Bank Bonds. Notwithstanding any other provision of this Indenture, including any provision of this Section 2.03 relating to the determination of interest rates on the Bonds, but subject to Section 5.15 of the Agreement, any Bank Bond shall bear interest at the rate, payable at the times and in the manner, specified in the related Reimbursement Agreement.
Bank Bonds. Any Bonds purchased by the GSEs pursuant to Section 3.1 hereof shall thereupon constitute Bank Bonds and have all of the characteristics of Bank Bonds as set forth herein and in the Indenture. All Bank Bonds shall bear interest at the Bank Rate as described below:
(a) Subject to the provisions of Section 3.2(c) hereof, all Bank Bonds shall bear interest at the Bank Rate; provided, however, at no time shall Bank Bonds bear interest in excess of the Maximum Rate. In the event that Bank Bonds would bear interest at a rate in excess of the Maximum Rate for any period, the GSEs shall receive interest on account of such Bank Bonds only at the Maximum Rate for such period (the difference between the interest payable to the GSEs if such Bank Bonds had continuously borne interest at the Bank Rate, and the interest actually paid to the GSEs at the Maximum Rate is hereinafter referred to as the “Excess Bank Bond Interest”). Notwithstanding any subsequent reduction in the Bank Rate, such Bank Bonds shall bear interest, from and after the date on which any Excess Bank Bond Interest is accrued, at the Maximum Rate until the earlier of (i) the date on which the interest paid to the GSEs on such Bank Bonds in excess of the Bank Rate, equals such Excess Bank Bond Interest and (ii) the date such Bank Bonds are redeemed or remarketed pursuant to the Indenture. The Issuer shall pay to the GSEs or the Bank Bondholder, as applicable, accrued interest, including any accrued but unpaid Excess Bank Bond Interest, on such Bank Bonds on each Interest Payment Date. On the first Business Day of each week, and otherwise upon the request of the Issuer, while any Excess Bank Bond Interest is outstanding the GSEs shall notify the Issuer of the amount of such accrued but unpaid Excess Bank Bond Interest; provided, however, the failure to so notify the Issuer shall not effect the accrual of or the obligation of the Issuer to pay the Excess Bank Bond Interest.
(b) Notwithstanding anything herein or in the Indenture to the contrary, all amounts owed to the GSEs with respect to Bank Bonds shall become immediately due and payable on the Payment Due Date if not repaid or otherwise declared due and payable prior to such date in accordance with the terms of the Indenture or of this Agreement. 9
(c) The Issuer agrees to pay to the GSEs, on demand, interest at the Default Rate on any and all amounts owed by the Issuer under this Agreement or under the Bank Bonds from and after the occurrence of an E...
Bank Bonds. In addition to the foregoing provisions for the redemption of Bonds, any Bank Bond shall be subject to redemption at the time and in the amount and at the price specified in the Reimbursement Agreement related thereto. Without limitation of the foregoing, the Trustee will call for redemption any Bonds secured by a Letter of Credit upon the direction of the Bank that issued such Letter of Credit requesting redemption of such Bonds and certifying that an Event of Default has occurred under the Reimbursement Agreement relating to such Letter of Credit.
Bank Bonds. The Bonds purchased pursuant to Article II hereof will be transferred to or held for the benefit of the Bank, free and clear of all liens, security interests or claims of any Person other than the Bank, except for consensual liens or other security interests as may be created by the Bank.
Bank Bonds. Bonds purchased by the Bank with the proceeds of a Drawing or Advance shall constitute Bank Bonds and shall, from the date of such purchase and while they are Bank Bonds, bear interest at the Bank Rate and have characteristics of Bonds set forth in the applicable Indenture. Upon purchasing Bank Bonds, the Bank shall be entitled to and, where necessary, shall be deemed assigned all rights and privileges accorded Bondowners, except to the extent such rights and privileges conflict with this Agreement, in which case the terms of this Agreement shall prevail and govern. Upon purchasing Bank Bonds, the Bank shall be recognized by the Successor Agency, the Tender Agent and the Trustee as the true and lawful owner of such Bank Bonds, free from any claims, liens, security interests, equitable interests and other interests of the Successor Agency, except as such interests might exist under the terms of the Bank Bonds with respect to all owners of the Bonds. Bank Bonds purchased by the Bank shall be held by the Trustee, as custodian, pursuant to the terms of the Custodian Agreement. Payments, if any, received by the Bank as a holder of Bank Bonds shall be credited against the Advance derived from the Drawing used to purchase such Bank Bonds. Any such payment shall be credited first against accrued and unpaid interest on such Advance and then against the principal balance of such Advance. Payments, if any, described in this Section 3.5 shall not be construed as prepayments that are subject to the limitations of Section 2.5. So long as Bank Bonds are outstanding, the Bank agrees to notify the Successor Agency and the Trustee from time to time of the Bank Rate in effect with respect to such Bank Bonds. The Bank expressly reserves the right to sell, at any time, Bank Bonds to institutional investors or other entities or individuals who customarily purchase tax-exempt securities in large denominations, subject, however, to the express terms of this Agreement. The Bank agrees to notify the Successor Agency, the Trustee and the applicable Remarketing Agent promptly of any such sale. Any purchaser of such Bank Bond from the Bank shall be deemed to have agreed not to sell such bond to any Person except the Bank, institutional investors or other entities or individuals who customarily purchase tax- exempt securities in large denominations, or a purchaser identified by the applicable Remarketing Agent. Upon telephonic notice (confirmed in writing) from the applicable Remarketi...
Bank Bonds. Notwithstanding anything to the contrary in this Indenture, the Authority may redeem Bank Bonds, at its option at the times and at the redemption prices specified therefor in the Credit Facility Provider Agreement.
Bank Bonds. Upon the request of the Bank, cause a Rating Agency or Rating Agencies acceptable to the Bank to issue a rating on the Bank Bonds (and their related CUSIP numbers) of at least investment grade which action shall be at the sole expense of the City.
Bank Bonds. As security for the payment of the Obligations the Company will pledge and grant to the Bank a security interest in, its right, title and interest in and to Bonds delivered to the Bank or its designated agent in connection with Liquidity Drawings and Interest Drawings related to Liquidity Drawings under the Letter of Credit pursuant to the Pledge Agreement ("Bank Bonds"). Upon failure to remarket Bonds purchased in accordance with Section 3.08 of the Indenture with funds derived from a Liquidity Drawing and an Interest Drawing related to such Liquidity Drawing under the Letter of Credit, such Bonds shall become Bank Bonds and shall accrue interest at a rate of 0%. Any amounts from time to time owing to the Bank pursuant to clause (ii) of Section 2.2 may be paid (A) at any time by the Company stating the amount to be paid (which shall be an amount not less than $100,000), and (B) at any time on behalf of the Company on one Business Day's notice from the Company directing the Bank (or the custodian of the Bank Bonds under the Custody Agreement) to deliver a specified principal amount of Bank Bonds held by the Bank (or the custodian of the Bank Bonds under the Custody Agreement) to the Remarketing Agent for sale by it pursuant to the Indenture and the Remarketing Agreement. Upon payment to the Bank of the amount to be paid pursuant to clause (A) or (B) above, together with accrued interest, as set forth in clause (iv) of Section 2.2, to the date of such payment on the amount to be paid, the outstanding Obligations of the Company under clause (ii) of Section 2.2 shall be reduced by the amount of such payment, interest shall cease to accrue on the amount paid and the Bank or its desigated agent shall release to the Company, the Trustee, or the Remarketing Agent, as the case may be, for sale, from the pledge and security interest created by the Pledge Agreement a principal amount of Bank Bonds equal to the amount of such payment.
Bank Bonds. Any Bonds purchased with proceeds of a drawing on the Liquidity Facility pursuant to this Article shall be registered in the name of the Bank or its designee, shall be held in trust by the Paying Agent for the benefit of the Bank or such designee as the Bank may elect, and are herein called “Bank Bonds”. Pending reinstatement of the Liquidity Facility securing such Bonds and the release of such Bonds by the Bank, the Bank shall be entitled to receive all payments of principal of and interest on Bank Bonds and such Bonds shall not be transferable or deliverable to any party (including the Company) except the Bank. In the event the Company reimburses the Bank for the draw on the Liquidity Facility with respect to such Bank Bonds, such Bonds shall be transferred by the Bank to the Paying Agent and shall become Company Bonds. So long as a Liquidity Facility is in effect, any Bonds which have become Company Bonds pursuant to the preceding sentence shall not be remarketed or delivered to the Company unless the Liquidity Facility supports the payment of such Bonds in accordance with the terms of this Indenture and such Liquidity Facility.
Bank Bonds. The term ―Bank Bonds‖ shall mean Bonds purchased by a Credit Facility Provider or its assignee pursuant to a draw on the Credit Facility, if any.