Bond Insurance Policy definition

Bond Insurance Policy means the municipal bond insurance policy, if any, issued by the Bond Insurer that guarantees payment of principal of and interest on the Bonds and constitutes a Bond Facility under the Indenture.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Bond Insurance Policy means the municipal bond new issue insurance policy issued by the Bond Insurer that guarantees payment of principal of and interest on the Bonds.

Bond Insurance Policy means the municipal bond insurance policy issued by the Bond Insurer insuring the payment when due of the principal of, and interest on, the Bonds as provided therein.

Examples of Bond Insurance Policy in a sentence

• This Servicing Agreement may be amended from time to time by the parties hereto, provided that any amendment be accompanied by a letter from the Rating Agencies that the amendment will not result in the downgrading or withdrawal of the rating then assigned to the Bonds or the rating then assigned to the Bonds without taking into account the Bond Insurance Policy, and the consent of the Bond Insurer and the Indenture Trustee.

• Upon receipt of the items referred to above and payment of all amounts owing to the Bond Insurer and the taking of physical possession of the new credit enhancement, the Indenture Trustee shall, within five Business Days following receipt of such items and such taking of physical possession, deliver the replaced Bond Insurance Policy to the Bond Insurer.

• If the purpose of the amendment is to correct any mistake, eliminate any inconsistency, cure any ambiguity or deal with any matter not covered, it shall not be necessary to obtain the consent of any Holder, but the Owner Trustee shall be furnished with a letter from the Rating Agencies that the amendment will not result in the downgrading or withdrawal of the rating then assigned to any Bond or the rating then assigned to any Bond without taking into account the Bond Insurance Policy.

• The Indenture Trustee agrees that it will hold the Bond Insurance Policy in trust and that it will hold any proceeds of any claim made upon the Bond Insurance Policy solely for the use and benefit of the Holders of the Class A Bonds in accordance with the terms hereof and the terms of the Bond Insurance Policy.

• The Owner Trustee also acknowledges on behalf of the Trust the receipt in trust of the Mortgage Loans, the Bond Insurance Policy pursuant to Section 3.01, the rights with respect to the Derivative Contracts and the Special Certificate Cap Contract and the rights with respect to the representations and warranties made by the Seller under the Mortgage Loan Sale and Contribution Agreement which shall constitute the Owner Trust Estate.

More Definitions of Bond Insurance Policy

Bond Insurance Policy means the financial guaranty insurance policy issued by the Bond Insurer insuring the payment when due of the principal of and interest on the Bonds as provided therein.

Bond Insurance Policy means the municipal bond insurance policy issued by the Bond Insurer concurrently with the delivery of the Bonds guaranteeing the scheduled payment when due of the principal of and interest on the Bonds.

Bond Insurance Policy or “Policy” means the municipal bond insurance policy issued by the Bond Insurer that guarantees payment of principal of and interest on the Bonds.

Bond Insurance Policy means the municipal bond new issue insurance policy or policies issued by an Insurer guaranteeing the payment of the principal of and interest on any portion of the Bonds.

Bond Insurance Policy means that standard policy of the Insurer, if acquired, to ensure timely payment of the scheduled principal of and interest on the Bonds to the owners thereof, upon satisfaction of all preconditions set forth in said Policy, as specifically noted by a legend or other appropriate text hereby authorized to be printed on the Bonds themselves. If no Bond Insurance Policy is acquired by the Local Government Unit at the time the Bonds are issued, then the term “Bond Insurance Policy” will not be relevant to the Bonds.

Bond Insurance Policy means a policy of municipal bond insurance which guarantees the scheduled payments of principal of and interest on the Bonds when due.

Bond Insurance Policy means: (a) with respect to the Series 2017A Bonds, the municipal bond insurance policy issued by AGM with respect to the Insured Series 2017A Bonds, concurrently with the delivery of the Insured Series 2017A Bonds guaranteeing the scheduled payment when due of the principal of and interest on the Insured Series 2017A Bonds; (b) with respect to the Series 2019A Bonds, the municipal bond insurance policy issued by BAM with respect to the Insured Series 2019A Bonds, concurrently with the delivery of the Insured Series 2019A Bonds guaranteeing the scheduled payment when due of the principal of and interest on the Insured Series 2019A Bonds; (c) with respect to the Series 2020A Bonds, the municipal bond insurance policy issued by BAM with respect to the Series 2020A Bonds, concurrently with the delivery of the Series 2020A Bonds guaranteeing the scheduled payment when due of the principal of and interest on the Series 2020A Bonds; and (d) the municipal bond insurance policy or financial guaranty insurance policy issued by the Bond Insurer concurrently with the delivery of any other Utility Indebtedness guaranteeing the scheduled payment when due of the principal of and interest on such Utility Indebtedness.