Pledge of Pledged Revenues. (i) To provide security to the Lenders for the payment by the Authority of the Reimbursement Obligations, including, without limitation, the Term Loans and the MTA RANs evidencing and securing the Term Loans, the Authority has pledged to the Administrative Agent, for the benefit of the Lenders, certain security, sources of payments and funds pursuant to the Transportation Resolution and the Resolution, including without limitation, a first priority security interest in the Pledged Revenues. Except with respect to indebtedness evidenced by the JPMorgan Revolving Credit Agreement in effect as of the Effective Date, the Bank of America Revolving Credit Agreement in effect as of the Effective Date and MTA RANs evidencing and securing such indebtedness, no indebtedness or obligations may be issued or incurred by the Authority or any other Person with a lien on Pledged Revenues senior to or on a parity with the lien on Pledged Revenues securing the Term Loans and MTA RANs evidencing and securing the Term Loans; provided, however, that nothing set forth herein shall preclude the Authority from issuing or incurring (w) indebtedness payable from amounts other than PMT Revenues payable to the Authority under Section 92-ff of the State Finance Law or that were formerly deposited under Section 92-ff of the State Finance Law and that are currently deposited directly into the Corporate Transportation Account of the Metropolitan Transportation Authority Special Assistance Fund established by Section 1270-a of the State Public Authorities Law, (x) obligations under the DTF Resolution as the DTF Resolution is in effect on the date hereof or as may be amended to permit issuance of “subordinate” obligations thereunder, or (y) obligations under any of the TBTA General Resolution as in effect on the date hereof, the TBTA Subordinate Resolution as in effect on the date hereof or a new “subordinate” resolution (herein, the “Junior TBTA Resolution”) authorizing the issuance of obligations that are subordinated to those issued under the TBTA Subordinate Resolution solely to the extent that no principal portion of such obligations issued under any Junior TBTA Resolution shall be payable prior to the payment in full of the Obligations hereunder and the termination of the Commitments and this Agreement.
(ii) The Authority’s obligation to pay the Reimbursement Obligations under this Agreement, each Term Loan and the MTA RANs evidencing and securing the Term Loans, shall be a special o...
Pledge of Pledged Revenues. The Reimbursement Obligation shall be a special and limited obligation of the Financing Entity payable solely from the Pledged Revenues. The Financing Entity hereby irrevocably pledges the Pledged Revenues to payment of the Reimbursement Obligation. The Pledged Revenues, when and as received by the Financing Entity shall be subject to the lien of such pledge without any physical delivery, filing, or further act. The obligation to reimburse USOM for Eligible Costs, which obligation is evidenced by this Agreement, is and shall be a special and limited obligation of the Financing Entity secured by an irrevocable pledge of, and payable as to principal and interest thereon, solely from the Pledged Revenues. USOM may not look to any general or other fund of the Financing Entity for the payment of principal of or interest thereon except the Pledged Revenues. Principal of and interest on the Reimbursement Obligation shall not constitute an indebtedness, financial obligation or liability of the City or the State or any county, municipality or public body thereof, and neither the City, the State nor any political subdivision thereof shall be liable thereon, nor in any event shall the principal of or interest on the Reimbursement Obligation be payable out of any funds or properties other than the Pledged Revenues. Further, the Reimbursement Obligation shall not constitute a debt, indebtedness, financial obligation or liability of the City within the meaning of any constitutional, statutory or charter debt limitation or provision.
Pledge of Pledged Revenues. (i) To provide security to the Bank for the payment by the Authority of the Reimbursement Obligations, including, without limitation, the Revolving Loans and the MTA RANs evidencing and securing the Revolving Loans, the Authority has pledged to the Bank a first priority security interest in the Pledged Revenues. Except with respect to indebtedness evidenced by the Bank of America Revolving Credit Agreement and MTA RANs evidencing and securing such indebtedness, no indebtedness or obligations may be issued or incurred by the Authority or any other Person with a lien on Pledged Revenues senior to or on a parity with the lien on Pledged Revenues securing the Revolving Loans and MTA RANs evidencing and securing the Revolving Loans (including, without limitation, indebtedness or obligations issued or incurred pursuant to the Transportation Resolution secured by a lien on the Pledged Revenues senior to or on a parity with the lien on Pledged Revenues securing the Revolving Loans and the MTA RANs evidencing and securing the Revolving Loans); provided, however, that nothing set forth herein shall preclude the Authority from issuing or incurring indebtedness payable from amounts payable to the Authority under Section 92-ff of the State Finance Law.
1.07. Section 6.1 of the Agreement is hereby further amended by adding to it a new clause (p), such clause (p) shall read, in its entirety, as follows:
Pledge of Pledged Revenues. All the Pledged Revenues and all money in the Revenue Fund, hereinafter established, and in the funds or accounts so specified and provided for in this Indenture (except the Rebate Fund), are hereby irrevocably pledged to the punctual payment of the interest on and principal or Accreted Value of and redemption premiums, if any, on the Bonds, and the Pledged Revenues and such other money shall not be used for any other purpose while any of the Bonds remain Outstanding; subject to the provisions of this Indenture permitting application thereof for the purposes and on the terms and conditions set forth herein. This pledge shall constitute a first and exclusive lien on the Pledged Revenues and such other money for the payment of the Bonds in accordance with the terms thereof.
Pledge of Pledged Revenues. In consideration of the premises and the making of Loan No. by the Board, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower does hereby pledge, grant, bargain, convey, and assign, and grant a security interest in, the Pledged Revenues to the Board and its successors and assigns forever, for the securing of the performance of the obligations of the Board under the Agreement and Note No. and all other Notes outstanding from time to time.
Pledge of Pledged Revenues
