Examples of Reserve Insurer in a sentence
Nothing herein contained shall be construed to prevent the Issuer from altering, amending or repealing from time to time as may be necessary this Bond Ordinance or any subsequent Bond Ordinance providing with respect to the Tax, said alterations, amendments or repeals to be conditioned upon the continued preservation of the rights of the Owners and the provider of each Reserve Insurer with respect to the Net Revenues of the Tax.
The Issuer does hereby obligate itself and is bound under the terms and provisions of law to levy, impose, enforce and collect the Tax and to provide for all reasonable and necessary rules, regulations, procedures and penalties in connection therewith, including the proper application of the proceeds of the Tax, until all of the Bonds and the Outstanding Parity Bonds have been retired as to both principal and interest and all obligations to the provider of any Reserve Insurer have been paid.
The Issuer does herebyobligate itself and is bound under the terms and provisions of law to levy, impose, enforce and collect the Tax and to provide for all reasonable and necessary rules, regulations, procedures and penalties in connection therewith, including the proper application of the proceeds of the Tax, until all of the Bonds and the Outstanding Parity Bonds have been retired as to both principal and interest and all obligations to the provider of any Reserve Insurer have been paid.
The obligation of the Issuer to reimburse any Reserve Insurer shall enjoy the same priority as the obligation to replenish the Reserve Fund cash or investments.
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.