PSB Surety definition

PSB Surety means a Surety that has been admitted to the Preferred Surety Bond (PSB) Program.
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PSB Surety means a surety admitted by SBA to the Preferred Surety Bond Program (PSB) and authorized by SBA to issue, monitor and serviee without further SBA approval, bid, payment and
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Examples of PSB Surety in a sentence

  • SBA allots to each PSB Surety a periodic maximum guarantee authority.

  • No SBA guarantee attaches to bonds approved by a PSB Surety if the bonds exceed the allotted authority for the period in which the bonds are approved.

  • When the PSB Surety Executes a Bid Bond, SBA debits the Surety’s allotment for an amount equal to the guarantee per- centage of the estimated penal sum of the Final Bond SBA would guarantee if the Contract were awarded.

  • If, however, a PSB Surety approves a Final Bond but never issues the bond, SBA will credit the Surety’s allotment for an amount equal to the guarantee percentage of the penal sum of the bond.

  • SBA may audit in the office of a Prior Ap- proval or PSB Surety, the Surety’s at- torneys or consultants, or the Prin- cipal or its subcontractors, all docu- ments, files, books, records, tapes, disks and other material relevant to SBA’s guarantee, commitments to guarantee a surety bond, or agree- ments to indemnify the Prior Approval or PSB Surety.

  • If the PSB Surety Executes a guaranteed Final Bond, but not the related Bid Bond, SBA debits the Surety’s allot- ment for an amount equal to the guar- antee percentage of the penal sum of the Final Bond.

  • A PSB Surety must comply with all applica- ble SBA regulations and obtain from its applicants all the information and certifications required by SBA.

  • The PSB Surety must process Contract or bond amount in- creases within its allotment in the same manner as initial guaranteed bond issuances (see § 115.65(c)(1)).

  • There must be no Execution or ap- proval of a bond by a PSB Surety after commencement of work under a Con- tract unless the Surety obtains written approval from the D/SG.

  • The PSB Surety must document compli- ance with SBA regulations and retain such certifications in its files, includ- ing a contemporaneous record of the date of approval and Execution of each bond.

Related to PSB Surety

  • Surety Ambac, or its successors in interest, or such other surety as may be identified in the Series Supplement.

  • Surety Bond means a bond from a Bond company with a credit rating by AMBEST better than a “B”. The bonding company shall be certified to issue bonds in a state in which this Agreement is approved.

  • Surety Instruments means all letters of credit (including standby and commercial), banker's acceptances, bank guaranties, shipside bonds, surety bonds and similar instruments.

  • Insurance Advisor means Aon Risk Services and any replacement thereof appointed by the Required Secured Parties and, if no Event of Default shall then be occurring, after consultation with the Borrower.

  • Surety Bonds means surety bonds obtained by the Borrower or any Restricted Subsidiary consistent with market practice and the indemnification or reimbursement obligations of the Borrower or such Restricted Subsidiary in connection therewith.

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • Bail bond insurance means a guarantee that a person will attend court when

  • R&W Insurer means AIG Specialty Insurance Company.

  • Specified Insurance Company means any Entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.

  • 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.

  • Title Insurance Company means the company that has or will issue the title policies with respect to a Leased Property, which company shall be reasonably acceptable to the Funding Parties.

  • Mortgage guaranty insurance means surety insurance under which a mortgagee or other creditor is indemnified against losses caused by the default of a debtor.

  • R&W Insurance Policy has the meaning set forth in Section 6.15.

  • D&O Liability Insurance Policies means all insurance policies (including any “tail policy”) of any of the Debtors for liability of any current or former directors, managers, officers, and members.

  • Title Insurance Policy A title insurance policy maintained with respect to a Mortgage Loan.

  • Standard Hazard Insurance Policy means a fire and casualty extended coverage insurance policy in such amount and with such coverage as required by this Agreement.

  • Fidelity means Fidelity Management & Research Company and any successor or affiliated registered investment advisor to the Fidelity Investors.

  • Insurance Companies means the companies with whom the Insurance Policies are held.

  • Hazard Insurance Policy means, with respect to each Contract, the policy of fire and extended coverage insurance (and federal flood insurance, if the Manufactured Home is secured by an FHA/VA Contract and such Manufactured Home is located in a federally designated special flood area) required to be maintained for the related Manufactured Home, as provided in Section 5.09, and which, as provided in said Section 5.09, may be a blanket mortgage impairment policy maintained by the Servicer in accordance with the terms and conditions of said Section 5.09.

  • Title insurance agent means an agent licensed in the Commonwealth to sell, solicit, or negotiate

  • Auto-Reinstatement Letter of Credit has the meaning specified in Section 2.03(b)(iv).

  • Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

  • Required Insurance Policy With respect to any Mortgage Loan, any insurance policy that is required to be maintained from time to time under this Agreement.

  • insurance undertaking means insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (1);

  • Title Insurance Policies means, with respect to each Individual Property, an ALTA mortgagee title insurance policy in a form acceptable to Lender (or, if an Individual Property is in a State which does not permit the issuance of such ALTA policy, such form as shall be permitted in such State and acceptable to Lender) issued with respect to such Individual Property and insuring the lien of the Mortgage encumbering such Individual Property.

  • Guaranty association means the Iowa insurance guaranty association created in chapter 515B, the Iowa life and health insurance guaranty association created in chapter 508C, and any other similar entity either presently existing or to be created by the general assembly for the payment of claims of insolvent insurers. “Foreign guaranty association” means a similar entity presently existing in or to be created in the future by the legislature of any other state.