Alternate Security means an irrevocable bank letter of credit, certificate of deposit, cash bond or other type of asset or security of value equal to or exceeding the amount of retained funds. "Alternate security" shall not include a performance bond or a payment bond.
Alternate Security means any instrument in effect and purpose similar to the Initial Construction Phase Credit Facility or the Initial Permanent Phase Credit Facility, as the case may be, including, but not limited to, a letter of credit, guaranty, standby loan commitment, bond or mortgage insurance policy, standby purchase agreement, credit enhancement instrument, collateral agreement or surety bond, mortgage-backed security or other credit or liquidity facility issued by a financial institution, including, without limitation, Fannie Mae, or any combination thereof, (i) approved by the Corporation and delivered to the Trustee for the benefit of the owners of the Bonds (except that a mortgage insurance policy may be delivered to the Corporation), (ii) replacing any existing Credit Facility, (iii) dated as of a date not later than the expiration date of the Credit Facility for which the same is to be substituted, if a Credit Facility is then in effect, (iv) which shall expire not earlier than a date which is 15 days after an Interest Payment Date for the Bonds (other than the maturity date of the Bonds), and (v) issued on substantially similar terms and conditions with respect to the rights of the owners of the Bonds (including, but not limited to, the Mandatory Purchase Provision) as the then existing Credit Facility, provided that (a) the stated amount of the Alternate Security shall equal the sum of
Alternate Security means any irrevocable letter of credit, guarantee, surety bond, insurance policy or other form of financial guarantee or credit facility delivered to the Trustee in substitution for a Credit Facility.
Examples of Alternate Security in a sentence
At any time and from time to time during the term of this Agreement, the Developer, at its election and subject to satisfaction of the requirements of this Section, may provide for the delivery, in substitution for the Credit Enhancement or Alternate Security in effect from time to time, of new Alternate Security that meets the requirements of this Section.
From and after Tenant’s delivery to Landlord of the Alternate Security and Landlord’s return of the Initial Security to Tenant, each, as described above, Tenant’s obligation to provide Landlord the Alternate Security shall govern throughout the balance of the Term of the Lease.
In the event the Developer fails to provide such Alternate Security, no declaration of acceleration shall be made by the Trustee, and the Loan shall be prepaid mandatory as provided in Section 4.08 hereof.
Security Design Plan(s) and Alternate Security Design Plan(s) Supplier Specific: .
If a non-Postal facility is involved, offeror must provide an Alternate Security Design Plan in accordance with Section B.10.h.
More Definitions of Alternate Security
Alternate Security means any Reserve Insurance, bond insurance, collateral, security, letter of credit, guaranty, surety bond or similar credit enhancement device providing for or securing the payment of all or part of the principal of and interest on the Parity Bonds, issued by an institution which has been assigned a credit rating at the time of issuance of such Parity Bonds that is equal to or better than the highest two rating categories by both Moody’s Investors Service and S&P Global Ratings. On and after the Parity Covenant Date, the preceding definition shall permit the use of Alternate Security issued by an institution which has been assigned a credit rating at the time of issuance of such Parity Bonds that is equal to or better than the highest three rating categories (without regard to gradations within such categories) by at least one Rating Agency.
Alternate Security means any instrument in effect and purpose similar to the Letter of Credit, including, but not limited to, a letter of credit, guaranty, standby loan commitment, bond or mortgage insurance policy, standby purchase agreement, credit enhancement instrument, collateral agreement, surety bond, mortgage backed security or other credit or liquidity facility, or any combination thereof, (i) approved by the Corporation and delivered to the Trustee for the benefit of the owners of the 2007 Bonds (except that a mortgage insurance policy may be delivered to the Corporation), (ii) replacing any existing Credit Facility, (iii) dated as of a date not later than the expiration date of the Credit Facility for which the same is to be substituted, if a Credit Facility is then in effect, (iv) which shall expire not earlier than a date which is fifteen (15) days after an Interest Payment Date for the 2007 Bonds, and
Alternate Security means any instrument in effect and purpose similar to the Letter of Credit, including, but not limited to, a letter of credit, guaranty, standby loan commitment, bond or mortgage insurance policy, standby purchase agreement, credit enhancement instrument, credit enhancement agreement, collateral agreement or surety bond, mortgage backed security or other credit or liquidity facility or any combination thereof, (i) approved by the Corporation and delivered to the Trustee for the benefit of the owners of the 2013 Series A Bonds (except that a mortgage insurance policy may be delivered to the Corporation), (ii) replacing any existing Credit Facility,
Alternate Security means any instrument in effect and purpose similar to a Letter of Credit, including but not limited to a letter of credit, guaranty, standby loan commitment, mortgage-backed security, insurance policy or surety bond or structured financing, or any combination thereof (i) approved by the Agency and delivered to the Trustee for the benefit of the Holders of the Bonds of the Series of Bonds to which it relates, (ii) replacing the existing Letter of Credit, (iii) dated as of a date prior to the expiration date of the Letter of Credit for which the same is to be substituted, (iv) issued on and providing substantially similar terms and conditions with respect to the rights of Holders of Bonds of the Series of Bonds to which the Alternate Security will relate as the Letter of Credit to be replaced by the Alternate Security, (v) as to which the Trustee has received evidence that a Rating Service rating the Series of
Alternate Security shall have the meaning given in the Standby Agreement.
Alternate Security. Any guaranty agreement, letter of credit, surety bond, bond insurance policy or other security, or any combination of the foregoing, with a term ending on the maturity of the Bonds substituted for the Guaranty Agreement and providing for the payment of (i) the principal of and interest on the Bonds when due, together with amounts sufficient to pay the Purchase Price thereof upon mandatory redemption of the Bonds pursuant to the Indenture and (ii) all amounts under the Agreement when due on or prior to the payment dates provided by the Guaranty Agreement which will result in the Bonds being assigned an investment grade credit rating available by a nationally recognized rating agency (e.g., rated "AAA," "AA," "A" or "BBB" by S&P, or a comparable rating category assigned by another nationally recognized rating agency).
Alternate Security. Any letter of credit, guaranty agreement or other security substituted for the Credit Enhancement then in effect or any amendment thereto (other than an extension of the term of the Credit Enhancement then in effect) which results in the Bonds being assigned a rating in one of the three highest alphabetical credit ratings available for instruments of its type