Reserve Account Insurance Policy means the insurance policy, surety bond or otherevidence of insurance deposited to the credit of the Reserve Account in lieu of or in partial substitution for cash or securities on deposit therein, which policy, bond or other evidence of insurance constitutes an unconditional senior obligation of the issuer thereof. The issuer thereof shall be a municipal bond insurer whose senior debt obligations, ranking pari passu with its obligations under such policy, bond or other evidence of insurance, are rated, at the time of deposit for the credit of the Reserve Account, in any of the three highest rating categories (without regard to any gradations within any such category) by Moody’s and Standard & Poor’s.

Reserve Account Insurance Policy means any insurance policy, surety bond or letter of credit deposited in or credited to the Loan Agreement Reserve Account in lieu of or in partial substitution for cash or allowable investments on deposit in the Loan Agreement Reserve Account. Any such insurance policy, surety bond or letter of credit must be issued by an entity having a rating in one of the two highest rating categories assigned by any nationally recognized rating agency at the time such policy, bond or letter of credit is initially deposited in or credited to the Loan Agreement Reserve Account.

Examples of Reserve Account Insurance Policy in a sentence

On the date of this First Amendment, the amounts held in the Reserve Fund shall be paid to BAM to pay the premium for the Reserve Account Insurance Policy and, if there are amounts remaining the Reserve Fund after payment of the premium to BAM, such amounts will be transferred to the Project Account for use on the Project.
Recruitment is conducted via open selection and is based on the candidate's ability to fulfill the needs of each position, regardless of race, gender, age, religion, nationality, or political affiliation.
The Governmental Unit promises to pay, but solely from the Pledged Revenues and draws on the Reserve Account Insurance Policy, the Loan Agreement Payments as herein provided.
The Issuer may also substitute a Reserve Account Insurance Policy and/or Reserve Account Letter of Credit for cash on deposit in the Reserve Account or a subaccount therein upon compliance with the terms of this Section 4.05(B)(4).
All deficiencies in the Reserve Account must be made up no later than 12 months from the date such deficiency first occurred, whether such shortfall was caused by an increase in the applicable Reserve Account Requirement, a decrease in the aggregate market value of the investments therein of more than 5% or withdrawal (whether from cash or a Reserve Account Insurance Policy or Reserve Account Letter of Credit).

More Definitions of Reserve Account Insurance Policy

Reserve Account Insurance Policy means the insurance policy or surety bond deposited in the Bond Reserve Account in lieu of or in partial substitution for cash to be on deposit therein. The insurance issuer providing such insurance policy or surety bond shall be an insurer which, at the time of issuance of the policy, has been rated one of the top two policyholder ratings then accorded insurers by Moody’s Investors Service and Standard & Poor’s Corporation, respectively (the “Insurance Issuer”); provided however, that if the Prior Bonds or Series 2008 Bonds are

Reserve Account Insurance Policy means an insurance policy, surety bond or other acceptable evidence of insurance, if any, maintained by the Town in lieu of or in partial substitution for cash or securities on deposit in the Reserve Account, provided that the entity providing such facility is, at the time the Reserve Account Insurance Policy is provided, of sufficient credit quality to entitle debt backed by its facility to be rated in one of the three highest rating categories (without regard to any gradations within such categories) by at least one of the Rating Agencies.

Reserve Account Insurance Policy means an insurance policy or bond procured by the Commission from an insurance issuer which is, at the time of issuance of such policy, assigned the highest policy holder rating accorded insurers by A.M. Best & Co. or any comparable service and which insurer is of sufficient credit quality to entitle debt backed by such insurance policy or bond to be rated in the top two rating categories by Moody’s Investors Service, or its successor, or by Standard & Poor’s Rating Service, or its successor, so long as either or both, as applicable, of such firms are providing such ratings at such time, to guarantee or assure the timely payment of principal or interest on, or both, of Outstanding Bonds in a stated amount subject only to notification that there are insufficient funds for such payment. This definition alsoD-7includes any related covenants or agreements contained in a side document entered into with the insurer in order to obtain the policy.

Reserve Account Insurance Policy means an insurance policy or surety bond deposited in any subaccount in the Reserve Account in lieu of or in substitution for cash on deposit therein pursuant to Section 7.04(1)(b) hereof.

Reserve Account Insurance Policy means an insurance policy, surety bond or other acceptable evidence of insurance deposited in the Debt Service Reserve Account in lieu of or in partial substitution for cash or securities required to be deposited therein. The issuer providing such Reserve Account Insurance Policy shall be an insurer which has been assigned one of the two highest ratings by each Rating Agency which has a rating outstanding on the Bonds.