Reserve Fund Surety definition

Reserve Fund Surety means a surety bond, insurance policy, letter of credit or similar arrangement representing the irrevocable obligation of the issuer thereof to pay to or at the direction of the Local Borrower an amount up to the Reserve Requirement as set forth in Exhibit A.

Reserve Fund Surety means a surety bond, insurance policy, letter of credit or similar arrangement representing the irrevocable obligation of the issuer thereof (which issuer shall meet the criteria described below) to pay to or at the direction of the Trustee an amount up to the Reserve Requirement. Any reimbursement or similar obligation incurred by the Company in connection with a Reserve Fund Surety shall be subordinate to the obligation of the Company to make Loan Repayments under this Agreement. The issuer of any Reserve Fund Surety shall be rated at least “AA” by Standard & Poor’s Group or “Aa” by Xxxxx’x Investors Service at the time of such deposit, and upon notice of any downgrade of any such rating to the Company, the Company shall either fund the Reserve Requirement with cash in a Reserve Fund or substitute a new Reserve Fund Surety meeting the above rating requirements.

Reserve Fund Surety means any surety bond or debt service reserve policy as may be set forth in the Bond Purchase Agreement.

Examples of Reserve Fund Surety in a sentence

• The bonds will be secured by the Project’s mortgage and the Debt Service Reserve Fund Surety Bond which, in turn, will, if approved, benefit from the Guarantee Program’s enhancement.

• The Issuer may substitute for some or all of the cash deposit required to be maintained in the Reserve Fund for a Reserve Fund Surety Bond upon receipt of a Rating Confirmation with respect to such substitution.

• Any such Reserve Fund Surety Bond shall be delivered to the Indenture Trustee who shall draw upon the Reserve Fund Surety Bond in accordance with its terms and in the manner provided in a Supplemental Indenture.

• Notwithstanding any of the foregoing, amounts available under any Reserve Fund Surety Bond shall not be used to make any payments with respect to any Derivative Product.

• The face amount of the Reserve Fund Surety Bond, together with amounts on deposit in the Debt Service Reserve Account, including the face amount of any other Reserve Fund Surety Bond, shall be at least equal to the Reserve Account Requirement.

• If a disbursement is made from the Debt Service Reserve Account to pay maturing principal or interest on the Bonds, only such amount as may at the time be drawn under any Reserve Fund Surety Bond then credited to the Debt Service Reserve Account shall be included in computing the amounts credited to the Debt Service Reserve Account.

• The Fund purchased a Municipal Debt Service Reserve Fund Surety Policy concurrently with the issuance of the Airport System Subordinate Lien Revenue Refunding Bonds Series 2007B.

• After such payments have been made, the Regents shall cause to be paid to the provider of the Superior Lien Parity Bonds Reserve Fund Surety Bond all unpaid moneys owed by the Regents corresponding to the amount of proceeds paid under the Superior Lien Parity Bonds Reserve Fund Surety Bond to restore the Superior Lien Parity Bonds Reserve Fund to the reserve requirement applicable to Superior Lien Parity Bonds.

• The President of the Governing Board and the Executive Officer of the Authority are each hereby authorized and directed to take such actions as are necessary or appropriate to obtain the Reserve Fund Surety, and to execute any documents or agreements necessary in connection therewith, including a financial guaranty agreement or insurance agreement.

• The following provisions shall apply to the Series 2017 Reserve Fund Surety Policy issued by the Series 2017 Surety Provider, but only for so long as the Series 2017 Reserve Fund Surety Policy is in effect with respect to the Series 2017 Subordinate Lien Bonds.