Examples of Municipal bond insurer in a sentence
Notice of the invalidity or unenforceability of any such section, paragraph, section, clause or provision shall be given to the Municipal Bond Insurer.
The prior written consent of the Municipal Bond Insurer shall be a condition precedent to the deposit of any credit instrument (other than the Reserve Policy) provided in lieu of a cash deposit into the Reserve Fund.
Insurance must be provided by an insurer rated “A” or better by S&P or A.M. Best Company, unless waived by the Municipal Bond Insurer (and notified the Trustee in writing).
The Trustee shall ascertain the necessity for a claim upon the Reserve Policy and to provide notice to the Municipal Bond Insurer in accordance with the terms of the Reserve Policy at least five (5) business days prior to each date upon which interest or principal is due with respect to the Certificates.
The Trustee and any successor Trustee may, at any time, resign by giving thirty (30) days’ written notice by registered or certified mail to the Town and the Authority and the Municipal Bond Insurer.
The Town shall supply to the Municipal Bond Insurer and the Trustee as soon as practicable, but not later than July 1 in each year, a written determination by a Town Representative that the Town has made adequate provision in its annual budget for the payment of Lease Payments due under the Lease Agreement in the Fiscal Year covered by such budget.
The exercise of any provision of this Trust Agreement which permits the purchase of Certificates in lieu of redemption shall require prior written approval of the Municipal Bond Insurer wherein any Certificate so purchased is not extinguished.
Reserve Fund investments may not have maturities extending beyond five years, except for the Reserve Policy and investment agreements or repurchase agreements approved by the Municipal Bond Insurer.
Unless otherwise consented to by the Municipal Bond Insurer, so long as any Certificates remain outstanding or any amounts are owed to the Municipal Bond Insurer by the Town, the Town shall not enter into any interest rate exchange agreement, cap, collar, floor, ceiling or other agreement or instrument involving reciprocal payment obligations between the Town and a counterparty based on interest rates applied to a notional amount of principal.
Any amounts remaining in the Reserve Fund upon payment in full of all Outstanding Certificates and all amounts due the Municipal Bond Insurer and the Trustee hereunder, or upon provision for such payment as provided in Section 14.01, shall be withdrawn by the Trustee and paid to the Town.