Bank Bonds Sample Clauses

Bank Bonds. Notwithstanding any other provision of this Indenture, including any provision of this Section 2.03 relating to the determination of interest rates on the Bonds, any Bank Bond shall bear interest at the rate, payable at the times and in the manner, specified in the related Reimbursement Agreement.
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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 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. (a) Upon honoring any Liquidity Drawing, the Bank shall be deemed to have purchased the unremarketed tendered Bonds (the “Bank Bonds”) in respect of which such Liquidity Drawing is made, and the City shall cause the Fiscal Agent to hold such Bank Bonds for the benefit of, and in trust for, the Bank, and register such Bank Bonds in the name of the Bank, or its nominee, pursuant to Section 3 of the Agreement Relating to Bonds or to otherwise deliver such Bank Bonds as directed by the Bank pursuant to the Bond Authorization. During such time as the Bank is the owner of any Bonds, in addition to the rights of the Bank under this Reimbursement Agreement, the Bank shall have all the rights granted to a Bondholder under the 1998 Ordinance, the Act, the Bonds and under the Bond Authorization and such additional rights as may be granted to the Bank hereunder. To the extent that the Bank actually receives payment in respect to principal of or interest on any Bank Bond held by the Bank, the Liquidity Advance made in connection with the purchase of such Bank Bond shall be deemed to have been reduced pro tanto, with the Bank crediting any payment on such Bank Bond received by the Bank, first to the payment of any outstanding interest accrued on the related Liquidity Advance, and second to the payment of the principal of such Liquidity Advance. Any such payment or prepayment to be applied to principal of Liquidity Advances hereunder shall be applied to the prepayment of related Liquidity Advances in chronological order of their issuance hereunder, and within each Liquidity Advance in inverse order of the principal installments payable thereon. Following the occurrence and during the continuance of an Event of Default, any payments received by the Bank hereunder shall be applied by the Bank to the payment of the Obligations in such order as the Bank shall determine. Any principal of, premium on and interest on Bank Bonds which becomes due and payable shall be paid to the Bank. All sums of money so paid to the Bank in respect of Bank Bonds shall be credited against the obligation of the City to reimburse the Bank, with interest, under Section 2.2 for the amount drawn with a Liquidity Drawing to fund the purchase of such Bank Bonds pursuant to the Bond Authorization. Bank Bonds shall bear interest at the Bank Rate and shall be payable at the times, and principal thereon shall be payable, as set forth in the corresponding Term Loan.
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. The Commission shall reimburse the Bank for the amount paid by the Bank upon a Drawing under the Letter of Credit, in the amount and to the extent of the amount of payment by the Bank under such Drawing, by p.m., New York time, on the same Business Day such Drawing is paid by the Bank; provided, that any portion of any Principal Drawing or any Interest Drawing under the Letter of Credit not reimbursed by the Commission to the Bank by p.m., New York time, on the date such Drawing is paid by the Bank shall constitute an advance to the Bank, the amount of such Unreimbursed Drawing to be evidenced by a note or notes (each, a “Bank Bond”) which shall be issued by the Commission pursuant to the 1991 Master Resolution and which shall be registered in the name of the Bank and delivered to the Bank. The Bank shall maintain a record indicating the portion of the principal amount of such Bank Bond that relates to a Principal Drawing and the portion that relates to an Interest Drawing. The Bank shall be the owner of Bank Bonds for all purposes hereunder and thereunder and under the 1991 Master Resolution and shall be entitled to all payments in respect of any Bank Bonds. Bank Bonds shall evidence an obligation of the Commission until the principal of and interest with respect to such Bank Bonds shall have been paid by the Commission to the Bank in the amounts and at the times provided therein and herein.
Bank Bonds. The Issuer and the Bank agree that, pursuant to the Ordinance, any Xxxxx 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.
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Bank Bonds. The Bank Bonds will be transferred to the Bank, free and clear of all Xxxxx, 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. (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.
Bank Bonds. Any Bonds purchased by the GSEs pursuant to Section 3.1 hereof shall thereupon constitute Bank Bonds and have all of the characteristics of Bank Bonds as set forth herein and in the Indenture. All Bank Bonds shall bear interest at the Bank Rate as described below:
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