Document Basics

DOCUMENT BASICS

Pledge and Security Agreement: Pursuant to a Pledge and Security Agreement, the Credit Bank, the Obligor (the party to the Reimbursement/Credit Agreement) and the Bond Trustee agree that the Bond Trustee is to hold any bonds not remarketed by the Remarketing Agent and paid for with a draw on the Credit Facility as agent for the Credit Bank.  Such bonds will be registered in the name of the Obligor, but held by the Bond Trustee to secure repayment of moneys thus paid by the Credit Bank.  Upon receipt of moneys sufficient to pay in full the amount of such Credit Facility payment, the bonds thus pledged are released and the Credit Facility is reinstated as therein provided.

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