Bond Insurance Sample Clauses

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. At the time of initial issuance and delivery of the Bonds, there is no Bond Insurance in effect with respect to any Series of Bonds. 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. 16 Not less than thirty (30) days prior to the delivery of any Bond Insurance with respect to a Series of Bonds, 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 such Series of 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. ARTICLE VI

Bond Insurance. 1. On or prior to the date of each deposit of Bonds with the Custodian hereunder, Financial shall furnish to the Custodian a Policy of municipal bond insurance with Schedule A Attached thereto describing the Bonds to be deposited on such date. (a) In the event that the issuer of any Bond or Bonds deposited with the Custodian shall fail to make all or a portion of a required payment of principal of or interest on such Bonds on the stated maturity date thereof or on the date on which such Bonds shall have been called for mandatory sinking fund redemption or for mandatory redemption as a result of a determination of taxability (but not any such payment which is due for any other reason prior to the stated maturity date thereof, including by reason of acceleration), or if the Custodian shall receive written notice from the owner of a Bond withdrawn from the Custody Account pursuant to paragraph 7 of Article II that the issuer of such Bond shall have failed to make all or a portion of any such payment, then the Custodian shall immediately file a claim with Financial. Such action by the Custodian shall in all respects be made in compliance with the terms of the applicable Policy. Nothing in this Agreement shall be construed as a limitation on the provisions of any Policy, and in the event the Custodian shall fail to comply with the provisions of this Agreement, Financial shall still be obligated to make payment in accordance with the provisions of the applicable Policy. (b) By his acceptance of the Receipts or of Bonds with Statements of Insurance affixed, each Holder of Receipts and each owner of such Bonds hereby designates, appoints, authorizes and directs the Custodian to act as his attorney-in-fact as follows: (i) if and to the extent a deficiency exists in amounts required to pay interest on the Bonds to which such Receipts relate or on such Bonds with Statements of Insurance affixed, to execute and deliver an appropriate instrument of assignment to Financial for each of the claims for interest to which such deficiency relates; and (ii) if and to the extent a deficiency exists in amounts required to pay principal of the Bonds to which such Receipts relate or of such Bonds with Statements of Insurance affixed, to execute and deliver an appropriate instrument of assignment to Financial of any of the Bonds the principal amount of which has not previously been paid or for which moneys are not held by the Custodian and available for payment.

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 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) are entitled to the benefits of the Bond Insurance Policy.

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 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.