Pledged Bonds. The Collateral Agent under the KGE Collateral Agreement shall have received the certificates representing the Pledged Bonds.
Pledged Bonds. As security for the payment of the obligations of the Borrowers in respect of LC Loans, SWMP will pledge to Collateral Agent, and grant to Collateral Agent a security interest in, its right, title and interest in and to Bonds delivered to the Trustee for the account of the LC Issuer in connection with any Tender Drawing (herein called “Pledged Bonds”), pursuant to a pledge agreement in the form of Exhibit D-4 (the “Bond Pledge Agreement”). Any amounts from time to time outstanding in respect of LC Loans may be prepaid (a) at any time by SWMP on one Business Day’s notice stating the amount to be prepaid (which shall be $5,000 or a whole multiple thereof) and (b) at any time on behalf of SWMP on notice from the Borrowers. Upon payment of the amount to be prepaid, together with accrued interest to the date of such prepayment on the amount to be prepaid, the outstanding obligations of the Borrowers in respect of LC Loans shall be reduced by the amount of such prepayment, interest shall cease to accrue on the amount prepaid and Collateral Agent shall release from the pledge and security interest created by the Bond Pledge Agreement a principal amount of Pledged Bonds equal to the amount of such prepayment; provided, however, that prior to such release from the pledge and security interest created by the Bond Pledge Agreement of Bonds delivered to or registered in the name of Collateral Agent in connection with a Tender Drawing, the Borrowers shall have paid to Administrative Agent for the account of the Lenders the amount owing in respect of the interest Drawing, if any, made in conjunction with such Tender Drawing. Such Bonds shall be delivered to or registered in the name of SWMP, in the event of a prepayment pursuant to clause (a) above, or the new Bondholder(s) (as defined in the Indenture) thereof pursuant to Section 6.11(d) of the Indenture, in the event of a prepayment pursuant to clause (b) above, as appropriate.
Pledged Bonds. (a) As additional security for the performance of its obligations under this Agreement, the Company hereby pledges, assigns, hypothecates and transfers to the Bank all of its right, title and interest in and to the Pledged Bonds, and does hereby grant to the Bank a security interest in the Pledged Bonds and all amounts payable thereon and the proceeds thereof.
Pledged Bonds. 51 6.3.1 Pledge........................................................................... 51 6.3.2 Pledged Bond Payments............................................................ 51 6.3.3 Release of Pledged Bonds......................................................... 52 6.3.4
Pledged Bonds. Notwithstanding the above provisions of this Section 203 the Pledged Bonds shall bear interest at the Pledged Bond Rate during the period that such Bonds are Pledged Bonds. The Credit Enhancer shall use its best efforts to notify the Trustee on the Business Day preceding each Interest Payment Date in respect of such a period of the Pledged Bond Rate in effect from time to time during such period. The Credit Facility shall not be drawn on to pay any Pledged Bond.
Pledged Bonds. For the purposes of this Article VIII. Pledged Bonds shall not be deemed Outstanding under this Indenture until the payment in full of the principal of and interest on all other Bonds or the provision for the payment thereof shall have been duly made. In the event any vote or consent of the Bondowners is required hereunder, all Pledged Bonds shall be deemed Outstanding for such purpose hereunder and the Credit Enhancer shall be deemed the Owner thereof for purposes of voting or consenting thereto. [End of Article VIII]
Pledged Bonds. (A) Party B sells, disposes or otherwise transfers any of the Pledged Bonds (as such term is defined in the Specified Confirmations) or any interest therein (whether by way of security or otherwise), (B) Party B otherwise permits any lien, charge, adverse claim, security interest, mortgage or other encumbrance (other than the lien in favor of Party A) to be created on or extend to or otherwise arise upon or burden the Pledged Bonds or any part thereof, any interest therein or the proceeds thereof or (C) Party A otherwise ceases to have a first priority perfected security interest in all or any part of the Pledged Bonds, provided that if such cessation is a result of Party A’s gross negligence, willful misconduct or fraud, then Party A shall be the Affected Party for an event under this sub-clause (C). ”
Pledged Bonds. Party B hereby agrees to Transfer each Pledged Bond to Party A in accordance with the terms hereof and of the Specified Confirmations and grants to Party A, as the Secured Party, as security for its Obligations, a first priority continuing security interest in, lien on and right of Set-off against the Pledged Bonds.”
Pledged Bonds. Any Pledged Bonds shall be for the benefit of the Issuing Lender and each other Lender that has acquired a participation in such Gables Bond Enhancement Letter of Credit as provided in this Agreement. Section 2.5
Pledged Bonds. Beneficial interests in Bonds purchased as provided in this Article with proceeds of a drawing under the Letter of Credit or the Confirming Letter of Credit shall be registered on the records of the Securities Depository as provided in Section 4.06(b) above. The beneficial interests so pledged shall be released from the pledge as provided in the Reimbursement Agreement or any pledge agreement referenced therein; provided that they shall not be released unless the Trustee shall have received written direction from the L/C Bank or the Confirming Bank and evidence of corresponding reinstatement of the Letter of Credit or the Confirming Letter of Credit. The Remarketing Agent shall use its best efforts to remarket Pledged Bonds as provided in the Remarketing Agreement.
