Common use of Limitation on Disposition Clause in Contracts

Limitation on Disposition. Notwithstanding the rights and remedies given to Bank in Section 7 and otherwise herein to dispose of Pledged Bonds, Pledgor consents that upon an Event of Default under the Agreement, Bank may tender any Pledged Bonds to the Trustee for cancellation, and Pledgor agrees that such tender shall not constitute a disposition of collateral for purposes of UCC Section 9-504, but shall constitute a simple reduction in the contingent obligations of Pledgor to Bank.

Limitation on Disposition. Notwithstanding the rights and remedies given to Bank in Section 7 and otherwise herein to dispose of Pledged Bonds, Pledgor consents that upon an Event of Default under the Series A Reimbursement Agreement, Bank may tender any Pledged Bonds to the Trustee for cancellation, and Pledgor agrees that such tender shall not constitute a disposition of collateral for purposes of UCC Section 9-504, but shall constitute a simple reduction in the contingent obligations of Pledgor to Bank.

Limitation on Disposition. Notwithstanding the rights and remedies given to Bank in Section 7 and otherwise herein to dispose of Pledged Bonds, Pledgor consents that upon an Event of Default under the Series B Reimbursement Agreement, Bank may tender any Pledged Bonds to the Trustee for cancellation, and Pledgor agrees that such tender shall not constitute a disposition of collateral for purposes of UCC Section 9-504, but shall constitute a simple reduction in the contingent obligations of Pledgor to Bank.

Limitation on Disposition. Notwithstanding the rights and remedies given to Bank in Section 7 and otherwise herein to dispose of Pledged Bonds, Pledgor consents that upon an Event of Default under the Agreement, Bank may tender any Pledged Bonds to the Trustee for cancellation, and Pledgor agrees that such tender shall not constitute a disposition of collateral for purposes of UCC Section 9-504, but shall constitute a simple reduction in the contingent obligations of Pledgor to Bank.,