Reserve Fund Credit Facility means a municipal bond insurance policy, surety bond, letter of credit, line of credit, guarantee or other agreement provided by a Reserve Fund Credit Facility Issuer which provides for payment of amounts equal to all or any portion of the Reserve Fund Requirement in the event of an insufficiency of moneys in the Bond Fund to pay when due principal of and interest on all or a portion of the Bonds.
Reserve Fund Credit Facility means any Credit Facility issued or provided by a Credit Provider, (i) which may be deposited in the Series 2019C Debt Service Reserve Fund in lieu of or in partial substitution for cash or Qualified Investments to be on deposit therein, and (ii) which shall be payable (upon the giving of notice as required thereunder) on any due date on which moneys will be required to be withdrawn from such reserve account in which such Credit Facility is deposited and applied to the payment of the principal of or interest on any Bonds to which such Credit Facility relates.
Reserve Fund Credit Facility means a policy of insurance, surety bond, letter of credit or similar instrument or contract which (i) is issued by an insurance company or financial institution whose senior debt securities are rated in the one of the three highest rating categories by the rating agencies which provide a rating, at the Authority's request, on the Parity Obligations, (ii) may not be terminated by the entity providing the facility prior to the final maturity date of the particular series of Parity Obligations for which an account in the Reserve Fund is established pursuant to the resolution authorizing such series of Parity Obligations, and (iii) may be drawn upon demand by the Authority to provide funds to pay Principal and Interest Requirements on such particular series of Parity Obligations in the event moneys on deposit in the Interest and Sinking Fund are insufficient to make such payment.
Examples of Reserve Fund Credit Facility in a sentence
The Provider of the Reserve Fund Credit Facility which is a letter of credit shall be a bank or trust company or other legal entity which is rated not lower than the second highest rating category by Standard & Poor’s Corporation and Moody’s Investors Service, Inc., or their successors, and the letter of credit or other credit facility itself shall be rated in the highest category of both such rating agencies.
In the event all or a portion of the Reserve Fund Requirement is satisfied by more than one Reserve Fund Credit Facility, any demand for payment shall be pro rata between or among the Reserve Fund Credit Facilities.
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Any cash in the Prior Bonds Reserve Subaccount shall be applied to pay the principal of and interest on the outstanding Prior Bonds before a draw is made to make such a payment from the 2017 Reserve Fund Credit Facility that is also held in the same subaccount.
As and to the extent that payments are made to the Series 2022 Credit Provider on account of principal due, the coverage under the Series 2022 Debt Service Reserve Fund Credit Facility will be increased by a like amount, subject to the terms of the Series 2022 Debt Service Reserve Fund Credit Facility.
More Definitions of Reserve Fund Credit Facility
Reserve Fund Credit Facility means a surety bond or insurance policy which (i) may not be terminated by the entity providing such surety bond or insurance policy prior to the final maturity date of the series of Parity Obligations in connection with which such surety bond or insurance policy was issued, and (ii) may be drawn upon demand by GBRA to provide funds to pay principal and/or interest on such related series of Parity Obligations in the event moneys on deposit in the Interest and Sinking Fund are insufficient to make such payment.
Reserve Fund Credit Facility means any letter of credit, line of credit, insurance policy, surety bond or other credit source deposited with the Trustee pursuant to Section 5.04(b) hereof. Any Reserve Fund Credit Facility in the form of a letter of credit or line of credit shall be provided by any entity which maintains a rating of A1 or better from Moody's and a rating of A+ or better from S&P and Fitch, and any Reserve Fund Credit Facility in the form of an insurance policy, surety bond or other credit source shall be provided by an entity which maintains a rating of Aa or better from Moody's and AA or better from S&P and Fitch. Any Reserve Fund Credit Facility must be approved in writing by the Bank and the Credit Provider, if applicable.
Reserve Fund Credit Facility means a letter or line of credit, surety bond, insurance policy, or similar instrument which may be utilized in the Debt Service Reserve Fund.
Reserve Fund Credit Facility means a Credit Facility which (i) may not be terminated by the provider of such Credit Facility prior to the final maturity date of the Series of Bonds in connection with which such Credit Facility was issued, and (ii) may be drawn upon demand by the Issuer or the Paying Agent/Registrar to provide funds to pay Debt Service on such Bonds in the event moneys on deposit in the Debt Service Fund are insufficient to make such payment.
Reserve Fund Credit Facility means a letter of credit, line of credit, surety bond, insurance policy or similar facility deposited in a Reserve Fund or Reserve Account in lieu of or in partial substitution for cash or securities on deposit therein. Subordinated Credit Provider
Reserve Fund Credit Facility means a municipal bond insurance policy, surety bond, letter of credit, line of credit, guarantee or other agreement which provides for payment of amounts equal to all or any portion of the Debt Service Reserve Requirement. Resolution shall mean Substitute Resolution No. RS2010-1442, sometimes referred to herein as the “Water and Sewer System Revenue Bond Resolution”, as from time to time amended or supplemented by Supplemental Resolutions in accordance with the terms hereof. Revenues shall mean (a) all revenues, income, rents, service fees and receipts properly allocable to the System resulting from ownership and operation of the System, excluding any customer deposits or other deposits subject to refund, unless such deposits have become property of the Metropolitan Government, (b) the proceeds of any insurance covering business interruption loss relating to the System and (c) interest received or to be received on any moneys or securities held in any of the funds or accounts established by the Prior Resolution or the Resolution, with the exception of (i) moneys held in the Construction Fund or any account thereof and (ii) moneys held in the Debt Service Reserve Fund during any period in which the investment earnings thereon are directed by Supplemental Resolution to the Construction Fund or an account thereof. The computation of Revenues with respect to any period of time hereunder shall be increased by the amount of transfers during such period from the Rate Stabilization Fund to the Revenue Fund
Reserve Fund Credit Facility means an irrevocable and unconditional letter of credit, insurance policy or surety bond, the terms of which have been approved by the City, issued by a bank or other financial institution, which is acceptable to the City, having a long-term credit rating of “A” or better, as determined by S&P which Reserve Fund Credit Facility names the Paying Agent as the beneficiary thereunder; provided, that any such Reserve Fund Credit Facility (other than an insurance policy extending to the maturity date of the Bonds) must (a) be renewable or extendable on an annual basis; (b) have an initial term of not less than three (3) years; (c) provide that the bank or other financial institution providing such Reserve Fund Credit Facility must notify the City and the Paying Agent, no less than thirty (30) days in advance of the expiration of the Reserve Fund Credit Facility of its intention not to renew or extend such Reserve Fund Credit Facility; (d) permit the Paying Agent to make a drawing thereunder to fund the Reserve Fund no later than five (5) Business Days prior to the earlier of (1) the expiration date of such Reserve Fund Credit Facility and (2) the date the proceeds of such drawing will be needed to fund the Reserve Fund.