Pledge of Pledged Revenues Sample Clauses

Pledge of Pledged Revenues. (i) To provide security to the Lenders for the payment by the Authority of the Reimbursement Obligations, including, without limitation, the Term Loans and the MTA RANs evidencing and securing the Term Loans, the Authority has pledged to the Administrative Agent, for the benefit of the Lenders, certain security, sources of payments and funds pursuant to the Transportation Resolution and the Resolution, including without limitation, a first priority security interest in the Pledged Revenues. Except with respect to indebtedness evidenced by the JPMorgan Revolving Credit Agreement in effect as of the Effective Date, the Bank of America Revolving Credit Agreement in effect as of the Effective Date and MTA RANs evidencing and securing such indebtedness, no indebtedness or obligations may be issued or incurred by the Authority or any other Person with a lien on Pledged Revenues senior to or on a parity with the lien on Pledged Revenues securing the Term Loans and MTA RANs evidencing and securing the Term Loans; provided, however, that nothing set forth herein shall preclude the Authority from issuing or incurring (w) indebtedness payable from amounts other than PMT Revenues payable to the Authority under Section 92-ff of the State Finance Law or that were formerly deposited under Section 92-ff of the State Finance Law and that are currently deposited directly into the Corporate Transportation Account of the Metropolitan Transportation Authority Special Assistance Fund established by Section 1270-a of the State Public Authorities Law, (x) obligations under the DTF Resolution as the DTF Resolution is in effect on the date hereof or as may be amended to permit issuance of “subordinate” obligations thereunder, or (y) obligations under any of the TBTA General Resolution as in effect on the date hereof, the TBTA Subordinate Resolution as in effect on the date hereof or a new “subordinate” resolution (herein, the “Junior TBTA Resolution”) authorizing the issuance of obligations that are subordinated to those issued under the TBTA Subordinate Resolution solely to the extent that no principal portion of such obligations issued under any Junior TBTA Resolution shall be payable prior to the payment in full of the Obligations hereunder and the termination of the Commitments and this Agreement.
Sample 1Sample 2See All (4)
AutoNDA by SimpleDocs
Pledge of Pledged Revenues. The Reimbursement Obligation shall be a special and limited obligation of the Financing Entity payable solely from the Pledged Revenues. The Financing Entity hereby irrevocably pledges the Pledged Revenues to payment of the Reimbursement Obligation. The Pledged Revenues, when and as received by the Financing Entity shall be subject to the lien of such pledge without any physical delivery, filing, or further act. The obligation to reimburse USOM for Eligible Costs, which obligation is evidenced by this Agreement, is and shall be a special and limited obligation of the Financing Entity secured by an irrevocable pledge of, and payable as to principal and interest thereon, solely from the Pledged Revenues. USOM may not look to any general or other fund of the Financing Entity for the payment of principal of or interest thereon except the Pledged Revenues. Principal of and interest on the Reimbursement Obligation shall not constitute an indebtedness, financial obligation or liability of the City or the State or any county, municipality or public body thereof, and neither the City, the State nor any political subdivision thereof shall be liable thereon, nor in any event shall the principal of or interest on the Reimbursement Obligation be payable out of any funds or properties other than the Pledged Revenues. Further, the Reimbursement Obligation shall not constitute a debt, indebtedness, financial obligation or liability of the City within the meaning of any constitutional, statutory or charter debt limitation or provision.
Sample 1Sample 2See All (4)
Pledge of Pledged Revenues. In consideration of the premises and the making of Loan No. by the Board, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower does hereby pledge, grant, bargain, convey, and assign, and grant a security interest in, the Pledged Revenues to the Board and its successors and assigns forever, for the securing of the performance of the obligations of the Board under the Agreement and Note No. and all other Notes outstanding from time to time.
Sample 1
Pledge of Pledged Revenues. All the Pledged Revenues and all money in the Revenue Fund, hereinafter established, and in the funds or accounts so specified and provided for in this Indenture (except the Rebate Fund), are hereby irrevocably pledged to the punctual payment of the interest on and principal or Accreted Value of and redemption premiums, if any, on the Bonds, and the Pledged Revenues and such other money shall not be used for any other purpose while any of the Bonds remain Outstanding; subject to the provisions of this Indenture permitting application thereof for the purposes and on the terms and conditions set forth herein. This pledge shall constitute a first and exclusive lien on the Pledged Revenues and such other money for the payment of the Bonds in accordance with the terms thereof.
Sample 1
Pledge of Pledged Revenues. (i) To provide security to the Bank for the payment by the Authority of the Reimbursement Obligations, including, without limitation, the Revolving Loans and the MTA RANs evidencing and securing the Revolving Loans, the Authority has pledged to the Bank a first priority security interest in the Pledged Revenues. No indebtedness or obligations may be issued or incurred by the Authority or any other Person with a lien on Pledged Revenues senior to or on a parity with the lien on Pledged Revenues securing the Revolving Loans and MTA RANs evidencing and securing the Revolving Loans (including, without limitation, indebtedness or obligations issued or incurred pursuant to the Transportation Resolution secured by a lien on the Pledged Revenues senior to or on a parity with the lien on Pledged Revenues securing the Revolving Loans and the MTA RANs evidencing and securing the Revolving Loans); provided, however, that nothing set forth herein shall preclude the Authority from issuing or incurring indebtedness payable from amounts payable to the Authority under Section 92-ff of the State Finance Law.
Sample 1
Pledge of Pledged Revenues. (i) To provide security to the Bank for the payment by the Authority of the Reimbursement Obligations, including, without limitation, the Revolving Loans and the MTA RANs evidencing and securing the Revolving Loans, the Authority has pledged to the Bank a first priority security interest in the Pledged Revenues. Except with respect to indebtedness evidenced by the Bank of America Revolving Credit Agreement and MTA RANs evidencing and securing such indebtedness, no indebtedness or obligations may be issued or incurred by the Authority or any other Person with a lien on Pledged Revenues senior to or on a parity with the lien on Pledged Revenues securing the Revolving Loans and MTA RANs evidencing and securing the Revolving Loans (including, without limitation, indebtedness or obligations issued or incurred pursuant to the Transportation Resolution secured by a lien on the Pledged Revenues senior to or on a parity with the lien on Pledged Revenues securing the Revolving Loans and the MTA RANs evidencing and securing the Revolving Loans); provided, however, that nothing set forth herein shall preclude the Authority from issuing or incurring indebtedness payable from amounts payable to the Authority under Section 92-ff of the State Finance Law.
Sample 1

Related to Pledge of Pledged Revenues

  • Release of Pledged Collateral The Administrative Agent may release any of the Pledged Collateral from this Pledge Agreement or may substitute any of the Pledged Collateral for other Pledged Collateral without altering, varying or diminishing in any way the force, effect, lien, pledge or security interest of this Pledge Agreement as to any Pledged Collateral not expressly released or substituted, and this Pledge Agreement shall continue as a first priority lien on all Pledged Collateral not expressly released or substituted.

  • Sale of Pledged Collateral Upon the occurrence of an Event of Default and during the continuation thereof, without limiting the generality of this Section and without notice, the Administrative Agent may, in its sole discretion, sell or otherwise dispose of or realize upon the Pledged Collateral, or any part thereof, in one or more parcels, at public or private sale, at any exchange or broker’s board or elsewhere, at such price or prices and on such other terms as the Administrative Agent may deem commercially reasonable, for cash, credit or for future delivery or otherwise in accordance with applicable law. To the extent permitted by law, any holder of the Secured Obligations may in such event bid for the purchase of such securities. Each Pledgor agrees that, to the extent notice of sale shall be required by law and has not been waived by such Pledgor, any requirement of reasonable notice shall be met if notice, specifying the place of any public sale or the time after which any private sale is to be made, is personally served on or mailed postage prepaid to such Pledgor in accordance with the notice provisions of Section 11.02 of the Credit Agreement at least ten (10) days before the time of such sale. The Administrative Agent shall not be obligated to make any sale of Pledged Collateral of such Pledgor regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.

  • Certain Sales of Pledged Collateral (a) Each Pledgor recognizes that, by reason of certain prohibitions contained in law, rules, regulations or orders of any Governmental Authority, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who meet the requirements of such Governmental Authority. Each Pledgor acknowledges that any such sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that any such restricted sale shall be deemed to have been made in a commercially reasonable manner and that, except as may be required by applicable law, the Collateral Agent shall have no obligation to engage in public sales.

  • Release of Pledge 3.1 After the Pledgors and the Company fully and completely perform all of the Contractual Obligations and discharge all of the Secured Liabilities, the Pledgee shall, upon the Pledgors’ request, release the Equity Pledge under this Agreement and cooperate with the Pledgors to cancel the registration of the Equity Pledge on the Company’s register of shareholders and with the administration of industry and commerce in charge of the Company. The Pledgee shall assume the reasonable expenses arising out of the release of the Equity Pledge.

  • Retention of Pledged Collateral To the extent permitted under applicable law, in addition to the rights and remedies hereunder, upon the occurrence of an Event of Default, the Administrative Agent may, after providing the notices required by Sections 9-620 and 9-621 of the UCC or otherwise complying with the requirements of applicable law of the relevant jurisdiction, accept or retain all or any portion of the Pledged Collateral in satisfaction of the Secured Obligations. Unless and until the Administrative Agent shall have provided such notices, however, the Administrative Agent shall not be deemed to have accepted or retained any Pledged Collateral in satisfaction of any Secured Obligations for any reason.

  • Exercise of Pledge 8.1 Pledgee shall issue a written Notice of Default to Pledgor when it exercises the Pledge.

  • Transfer Upon Realization of Pledged, Mortgaged or Charged Escrow Securities (1) You may transfer within escrow to a financial institution the escrow securities you have pledged, mortgaged or charged under section 4.2 to that financial institution as collateral for a loan on realization of the loan.

  • Delivery of Pledged Collateral All certificates and all promissory notes and instruments evidencing the Pledged Collateral shall be delivered to and held by or on behalf of Agent, for itself and the benefit of Lenders, pursuant hereto. All Pledged Shares shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to Agent and all promissory notes or other instruments evidencing the Pledged Indebtedness shall be endorsed by Pledgor.

  • Term of Pledge 3.1 The Pledge shall become effective on such date when the pledge of the Equity Interest contemplated herein is registered with relevant administration for industry and commerce (the “AIC”). The Pledge shall remain effective until all Contract Obligations have been fully performed and all Secured Indebtedness have been fully paid. Pledgor and Party C shall (1) register the Pledge in the shareholders’ register of Party C within 3 business days following the execution of this Agreement, and (2) submit an application to the AIC for the registration of the Pledge of the Equity Interest contemplated herein within 15 business days following the execution of this Agreement. The parties covenant that for the purpose of registration of the Pledge, the parties hereto and all other shareholders of Party C shall submit to the AIC this Agreement or an equity interest pledge contract in the form required by the AIC at the location of Party C which shall truly reflect the information of the Pledge hereunder (the “AIC Pledge Contract”). For matters not specified in the AIC Pledge Contract, the parties shall be bound by the provisions of this Agreement. Pledgor and Party C shall submit all necessary documents and complete all necessary procedures, as required by the PRC laws and regulations and the relevant AIC, to ensure that the Pledge of the Equity Interest shall be registered with the AIC as soon as possible after submission for filing.

  • Ownership of Pledged Property The Company warrants and represents that it is the legal and beneficial owner of the Pledged Property free and clear of any lien, security interest, option or other charge or encumbrance except for the security interest created by this Agreement.

Time is Money Join Law Insider Premium to draft better contracts faster.