Reserve Fund Surety Policy definition

Reserve Fund Surety Policy means any reserve fund surety policy or bond, letter of credit or other instrument, however denominated, provided by a qualifying financial institution as described in the following sentence, pursuant to which the Trustee or Paying Agent may draw on such Reserve Fund Surety Policy to enable the Reserve Fund to make a required transfer to the Interest and Sinking Fund. Reserve Fund Surety Policies may only be acquired from a financial institution with a long term credit rating in one of the two highest generic rating categories from at least two nationally recognized rating services and having a credit rating or claims paying ability such that the purchase of such surety policy will not cause any rating agency then rating any Senior Lien Obligations to withdraw or lower its rating.

Reserve Fund Surety Policy means an (i) insurance policy or a (ii) Credit Agreement, in a principal amount equal to the portion of the Reserve Requirement(s) to be satisfied; and issued by a financial institution or insurance company with a rating, at the time of issuance of the applicable Bonds, for its long term unsecured debt or claims paying ability in one of the two highest letter categories by at least one major municipal securities evaluation sources.

Reserve Fund Surety Policy means an insurance policy or surety bond, or a letter of credit, or any similar credit facility deposited with the Trustee for the credit of the Reserve Fund in lieu of or partial substitution for cash or securities on deposit therein. The entity providing such Reserve Fund Surety Policy shall be rated, at the time such instrument is provided, in one of the two highest rating categories by a nationally recognized rating agency.

Examples of Reserve Fund Surety Policy in a sentence

• As and to the extent that payments are made to the Series 2017 Surety Provider on account of principal due, the coverage under the Series 2017 Reserve Fund Surety Policy will be increased by a like amount, subject to the terms of the Series 2017 Reserve Fund Surety Policy.

• As of the date of delivery of the Series 2017 Subordinate Lien Bonds, the Series 2017 Reserve Fund Surety Policy with a policy limit equal to the Reserve Requirement is being issued by the Series 2017 Surety Provider to fund such Reserve Requirement and will be held by the Trustee for the credit of the Series 2017 Debt Service Reserve Account.

• The Series 2017 Reserve Fund Surety Policy issued by the Series 2017 Surety Provider in accordance with Article IX hereof is being deposited with the Trustee to the credit of such account to satisfy the Reserve Requirement for the Series 2017 Subordinate Lien Bonds.

• Primary research finding: Food habits of white perch were similar among the two populations, suggesting that changes in population status (e.g., shifting a population from a stunted state to a non-stunted state) would not change the food consumed by white perch.

• From the Trust Estate and subject to the terms of the Indenture, the Authority shall repay (or cause the Trustee to repay) any draws under the Series 2017 Reserve Fund Surety Policy and pay all related reasonable expenses incurred by the Series 2017 Surety Provider and shall pay interest thereon from the date of payment by the Series 2017 Surety Provider at the Late Payment Rate.

• Whenever the amount in the Reserve Fund exceeds the Reserve Fund Requirement and all reimbursement and repayment obligations pursuant to any Reserve Fund Surety Policy have been satisfied, the Authority may direct the Trustee to transfer such excess to the Interest and Sinking Fund or to any other Fund hereunder.

• All cash and investments in the Series 2017 Debt Service Reserve Account shall be transferred to the Subordinate Lien Debt Service Fund for payment of debt service on Series 2017 Subordinate Lien Bonds before any drawing may be made on the Series 2017 Reserve Fund Surety Policy or any other Credit Agreement credited to the Series 2017 Debt Service Reserve Account in lieu of cash.

• Amounts drawn under the Series 2017 Reserve Fund Surety Policy shall be available only for the payment of scheduled principal and interest on the Series 2017 Subordinate Lien Bonds when due.

• The Trustee is required to ascertain the necessity for a claim upon the Series 2017 Reserve Fund Surety Policy in accordance with the provisions of subparagraph (b) above and to provide notice to the Series 2017 Surety Provider in accordance with the terms of the Series 2017 Reserve Fund Surety Policy at least five business days prior to each date upon which interest or principal is due on the Series 2017 Subordinate Lien Bonds.

• Both contentions are incorrect.1. The Canadian Softwood Lumber settlement opinion does not bless the use of SEPs.The claim that OLC has approved SEPs (at least in a publicly available opin- ion) is simply not true.

More Definitions of Reserve Fund Surety Policy

Reserve Fund Surety Policy means an insurance policy or other credit agreement as provided inSection 4.6 of this Ordinance.

Reserve Fund Surety Policy means a surety bond, insurance policy, letter of credit, or other similar instrument issued by a financial institution, provided that the claims paying ability of such issuer is rated in one of the highest category of ratings by Standard & Poor’s, a division of the McGraw Hill Companies, Inc., and Moody’s Investors Service, Inc.

Reserve Fund Surety Policy means any surety bond or insurance policy issued to the Corporation to satisfy any part of the Reserve Fund Requirement as provided in Section 8.05 hereof.

Reserve Fund Surety Policy or “Reserve Policy” means the Reserve Fund Surety Policy issued by the Bond Insurer in the amount of $ and deposited in the Reserve Fund.]

Reserve Fund Surety Policy means an insurance policy or credit agreement with the characteristics described in Section 8.05(b) of this Resolution.