The first thing you need to do is disregard Janicholson's pontificating and look at your diagram. The BAT and L terminals are joined together inside the regulator and they are both HOT at all times whether the tractor is running or not. This is obvious by looking at your diagram. If the L terminal which feeds both the lights and the ignition switch was not hot with the tractor off, the tractor would never start and the lights would only come on when running!
If you have a voltmeter or test light the B and L terminals must be hot as well as both ignition switch terminals(with the switch on of course), and the negative side of the coil. Check this by following your diagram Report back your findings. The plus side of the coil should be no volts with the points closed and six with the points open. Be sure to check this before you report back.
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