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 for 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
If the Enterprise determines that it will not obtain a Reserve Fund Insurance Policy, all references herein to a Reserve Fund Insurance Policy and a Surety Provider shall be of no force and effect.
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.
The Issuer’s repayment of any draws under the Reserve Fund Insurance Policy and related reasonable expenses incurred by the Reserve Insurer shall be in accordance with the terms of the Reimbursement Agreement.
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.
The President or the Treasurer are hereby independently authorized to determine if obtaining a Reserve Fund Insurance Policy for all or a portion of the Bonds is in the best interests of the Enterprise, and if so, to select a Surety Provider to issue a Reserve Fund Insurance Policy and execute any related documents or agreements required by such commitment.
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 any insurance policy, surety bond or letter of credit deposited in or credited to the Debt Service Reserve Account as provided in the Pricing Certificate in lieu of or in partial substitution for cash or allowable investments on deposit in the Debt Service Reserve Account.
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, issued by an entity having a rating at the time such policy is deposited in or credited to a reserve fund for Securities payable from all or a portion of the Sales Tax Revenues in the highest Rating Category and, if such entity is rated by A.M. Best & Company, having a rating in A.M. Best & Company's highest Rating Category.
Reserve Fund Insurance Policy means an insurance policy provided by a bond insurer or a letter of credit, deposited in the Reserve Fund or such other Debt Service Reserve
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.