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. 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. 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. 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. 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. 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.
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. 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 Commission shall reimburse the Bank for the amount paid by the Bank upon a Drawing under the Letter of Credit, in the amount and to the extent of the amount of payment by the Bank under such Drawing, by p.m., New York time, on the same Business Day such Drawing is paid by the Bank; provided, that any portion of any Principal Drawing or any Interest Drawing under the Letter of Credit not reimbursed by the Commission to the Bank by p.m., New York time, on the date such Drawing is paid by the Bank shall constitute an advance to the Bank, the amount of such Unreimbursed Drawing to be evidenced by a note or notes (each, a “Bank Bond”) which shall be issued by the Commission pursuant to the 1991 Master Resolution and which shall be registered in the name of the Bank and delivered to the Bank. The Bank shall maintain a record indicating the portion of the principal amount of such Bank Bond that relates to a Principal Drawing and the portion that relates to an Interest Drawing. The Bank shall be the owner of Bank Bonds for all purposes hereunder and thereunder and under the 1991 Master Resolution and shall be entitled to all payments in respect of any Bank Bonds. Bank Bonds shall evidence an obligation of the Commission until the principal of and interest with respect to such Bank Bonds shall have been paid by the Commission to the Bank in the amounts and at the times provided therein and herein.
