Pledged Bonds. The Collateral Agent under the KGE Collateral Agreement shall have received the certificates representing the Pledged Bonds.
Pledged Bonds. In the event of an Optional or Mandatory Tender resulting in a drawing on a Letter of Credit, following which any of the Bonds became Pledged Bonds, interest on such Pledged Bonds shall be payable to the Bank in accordance with Section 2.3(a)(vi) hereof, and otherwise in accordance with the applicable Indenture, and the principal amount thereof shall be payable upon demand by the Bank. Pledged Bonds shall be held by the Tender Agent as agent for the Bank (and shall be shown as such on the registration books maintained by the Tender Agent) unless and until the Bank gives the Tender Agent written confirmation that (i) the applicable Letter of Credit has been reinstated in full with respect to such drawing and (ii) the Pledged Bonds are no longer Bank Bonds. Pending such reinstatement of the Letter of Credit and release of such Pledged Bonds, the Bank shall be entitled to receive all payments of principal of and interest on such Pledged Bonds and such Bonds shall not be transferable or deliverable to any party (including the Issuer) except the Bank. The Remarketing Agent shall continue to use its best efforts to arrange for the sale of Pledged Bonds, subject to full reinstatement of the applicable Letter of Credit with respect to the drawings with which such Bonds were purchased, at a price equal to the principal amount thereof, plus accrued interest thereon at the rate set forth in Section 2.3(a)(vi) hereof. During such time as the Bank is the owner of any Pledged Bond, it shall have all of the rights granted to a Bondholder under the Indentures and Tender Agent Agreement, and such additional rights as may be available to the Bank hereunder.
Pledged Bonds. (A) Party B sells, disposes or otherwise transfers any of the Pledged Bonds (as such term is defined in the Specified Confirmations) or any interest therein (whether by way of security or otherwise), (B) Party B otherwise permits any lien, charge, adverse claim, security interest, mortgage or other encumbrance (other than the lien in favor of Party A) to be created on or extend to or otherwise arise upon or burden the Pledged Bonds or any part thereof, any interest therein or the proceeds thereof or (C) Party A otherwise ceases to have a first priority perfected security interest in all or any part of the Pledged Bonds, provided that if such cessation is a result of Party A’s gross negligence, willful misconduct or fraud, then Party A shall be the Affected Party for an event under this sub-clause (C). ”
Pledged Bonds. Party B hereby agrees to Transfer each Pledged Bond to Party A in accordance with the terms hereof and of the Specified Confirmations and grants to Party A, as the Secured Party, as security for its Obligations, a first priority continuing security interest in, lien on and right of Set-off against the Pledged Bonds.”
Pledged Bonds. (a) As additional security for the performance of its obligations under this Agreement, the Company hereby pledges, assigns, hypothecates and transfers to the Bank all of its right, title and interest in and to the Pledged Bonds, and does hereby grant to the Bank a security interest in the Pledged Bonds and all amounts payable thereon and the proceeds thereof.
Pledged Bonds. 51 6.3.1 Pledge........................................................................... 51 6.3.2 Pledged Bond Payments............................................................ 51 6.3.3 Release of Pledged Bonds......................................................... 52 6.3.4
Pledged Bonds. Any Pledged Bonds shall be for the benefit of the Issuing Lender and each other Lender that has acquired a participation in such Gables Bond Enhancement Letter of Credit as provided in this Agreement. Section 2.5
Pledged Bonds. Beneficial interests in Bonds purchased as provided in this Article with proceeds of a drawing under the Letter of Credit or the Confirming Letter of Credit shall be registered on the records of the Securities Depository as provided in Section 4.06(b) above. The beneficial interests so pledged shall be released from the pledge as provided in the Reimbursement Agreement or any pledge agreement referenced therein; provided that they shall not be released unless the Trustee shall have received written direction from the L/C Bank or the Confirming Bank and evidence of corresponding reinstatement of the Letter of Credit or the Confirming Letter of Credit. The Remarketing Agent shall use its best efforts to remarket Pledged Bonds as provided in the Remarketing Agreement.
Pledged Bonds. For the purposes of this Article VIII. Pledged Bonds shall not be deemed Outstanding under this Indenture until the payment in full of the principal of and interest on all other Bonds or the provision for the payment thereof shall have been duly made. In the event any vote or consent of the Bondowners is required hereunder, all Pledged Bonds shall be deemed Outstanding for such purpose hereunder and the Credit Enhancer shall be deemed the Owner thereof for purposes of voting or consenting thereto. [End of Article VIII]
Pledged Bonds. Notwithstanding the above provisions of this Section 203 the Pledged Bonds shall bear interest at the Pledged Bond Rate during the period that such Bonds are Pledged Bonds. The Credit Enhancer shall use its best efforts to notify the Trustee on the Business Day preceding each Interest Payment Date in respect of such a period of the Pledged Bond Rate in effect from time to time during such period. The Credit Facility shall not be drawn on to pay any Pledged Bond.
