Custody Bonds definition
Examples of Custody Bonds in a sentence
In the event of a partial repayment of a Liquidity Drawing, the Issuing Bank (or the Custodian at the direction of the Issuing Bank) shall release from the pledge and security interest described herein the Custody Bonds in an amount equal to such partial repayment.
The Custody Bonds shall be released only upon receipt by the Issuing Bank or by the Bond Trustee for the account of the Issuing Bank as provided for in the Bond Indenture, of remarketing proceeds with respect to such remarketed Custody Bonds in an amount not less than the principal amount of the Custody Bonds, plus accrued interest thereon to the date of remarketing and any other amounts owed to the Issuing Bank related thereto.
Payments, if any, received by any Issuing Lender on account of Custody Bonds shall be credited against the Loan made in respect of the Liquidity Drawing used to purchase such Custody Bonds.
Payments, if any, received by any Issuing Lender as a holder of Custody Bonds shall, if no Loans are outstanding, be credited against other amounts, if any, that are then owing by the Borrower hereunder.
Each Issuing Lender agrees to release, or cause the trustee under the applicable Bond Indenture to release, Custody Bonds to or upon the order of the Borrower in an amount equal to the principal amount of the Liquidity Drawing made to acquire such Custody Bonds that is not repaid from remarketing proceeds upon payment to the applicable Issuing Lender by the Borrower of the full amount of such Liquidity Drawing (or the Loan made in respect thereof), together with accrued and unpaid interest thereon.
Such Bonds so held by the Tender Agent are herein called "Custody Bonds." Pending reinstatement of the Letter of Credit or release of such pledge as aforesaid, the Bank shall be entitled to receive interest payable on Custody Bonds as pledgee of the Company and such Bonds shall not be transferable or deliverable to any party (including the Company) except the Bank.
The Paying Agent shall draw on the Letter of Credit, for receipt by the Paying Agent by 3:00 p.m. on the Replacement Tender Date or Expiration Tender Date, an amount equal to the aggregate principal amount of all Bonds Outstanding, plus accrued but unpaid interest (other than Custody Bonds and Company Bonds) to the Replacement Tender Date or Expiration Tender Date, constituting the mandatory tender purchase price of such Bonds.
Except as otherwise provided herein or in the Bonds, if less than all the Bonds are to be redeemed, the particular Bonds to be called for redemption shall be selected by lot or by such other method as the Tender Agent deems fair and appropriate; provided that any Custody Bonds shall be redeemed first to the extent redemption moneys are available therefor.
The Tender Agent shall draw on the Letter of Credit, for receipt by the Tender Agent by 2:00 p.m. on the Fixed Rate Conversion Date, an amount equal to the aggregate principal amount of all Outstanding Bonds (other than any Custody Bonds or Company Bonds or Bonds retained by the Owner thereof pursuant to Section 4.02(c) hereof) plus accrued interest to the Fixed Rate Conversion Date, constituting the mandatory tender purchase price of such Bonds.
Anything herein to the contrary notwithstanding, no amounts drawn on the Letter of Credit shall be applied to the purchase of Custody Bonds or Company Bonds.