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 failure of a Surety to consent to SBA’s audit or to maintain and produce records con- stitutes grounds for SBA to refuse to issue further guarantees for a Prior Ap- proval Surety, to suspend a PSB Sur- ety from participation, and to refuse to honor claims submitted by a Prior Ap- proval or PSB Surety until the Surety consents to the audit.(4) Excessive Losses.

  • 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.

  • 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.

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 The Limited Purpose Surety Bond (Policy No. AB0039BE), dated February 28, 1996 in respect to Mortgage Loans originated by MLCC, or the Surety Bond (Policy No. AB0240BE), dated March 17, 1999 in respect to Mortgage Loans originated by Novus Financial Corporation, in each case issued by Ambac for the benefit of certain beneficiaries, including the Trustee for the benefit of the Holders of the Certificates, but only to the extent that such Surety Bond covers any Additional Collateral Loans, or such other Surety Bond as may be identified in the Series Supplement.

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

  • 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 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.

  • Title Insurance Company as defined in Section 5.1(l).

  • Existing source or existing discharger (in the NPDES program) means any source which is not a new source or new discharger.

  • 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 means the representations and warranties insurance policy issued to Buyer in connection with the transactions contemplated hereby.

  • 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.

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

  • Acceptable Letter of Credit means an on-first-demand irrevocable standby letter of credit naming the XXXXX Xxxxxx as beneficiary (a) issued by a Qualified Financial Institution, (b) the stated maturity date of which is at least one year from the date of issuance (except that for letters of credit issued as a replacement letter of credit with less than one year remaining until the stated expiration date of the original letter of credit, the term shall be for such shorter period), and (c) which allows drawing (i) during the ten (10) Business Day period prior to expiry (unless otherwise replaced or extended) and (ii) upon downgrade of the issuer thereof such that it is no longer a Qualified Financial Institution if not replaced within thirty (30) Business Days of such downgrade.

  • insurance undertaking means an insurance undertaking as defined in Article 13, point (1), of Directive 2009/138/EC;

  • 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.

  • reinsurance undertaking means reinsurance undertaking as defined in point (4) of Article 13 of Directive 2009/138/EC;