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.
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 City hereby expressly reserves the right to deposit to the Bond Reserve Account a Reserve Account Insurance Policy (as hereinafter defined) in such amount or amounts it may reasonably deem prudent.
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).
Such Reserve Account Insurance Policy and/or Reserve Account Letter of Credit shall be payable to the Paying Agent (upon the giving of notice as required thereunder) on any Interest Date or redemption date on which a deficiency exists which cannot be cured by moneys in any other fund or account held pursuant to this Resolution and available for such purpose.

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 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 also

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 two of the Rating Agencies.

Reserve Account Insurance Policy means the insurance policy, surety bond or other acceptable evidence of insurance, if any, deposited in the Reserve Account, if any, in lieu of or in partial substitution for cash or securities on deposit or required to be on deposit therein. The issuer providing such Reserve Account Insurance Policy shall be an insurer rated in one of the two highest full rating categories of a Rating Agency.

Reserve Account Insurance Policy means the insurance policy, surety bond or other evidence of insurance, if any, deposited to the credit of the Bond 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 obligations ranking pari passu with its obligations under such policy, bond or other evidence of insurance are rated at the time of deposit of such policy, bond or other evidence of insurance to the credit of the Bond Reserve Account in one of the two highest rating categories (without regard to gradations, such as "plus" or "minus" of such categories) by any of the rating agencies which shall rate the Outstanding Bonds at the time unless otherwise approved by the Credit Facility Provider who has issued a municipal bond insurance policy with respect to the related series of Bonds.

Reserve Account Insurance Policy means the insurance policy, surety bond or other acceptable evidence of insurance, if any, deposited in the Debt Service Reserve Account, in lieu of or in partial substitution for cash or securities otherwise required to be on deposit therein. The provider of such Reserve Account Insurance Policy shall be an entity in the business of insuring or guaranteeing the payment of principal of and interest on municipal securities and whose reserve account insurance policy results, at the time such policy is delivered, in a rating of municipal securities secured by such reserve account insurance policy being in one of the