Common use of Rights with respect to Pledged Bonds Clause in Contracts

Rights with respect to Pledged Bonds. The Administrative Agent shall not be liable for failure to realize upon the Pledged Bonds or any collateral security or guarantee therefor, or any part thereof, or for any delay in so doing, nor shall it be under any obligation to take any action whatsoever with regard thereto. If an “Event of Default” has occurred and is continuing under the Indenture under which the Pledged Bonds were issued, the Administrative Agent may (or shall at the request of the Required Lenders) thereafter without notice exercise all rights, privileges or options pertaining to any Pledged Bonds as if it were the absolute owner thereof, upon such terms and conditions as it may determine, all without liability except to account to the Borrower for property actually received by it. In addition to the rights and remedies granted to it in this Agreement and in any other instrument or agreement securing, evidencing or relating to any of the reimbursement obligations hereunder, the Administrative Agent or its designated agent shall be entitled to exercise all the rights and remedies of a secured party under the Uniform Commercial Code of the State of New York. The Borrower shall be liable for the deficiency if the proceeds of any sale or other disposition of the Pledged Bonds and collateral security granted to the Administrative Agent in connection herewith are insufficient to pay all Tender Advance Revolving Loans and amounts related thereto with respect to such Pledged Bonds and to which the Administrative Agent, the Issuing Lender and the Lenders are entitled, and for the reasonable fees of any attorneys employed by the Administrative Agent to collect such deficiency. The Administrative Agent shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible for any failure to do so or delay in so doing.

Rights with respect to Pledged Bonds. The Administrative Agent shall not be liable for failure to realize upon the Pledged Bonds or any collateral security or guarantee therefor, or any part thereof, or for any delay in so doing, nor shall it be under any obligation to take any action whatsoever with regard thereto. If an “"Event of Default” " has occurred and is continuing under the Indenture under which the Pledged Bonds were issued, the Administrative Agent may (or shall at the request of the Required LendersBanks) thereafter without notice exercise all rights, privileges or options pertaining to any Pledged Bonds as if it were the absolute owner thereof, upon such terms and conditions as it may determine, all without liability except to account to the Borrower Obligors for property actually received by it. In addition to the rights and remedies granted to it in this Agreement and in any other instrument or agreement securing, evidencing or relating to any of the reimbursement obligations hereunder, the Administrative Agent or its designated agent shall be entitled to exercise all the rights and remedies of a secured party under the Uniform Commercial Code of the State of New York. The Borrower Obligors shall be liable for the deficiency if the proceeds of any sale or other disposition of the Pledged Bonds and collateral security granted to the Administrative Agent in connection herewith are insufficient to pay all Tender Advance Revolving Loans and amounts related thereto with respect to such Pledged Bonds and to which the Administrative Agent, the Issuing Lender Fronting Bank and the Lenders Bank are entitled, and for the reasonable fees of any attorneys employed by the Administrative Agent to collect such deficiency. If the Pledged Bonds are sold or otherwise disposed of and after such disposition the Letter of Credit will not be reinstated, then the purchasers of such Pledged Bonds will acknowledge that the Bonds being purchased will not be entitled to the benefit of the Letter of Credit and will be unrated. The Administrative Agent shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible for any failure to do so or delay in so doing.