Qualified Surety Bond definition

Qualified Surety Bond means any surety bond, letter of credit, insurance policy or other instrument which has liquidity features equivalent to a letter of credit, deposited in the Debt Service Reserve Fund in lieu of or in partial substitution for moneys on deposit therein, which shall have no adverse impact on the rating assigned to any Bonds by any Rating Agency.

Qualified Surety Bond means any surety bond substantially in the form of the Surety Bond issued by an entity having a claims-paying ability rating by Moody's and S&P no lower than that of Financial Security.

Qualified Surety Bond means a surety bond issued by an insurance company rated in the highest category by S&P and Moody's and, if rated by A.M. Best & Company, must also be rated in the highest rating category by A.M. Best & Company.

Examples of Qualified Surety Bond in a sentence

• For the purposes of determining the amount on deposit in the Reserve Account, a Qualified Surety Bond shall be valued at the amount available to be drawn thereunder.

• An amount, if any, which, together with the available amount of any Qualified Surety Bond therein, will equal the Debt Service Reserve Fund Requirement of the Related Series of Bonds; (j) Unrelated Subaccounts of Debt Service Reserve Fund.

• If any such surety bond is purchased, the Mayor and the Controller are hereby authorized to execute and deliver all agreements with the provider of Qualified Surety Bonds to the extent necessary to comply with the terms thereof and the commitment to issue such Qualified Surety Bond.

• Cash or Permitted Investments in the Reserve Account shall be used for the purposes specified in the second paragraph of this Section 4.04 before any Qualified Surety Bond therein is so used.

• The Agency may at any time, substitute (i) cash or Permitted Investments for a Qualified Surety Bond, (ii) a Qualified Surety Bond for cash or Permitted Investments, or (iii) a Qualified Surety Bond for another Qualified Surety Bond so long as the amount on deposit in the Reserve Account after any such substitution is at least equal to the Reserve Account Requirement.

More Definitions of Qualified Surety Bond

Qualified Surety Bond means any insurance policy, surety bond, irrevocable letter of credit or similar instrument deposited in or credited to the Reserve Fund in lieu of or in partial substitution for moneys on deposit therein.

Qualified Surety Bond means any surety bond or any insurance policy which has liquidity features equivalent to an irrevocable and unconditional letter of credit, or any irrevocable and unconditional letter of credit, deposited in any Bond Reserve Account in lieu of or in partial substitution for monies on deposit therein, the issuer of which is rated at the time of deposit of such Qualified Surety Bond in either of the top two highest rating categories by whichever of Standard and Poor’s Ratings Service or Moody’s Investors Service as then has a rating in effect for the 2015 Bonds or both such rating agencies if both of them have a rating in effect for the 2015 Bonds.

Qualified Surety Bond means any irrevocable standby or direct-pay letter of credit or surety bond issued by a commercial bank or insurance company and deposited with the Trustee pursuant to Section 5.05 of the Indenture, provided that all of the following requirements are met at the time of acceptance thereof by the Trustee: (a) the long-term credit rating of such bank or insurance company is “AA” or “Aa” or better from each rating agency which then maintains a rating on the Bonds; (b) such letter of credit or surety bond has a term of at least twelve (12) months; (c) such letter of credit or surety bond has a stated amount at least equal to the portion of the Reserve Requirement with respect to which funds are proposed to be released pursuant to Section 5.05 of the Indenture and (d) the Trustee is authorized pursuant to the terms of such letter of credit or surety bond to draw thereunder an amount equal to any deficiencies which may exist from time to time in the Bond Fund for the purpose of making payments required pursuant to Section 5.05(b) of the Indenture.

Qualified Surety Bond means any unconditional and irrevocable insurance policy, surety bond, letter or line of credit or similar instrument which is utilized in lieu of or in partial substitution for cash or Permitted Investment in the Reserve Account issued for the benefit of the Registered Owners by an entity (i) the unsecured long term debt obligations of which are rated in one of the two highest rating categories (without regarding to any numerical or other modifier) by Standard & Poor’s Rating Services or Moody’s Investors Service or, upon the discontinuance of either or both of such rating services, any other nationally recognized rating service.

Qualified Surety Bond means any surety bond or any insurance policy which has the liquidity features equivalent to an irrevocable and unconditional letter of credit, or any irrevocable and unconditional letter of credit, deposited in the Reserve Fund in lieu of or in partial substitution for monies on deposit therein, the issuer of which is rated in at least the second highest rating category (without numerical or other modifiers), at the time of deposit of such Qualified Surety Bond by Standard and Poor’s Rating Services, Moody’s Investors Service or Fitch Investors Services.

Qualified Surety Bond means a letter of credit or line of credit, insurance policy or surety bond issued by a Qualified Surety Issuer meeting the requirements of the Trust Agreement.

Qualified Surety Bond means a letter of credit or line of credit, insurance policy or surety bond issued by a Qualified Surety Issuer meeting the requirements of Section 5.06(d) hereof.