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.
(b) If the Bank is reimbursed for the purchase price of Pledged Bonds with respect to which a C Drawing has been made, such Pledged Bonds shall be released from the pledge and assignment made hereby and shall be delivered to or upon the order of the Company.
(c) All payments of principal and interest on Pledged Bonds shall be made directly to the Bank. If, while the Bank or its designated agent holds Pledged Bonds, the Company shall receive any interest or principal payment in respect of such Pledged Bonds, the Company agrees to accept the same as agent for the Bank and to hold the same in trust on behalf of the Bank and to deliver the same forthwith to the Bank. All sums of money so paid in respect of principal, premium or interest on such Pledged Bonds which are received by the Company and paid to the Bank, or which shall be received directly by the Bank from the Trustee, shall be credited against the reimbursement obligation of the Company as provided in Section 2.02(d).
(d) If an Event of Default exists, the Bank may, without notice, exercise all rights, privileges or options pertaining to any Pledged Bonds as if it were the absolute owner thereof, upon such terms and conditions as it may determine, all without liability except to account to the Company for property actually received by it. In addition to the rights and remedies granted to it in this Agreement, the Bank or its designated agent shall have the authority to exercise all rights and remedies of a secured party under the Alabama Uniform Commercial Code. The Company shall be liable for the deficiency if the proceeds of any sale or other disposition of the Pledged Bonds and the Collateral are insufficient to pay all amounts to which the Bank is entitled. The Bank shall have no duty to exercise any of such rights, privileges or options and shall not be responsible for any failure to do so or any delay in so doing.
(e) Except as contemplated herein, without the prior written consent of the Bank, the Company agrees that it will not sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Pledged Bo...
Pledged Bonds. The Collateral Agent under the KGE Collateral Agreement shall have received the certificates representing the Pledged Bonds.
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. 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. 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.
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. 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. 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.
Pledged Bonds. 60 6.3.1 PLEDGE................................................................................60 6.3.2 PLEDGED BOND PAYMENTS.................................................................60
