Financial Guaranties definition

Financial Guaranties means one or more of the following: (i) irrevocable, unconditional and unexpired letters of credit issued by banking institutions the senior long-term debt obligations of which (or the holding company of any such banking institution) have (at the time of issue of such letter of credit) a rating in either of the two highest categories from each of S&P and Moody’s (if such rating agencies are Rating Agencies) and, if rated by any other Rating Agency, a rating in either of the two highest categories of such Rating Agency; or (ii) an irrevocable and unconditional policy or policies of insurance in full force and effect issued by municipal bond insurers or multiline insurers the obligations insured by which are eligible for a rating in either of the two highest categories from each of S&P and Moody’s (if such rating agencies are Rating Agencies) and, if rated by any other Rating Agency, a rating in either of the two highest categories of such Rating Agency; in each case providing for the payment of sums for the payment of Principal Installments of and interest on Secured Indebtedness in the manner provided in Sections 508 and 510; and providing further that any such Financial Guaranty must be drawn upon on a date which is at least seven days prior to the expiration date of such Financial Guaranty in an amount equal to the deficiency which would exist if the Financial Guaranty expired, unless a substitute Financial Guaranty is acquired prior to such expiration date as provided in a related Supplemental Resolution.
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Financial Guaranties has the meaning set forth in Section 7.7(a).
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Financial Guaranties means one or more of the following: (i) irrevocable, unconditional and unexpired letters of credit issued by banking institutions the senior long-term debt obligations of which (or the holding company of any such banking institution) have (at the time of issue of such letter of credit) a rating of Aa2 or better by Moody’s Investors Service Inc. and AA or better by Standard & Poor’s Corporation; or (ii) an irrevocable and unconditional policy or policies of insurance in full force and effect issued by municipal bond insurers the obligations insured by which are eligible for a rating of Aa or better by Moody’s Investors Service Inc. and AA or better by Standard & Poor’s Corporation; in each case providing for the payment of sums for the payment of Principal Installments of and interest on Bonds in the manner provided in Section 508; and providing further that any Financial Guaranty of the type described in (i) above must be drawn upon, on a date which is at least thirty (30) days prior to the
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Examples of Financial Guaranties in a sentence

  • FINANCIAL INSTRUMENTS (CONTINUED) Financial Guaranties: The carrying value of the Company's financial guaranties is represented by the unearned premium reserve, net of deferred acquisition costs, loss and loss adjustment expense reserves and prepaid reinsurance premiums.

  • Financial Instruments (continued) Financial Guaranties: The carrying value of the Company's financial guaranties is represented by the unearned premium reserve, net of deferred acquisition costs, loss and loss adjustment expense reserves and prepaid reinsurance premiums.

  • Note 17: Financial Guaranties (A) NYCHA Tax Credit Guaranty On April 2, 2012, the Corporation entered into a Guaranty Agreement with Citibank to guaranty the yield on Citibank’s investment in the Low-Income Housing Tax Credit (“LIHTC”) created pursuant to the NYCHA Tax Credit Transaction.

  • Financial Guaranties: The carrying value of the Company’s financial guaranties is represented by the unearned premium reserve net of prepaid reinsurance premiums.

  • Financial Instruments (continued) Financial Guaranties: The carrying value of the Company’s financial guaranties is represented by the unearned premium reserve net of prepaid reinsurance premiums.

  • Note 17: Financial Guaranties (A) NYCHA Tax Credit Guaranty On April 2, 2012, the Corporation entered into a Guaranty Agreement with Citibank to guaranty the yield on Citibank’s investment in the Low Income Housing Tax Credit (“LIHTC”) created pursuant to the NYCHA Tax Credit Transaction.

  • As of 18 October 2011, the NPFC’s certificate of financial responsibility (COFR) database contained 21,077 vessels using Insurance, 957 vessels using Self-Insurance and 2,530 vessels using Financial Guaranties.

  • As a condition of execution of the Agreement, the successful Proposer shall deliver to BATA a) a Performance Bond; b) a Payment Bond; and c) a Parent Guarantee, if applicable, according to the deadlines and in the amounts and including the provisions in Appendix D Open Road Tolling System for the Bay Area Toll Bridges Contract, Section 10 Financial Guaranties.

  • Global credit markets are fundamentally50 “Credit Default Swaps versus Financial Guaranties – Are the Risks the Same?” Moody’s Investor Service, June 2001, p.

  • Despite Plaintiffs' own characterization of the CDS transactions as an integrated "contract in which one party (here, MBIA) insures or 'wraps' the risk of loss," FAC ¶ 3, Plaintiffs now claim that Merrill has impermissibly "lumped together" LaCrosse and MBIA, and they urge the Court to read the Confirmation and Financial Guaranties separately.


More Definitions of Financial Guaranties

Financial Guaranties as applied to any Person, means any direct or indirect liability, contingent or otherwise, of that Person with respect to (i) any indebtedness, lease, dividend or other payment obligation of another if the primary purpose or intent thereof by the Person incurring such liability is to provide assurance to the obligee of such obligation of another that such obligation of another will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such obligation will be protected (in whole or in part) against loss in respect thereof, or (ii) any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings to the extent such letter of credit supports a financial instrument or any Debt (it being agreed and understood that Financial Guaranties do not include (a) Residual Value Guaranties, Trade-In Value Guaranties or obligations to repurchase buses and coaches incurred in connection with sales of such buses and coaches or (b) "first-loss" or similar arrangements entered into in connection with the sale of receivables whereby the seller is obligated to pay the purchaser all or any portion of any such receivables that are not paid when due).
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Financial Guaranties of a Person means any agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses or contingently agrees to provide funds for the repayment of money borrowed by or advanced to or for the account of another Person.
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Related to Financial Guaranties

  • Financial guarantee means a performance bond, maintenance bond, surety bond, irrevocable letter of credit, or similar guarantees submitted to the [administering authority] by the responsible party to assure that requirements of the ordinance are carried out in compliance with the storm water management plan.

  • Guaranties means the Company Guaranty and the Subsidiary Guaranty.

  • Guaranty Agreements means and includes the Guarantee of the Loan Parties provided for in Section 11, and any other guaranty agreement executed and delivered in order to guarantee the Obligations or any part thereof in form and substance reasonably acceptable to the Administrative Agent.

  • Financial Agreement means an agreement that meets the

  • Subsidiary Guaranties means the Domestic Subsidiary Guaranty and each Foreign Subsidiary Guaranty.

  • Original Guarantors shall have the meaning assigned to such term in the Preamble hereof.

  • Guaranty Agreement means an agreement executed by the Guarantors in substantially the form of Exhibit F-2 unconditionally guarantying on a joint and several basis, payment of the Indebtedness, as the same may be amended, modified or supplemented from time to time.

  • Additional Guarantors shall have the meaning assigned to such term in the Preamble hereof.

  • Original Guarantor means the Persons identified as such in the first paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter each such successor Person shall be an “Original Guarantor”.

  • Guaranty and Security Agreement means a guaranty and security agreement, dated as of even date with this Agreement, in form and substance reasonably satisfactory to Agent, executed and delivered by each of the Loan Parties to Agent.

  • Initial Guarantors shall have the meaning set forth in the preamble.

  • Guaranty means, with respect to any Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in any manner, whether directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person:

  • Parent Guaranty means the guaranty of the Parent pursuant to Section 15.

  • Corporate Guaranty means a legal document used by an entity to guaranty the obligations of another entity.

  • Guarantee Agreements means the Parent Guarantee Agreement and the Subsidiary Guarantee Agreement.

  • Subsidiary Guaranty Agreement means each unconditional guaranty agreement executed by the Subsidiary Guarantors in favor of the Administrative Agent for the ratable benefit of the Secured Parties, substantially in the form of Exhibit H, as amended, restated, supplemented or otherwise modified from time to time.

  • Initial Guarantor has the meaning set forth in the preamble hereto.

  • Guaranty Obligations means, with respect to any Person, without duplication, any obligations of such Person (other than endorsements in the ordinary course of business of negotiable instruments for deposit or collection) guaranteeing or intended to guarantee any Indebtedness of any other Person in any manner, whether direct or indirect, and including without limitation any obligation, whether or not contingent, (i) to purchase any such Indebtedness or any Property constituting security therefor, (ii) to advance or provide funds or other support for the payment or purchase of any such Indebtedness or to maintain working capital, solvency or other balance sheet condition of such other Person (including without limitation keep well agreements, maintenance agreements, comfort letters or similar agreements or arrangements) for the benefit of any holder of Indebtedness of such other Person, (iii) to lease or purchase Property, securities or services primarily for the purpose of assuring the holder of such Indebtedness, or (iv) to otherwise assure or hold harmless the holder of such Indebtedness against loss in respect thereof. The amount of any Guaranty Obligation hereunder shall (subject to any limitations set forth therein) be deemed to be an amount equal to the outstanding principal amount (or maximum principal amount, if larger) of the Indebtedness in respect of which such Guaranty Obligation is made.

  • Financial Contracts means any arrangement that:

  • Guarantee and Security Agreement means that certain Guarantee and Security Agreement dated as of the Effective Date among the Borrower, the Administrative Agent, each Subsidiary of the Borrower from time to time party thereto, each holder (or an authorized agent, representative or trustee therefor) from time to time of any Secured Longer-Term Indebtedness or Secured Shorter-Term Indebtedness, and the Collateral Agent.

  • Holdings Guaranty means the Holdings Guaranty made by Holdings in favor of the Administrative Agent on behalf of the Secured Parties, substantially in the form of Exhibit F.

  • Financial Instrument Obligations means obligations arising under:

  • Financial Contract of a Person means (i) any exchange-traded or over-the-counter futures, forward, swap or option contract or other financial instrument with similar characteristics or (ii) any Rate Management Transaction.

  • Parent Guarantee means the guarantee by Parent Guarantor of the obligations of the Issuer under this Indenture and the Securities in accordance with the provisions of this Indenture.

  • Financial Parties The Noteholders and the Certificateholders.

  • Standard Securitization Undertakings means representations, warranties, covenants and indemnities entered into by the Borrower or any Subsidiary of the Borrower that are customary in a Securitization Financing.