Reserve Equivalent definition

Reserve Equivalent means an insurance policy, surety bond or letter of credit issued by a municipal bond insurance company or a commercial bank having a credit rating (when the policy, bond, or letter of credit is issued) of at least Aa or AA as determined by Moody’s Investors Services or Standard & Poor’s Corporation, or their successors, in which the insurance company or commercial bank agrees unconditionally to provide the City with funds for the payment of debt service on the Series 1987 Bonds and any obligations issued on a parity therewith pursuant to Section F of this Administrative Restatement. Each Reserve Equivalent must be unconditional and irrevocable, and either be in effect until the final maturity date of a series of bonds, or if it expires sooner, the City shall provide a substitute Reserve Equivalent or fund the Reserve Account with cash prior to the expiration date of the Reserve Equivalent.
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Reserve Equivalent means any arrangement in which the Agency pays a fee in exchange for an agreement of a third party to advance money to the Agency in the future that the Agency will use in lieu of using cash or Permitted Investments credited to a subaccount in the Senior Lien Reserve Account. “Reserve Equivalent” does not include guaranteed investment contracts, master repurchase agreements and similar Permitted Investments.
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Reserve Equivalent means (a) any municipal bond insurance policy or surety bond issued by any insurance company licensed to conduct an insurance business in any state of the United States of America, or letter of credit issued by a financial institution for the account of the University on behalf of
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Examples of Reserve Equivalent in a sentence

  • Net Revenues (after adjustments for payments to and withdrawals from the Rate Stabilization Fund) in each fiscal year are projected to be at least equal to the sum of all payments due under any Reserve Equivalent, plus 1.20 times the debt service on all outstanding First Lien Bonds due in that fiscal year.

  • Net Revenues (after adjustments for payments to and withdrawals from the Rate Stabilization Fund) in each fiscal year are projected to be at least equal to the sum of all payments due under any Reserve Equivalent, plus 1.20 times the debt service due on all outstanding First Lien Bonds (including the proposed Parity First Lien Obligations) in that fiscal year.

  • YearTargetActualMeasure Term: Annual2002931944 20039331071 20048991379 2005899 Reserve Equivalent Tank MilesMeasures annual training performance for reserve units and establishes the baseline metric (miles) units execute each year in order to maintain proficiency.

  • The Reserve Requirement may be satisfied with Bond proceeds, cash, a Reserve Equivalent, or a combination thereof.

  • Further work is required to clarify the cost-benefit of this approach.

  • See Section 13 of Appendix C for information regarding draws and application of the draws under the 2015 Series A Reserve Equivalent.

  • See Section 12 of Appendix C for information regarding draws and application of the draws under the 2014 Series A Reserve Equivalent.

  • To make any payment required under a Reserve Equivalent, including any amounts due under a financial guaranty or other agreement executed in connection therewith; 4.

  • As of the delivery date of the 2015 Series A Bonds, the First Lien Bond Required Reserve is $61,070,573 and the balance in the First Lien Bond Reserve Account, which is the aggregate face amount of First Lien Bond Reserve Equivalents, is $61,070,673.Table 5CITY OF PORTLAND, OREGONFirst Lien Bond Reserve Account (1) (1) As of the delivery date of the 2015 Series A Bonds.(2) The City purchased a Reserve Equivalent from Financial Security Assurance Inc.

  • At the delivery date of the 2016 Series A Bonds, the Reserve Equivalent securing the 2008 Series A Bonds will be extended to secure the remaining 2008 Series A Bonds and the 2016 Series A Bonds through their maturity on June 15, 2033.

Related to Reserve Equivalent

  • SOFR Reserve Percentage means, for any day, the maximum effective percentage in effect on such day, if any, as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including, without limitation, supplemental, marginal and emergency reserve requirements) with respect to SOFR funding.

  • Eurodollar Reserve Percentage means, for any day during any Interest Period, the reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the FRB for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). The Eurodollar Rate for each outstanding Eurodollar Rate Loan shall be adjusted automatically as of the effective date of any change in the Eurodollar Reserve Percentage.

  • Eurodollar Rate Reserve Percentage for any Interest Period for all Eurodollar Rate Advances comprising part of the same Borrowing means the reserve percentage applicable two Business Days before the first day of such Interest Period under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve System in New York City with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on Eurodollar Rate Advances is determined) having a term equal to such Interest Period.