Reserve Credit Facility definition

Reserve Credit Facility means one or more of the following:

Reserve Credit Facility means a Credit Facility issued for the purpose of funding, in lieu of cash, all or any portion of the Second Lien Bond Reserve Requirement, under which the Credit Provider agrees to unconditionally provide the City with funds to transfer to the Second Lien Bond Reserve Account if amounts are required to be withdrawn from that account for deposit in the Second Lien Bond Account.

Reserve Credit Facility means any arrangement in which the City pays a fee in exchange for an agreement of a Credit Provider to advance money to the City in the future that the City will use in lieu of using cash or Permitted Investments credited to a subaccount in the Bond Reserve Account. “Reserve Credit Facility” does not include guaranteed investment contracts, master repurchase agreements and similar Permitted Investments.

Examples of Reserve Credit Facility in a sentence

• In consideration of the purchase and acceptance of the Bonds by those who shall hold the same from time to time, the provisions of this Resolution shall be deemed to be and shall constitute contracts among the Authority, the Trustee, the issuer of any Credit Facility or Bond Reserve Credit Facility and the Holders from time to time of the Bonds.

• However, such payments by the issuer of such Credit Facility or Bond Reserve Credit Facility shall not be deemed to satisfy the Authority's obligation to make payment to the issuer of such Credit Facility or Bond Reserve Credit Facility for or in respect of such Bonds.

• All Bonds of a particular Series and Holders of a particular Series of Bonds and the issuer of any Credit Facility or Bond Reserve Credit Facility (for as long as the Authority has a reimbursement obligation to the issuer of such Credit Facility or Bond Reserve Credit Facility) shall be entitled to the benefit of the continuing pledge and lien created by this Resolution to secure the full and final payment of the principal of, redemption premium, if any, and interest on the Bonds of a particular Series.

• However, such payments by the issuer of such Credit Facility or Bond Reserve Credit Facility shall not be deemed to satisfy the Authority’s obligation to make payment to the issuer of such Credit Facility or Bond Reserve Credit Facility for or in respect of such Bonds.

• In addition, the City hereby pledges the Net Revenues and Water SDCs which are required to be credited to the Bond Reserve Account to pay amounts due under any Reserve Credit Facility.

More Definitions of Reserve Credit Facility

Reserve Credit Facility means a Credit Facility in which provider of the Credit Facility unconditionally agrees to provide the City with funds to be used to pay debt service on Bonds in lieu of making withdrawals from a Reserve Subaccount.

Reserve Credit Facility means a Credit Facility issued for the purpose of funding, in lieu of cash, all or any portion of the Reserve Requirement, under which the Credit Provider agrees to unconditionally provide the City with funds to transfer to the Revenue Bond Reserve Account if amounts are required to be withdrawn from that account for deposit in the Revenue Bond Account.

Reserve Credit Facility means a Credit Facility issued for the purpose of funding, in lieu of cash, all or any portion of the Second Lien Bond Reserve Requirement, under which the Credit Provider agrees to unconditionally provide

Reserve Credit Facility means any arrangement in which the District pays a fee in exchange for an agreement of a Credit Provider to advance money to the District in the future that the District will use in lieu of using cash or Permitted Investments credited to a subaccount in the Bond Reserve Account. “Reserve Credit Facility” does not include guaranteed investment contracts, master repurchase agreements and similar Permitted Investments.

Reserve Credit Facility means (i) the Reserve Policy, or (ii) a policy of insurance, a surety bond, a letter of credit or other comparable credit facility, permitting draws thereunder in accordance with Section 4.3 hereof to the final date of maturity of the Bonds or Parity Bonds, so long as (a) the provider of any such policy of insurance, surety bond, letter of credit or other comparable credit facility is rated in at the time of delivery to the Trustee not less than the rating on the Bonds from Standard & Poor’s or another rating agency requested by the Authority to rate the Bonds, and (b) so long as the Reserve Policy remains in effect, the Insurer has consented to the delivery of such Reserve Credit Facility.

Reserve Credit Facility means a Credit Facility issued for the purpose of funding, in lieu of cash, all or any portion of the Reserve Requirement and which is issued or provided by a Credit Provider whose long-term debt obligations or claims- paying ability (as appropriate) is rated at the time of issuance of the Reserve Credit Facility within one of the highest rating categories by each Rating Agency rating, at the request of the Board, the Series of Bonds in connection with which such Reserve Credit Facility is being given or provided.”

Reserve Credit Facility means a Municipal Bond Debt Service Reserve Fund Policy issued by a Reserve Credit Facility Provider.