Pledge of Bonds Sample Clauses

Pledge of Bonds. As security for the payment of the obligations of the Company pursuant to Paragraph 3(a)(iii) hereof, the Company shall pledge to the Bank, and grant to the Bank a security interest in, all of the Company's right, title and interest in and to the Bonds delivered to the Trustee in connection with Purchase Drawings (the Pledged Bonds), pursuant to a Pledge and Security Agreement dated the date hereof between the Bank and the Company (the Bond Pledge Agreement). At such time as the Bank determines that the Pledged Bonds should be remarketed, it shall deliver to the Trustee the notice required by Section 309 of the Trust Agreement. Upon the sale of the Pledged Bonds or the cancellation of Pledged Bonds that cannot be remarketed and the payment to the Bank of an amount equal to the Purchase Drawing corresponding to the principal amount of Pledged Bonds sold or cancelled, together with (x) accrued interest thereon, as set forth in clause (B) of Paragraph 3(a)(iii) hereof, to the date of such payment or cancellation and (y) all amounts owing in respect of the Interest Drawing, if any, made in conjunction with such Purchase Drawing, then (1) the outstanding obligations of the Company under Paragraph 3(a)(iii) hereof shall be reduced by the amount of such payment, (2) interests shall cease to accrue on the amount paid and (3) the Bank shall release from the pledge and security interest created by the Bond Pledge Agreement a principal amount of Pledged Bonds equal to the principal amount of Pledged Bonds to be sold or cancelled.

Pledge of Bonds. As security for the payment of the obligations of the Borrower pursuant to Section 3.1(b) above and as more fully described in Article Eight hereof, the Borrower has pledged to the Administrative Agent, for the benefit of the Issuing Bank and the Lenders, and granted to the Administrative Agent, for the benefit of the Issuing Bank and the Lenders, a security interest in, all its rights, title and interests in and to all Bonds delivered (or, in the case of Bonds held under a book-entry system, reflected on the records of such Bonds as more fully described in Article Eight hereof) to the Issuing Bank in connection with “C Drawings” (herein called “Pledged Bonds”). Any amounts from time to time owing to the Issuing Bank and the Lenders pursuant to Section 3.1(b) above may be prepaid (i) at any time by the Borrower on one Business Day’s notice stating the amount to be prepaid (which shall be $5,000 or an integral multiple thereof) and (ii) at any time on behalf of the Borrower on one Business Day’s notice from the Borrower directing the Issuing Bank to deliver or to cause the applicable Trustee to deliver (or, in the case of Bonds held under a book-entry system, reflected on the records of such Bonds as more fully described in Article Eight hereof) a specified principal amount of Pledged Bonds held by or on behalf of the Issuing Bank for sale. Upon payment to the Issuing Bank and the Lenders of the amounts to be prepaid pursuant to Section 3.1(b) above, together with accrued interest, to the date of such prepayment on the amount to be prepaid, the outstanding obligations of the Borrower under Section 3.1(b) above shall be reduced by the amount of such prepayment, interest shall cease to accrue on the amount prepaid and the Administrative Agent shall release (or shall be deemed to have released) from the pledge and security interest created hereunder a principal amount of Pledged Bonds equal to the amount of such prepayment. Such Bonds shall be delivered to the Borrower on payment to the Issuing Bank and the Lenders as aforesaid or to the Tender Agent for sale pursuant to the applicable Indenture, as appropriate. Notwithstanding the foregoing, no prepayment of amounts owing to the Issuing Bank and the Lenders pursuant to Section 3.1(b) may be made, and no Pledged Bonds shall be released, during the period commencing two Business Days prior to an interest payment date with respect to the Bonds and ending at the close of business on such interest payment date.

Pledge of Bonds. The Company hereby pledges, assigns, hypothecates, transfers and delivers to the Bank all its right, title and interest to, and hereby grants to the Bank a first lien on, and security interest in, all right, title and interest of the Company in and to the following (the "Collateral"): (a) all Bonds which may from time to time have been purchased with proceeds of C Drawings under the Letter of Credit (the "Pledged Bonds"); (b) all income, earnings, profits, interest, premium or other payments in whatever form in respect of the Pledged Bonds; and (c) all proceeds (cash and non-cash) arising out of the sale, exchange, collection, enforcement or other disposition of all or any portion of the Pledged Bonds; as collateral security for the prompt and complete payment when due of all amounts due in respect of the reimbursement obligations of the Company set forth herein with respect to such Pledged Bonds (the "Obligations"). Pledged Bonds shall be held by the Trustee pursuant to the provisions of Section 12.03 of the Indenture or as otherwise directed by the Bank. In the event that the Company shall fail to pay any amount when due hereunder with respect to the Pledged Bonds, the Bank, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale or except as may be required by applicable law) to or upon the Company or any other Person (all and each of which demands, advertisements and/or notices are hereby expressly waived), may forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, assign, give option or options to purchase, contract to sell or otherwise dispose of and deliver said Collateral, or any part thereof, in one or more parcels at public or private sale or sales, at any exchange, broker's board or at any of the Bank's offices or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk, with the right of the Bank upon any such sale or sales, public or private, to purchase the whole or any part of said Collateral so sold, free of any right or equity of redemption in the Company, which right or equity of redemption is hereby expressly waived or released. The Bank shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or s...

Pledge of Bonds. All or any of the Bonds issued hereunder may be pledged, hypothecated or charged from time to time by the Grantor to secure any obligations of the Grantor or any other Person and, when such Bonds are redelivered to the Grantor upon payment or satisfaction of such indebtedness or obligations, such Bonds shall be cancelled and returned to the Grantor or its counsel.

Pledge of Bonds. Bonds which are not remarketed shall be held by the Trustee, as agent for Bank, as security for the obligations of Company under the Bond Pledge. Company hereby grants a lien on such Bonds while they are so held by the Trustee.

Pledge of Bonds. As security for the payment of the obligations of the Company pursuant to Section 3(a) hereof, the Company will pledge to the Bank, and grant to the Bank a security interest in, its right, title and interest in and to Bonds delivered to the Bank in connection with "A Drawings" (herein called "Pledged Bonds"), pursuant to the Pledge and Security Agreement.

Pledge of Bonds. As security for the payment of the obligations of the Obligors pursuant to Section 2(a), Xxxxxx hereby pledges, assigns, hypothecates, transfers and delivers to the Bank all its right, title and interest to, and hereby grants to the Bank a first lien on, and security interest in, all of its right, title and interest in and to Bonds delivered to the Bank or held by the Trustee for the benefit of the Bank and in Beneficial Ownership Interests (as defined in the Indenture) and/or registered in the name of the Bank by the Depository or a Direct Participant (each as defined in the Indenture) in connection with Bond Purchase Drawings under the Letter of Credit for the purchase of Bonds that are not remarketed, (herein called "Pledged Bonds"), and the interest thereon and all proceeds thereof. This Agreement shall constitute a security agreement under the provisions of the Uniform Commercial Code of the State of Illinois (the "UCC") from Xxxxxx as debtor to the Bank as secured party.

Pledge of Bonds. As security for the payment of the obligations of the Company pursuant to Paragraph 2A(i) above, the Company will pledge to the Bank, and grant to the Bank a security interest in, its right, title and interest in and to Bonds delivered to the Bank in connection with "A Drawings" (herein called "Pledged Bonds"), pursuant to a pledge agreement in the form of Annex II attached hereto (the "Pledge Agreement"). Any amounts from time to time owing to the Bank pursuant to Paragraph 2A(i) above may be prepaid (i) at any time by the Company on one Business Day's

Pledge of Bonds. 9 3C. Reinstatement of Letter of Credit...................................................................... 10 3D. Credit for Amount Paid on Bonds........................................................................ 10 3E. Computation of Interest; Place of Payment.............................................................. 10

Pledge of Bonds. Drawing Bonds which are not remarketed shall be held by the Trustee, as agent for the Bank, as security for the obligations of the Borrower under the Bond Pledge. The Borrower hereby grants a lien on such Drawing Bonds while they are so held by the Trustee.