Reserve Fund Insurance Policy definition

Reserve Fund Insurance Policy means any insurance policy, surety bond, irrevocable letter of credit or similar instrument deposited in or credited to the Reserve Fund in lieu of or in partial substitution for moneys on deposit therein.

Reserve Fund Insurance Policy means the Municipal Bond Debt Service Reserve Insurance Policy, and any endorsement thereto, issued by the Reserve Insurer, under which claims may be made in order to provide moneys in the Reserve Fund available for the purposes thereof.

Reserve Fund Insurance Policy means any policy of insurance, surety bond, letter of credit or other financial instrument issued to the Town, the proceeds of which shall be used to prevent deficiencies in the payment of the principal of or interest on the Bonds resulting from insufficient amounts being on deposit in the Bond Fund to make the payment of principal of and interest on the Bonds as the same become due. Each policy shall be written by a bank, insurance company or any financial institution experienced in insuring or guaranteeing municipal bonds whose policies of insurance, surety bond, letter of credit or other financial instrument would not adversely affect the rating of the Bonds by Moody’s and/or Standard & Poor’s to the extent that the Bonds are to be so rated and provided that at the time of the issuance of such policy such bank, insurance company or any financial institution shall have received the highest policy claims rating accorded insurers by the A.M. Best Company or any comparable service, if applicable to the provider of the Reserve Fund Insurance Policy, and either of the two highest Rating Categories of Moody’s and Standard & Poor’s to the extent that each rating agency provides such a rating and is then rating the Bonds.

Examples of Reserve Fund Insurance Policy in a sentence

• The Town may in part, or in whole, replace amounts in the Reserve Fund with a Reserve Fund Insurance Policy if the Town receives written consent of the Bond Insurer prior to such replacement.

• As security for the Issuer’s repayment obligations with respect to the Reserve Fund Insurance Policy, the Reserve Insurer shall be additionally secured by the pledge of the Net Revenues of the Tax, subordinate only to the Bondholders except as provided herein.

• Payment procedures pursuant to the Reserve Fund Insurance Policy are set forth in Reserve Fund Insurance Policy and Reimbursement Agreement attached hereto as Exhibit F, which is hereby approved and accepted by the Issuer.

• No payment need be made into the Reserve Fund so long as the moneys or the Reserve Fund Insurance Policy therein shall equal not less than the Reserve Requirement.

• Amounts on deposit in the Income Fund, after making the deposits into the Bond Fund and the debt service funds for additional Parity Bonds required by Paragraphs B and H of this Section, may also be used by the Town pursuant to this Paragraph F to make deposits into the Reserve Fund if required to meet the Reserve Requirement or to pay the annual premiums, reimbursement or other costs required by or associated with any Reserve Fund Insurance Policy.

More Definitions of Reserve Fund Insurance Policy

Reserve Fund Insurance Policy means any credit instrument deposited in or credited to the Reserve Fund as provided in Section 606 hereof in lieu of or in partial substitution for cash or Permitted Investments on deposit in the Reserve Fund; provided that any such substitutions shall be submitted to Moody’s, if the Bonds are then rated by Moody’s, and S&P, if the Bonds are then rated by S&P, and shall not cause the then- current ratings on the Bonds to be adversely affected.

Reserve Fund Insurance Policy means an insurance policy or surety bond deposited in the Reserve Fund in lieu of or in substitution for cash on deposit therein pursuant to Section 19(B)(2) hereof.

Reserve Fund Insurance Policy means an insurance policy or surety bond procured by the Agency from an insurance issuer which at the time of issuance of such policy is assigned the highest policy holder rating by A.M. Best & Co. or any comparable service and which insurer is of sufficient credit quality to entitle debt backed by such insurance policy or bonds to be rated in the top two rating categories by Moody’s Investors Service, Inc., or its successor, and Standard & Poor’s Corporation, or its successor, so long as either or both, as applicable, of such firms are providing such ratings at such time, and used to guarantee the timely payment of principal or interest on Outstanding Bonds in a stated amount subject only to notification that there are insufficient funds therefor.

Reserve Fund Insurance Policy means an insurance policy deposited in the Debt Service Reserve Fund in full or partial satisfaction for amounts required to be deposited therein which insurance policy shall be payable (upon the giving of notice as required thereunder) on any interest payment or Principal Installment due date on which a deficiency in the Debt Service Fund exists which cannot be cured by funds in any other Fund or Account in accordance with the Resolution; provided, that the use of the Reserve Fund insurance Policy shall not result, at the time of delivery of the Reserve Fund Insurance Policy, in a reduction in the rating of any Bonds Outstanding.

Reserve Fund Insurance Policy means an insurance policy or surety bond

Reserve Fund Insurance Policy means an insurance policy or surety bond deposited in the Reserve Fund in lieu of or in substitution for cash on deposit therein pursuant to Section 3.03(B)(3) hereof, if the claims paying ability of the company issuing such policy is rated, at the time of deposit, in one of the three highest rating categories of either Moody’s, S&P or Fitch, without regard to gradation.

Reserve Fund Insurance Policy means an insurance policy or surety bond provided by a bond insurer, or a letter of credit, deposited in the Reserve Fund or such other Debt Service Reserve Fund in lieu of or partial substitution for cash or securities on deposit therein. The entity providing such Reserve Fund Insurance Policy for deposit (a) in the Reserve Fund shall be rated in one of the two highest Rating Categories by Moody’s and S&P both Moody’s and S&P and (b) in another Debt Service Reserve Fund shall satisfy the ratings requirements set forth in the Supplemental Agreement pursuant to which such Debt Service Reserve Fund was created.