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.
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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.
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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.]
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Examples of Reserve Fund Surety Policy in a sentence

  • The premium for any Reserve Fund Surety Policy shall be paid from bond proceeds or other funds of the Authority lawfully available for such purpose.

  • 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.

  • Pursuant to a Resolution of the corporation’s Board of Directors taken on, a certified copy of which is hereto attached,, who is the of the corporation, is authorized to sign this Bidder’s Proposal, the Contract and all documents related thereto.

  • A Supplemental Indenture may permit the Reserve Requirement for the particular Series of Senior Lien Parity Bonds it authorizes to be satisfied by the (i) use of a Reserve Fund Surety Policy, (ii) a cash deposit or (iii) a combination of both a Reserve Fund Surety Policy and cash deposit.

  • Any Reserve Fund Surety Policy shall be authorized by resolution.

  • 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 2005A.

  • 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.

  • If the Trustee determines that the amount credited to the Debt Service Reserve Fund is at least equal to the Debt Service Reserve Fund Requirement and that there is no then-outstanding reimbursement obligation to the provider of a Debt Service Reserve Fund Surety Policy, no further deposits shall be required to be made.

  • Any Authorized Representative of the Authority is hereby authorized to execute and deliver the Insurance Agreement and all documents, instruments or agreements that may be necessary in connection with completing the arrangements for the purchase of the Series 2017 Reserve Fund Surety Policy for the Series 2017 Subordinate Lien Bonds.


More Definitions of Reserve Fund Surety Policy

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.
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Reserve Fund Surety Policy means an insurance policy or credit agreement with the characteristics described in Section 8.05(b) of this Resolution.
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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.
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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.
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Reserve Fund Surety Policy means an insurance policy or other credit agreement as provided inSection 4.6 of this Ordinance.
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Related to Reserve Fund Surety Policy

  • Reserve Fund Deposit With respect to the Reserve Fund, an amount equal to $5,000, which the Depositor shall initially deposit into the Reserve Fund pursuant to Section 3.21 hereof.

  • Required Reserve Fund Deposit With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Aggregate Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date; provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of Offered Certificates, the Class B1 Certificates and the Class B2 Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.

  • Bond Insurance Policy means the municipal bond insurance policy, if any, issued by the Bond Insurer that guarantees payment of principal of and interest on the Bonds and constitutes a Bond Facility under the Indenture.

  • Mortgage Impairment Insurance Policy A mortgage impairment or blanket hazard insurance policy as described in Section 4.11.

  • Insurance Proceeds Account has the meaning given to such term in the Accounts Agreement.

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Required Surety Payment With respect to any Additional Collateral Loan that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion of the Realized Loss with respect to such Mortgage Loan and (ii) the excess, if any, of (a) the amount of Additional Collateral required at origination with respect to such Mortgage Loan over (b) the net proceeds realized by the Subservicer from the related Additional Collateral.

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Certificate Insurance Policy The Financial Guaranty Insurance Policy No. CA01172A, and all endorsements thereto dated the Closing Date, issued by the Certificate Insurer for the benefit of the Class AF-3 Certificateholders.

  • Standard Hazard Insurance Policy means a fire and casualty extended coverage insurance policy in such amount and with such coverage as required by this Agreement.

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Trustee pursuant to Sections 3.07(b) and 3.07(c) in the name of the Trustee for the benefit of the Regular Certificateholders and designated "Deutsche Bank, National Trust Company in trust for registered Holders of Morgan Stanley ABS Capital I Inc. Trust 2006-HE3, Mortgage Pass-Through Xxxxxfxxxxxx, Series 2006-HE3." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.

  • Hazard Insurance Policy means, with respect to each Contract, the policy of fire and extended coverage insurance (and federal flood insurance, if the Manufactured Home is secured by an FHA/VA Contract and such Manufactured Home is located in a federally designated special flood area) required to be maintained for the related Manufactured Home, as provided in Section 5.09, and which, as provided in said Section 5.09, may be a blanket mortgage impairment policy maintained by the Servicer in accordance with the terms and conditions of said Section 5.09.

  • Reserve Fund Initial Deposit means the initial deposit of cash in the amount of $3,846,153.85 made by or on behalf of the Seller into the Reserve Fund on the Closing Date.

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

  • Insurance Account shall have the meaning set forth in Section 8.6 hereof.

  • Required Insurance Policy With respect to any Mortgage Loan, any insurance policy that is required to be maintained from time to time under this Agreement.

  • Blanket insurance policy means a group policy covering a defined class of

  • Reserve Account Funding Date means the Distribution Date which occurs not later than the earliest of (a) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the Controlled Accumulation Period, (b) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the May 2023 Monthly Period or any Monthly Period thereafter is less than 2%, the Distribution Date with respect to such Monthly Period, (c) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the November 2023 Monthly Period or any Monthly Period thereafter is less than 3%, the Distribution Date with respect to such Monthly Period and (d) such earlier Distribution Date as the Transferor may determine by written notice to the Trustee and the Servicer. For this purpose, the “Excess Spread Percentage” for any Monthly Period shall be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period.

  • Reserve Fund Required Amount means, (i) for any Payment Date on which the Note Balance is greater than $0, $4,792,570.75 (i.e., 0.25% of the Cutoff Date Adjusted Pool Balance) or (ii) if the Notes have been paid in full, $0.

  • insurance agent means, subject to subsection (2), any person who for any compensation and through any medium does one or more of the following:

  • Reimbursement insurance policy means a policy of insurance

  • Reserve Fund Property means, the Reserve Fund Initial Deposit and all proceeds thereof and all other amounts deposited in or credited to the Reserve Fund from time to time under this Agreement, all Eligible Investments made with amounts on deposit therein, all earnings and distributions thereon and proceeds thereof.

  • Special Primary Insurance Policy Any Primary Insurance Policy covering a Mortgage Loan the premium of which is payable by the Trustee pursuant to Section 4.04(a), if so identified in the Mortgage Loan Schedule. There are no Special Primary Insurance Policies with respect to any of the Mortgage Loans.

  • Primary Mortgage Insurance Policy Any primary mortgage guaranty insurance policy issued in connection with a Mortgage Loan which provides compensation to a Mortgage Note holder in the event of default by the obligor under such Mortgage Note or the related Security Instrument, if any or any replacement policy therefor through the related Interest Accrual Period for such Class relating to a Distribution Date.

  • Mortgage guaranty insurance means surety insurance under which a mortgagee or other creditor is indemnified against losses caused by the default of a debtor.

  • R&W Insurance Policy has the meaning set forth in Section 6.15.