Reserve Product Provider definition

Reserve Product Provider means a bond insurance provider or a bank or other financial institution providing a Reserve Product, whose bond insurance policies insuring, or whose letters of credit, surety bonds or other credit facilities securing, the payment, when due, or the principal of and interest on bond issues by public entities, at the time such Reserve Product is obtained, result in such issues being rated in one of the two highest full rating categories by each of the Rating Agencies; provided, however, that nothing herein shall require the Issuer to obtain a rating on any Bonds issued under the Bond Ordinance.

Reserve Product Provider means a bond insurance provider or a bank or other financial institution providing a Reserve Product, result in such issues being rated in one of the two highest full rating categories by a Rating Agency; provided, however, that nothing herein shall require the Issuer to obtain a rating on any Bonds issued under the Bond Ordinance.

Reserve Product Provider means a reputable and nationally recognized bond insurance provider or a bank or other financial institution providing a Reserve Product, whose bond insurance policies insuring, or whose letters of credit, surety bonds or other credit facilities securing, the payment, when due, of the principal of and interest on bond issues by public entities results in such issues (as of the delivery date of the Reserve Product) being rated in one of the three highest rating categories by any Rating Agency.

Examples of Reserve Product Provider in a sentence

• Notwithstanding anything herein to the contrary, the Issuer shall not be required to fully fund the Reserve Account at the time of issuance of Bonds, if it provides on the date of issuance of the Bonds, in lieu of such funds, a Reserve Product issued by a Reserve Product Provider in an amount equal to the difference between the Reserve Requirement and the sums then on deposit in the Reserve Account available for such series of Bonds.

• For purposes of this Section, amounts necessary to satisfy such Reimbursement Obligations of the Issuer to the Reserve Product Provider shall be deemed to be required deposits to the Reserve Fund, but shall be applied to satisfy the Reimbursement Obligations to the Reserve Product Provider.

• This model will be used in establishing the relationship, significance of variables and for prediction.

• After making any required payments necessary to fund the required annual payments necessary to fund the Reserve Fund Requirements, moneys in the Sales Tax Fund shall next be used to replace payments made from Reserve Fund accounts to cure Sinking Fund deficiencies and for the payment of interest owed to any Reserve Product Provider drawn upon to make payment to the Sinking Fund.

More Definitions of Reserve Product Provider

Reserve Product Provider means a nationally recognized bond insurance provider or a bank or other financial institution providing a Reserve Product, and meeting any other requirements imposed pursuant to a Supplemental Resolution pursuant to which the Series of Bonds to be insured by such Reserve Product is authorized.

Reserve Product Provider means a nationally recognized bond insurance provider or a bank or other financial institution providing a Reserve Product, who at the time of issuing such Reserve Product satisfies the criteria set forth under Sections 5.06(H) and 5.06(I) hereof.

Reserve Product Provider means a bond insurance provider or a bank or other financial institution providing a Reserve Product, whose bond insurance policies insuring, or whose letters of credit, surety bonds or other credit facilities securing, the payment, when due, of the principal of, premium, if any, and interest on bond issues by public entities, at the time such Reserve Product is obtained, result in such issues being rated in one of the two highest full rating

Reserve Product Provider means a bond insurance provider or a bank or other