid or satisfied; orand (b3) all the outstanding Debt Securities have matured or have been duly called for redemption (or the Indenture Trustee has been given irrevocable instructions by Baytex to publish, within 90 days, notice of redemption of all outstanding Debt Securities), and such payment or redemption has been duly provided for by payment to the Indenture Trustee or otherwise, and upon payment of that all costs, charges and expenses properly incurred by the Indenture Trustee in relation to this Indenture these presents and all interest thereon and the remuneration of the Indenture Trustee (have been paid or upon provision satisfactory to the Indenture Trustee being has been made therefor); the Trustee shall, at the written request and at the expense of Baytexthe Bank, the Indenture Trustee will forthwith execute and deliver to Baytex and the Guarantors, Bank such instruments as the case may be, such deeds or other instruments necessary it shall be advised by counsel are requisite to evidence the satisfaction and discharge of the obligations of the Bank under this Trust Indenture and to release Baytex and the Guarantors, as the case may be, Bank from their respective its covenants in this Indenture, herein contained except those relating to the indemnification of the Indenture Trustee.. ARTICLE l0

Release from Covenants. Upon proof being given to the reasonable satisfaction of the Indenture Trustee that: (a) the principal of all of the Debt Securities, Premium (if any) thereon and interest (including interest on amounts in default) thereon and other money payable under this Indenture has been paid or satisfied; or (b) all the outstanding Debt Securities have matured or have been duly called for redemption (or the Indenture Trustee has been given irrevocable instructions by Baytex the Trust to publish, within 90 days, notice of redemption of all outstanding Debt Securities), and such payment or redemption has been duly provided for by payment to the Indenture Trustee or otherwise, and upon payment of all costs, charges and expenses properly incurred by the Indenture Trustee in relation to this Indenture and all interest thereon and the remuneration of the Indenture Trustee (or upon provision satisfactory to the Indenture Trustee being made therefor), at the written request and at the expense of Baytexthe Trust, the Indenture Trustee will forthwith execute and deliver to Baytex the Trust and the Guarantors, as the case may be, such deeds or other instruments necessary to evidence the satisfaction and discharge of this Indenture and to release Baytex the Trust and the Guarantors, as the case may be, from their respective covenants in this Indenture, except those relating to the indemnification of the Indenture Trustee.