Trust Bond definition
Examples of Trust Bond in a sentence
The Company further covenants and agrees that the Pledge Agreement creates the direct and valid first lien on the Trust Bond which it purports to create.
The Trustee shall also have authority to exercise any rights or powers conferred on the Trustee, as the holder of the Trust Bond, under the Deed of Trust.
The Trustee may, from time to time, in its sole discretion, for the purpose of convenient location of the Trust Bond, appoint one or more agents to hold physical custody, for the account of the Trustee, of the Trust Bond.
The Borrower shall on demand pay to the Trust or the Trustee the reasonable fees and expenses of attorneys and other reasonable expenses (including, without limitation, the reasonably allocated costs of in-house counsel and legal staff) incurred by either of them in the collection of Trust Bond Loan Repayments or any other sum due hereunder or in the enforcement of the observation or performance of any other duties, covenants, obligations or agreements of the Borrower upon an Event of Default.
The Trustee shall hold in its possession the Trust Bond constituting the Trust Estate, except as from time to time any documents or instruments may be required for recordation or re-recordation or other actions, suits or proceedings relating to the Trust Estate, or for the purpose of enforcing or realizing upon any right or value thereby represented.
Each Holder by accepting an Environmental Trust Bond specifically confirms the nonrecourse nature of these obligations and waives and releases all such liability.
In addition, if at the time of such prepayment the Trust Bonds may only be redeemed at the option of the Trust upon payment of a premium, the Borrower shall add to its prepayment of Trust Bond Loan Repayments an amount, as determined by the Trust, equal to such premium allocable to the Trust Bonds to be redeemed as a result of the Borrower's prepayment.
In addition, if at the time of such prepayment the Trust Bonds may only be redeemed at the option of the Trust upon payment of a premium, the Borrower shall add to its prepayment of Trust Bond Loan Repayments an amount, as determined by the Trust, equal to such premium allocable to the Trust Bonds to be redeemed as a result of the Borrower’s prepayment.
Each Loan Repayment, whether satisfied through a direct payment by the Borrower to the Trustee or (with respect to the Interest Portion) through the use of Trust Bond proceeds and income thereon on deposit in the Interest Account (as defined in the Bond Resolution) to pay interest on the Trust Bonds, shall be deemed to be a credit against the corresponding obligation of the Borrower under this Section 3.03 and shall fulfill the Borrower’s obligation to pay such amount hereunder and under the Borrower Bond.
All payments made by the Issuer with respect to this Tranche { } Environmental Trust Bond shall be applied first to interest due and payable on this Tranche { } Environmental Trust Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche { } Environmental Trust Bond, all in the manner set forth in the Indenture.