Common use of Payments on the Bonds Clause in Contracts

Payments on the Bonds. If, while this Pledge Agreement is in effect, Pledgor shall become entitled to receive or shall receive any principal or interest payment in respect of the Pledged Bonds, the Pledgor agrees to accept the same as the Bank's agent and to hold the same in trust on behalf of the Bank and to deliver the same forth with to the Bank. All sums of money so paid in respect of the Pledged Bonds which are received by the Pledgor and paid to the Bank shall be credited against the obligations of the Pledgor to the Bank in the manner set forth in Paragraph 2D of the Letter of Credit Agreement. So long as no Default or Event of Default has occurred and is continuing, any amounts received by the Bank in respect of the stated interest on any Pledged Bonds in excess of the amounts then owing to the Bank pursuant to Paragraph 2A(i)(2) of the Letter of Credit Agreement, shall, upon request of the Pledgor, be remitted to the Pledgor.

Payments on the Bonds. If, while this Pledge Agreement is in effect, the Pledgor shall become entitled to receive or shall receive any principal or interest payment in respect of the Pledged Bonds, the Pledgor agrees to accept the same as the Bank's agent and to hold the same in trust on behalf of the Bank and to deliver the same forth with to the Bank. All sums of money so paid in respect of the Pledged Bonds which are received by the Pledgor and paid to the Bank shall be credited against the obligations of the Pledgor to the Bank in the manner set forth in Paragraph 2D of the Letter of Credit Agreement. So long as no Default or Event of Default has occurred and is continuing, any amounts received by the Bank Bank; in respect of the stated interest on any Pledged Bonds in excess of the amounts then owing to the Bank pursuant to Paragraph 2A(i)(2) of the Letter of Credit Agreement, shall, upon request of the Pledgor, be remitted to the Pledgor.

Payments on the Bonds. If, while this Pledge Agreement is in effect, Pledgor shall become entitled to receive or shall receive any principal or interest payment in respect of the Pledged Bonds, the Pledgor agrees to accept the same as the Bank's agent and to hold the same in trust on behalf of the Bank and to deliver the same forth with forthwith to the Bank. All sums of money so paid in respect of the Pledged Bonds which are received by the Pledgor and paid to the Bank shall be credited against the obligations of the Pledgor to the Bank in the manner set forth in Paragraph 2D Section 2.2.10 of the Letter of Credit Agreement. So long as no Default or Event of Default has occurred and is continuing, any amounts received by the Bank in respect of the stated interest on any Pledged Bonds in excess of the any interest amounts then owing to the Bank pursuant to Paragraph 2A(i)(2) Section 2.1.5 of the Letter of Credit Agreement, shall, upon request of the Pledgor, be remitted to the Pledgor.