Reserve Facility definition

Reserve Facility means any line of credit, letter of credit, insurance policy, surety bond or other credit source, including the Reserve Policy, deposited with the Trustee pursuant to the Trust Agreement.

Reserve Facility means a letter of credit or other credit facility issued by a financial institution or other form of credit enhancement and any replacements thereto, including, but not limited to, surety bonds and guarantees delivered to the Trustee to meet all or a portion of the Certificate Reserve Fund Requirement.

Reserve Facility means the Reserve Policy and any line of credit, letter of credit, insurance policy, surety bond or other credit source deposited with the Trustee pursuant to Section

Examples of Reserve Facility in a sentence

• In order to accomplish such use and withdrawal of such amounts not derived from payments under any such Reserve Facility, the Trustee shall, as and to the extent necessary, liquidate any investments purchased with such amounts.

• The moneys in the Reserve Fund and any Reserve Facility shall be held in trust by the Trustee and shall be used and disbursed only for the purposes and uses herein authorized.

• Any amounts paid pursuant to any Reserve Facility shall be deposited in the Reserve Fund.

• Notwithstanding any other section of this part and ex- cept as provided in paragraph (b) of this section, available stable funding amounts and required stable funding amounts related to Covered Federal Reserve Facility Funding and the as- sets securing Covered Federal Reserve Facility Funding are excluded from the calculation of a national bank’s or Fed- eral savings association’s net stable funding ratio calculated under § 50.100(b).

• If the amount on deposit in the Reserve Fund is not sufficient to make such transfer, the Trustee shall make a claim under any available Reserve Facility, in accordance with the provisions specified in paragraph (C) below, in order to obtain an amount sufficient to allow the Trustee to make such transfer as and when required.

More Definitions of Reserve Facility

Reserve Facility means any insurance policy, letter of credit, or surety bond issued by a Reserve Facility Provider, meeting the requirements set forth in Section 5.05, and delivered to the Trustee in satisfaction of all or a portion of the Bond Reserve Requirement applicable to one or more Series of Bonds.

Reserve Facility means any line of credit, letter of credit, insurance policy, surety bond or other credit source deposited with the Trustee pursuant to this Trust Agreement.

Reserve Facility has the meaning set forth in Section 5.14(a).

Reserve Facility means a letter of credit, insurance policy, or other funding instrument satisfying the requirements of Section 6.06 and issued by an entity the long-term unsecured obligations of which are rated “Aa” or better by Moody’s or “AA” or better by S&P.

Reserve Facility means a letter of credit, surety bond or insurance policy issued to the Trustee by a bank or company licensed to issue a surety bond or insurance policy in substitution or in lieu of cash deposits in a reserve fund guaranteeing the timely payment of the principal of and interest on the Obligations supported by the Reserve Facility.

Reserve Facility means any line of credit, letter of credit, insurance policy, surety bond or other credit source deposited with the Fiscal Agent pursuant to the terms of the Fiscal Agent Agreement.

Reserve Facility means each and every municipal bond insurance policy, surety bond, guaranty, letter of credit or similar financial product obtained by the County with respect to any Bonds, from an entity that is rated in one of the two highest rating categories by the Rating Agencies and which financial product provides for the payment of principal and interest on such Bonds in amounts not greater than the Reserve Account Requirement for such Bonds in the event of an insufficiency of available moneys to pay when due principal of and interest on such Bonds.