Financial Guaranty definition

Financial Guaranty means a surety bond, insurance policy or letter of credit which constitutes any part of the Debt Service Reserve Requirement and which is authorized to be delivered to the Trustee pursuant to the Second Resolution.

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Financial Guaranty means Financial Guaranty Insurance Company (doing business in California as FGIC Insurance Company), as insurer of the Variable Rate Bonds.

Financial Guaranty has issued a policy containing the following provisions with respect to the Bonds, such policy being on file at the applicable Principal Corporate Trust Office of Citibank, N.A., as paying agent (the "Paying Agent"): Financial Guaranty hereby unconditionally and irrevocably agrees to pay for disbursement to the Bondholders that portion of the principal of and interest on the Bonds which is then due for payment and which the Authority shall have failed to provide. Due for payment means, with respect to principal, the stated maturity date thereof and the date on which the Bonds shall have been duly called for mandatory redemption as a result of the interest on the Bonds having been determined to have become subject to federal income taxation, and does not refer to any earlier date on which the payment of principal of the Bonds is due by reason of call for redemption, acceleration or other advancement of maturity, and with respect to interest, the stated date for payment of such interest. Upon receipt of telephonic or telegraphic notice, subsequently confirmed in writing, or written notice by registered or certified mail, from a Bondholder or the Paying Agent to Financial Guaranty that the required payment of principal or interest (as applicable) has not been made by the Authority to the Paying Agent, Financial Guaranty on the due date of such payment or within one business day after receipt of notice of such nonpayment, whichever is later, will make a deposit of funds, in an account with U.S. Bank Trust National Association, or its successor as its agent (the "Fiscal Agent"), sufficient to make the portion of such payment not paid by the Authority. Upon presentation to the Fiscal Agent of evidence satisfactory to it of the Bondholder's right to receive such payment and any appropriate instruments of assignment required to vest all of such Bondholder's right to such payment in Financial Guaranty, the Fiscal Agent will disburse such amount to the Bondholder.

Examples of Financial Guaranty in a sentence

• This Note is entitled to the benefits of an irrevocable and unconditional financial guaranty insurance policy issued by Financial Guaranty Insurance Company.

• This Term Note is entitled to the benefits of an irrevocable and unconditional financial guaranty insurance policy issued by Financial Guaranty Insurance Company.

• During the Term of Employment, all salary or consulting payments paid to the Employee by ACA Financial Guaranty Corporation or Inter-Atlantic Securities Corporation or their affiliates shall be credited against salary due to the Employee under this Employment Agreement.

• Financial Guaranty has caused this Surety Bond to be affixed with its corporate seal and to be signed by its duly authorized officer in facsimile to become effective and binding upon Financial Guaranty by virtue of the countersignature of its duly authorized representative.

• The mandatory bonds obtained by the Contractor are independent of, and in addition to, the Financial Guaranty provided by the Developer.

More Definitions of Financial Guaranty

Financial Guaranty means a policy of municipal bond insurance or surety bonds issued by a municipal bond insurer or a letter of credit issued by a bank or other institution if the obligations insured by such insurer or issued by such bank or other institution, as the case may be, have ratings at the time of issuance of such policy or surety bond or letter of credit in the highest rating category by S&P and Moody’s and, if rate by A.M. Best & Company, also in the highest rating category by A.M. Best & Company.

Financial Guaranty shall have the meaning specified in Section 2.02(d).

Financial Guaranty means Financial Guaranty Insurance Company.

Financial Guaranty means the legally binding guaranty agreement by and between the

Financial Guaranty. Cash collateral and/or letter of credit as approved by the City to guarantee compliance with the terms of this Agreement, payment of real estate taxes including interest and penalties, construction of all Improvements and payment of the cost of all Improvements.

Financial Guaranty means Financial Guaranty Insurance Company, or any successor thereto or assignee thereo f.

Financial Guaranty means a surety bond, letter of credit, certificate of deposit, cash deposit, or other financial security, as required in Section 7.6(a) (Financial Guaranty Required).