Common use of No Disposition of Pledged Bonds by Borrower Clause in Contracts

No Disposition of Pledged Bonds by Borrower. Except as contemplated herein, without the prior written consent of the Administrative Agent, the Borrower agrees that it will not sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Pledged Bonds, nor will it create, incur or permit to exist any pledge, lien, mortgage, hypothecation, security interest, charge, option or any other encumbrance with respect to any of the Pledged Bonds, or any interest therein, or any proceeds thereof, except for the lien and security interest provided for by this Agreement and the Indenture under which the Pledged Bonds were issued.