Bank Bonds Clause Samples

Bank Bonds. (a) Any Bonds purchased with proceeds of a Purchase Drawing which is not reimbursed on the date of such drawing shall be Bank Bonds until such Purchase Drawing is reimbursed. (b) Bank Bonds shall be (i) registered on such books in the name of the Bank (or its nominee or designee) or (ii) if the Bonds are then registered under a book-entry-only system with the Securities Depository, delivered by transfer of such Bonds to an account specified from time to time by the Bank that the Bank (or its nominee or designee) maintains at the Securities Depository. (c) Notwithstanding any other provision of this Agreement or the Indenture, the Paying Agent shall not release Bank Bonds unless the Paying Agent has received written notice from the Bank that the Bank has been paid all amounts owed with respect to the Bank Bonds. The Borrower and the Bank hereby agree that the Bank Bonds are held as independent obligations and as additional security for the payment and performance of the Borrower’s obligations hereunder. (d) The Borrower shall cause the Company to cause the Remarketing Agent to use its best efforts to remarket Bank Bonds at the Sale Price (as defined hereinafter). (e) Prior to 12:00 noon (New York time) on any Business Day on which the Bank holds Bank Bonds, the Remarketing Agent may deliver a written notice (a “Purchase Notice”) to the Paying Agent and the Bank, stating that it has located a purchaser (the “Purchaser”) for some or all of such Bank Bonds in an authorized denomination and that such Purchaser desires to purchase on the Business Day (a “Sale Date”) following the Business Day on which the Bank receives, prior to 12:00 noon New York time, a Purchase Notice at a price equal to the principal amount thereof plus unpaid accrued interest thereon from and including the Purchase Date to but excluding the Sale Date at the interest rate then applicable to the Bonds (the “Sale Price”). (f) The Bank shall cause such Bank Bonds to be sold to a Purchaser on the Sale Date (subject to receipt by it of the funds set forth in this sentence) by causing the delivery of such Bank Bonds to the Paying Agent (or, in the case of Bank Bonds which are held in book entry form, shall cause the beneficial ownership thereof to be credited to the account of the Remarketing Agent at DTC) by 10:00 a.m. New York time on the Sale Date against receipt of the Sale Price therefor in immediately available funds at the Bank’s address listed in the Bond Register or such other address as...

Bank Bonds. The Bonds purchased pursuant to Article II hereof will be transferred to or held for the benefit of the Bank, free and clear of all liens, security interests or claims of any Person other than the Bank, except for consensual liens or other security interests as may be created by the Bank.

Bank Bonds. In addition to the foregoing provisions for the redemption of Bonds, any Bank Bond shall be subject to redemption at the time and in the amount and at the price specified in the Reimbursement Agreement related thereto. Without limitation of the foregoing, the Trustee will call for redemption any Bonds secured by a Letter of Credit upon the direction of the Bank that issued such Letter of Credit requesting redemption of such Bonds and certifying that an Event of Default has occurred under the Reimbursement Agreement relating to such Letter of Credit.

Bank Bonds. The Bank Bonds purchased pursuant to this Agreement will be transferred to or held for the benefit of the Bank, free and clear of all liens, security interests or claims of any Person other than the Bank, except for such consensual liens or other security interests as may be created by the Bank.

Bank Bonds. Bonds purchased by the Bank with the proceeds of a Drawing or Advance shall constitute Bank Bonds and shall, from the date of such purchase and while they are Bank Bonds, bear interest at the Bank Rate and have characteristics of Bonds set forth in the applicable Indenture. Upon purchasing Bank Bonds, the Bank shall be entitled to and, where necessary, shall be deemed assigned all rights and privileges accorded Bondowners, except to the extent such rights and privileges conflict with this Agreement, in which case the terms of this Agreement shall prevail and govern. Upon purchasing Bank Bonds, the Bank shall be recognized by the Successor Agency, the Tender Agent and the Trustee as the true and lawful owner of such Bank Bonds, free from any claims, liens, security interests, equitable interests and other interests of the Successor Agency, except as such interests might exist under the terms of the Bank Bonds with respect to all owners of the Bonds. Bank Bonds purchased by the Bank shall be held by the Trustee, as custodian, pursuant to the terms of the Custodian Agreement. Payments, if any, received by the Bank as a holder of Bank Bonds shall be credited against the Advance derived from the Drawing used to purchase such Bank Bonds. Any such payment shall be credited first against accrued and unpaid interest on such Advance and then against the principal balance of such Advance. Payments, if any, described in this Section 3.5 shall not be construed as prepayments that are subject to the limitations of Section 2.5. So long as Bank Bonds are outstanding, the Bank agrees to notify the Successor Agency and the Trustee from time to time of the Bank Rate in effect with respect to such Bank Bonds. The Bank expressly reserves the right to sell, at any time, Bank Bonds to institutional investors or other entities or individuals who customarily purchase tax-exempt securities in large denominations, subject, however, to the express terms of this Agreement. The Bank agrees to notify the Successor Agency, the Trustee and the applicable Remarketing Agent promptly of any such sale. Any purchaser of such Bank Bond from the Bank shall be deemed to have agreed not to sell such bond to any Person except the Bank, institutional investors or other entities or individuals who customarily purchase tax- exempt securities in large denominations, or a purchaser identified by the applicable Remarketing Agent. Upon telephonic notice (confirmed in writing) from the applicable Remarketi...

Bank Bonds. Notwithstanding anything to the contrary in this Indenture, the Authority may redeem Bank Bonds, at its option at the times and at the redemption prices specified therefor in the Credit Facility Provider Agreement.

Bank Bonds. Upon the request of the Bank, cause a Rating Agency or Rating Agencies acceptable to the Bank to issue a rating on the Bank Bonds (and their related CUSIP numbers) of at least investment grade which action shall be at the sole expense of the City.

Bank Bonds. The Bank Bonds will be transferred to the Bank, free and clear of all

Bank Bonds. The Issuer and the Bank agree that, pursuant to the Ordinance, any ▇▇▇▇▇ purchased with the proceeds of a draw on the Letter of Credit are purchased by the Bank and shall be transferred and delivered by the Remarketing Agent to the Tender Agent for delivery to the Bank or its nominee or designee, as further provided in this Section 2.04, and prior to such delivery, shall be held in trust by the Remarketing Agent and Tender Agent, respectively, for the benefit of the Bank. Any Bonds so purchased shall constitute Bank Bonds (“Liquidity Provider Bonds” under the Ordinance) and, from the Purchase Date and while they are Bank Bonds, shall have the characteristics of Bank Bonds as set forth herein and of Liquidity Provider Bonds as set forth in the Ordinance.