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provide the City with funds to transfer to the Second Lien Bond Reserve Account if amounts are required to be withdrawn from that account for deposit in the Second Lien Bond Account.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 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provide the City with funds to transfer to the Revenue Bond Reserve Account if amounts are required to be withdrawn from that account for deposit in the Revenue Bond Account.

Examples of Reserve Credit Facility in a sentence

• Each discharge will be evaluated to determine if a violation occurred.

• 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.

• In addition, the City hereby pledges the Net Revenues available for transfer to the Second Lien Bond Reserve Account to pay amounts due under any Reserve Credit Facility.

• If a Reserve Credit Facility is permitted to fund a subaccount in the Bond Reserve Account, the City may pledge the Net Revenues available for transfer to that subaccount of the Bond Reserve Account to pay amounts due under any Reserve Credit Facility securing that subaccount.

• Any Debt Reserve Credit Facility deposited in the Debt Service Reserve Fund shall be payable to the Trustee for the equal and ratable benefit of all of the Owners of the Outstanding Bonds on any date on which moneys shall be required to be withdrawn from the Debt Service Reserve Fund and applied to the payment of the Principal of or interest on any Outstanding Bonds, which withdrawal cannot be met by any cash on deposit to the credit of the Debt Service Reserve Fund.

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 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.

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 (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 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 a Credit Facility issued for the purpose of funding, in lieu of cash, all or any portion of a Reserve Requirement and which is issued or provided by a Credit Provider whose long-term debt obligations, financial strength or claims- paying ability (as appropriate) is rated, at the time the Reserve Credit Facility is issued, within one of the two highest rating categories (using the rating categories in effect in January, 2009) by

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.