Bond Insurance. The payment of the principal of and interest on the Bonds when due is to be insured under, and to the extent provided in, the Bond Insurance Policy, including the endorsements thereto, to be issued by the Bond Insurer, and the Issuer and the Company agree to be bound by the provisions contained in Appendix C to the Indenture and the Company agrees to be bound by the provisions contained in the Insurance Agreement. In the event of any conflict between the provisions of Appendix C to the Indenture and the provisions of this Agreement, the provisions of Appendix C shall govern and control. All references in this Agreement to the Bond Insurer shall only apply so long as a Bond Insurance Policy issued by the Bond Insurer is in effect for any of the Bonds (and the Bond Insurer has not failed to comply with its payment obligations under the Bond Insurance Policy).
Bond Insurance. No bond or other security shall be required of the Trustee or any successors. However, the Trustees are authorized to obtain such bond as may be required by regulation or a court of competent jurisdiction or other action of the appropriate state or local government agency. The Trustees may purchase liability insurance covering claims arising from their services as Trustee hereunder. The premiums for any such bond or insurance coverage shall be charged as a general expense of the Trust.
Bond Insurance. (a) At the time of their initial issuance and delivery, the Bonds will be secured by an Initial Financial Guaranty Insurance Policy issued by the Bond Insurer. Thereafter, the Borrower may at any time, upon notice to the Issuer, deliver to the Trustee Bond Insurance effective at the start of a Rate Period or at another time consistent with the Indenture, subject to the conditions set forth in this Section 5.16 and to the requirements of the Indenture.
(b) Not less than thirty (30) days prior to the delivery of any Bond Insurance, the Borrower shall (i) deliver to the Trustee, the Remarketing Agent and the Auction Agent a written commitment for the delivery of such Bond Insurance, (ii) inform the Trustee, the Remarketing Agent and the Auction Agent of the date on which the Bond Insurance will become effective and (iii) inform the Trustee of the rating expected to apply to the Bonds after the related Bond Insurance is delivered. On or prior to the date of the delivery of any Bond Insurance to the Trustee, the Borrower shall cause to be furnished to the Trustee and the Issuer (i) an opinion of Bond Counsel to the effect that the delivery of such Bond Insurance to the Trustee is authorized under the Indenture and complies with the terms hereof and thereof and will not adversely affect the Tax-Exempt status of the Bonds and (ii) an opinion to the effect that the Bond Insurance is exempt from registration under the Securities Act of 1933, as amended, and is enforceable in accordance with its terms, except to the extent that enforceability thereof may be limited by bankruptcy, reorganization or similar laws limiting the enforceability of creditors’ rights generally and except that no opinion need be expressed as to the availability of any discretionary equitable rights.
(c) Concurrently with delivery to the Trustee, the Borrower shall deliver to any Bond Insurer copies of any notices delivered to the Trustee pursuant to Sections 5.8, 5.9, 5.13, 5.14, 5.15 and this Section 5.16.
(d) The representations and covenants in this Agreement are in addition to, and not in replacement of, any representations and covenants contained in any agreement between the Borrower and any Bond Insurer. Without limiting the generality of the foregoing, any Liquidity Facility delivered pursuant to Section 5.13 above shall, in addition to conforming to the requirements of this Agreement, conform to such other requirements as shall be contained in any such agreement between the Borrower a...
Bond Insurance. The payment of the principal of and interest on the Bonds when due is to be insured under, and to the extent provided in, the municipal bond insurance policy, including the endorsements thereto, to be issued by Ambac Assurance Corporation, and the Issuer and the Company agree to be bound by the provisions contained in Appendix C to the Indenture. In the event of any conflict between the provisions of Appendix C to the Indenture and the provisions of this Agreement, the provisions of Appendix C shall govern and control.
Bond Insurance. Concurrently with the delivery to the Trustee of the Bonds listed in Schedule A the Insurer has delivered to and deposited with the Trustee the Insurance to protect the Trust and the Certificateholders against nonpayment of principal and interest when due on any Bond as long as such Bond is held by the Trust pursuant and subject to this Indenture. The Trustee shall take all action deemed necessary or advisable in connection with the Insurance to continue the Insurance in full force and effect, all in such manner as in its sole discretion shall appear to result in the most protection and least expense to the Trust. At all times during the existence of the Trust, the Insurance shall provide for payment by the Insurer to the Trustee of any amounts of principal and interest due, but not paid, by the issuer of the Bond or by the insurer of a Pre-insured Bond, as long as such Bond is held by the Trust. The Trustee shall promptly notify the Insurer of any nonpayment, or significant risk of nonpayment known to the Trustee, of principal or interest and the Insurer shall, in accordance with the terms of the policy or policies, make payment to the Trustee of all amounts of principal and interest at the time due, but not paid. Notwithstanding any other provision hereof, upon the making of any payment by the Insurer to the Trustee as set forth in the preceding paragraphs, the Insurer shall succeed to the rights of the Trustee under the Bond or Bonds involved to the extent of the payments made. Concurrently with the payment of any amounts by the Insurer occasioned by the nonpayment thereof by the issuer of a Bond or by the issuer or insurer of a Pre- insured Bond, the Trustee shall execute and deliver to the Insurer any receipt, instrument or document required to evidence the right of the Insurer in the Bond or Bonds involved to payment of principal and/or interest thereon to the extent of the payments made by the Insurer to the Trustee. With respect to Pre-insured Bonds in the Trust, the Trustee shall promptly notify both the insurer of such Pre- insured Bonds and the Insurer of any nonpayment of such principal of or interest on such Bonds and if such insurer shall fail to make payments to the Trustee, shall present evidence to the Insurer that demand for payment has been made to such insurer. Upon receipt of such notice and of such evidence of demand for payment made to the insurer, the Insurer shall pay to the Trustee any amount of principal and interest due but not ...
Bond Insurance. A bond insurance policy (the “Policy”) issued by Assured Guaranty Municipal Corp. (the “Bond Insurer”) insuring the payment of principal and interest on the Bonds maturing on September 1 of the years 2024 through 2027, inclusive (the “Insured Bonds”);
Bond Insurance. A copy of each Insurance Policy insuring the payment of principal of and interest on the applicable series of Bonds in accordance with the terms thereof as described in the Official Statement, together with:
(i) a certificate(s) of the Insurer in form and substance satisfactory to the Underwriter, including a certification of the appropriate agent of the Insurer evidencing Insurer’s determination that the information contained in the Official Statement regarding the Insurer and the Insurance Policies with respect to the Bonds is accurate;
(ii) an opinion of counsel to the Insurer, dated as of the date of Closing, addressed to the Underwriter and the Authority in form and substance acceptable to counsel to the Underwriter, substantially to the effect that: (i) the Insurer has been duly incorporated and is validly existing and in good standing under the laws of the state of its incorporation; (ii) the Insurance Policies and the Reserve Surety Policies constitute the legal, valid and binding obligations of the Insurer enforceable in accordance with their terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, rehabilitation and other similar laws of general applicability relating to or affecting creditors’ and/or claimants’ rights against insurance companies and to general equity principles; and (iii) the information contained in the Official Statement under the caption “BOND INSURANCE” does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;
(iii) any other documents required by the Insurer.
Bond Insurance. The amount and time of payment of the premium for the Bond Insurance insuring [all/a portion] of the obligations of the Issue are stated in the Issuer’s Tax Compliance Certificate. Based on that information and Fifth Third Securities’ knowledge and experience and, as to (B) below, based on an estimate by Fifth Third Securities of the Yields at which such obligations would have sold in the absence of the Bond Insurance:
(A) The premium paid for the Bond Insurance does not exceed a reasonable charge for the transfer of credit risk, taking into account charges by bond insurers in similar transactions with which Fifth Third Securities is familiar.
(B) The present value of the premium paid for the Bond Insurance is less than the present value of the interest reasonably expected to be saved on the Issue as a result of the Bond Insurance, for which purpose present value is computed by using the yield-to-maturity of the Issue (taking into account the premium paid for the Bond Insurance) as the discount rate.
Bond Insurance. The Bonds (including all Purchased Bonds and the special redemption thereof pursuant to Section 401(b) of the First Supplemental Indenture) are entitled to the benefits of the Bond Insurance Policy.
Bond Insurance. The provider shall furnish documentation of an insurance bond from a responsible commercial surety company covering all officers, employees and agents of the provider authorized to handle funds received or disbursed under this contract in an amount commensurate with the funds handled, as determined by the surety company, and consistent with good business practice.
