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.
The Authorized Officials are, and each of them is, hereby further authorized to enter into a reimbursement agreement with the provider of any Qualified Reserve Credit Facility to provide for the Authority’s reimbursement of the provider for any amounts drawn under the Qualified Reserve Credit Facility in a manner consistent with the Indenture.
The Issuer may in its discretion, substitute a Reserve Credit Facility as additional security for the Series of Bonds secured by such Reserve Fund only in place of the Reserve Fund.
The bonds are secured by the District’s net operating revenues, net position reserved for rate stabilization, and a Reserve Credit Facility (see below).

More Definitions of 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, 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provide the City with funds to transfer to the Revenue Bond Reserve Account if amounts are required to be withdrawn from that account for deposit in the Revenue Bond Account.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 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 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 Policy remains in effect, the Insurer has consented to the delivery of such Reserve Credit Facility.

Reserve Credit Facility means a Credit Facility or Qualified Insurance issued for the purpose of funding, in lieu of cash, all or any portion of the Bond 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 the issuance of such Credit Facility, within one of the two highest rating categories by one or more of the Rating Agencies, at the request of the City, the Series of Bonds or Series of Subordinate Obligations in connection with which such Reserve Credit Facility is being given or provided.

Reserve Credit Facility means one or more of the following which may be deposited in the Debt Service Reserve Fund: