Common use of Securities Demand Clause in Contracts

Securities Demand. Unless (x) the "Loans" and "Commitments" under (and as defined in) the Enterprises 2003 Credit Agreement and Loans and Commitments hereunder shall have been permanently reduced in an aggregate principal amount of $550,000,000 or more on or before January 2, 2004, or (y) the Borrower's reset put securities due July 1, 2003 shall have been reissued or remarketed pursuant to the terms thereof or refinanced, then, upon notice from the Administrative Agent (at the direction of the Required Lenders) (a "SECURITIES DEMAND"), to the extent permitted under each of the Borrower's indentures (and each supplement issued thereunder), the Borrower will cause the issuance and sale of debt and/or equity securities ("SECURITIES") the proceeds of which shall be used to repay the 6.75% Senior Notes on their maturity date upon such terms and conditions specified in the Securities Demand; provided that (i) the interest rate (whether floating or fixed) shall be determined by Administrative Agent in light of the then prevailing market conditions for comparable securities, (ii) the Administrative Agent in their reasonable discretion and after consultation with the Borrower, shall determine whether the Securities shall be issued through a public offering or a private placement; (iii) the Securities will be issued pursuant to an indenture or indentures, which shall contain such terms, conditions, and covenants as are typical and customary for similar financings and are reasonably satisfactory in all respects to the Administrative Agent; and (iv) all other arrangements with respect to the Securities shall be reasonably satisfactory in all respects to the Administrative Agent in light of the then prevailing market conditions.

Securities Demand. Unless (x) the "Loans" and "Commitments" under (and as defined in) each of the Enterprises 2003 2003-A Credit Agreement and the CMS Energy Credit Agreement and the Loans and Commitments hereunder shall have been permanently reduced in an aggregate principal amount of $550,000,000 or more on or before January 2, 2004, or (y) the BorrowerCMS Energy's reset put securities due July 1, 2003 shall have been reissued or remarketed pursuant to the terms thereof or refinancedrefinanced and a mandatory prepayment of the Obligations shall have occurred in accordance with the terms of Section 2.03(c)(iv), or (z) a definitive purchase agreement satisfying the requirements of Section 7.02(i)(H) shall be in effect with respect to the sale of substantially all of the capital stock and assets of Panhandle and all authorizations, consents, approvals, licenses, permits, certificates, exemptions of or filings or registrations with, any governmental authority or other legal or regulatory body necessary in connection with the consummation of such sale shall have been obtained and are in full force and effect, then, upon notice from the Administrative Agent (at the direction of the Required Lenders) at any time on or after January 2, 2004 (a "SECURITIES DEMAND"), to the extent permitted under each of the BorrowerCMS Energy's indentures (and each supplement issued thereunder), the Borrower CMS Energy will cause the issuance and sale of debt and/or equity securities ("SECURITIES") the proceeds of which shall be used to repay the 6.75% Senior Notes on their maturity date upon such terms and conditions specified in the Securities Demand; provided that (i) the interest rate (whether floating or fixed) shall be determined by Administrative Agent in light of the then prevailing market conditions for comparable securities, (ii) the Administrative Agent in their its reasonable discretion and after consultation with the BorrowerCMS Energy, shall determine whether the Securities shall be issued through a public offering or a private placement; (iii) the Securities will be issued pursuant to an indenture or indentures, which shall contain such terms, conditions, and covenants as are typical and customary for similar financings and are reasonably satisfactory in all respects to the Administrative Agent; and (iv) all other arrangements with respect to the Securities shall be reasonably satisfactory in all respects to the Administrative Agent in light of the then prevailing market conditions.