Pledge of Bonds. As security for the payment of the obligations of the Company pursuant to Paragraph 3A(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 and security 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 3A(i) above may be paid (i) at any time by the Company on one Business Day's notice stating the amount to be paid (which shall be $5,000 or an integral multiple thereof) and (ii) at any time on behalf of the Company on one Business Day's notice from the Company directing the Bank to deliver (or to cause the Tender Agent to deliver) a specified principal amount of Pledged Bonds held by or on behalf of the Bank for sale pursuant to Section 4.07(b) of the Indenture (but in all events, in principal amounts equivalent to authorized denominations of Bonds under the terms of the Indenture). Upon payment to the Bank of the amount to be paid pursuant to clause (i) or (ii) above, together with accrued interest as set forth in clause (2) of Paragraph 3A(i), to the date of such payment on the amount to be paid, the outstanding obligations of the Company under Paragraph 3A(i) above shall be reduced by the amount of such payment, interest shall cease to accrue on the amount paid and the Bank shall release (or shall be deemed to have released) from the pledge and security interest created by the Pledge Agreement a principal amount of Pledged Bonds equal to the amount of such payment, provided that prior to such release from the pledge and security interest created by the Pledge Agreement of Bonds delivered to or for the benefit of the Bank in connection with an "A Drawing", the Company shall have paid to the Bank the amount owing in respect of the "C Drawing", if any, made in conjunction with such "A Drawing". Such Bonds shall be delivered to the Company on payment to the Bank as aforesaid or to the Tender Agent for sale pursuant to Section 4.08(b) of the Indenture, as appropriate. Notwithstanding the foregoing, no payment of amounts owing to the Bank pursuant to Paragraph 3A(i) 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...
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. 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;
(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 Bond Trustee pursuant to the provisions of Section 1203 of the Trust Agreement 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) 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 is hereby expressly waived or released. The Bank shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable costs and expenses ...
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 the Bank, as security for the obligations of the Borrower under this Agreement Pledge. The Borrower hereby grants the Bank 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 partial security for the payment of the obligations of Borrower under the Series 1991 Construction Loans and Series 1991 Term Loans, Borrower shall pledge to Agent, on behalf of the Secured Parties, and grant to Agent, on behalf of the Secured Parties, a security interest in, Borrower’s right, title and interest in and to the Series 1991 Bonds delivered to or held on behalf of Agent pursuant to the Series 1991 Pledge Agreement in connection with Series 1991 B Drawings and Series 1991 D Drawings converted to Series 1991 Construction Loans or Series 1991 Term Loans, as the case may be. Upon payment to Agent of any remarketing proceeds, such payment shall first be applied by Agent against so much of principal amount of the appropriate Series 1991 Construction Loan or Series 1991 Term Loan that reflects a Series 1991 D Drawing and thereafter against the principal amount of such Series 1991 Construction Loan or Series 1991 Term Loan that reflects a Series 1991 B Drawing and finally against accrued interest on any Tranche A Loan. Upon application of any such payment against all or any portion of the principal amount of a Series 1991 Construction Loan or Series 1991 Term Loan that reflects a Series 1991 B Drawing, Agent shall release from the pledge and security interest created by the Series 1991 Pledge Agreement a principal amount of Series 1991 Bonds equal to the principal amount of the Series 1991 Construction Loan or Series 1991 Term Loan that relates to the Series 1991 B Drawing being repaid. As partial security for the payment of the obligations of Borrower under the Series 1993 Construction Loans and Series 1993 Term Loans, Borrower shall pledge to Agent, on behalf of the Secured Parties, and grant to Agent, on behalf of the Secured Parties, a security interest in, Borrower’s right, title and interest in and to the Series 1993 Bonds delivered to or held on behalf of Agent pursuant to the Series 1993 Pledge Agreement in connection with Series 1993 B Drawings and Series 1993 D Drawings converted to Series 1993 Construction Loans or Series 1993 Term Loans, as the case may be. Upon payment to Agent of any remarketing proceeds, such payment shall first be applied by Agent against so much of the principal amount of the appropriate Series 1993 Construction Loan or Series 1993 Term Loan that reflects a Series 1993 D Drawing and thereafter against the principal amount of such Series 1993 Construction Loan or Series 1993 Term Loan that reflects a Series 1993 B D...
Pledge of Bonds. All of the issued and outstanding Bonds shall at all times be pledged to (and shall have been delivered, or be in transit, to) the Agent.
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
