Common use of Substituted Collateral Bonds Clause in Contracts

Substituted Collateral Bonds. (a) The Company shall notify the Trustee not less than 90 days prior to the Release Date if the Company has determined to deliver to the Trustee on the Release Date Substituted Collateral Bonds in an aggregate principal amount equal to the aggregate principal amount of Securities outstanding on the Release Date in trust for the benefit of the Holders from time to time of the Securities issued under this Indenture as security for any and all obligations of the Company under the Securities, including but not limited to, (1) the full and prompt payment of the principal of and premium, if any, on the Securities when and as the same shall become due and payable in accordance with the terms and provisions of this Indenture or the Securities, either at the stated maturity thereof, upon acceleration of the maturity thereof or upon redemption, and (2) the full and prompt payment of any interest on the Securities when and as the same shall become due and payable in accordance with the terms and provisions of this Indenture or the Securities. (b) The Substituted Collateral Bonds to be delivered pursuant to the notice described in Section 4.09 (a) shall be delivered in separate series and issues corresponding to the series and issues of Securities outstanding on the Release Date, each issue of Substituted Collateral Bonds having the same stated rate or rates of interest (or interest calculated in the same manner), Interest Payment Dates, stated maturity date and redemption provisions, and in the same aggregate principal amount, as the Related Series of Securities outstanding on the Release Date. (c) The notice described in Section 4.09(a) shall also state that on the Release Date the Company shall deliver to the Trustee a supplemental indenture to this Indenture that will provide, among other things, that upon the issuance of Securities hereunder on or after the Release Date, the Company shall deliver to the Trustee in trust for the benefit of the Holders as described in Section 4.09(a), and the Trustee shall accept therefor, a Related Series of Substituted Collateral Bonds registered in the name of the Trustee and conforming to the requirements therein specified. (d) The determination whether to issue and deliver Substituted Collateral Bonds shall be made in the Company's sole discretion and without any obligation to do so. (e) In the event that the Company does not deliver the notice described in Section 4.09(a), the Securities outstanding on the Release Date shall, as of the Release Date, no longer be entitled to the benefit of the security of the Collateral Bonds and shall thereafter be general unsecured obligations of the Company. (f) Following the delivery of Substituted Collateral Bonds to the Trustee pursuant to this Section 4.09, all of the provisions of this Indenture relating to Collateral Bonds and the First Mortgage Indenture shall also apply to the Substituted Collateral Bonds and the Substituted Mortgage Indenture, to the same extent as if the Substituted Collateral Bonds and Substituted Mortgage Indenture were expressly referred to therein.

Substituted Collateral Bonds. (a) The Company shall notify the Trustee not less than 90 days prior to the Release Date if that the Company has determined to deliver to the Trustee on the Release Date Substituted Collateral Bonds in an aggregate principal amount equal to the aggregate principal amount of Securities outstanding on the Release Date in trust for the benefit of the Holders from time to time of the Securities issued under this Indenture as security for any and all obligations of the Company under the Securities, including but not limited to, (1) the full and prompt payment of the principal of and premium, if any, on the Securities when and as the same shall become due and payable in accordance with the terms and provisions of this Indenture or the Securities, either at the stated maturity thereof, upon acceleration of the maturity thereof or upon redemption, and (2) the full and prompt payment of any interest on the Securities when and as the same shall become due and payable in accordance with the terms and provisions of this Indenture or the Securities. (b) The Substituted Collateral Bonds to be delivered pursuant to the notice described in Section 4.09 (a4.9(a) shall be delivered in separate series and issues corresponding to the series and issues of Securities outstanding on the Release Date, each issue of Substituted Collateral Bonds having the same stated rate or rates of interest (or interest calculated in the same manner), Interest Payment Dates, stated maturity date and redemption provisions, and in the same aggregate principal amount, as the Related Series related issue of Securities outstanding on the Release Date. (c) The notice described in Section 4.09(a4.9(a) shall also state that on the Release Date the Company shall deliver to the Trustee a supplemental indenture to this Indenture that will provide, among other things, that upon the issuance of Securities hereunder on or after the Release Date, the Company shall deliver to the Trustee in trust for the benefit of the Holders as described in Section 4.09(a4.9(a), and the Trustee shall accept therefor, a Related Series Issue of Substituted Collateral Bonds registered in the name of the Trustee and conforming to the requirements therein specified. (d) The determination whether to issue and deliver Substituted Collateral Bonds shall be made in the Company's sole discretion and without any obligation to do so. (e) In the event that the Company does not deliver the notice described in Section 4.09(a4.9(a), the Securities outstanding on the Release Date shall, as of the Release Date, no longer be entitled to the benefit of the security of the Collateral Bonds and shall thereafter be general unsecured obligations of the Company. (f) Following the delivery of Substituted Collateral Bonds to the Trustee pursuant to this Section 4.09, all of the provisions of this Indenture relating to Collateral Bonds and the First Mortgage Indenture shall also apply to the Substituted Collateral Bonds and the Substituted Mortgage Indenture, to the same extent as if the Substituted Collateral Bonds and Substituted Mortgage Indenture were expressly referred to therein.be

Substituted Collateral Bonds. (a) The Company shall notify the Trustee not less than 90 days prior to the Release Date if that the Company has determined to deliver to the Trustee on the Release Date Pledged Substituted Collateral Mortgage Bonds in an aggregate principal amount equal to the aggregate principal amount of Securities outstanding on the Release Date in trust for the benefit of the Holders from time to time of the Securities issued under this Indenture as security for any and all obligations of the Company under the Securities, including but not limited to, (1) the full and prompt payment of the principal of and premium, if any, on the Securities when and as the same shall become due and payable in accordance with the terms and provisions of this Indenture or the Securities, either at the stated maturity thereof, upon acceleration of the maturity thereof or upon redemption, and (2) the full and prompt payment of any interest on the Securities when and as the same shall become due and payable in accordance with the terms and provisions of this Indenture or the Securities. (b) The Pledged Substituted Collateral Mortgage Bonds to be delivered pursuant to the notice described in Section 4.09 (a409(a) shall be delivered in separate series and issues corresponding to the series and issues of Securities outstanding on the Release Date, each issue of Pledged Substituted Collateral Mortgage Bonds having the same stated rate or rates of interest (or interest calculated in the same manner), Interest Payment Dates, stated maturity date and redemption provisions, and in the same aggregate principal amount, as the Related Series related issue of Securities outstanding on the Release Date. (c) The notice described in Section 4.09(a409(a) shall also state that on the Release Date the Company shall deliver to the Trustee a supplemental indenture to this Indenture that will provide, among other things, that upon the issuance of Securities hereunder on or after the Release Date, the Company shall deliver to the Trustee in trust for the benefit of the Holders as described in Section 4.09(a409(a), and the Trustee shall accept therefor, a Related Series Issue of Substituted Collateral Bonds registered in the name of the Trustee and conforming to the requirements therein specified. (d) The determination whether to issue and deliver Substituted Collateral Bonds shall be made in the Company's sole discretion and without any obligation to do so. (e) In the event that the Company does not deliver the notice described in Section 4.09(a409(a), the Securities outstanding on the Release Date shall, as of the Release Date, no longer be entitled to the benefit of the security of the Collateral Bonds and shall thereafter be general unsecured obligations of the Company. (f) Following the delivery of Substituted Collateral Bonds to the Trustee pursuant to this Section 4.09, all of the provisions of this Indenture relating to Collateral Bonds and the First Mortgage Indenture shall also apply to the Substituted Collateral Bonds and the Substituted Mortgage Indenture, to the same extent as if the Substituted Collateral Bonds and Substituted Mortgage Indenture were expressly referred to therein.