Alternate Security means any instrument in effect and purpose similar to the Initial Credit Facility, 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
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 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
Alternate Security: In lieu of a performance bond, a contractor may post security in the form of a certified or cashier’s check, or a certificate of deposit, to be returned to the contractor provided that the contractor fully and faithfully performs the contract, including all warranty obligations.
The Contractor shall designate a Security Officer and an Alternate Security Officer, in case of the primary Security Officer’s absence, with the authority and responsibility to perform screening for public trust positions.
If RWC requests a Surety Agreement and the corporate officers do not want to provide such an agreement, an Alternate Security may be acceptable provided it is approved by RWC.
In accordance with the Maritime Transportation Security Act and implementing regulations, ZGC has implemented the Alternate Security Plan (“ASP”) published by the North American Grain Export Association.
It also allows certain covered chemical facilities, in specified circumstances, to submit Alternate Security Programs (ASPs) in lieu of an SVA, SSP, or both.
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 isequal 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 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 (x) the aggregate principal amount of Bonds at the time Outstanding, plus (y) the Interest Requirement, and (b) if said Alternate Security is to be in effect during a Weekly Rate Period, it must provide for payment of the Purchase Price upon the exercise by any Bond owner of the Demand Purchase Option.
Alternate Security means any instrument in effect and purpose similar to the Initial Credit Facility, including, but not limited to, a letter of credit, guaranty, standby loan commitment, bond or mortgage insurance policy, standby purchase agreement, credit enhancement agreement, collateral agreement or surety bond, mortgage- backed security or other credit or liquidity facility issued by a financial institution, including, without limitation, Freddie Mac, 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),
Alternate Security means an Alternate Security as defined in the Indenture.
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).