Reserve Policy. It will be our policy to maintain reserve funds as required by Chapter 319hh of the Connecticut General Statutes (Sec. 17b-520 et seq.) and the Connecticut Department of Social Services ("DSS").
Reserve Policy. (a) The MDTA shall repay any draws under the 2021A Reserve Policy and pay all related reasonable expenses incurred by the 2021A Reserve Policy Insurer. Interest shall accrue and be payable on such draws and expenses from the date of payment by the 2021A Reserve Policy Insurer at the Late Payment Rate. “Late Payment Rate” means the lesser of (A) the greater of (i) the per annum rate of interest, publicly announced from time to time by JPMorgan Chase Bank at its principal office in the City of New York, as its prime or base lending rate (“Prime Rate”) (any change in such Prime Rate to be effective on the date such changes are announced by JPMorgan Chase Bank) plus 5%, and (ii) the then applicable highest rate of interest on the Bonds, and (B) the maximum rate permissible under applicable usury or similar laws limiting interest rates. The Late Payment Rate shall be computed on the basis of the actual number of days elapsed over a year of 360 days. In the event JPMorgan Chase Bank ceases to announce its Prime Rate publicly, Prime Rate shall be the publicly announced prime or base lending rate of such bank, banking association or trust company bank as the 2021A Reserve Policy Insurer in its sole and absolute discretion shall specify. Repayment of draws and payment of expenses and accrued interest thereon at the Late Payment Rate (collectively, the “Policy Costs”) shall commence in the first month following each draw, and each such monthly payment shall be in an amount at least equal to 1/12 of the aggregate of Policy Costs related to such draw. Amounts in respect of Policy Costs paid to the 2021A Reserve Policy Insurer shall be credited first to interest due, then to the expenses due and then to principal due. As and to the extent that payments are made to the 2021A Reserve Policy Insurer on account of principal due, the coverage under the 2021A Reserve Policy will be increased by a like amount, subject to the terms of the 2021A Reserve Policy. All cash and investments in the debt service reserve fund or account established for the Bonds (the “Reserve Fund”) and all other available amounts in any funds available to pay debt service on the Series 2021A Bonds shall be transferred to the Debt Service Fund for payment of the debt service on the Series 2021A Bonds before any drawing may be made on the 2021A Reserve Policy or any other credit facility on deposit in the Reserve Fund in lieu of cash (“Reserve Fund Credit Instrument”). Payment of any Policy Cost shall b...
Reserve Policy. Evidence satisfactory to the Underwriters that the Trustee shall have received the Reserve Policy from the Insurer.
Reserve Policy. The Reserve Policy, a Rule 10b-5 certificate and a Rule 15c2-12 certificate of the Insurer, and an opinion of counsel to the Insurer addressed to the City and the Underwriter in form and substance acceptable to Bond Counsel and to counsel to the Underwriter.]
Reserve Policy. The District’s Development Program Manager may develop a Reserve Policy to establish minimum levels for designated funds to ensure stable program and project execution, meet future needs, and protect against financial instability.
Reserve Policy. Borrowers shall not directly or indirectly modify their reserve policy from the policy in effect on the date of the Sixth Amendment without the prior written consent of the Bank.
Reserve Policy. The Reserve Requirement will be satisfied by deposit in the Reserve Fund of the Reserve Policy delivered by the Certificate Insurer. The District and the Trustee covenant to comply with each of the provisions set forth in Appendix D hereto which provisions are hereby incorporated herein by reference thereto.
Reserve Policy. Collector shall establish a reserve policy to ensure that sufficient funds are in place to meet anticipated refund obligations. Prior notice that a reserve is being established shall be provided to the Taxing Authority. Since the Commonwealth of Pennsylvania governs the length of time that is allowed to process refunds, a timely response to refunds will be required to avoid an interest accrual. The Taxing Authority will be notified that a reserve is being made and monthly reports will identify the reserved amount deducted from the current month settlement.
