Restrictions on operations with Pledged Bonds. The Issuer may only transfer Pledged Bonds out of the Issuance Account if: (a) the Security Trustee (after the occurrence of an Event of Default) has approved such transfer to the Depo Bank in writing; or (b) the Administrator (if appointed) has approved such transfer to the Depo Bank in accordance with operational procedures established in the course of its appointment. For the avoidance of doubt: the restriction to transfer Pledged Bonds out of the Issuance Account shall not apply with regard to any revaluation of Bonds which leads to the Global Note being written down and written up.
Appears in 7 contracts
Samples: Security and Security Trust Agreement, Security and Security Trust Agreement, Security and Security Trust Agreement
