Common use of Pledge of Bonds Clause in Contracts

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 Payment Date.

Pledge of Bonds. (a) As security for the payment of the obligations of the Company pursuant to Paragraph 3A(iSection 3.1(a) aboveabove and as more fully described below, the Company will pledge hereby pledges to the Bank, and grant grants 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) Section 3.1 above may be paid (i) at any time by the Company on one Business Day's notice stating the amount to be paid prepaid (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 Trustee 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)sale. Upon payment to the Bank of the amount to be paid prepaid pursuant to clause (iSection 3.1(a) or (iib) above, together with accrued interest as set forth in clause (2) of Paragraph 3A(iSection 3.1(a)(ii), to the date of such payment on the amount to be paid, the outstanding obligations of the Company under Paragraph 3A(iSection 3.1(a) above shall be reduced by the amount of such paymentprepayment, interest shall cease to accrue on the amount paid prepaid and the Bank shall release (or shall be deemed to have released) from the pledge and security interest created by the Pledge Agreement hereunder 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 hereunder 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 Trustee 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(iSection 3.1(a) may be made, and no Pledged Bonds shall be released, during the period commencing two Business Days prior on the Record Date with respect to an Interest Payment Date with respect to the Bonds and ending at the close of business on such Interest Payment Date. (b) 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 (i) all Pledged Bonds; (ii) all income, earnings, profits, interest, premium or other payments in whatever form in respect of the Pledged Bonds; and (iii) 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 (collectively, the "Pledged Bond Collateral"). The Pledged Bond Collateral shall serve as security for the payment and performance when due of the obligations of the Company hereunder. The Company shall deliver, or cause to be delivered, the Pledged Bonds to the Bank or to an agent designated by the Bank immediately upon receipt thereof or, in the case of Pledged Bonds held under a book-entry system administered by The Depository Trust Company ("DTC"), New York, New York (or any other clearing corporation), the Company shall cause the Pledged Bonds to be reflected on the records of DTC (or such other clearing corporation) as a position held by the Bank (or an agent acceptable to the Bank) as a DTC participant (or a participant in such other clearing corporation) and the Bank (or its agent) shall reflect on its records that the Pledged Bonds are owned beneficially by the Company subject to the pledge in favor of the Bank. (c) If any Event of Default shall have occurred and be continuing, 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 Pledged Bond 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 Pledged Bond 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 to the Bank upon any such sale or sales, public or private, to purchase the whole or any part of said Pledged Bond 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 of every kind incurred therein or incidental to the care, safekeeping or otherwise of any and all of the Pledged Bond Collateral or in any way relating to the rights of the Bank hereunder, including reasonable attorneys' fees and legal expenses, to the payment in whole or in part of the obligations of the Company hereunder in such order as the Bank may elect, the Company remaining liable for any deficiency remaining unpaid after such application, and only after so applying such net proceeds and after the payment by the Bank of any other amount required by any provision of law, including, without limitation, Sections 679.608(1)(a) and 679.610, Florida Statutes, need the Bank account for the surplus, if any, to the Company. The Company agrees that the Bank need not give more than ten days notice of the time and place of any public sale or of the time after which a private sale or other intended disposition is to take place and that such notice is reasonable notification of such matters. No notification need be given to the Company if it has signed after Default a statement renouncing or modifying any right to notification of sale or other intended disposition. In addition to the rights and remedies granted to the Bank in this Agreement and in any other instrument or agreement securing, evidencing or relating to any of the obligations of the Company hereunder, the Bank shall have all the rights and remedies of a secured party under the Uniform Commercial Code in effect in the State of Florida at that time. (d) The Company covenants that the pledge, assignment and delivery of the Pledged Bond Collateral hereunder will create a valid, perfected, first priority security interest in all right, title or interest of the Company in or to such Pledged Bond Collateral, and the proceeds thereof, subject to no prior pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance or to any agreement purporting to grant to any third party a security interest in the property or assets of the Company which would include the Pledged Bond Collateral. The Company covenants and agrees that it will defend the Bank's right, title and security interest in and to the Pledged Bond Collateral and the proceeds thereof against the claims and demands of all persons whomsoever. (e) Pledged Bonds shall, at the option of the Bank, continue to be held as book-entry only bonds, and shall be released from the security interest created hereunder for cancellation or remarketing upon satisfaction of the obligations of the Company with respect to such Pledged Bonds as provided in this Article 3. (f) The Company recognizes that, if the Bonds are being held under a book-entry only system, and if less than all of the Bonds are Pledged Bonds, the Trustee shall withdraw all Pledged Bonds from the book-entry only system and shall, at the expense of the Company, prepare and authenticate physical bonds representing such Pledged Bonds until such time as such Bonds are remarketed.

Pledge of Bonds. As security for the payment of the obligations of the Company Borrower pursuant to Paragraph 3A(iSection 3.1(b) aboveabove and as more fully described in Article Eight hereof, the Company will pledge Borrower has pledged to the BankAdministrative Agent, for the benefit of the Issuing Bank and the Lenders, and grant granted to the Administrative Agent, for the benefit of the Issuing Bank and the Lenders, a security interest in, all its rightrights, title and interest 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 "A “C 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 Issuing Bank and the Lenders pursuant to paragraph 3A(iSection 3.1(b) above may be paid prepaid (i) at any time by the Company Borrower on one Business Day's ’s notice stating the amount to be paid prepaid (which shall be $5,000 or an integral multiple thereof) and (ii) at any time on behalf of the Company Borrower on one Business Day's ’s notice from the Company Borrower directing the Issuing Bank to deliver (or to cause the Tender Agent applicable Trustee to deliverdeliver (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 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)sale. Upon payment to the Issuing Bank and the Lenders of the amount amounts to be paid prepaid pursuant to clause (i) or (iiSection 3.1(b) above, together with accrued interest as set forth in clause (2) of Paragraph 3A(i)interest, to the date of such payment prepayment on the amount to be paidprepaid, the outstanding obligations of the Company Borrower under Paragraph 3A(iSection 3.1(b) above shall be reduced by the amount of such paymentprepayment, interest shall cease to accrue on the amount paid prepaid and the Bank Administrative Agent shall release (or shall be deemed to have released) from the pledge and security interest created by the Pledge Agreement hereunder 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"prepayment. Such Bonds shall be delivered to the Company Borrower on payment to the Issuing Bank and the Lenders 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 prepayment of amounts owing to the Issuing Bank and the Lenders pursuant to Paragraph 3A(iSection 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 interest payment date with respect to the Bonds and ending at the close of business on such Interest Payment Dateinterest payment date.

Pledge of Bonds. (a) As security for the payment of the obligations of the Company Borrowers pursuant to Paragraph 3A(iSection 2.1(a) aboveabove and as more fully described below, the Company will pledge has pledged to the Bank, and grant granted 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) Section 2.1 above may be paid prepaid (i) at any time by the Company or any other Borrower on one Business Day's ’s notice stating the amount to be paid prepaid (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 ’s notice from the Company directing the Bank to deliver (or to cause the Tender Agent Trustee 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)sale. Upon payment to the Bank of the amount to be paid prepaid pursuant to clause (iSection 2.1(a) or (iib) above, together with accrued interest as set forth in clause (2) of Paragraph 3A(iSection 2.1(a)(ii), to the date of such payment prepayment on the amount to be paidprepaid, the outstanding obligations of the Company Borrowers under Paragraph 3A(iSection 2.1(a) above shall be reduced by the amount of such paymentprepayment, interest shall cease to accrue on the amount paid prepaid and the Bank shall release (or shall be deemed to have released) from the pledge and security interest created by the Pledge Agreement hereunder a principal amount of Pledged Bonds equal to the amount of such paymentprepayment, provided that prior to such release from the pledge and security interest created by the Pledge Agreement hereunder of Bonds delivered to or for the benefit of the Bank in connection with an "“A Drawing", ,” the Company Borrowers 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 Trustee for sale pursuant to Section 4.08(b) of the Indenture, as appropriate. Notwithstanding the foregoing, no payment prepayment of amounts owing to the Bank pursuant to Paragraph 3A(iSection 2.1(a) may be made, and no Pledged Bonds shall be released, during the period commencing two Business Days prior on the Record Date with respect to an Interest Payment Date with respect to the Bonds and ending at the close of business on such Interest Payment Date. (b) Each of the Borrowers 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 such Borrower in and to (i) all Pledged Bonds; (ii) all income, earnings, profits, interest, premium or other payments in whatever form in respect of the Pledged Bonds; and (iii) 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 (collectively, the “Pledged Bond Collateral”). The Pledged Bond Collateral shall serve as security for the payment and performance when due of the obligations of the Borrowers hereunder. The Borrowers shall deliver, or cause to be delivered, the Pledged Bonds to the Bank or to an agent designated by the Bank immediately upon receipt thereof or, in the case of Pledged Bonds held under a book-entry system administered by The Depository Trust Company (“DTC”), New York, New York (or any other clearing corporation), the Borrowers shall cause the Pledged Bonds to be reflected on the records of DTC (or such other clearing corporation) as a position held by the Bank (or an agent acceptable to the Bank) as a DTC participant (or a participant in such other clearing corporation) and the Bank (or its agent) shall reflect on its records that the Pledged Bonds are owned beneficially by the Company subject to the pledge in favor of the Bank. (c) If any Event of Default shall have occurred and be continuing, the Bank, without demand of performance or other demand, advertisement or notice of any kind (except the notices specified below (1) of time and place of public or private sale and (2) to the purchasers of Pledged Bond Collateral that the previous rating on the Bonds no longer applies) to or upon any of the Borrowers 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 Pledged Bond 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 Pledged Bond 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 to the Bank upon any such sale or sales, public or private, to purchase the whole or any part of said Pledged Bond Collateral so sold, free of any right or equity of redemption in the Borrowers, 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 of every kind incurred therein or incidental to the care, safekeeping or otherwise of any and all of the Pledged Bond Collateral or in any way relating to the rights of the Bank hereunder, including reasonable attorneys’ fees and legal expenses, to the payment in whole or in part of the obligations of the Borrowers hereunder in such order as the Bank may elect, the Borrowers remaining liable for any deficiency remaining unpaid after such application, and only after so applying such net proceeds and after the payment by the Bank of any other amount required by any provision of law, including, without limitation, Section 9‑608(a)(1) of the Uniform Commercial Code, need the Bank account for the surplus, if any, to the Borrowers. The Borrowers agree that the Bank need not give more than ten days’ notice of the time and place of any public sale or of the time after which a private sale or other intended disposition is to take place and that such notice is reasonable notification of such matters. No notification need be given to the Borrowers if any of the Borrowers has signed after Default a statement renouncing or modifying any right to notification of sale or other intended disposition. The Bank agrees to notify the purchasers of Pledged Bond Collateral that the previous rating on the Bonds no longer applies. In addition to the rights and remedies granted to the Bank in this Agreement and in any other instrument or agreement securing, evidencing or relating to any of the obligations of the Borrowers hereunder, the Bank shall have all the rights and remedies of a secured party under the Uniform Commercial Code in effect in the State of Georgia at that time. (d) The Borrowers covenant that the pledge, assignment and delivery of the Pledged Bond Collateral hereunder will create a valid, perfected, first priority security interest in all right, title or interest of the Borrowers in or to such Pledged Bond Collateral, and the proceeds thereof, subject to no prior pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance or to any agreement purporting to grant to any third party a security interest in the property or assets of the Borrowers which would include the Pledged Bond Collateral. Each of the Borrowers covenants and agrees that it will defend the Bank’s right, title and security interest in and to the Pledged Bond Collateral and the proceeds thereof against the claims and demands of all persons whomsoever. (e) Pledged Bonds shall be released from the security interest created hereunder upon satisfaction of the obligations of the Borrowers with respect to such Pledged Bonds as provided in Article 2 hereof.

Pledge of Bonds. As security for the payment of the obligations of the Company Borrower pursuant to Paragraph 3A(iSection 3.1(b) aboveabove and as more fully described in Article Eight hereof, the Company will pledge Borrower has pledged to the BankAdministrative Agent, for the benefit of the Issuing Bank and the Lenders, and grant granted to the Administrative Agent, for the benefit of the Issuing Bank and the Lenders, a security interest in, all its rightrights, title and interest 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 "A “C 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 Issuing Bank and the Lenders pursuant to paragraph 3A(iSection 3.1(b) above may be paid prepaid (i) at any time by the Company Borrower on one Business Day's ’s notice stating the amount to be paid prepaid (which shall be $5,000 or an integral multiple thereof) and (ii) at any time on behalf of the Company Borrower on one Business Day's ’s notice from the Company Borrower directing the Issuing Bank to deliver (or to cause the Tender Agent applicable Trustee to deliverdeliver (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 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)sale. Upon payment to the Issuing Bank and the Lenders of the amount amounts to be paid prepaid pursuant to clause (i) or (iiSection 3.1(b) above, together with accrued interest as set forth in clause (2) of Paragraph 3A(i)interest, to the date of such payment prepayment on the amount to be paidprepaid, the outstanding obligations of the Company Borrower under Paragraph 3A(iSection 3.1(b) above shall be reduced by the amount of such paymentprepayment, interest shall cease to accrue on the amount paid prepaid and the Bank Administrative Agent shall release (or shall be deemed to have released) from the pledge and security interest created by the Pledge Agreement hereunder 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"prepayment. Such Bonds shall be delivered to the Company Borrower on payment to the Issuing Bank and the Lenders as aforesaid or to the Tender Agent for sale pursuant to Section 4.08(b) of the applicable Indenture, as appropriate. Notwithstanding the foregoing, no payment prepayment of amounts owing to the Issuing Bank and the Lenders pursuant to Paragraph 3A(iSection 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 interest payment date with respect to the Bonds and ending at the close of business on such Interest Payment Dateinterest payment date.