Reserve Surety definition

Reserve Surety shall have the meaning set forth in Section 5.5(g) hereof.
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Reserve Surety means, in lieu of cash and investments, any bond insurance, collateral, security, letter of credit, guaranty, surety bond or similar credit enhancement device providing for or securing the payment of all or part of the principal of and interest on Parity Bonds, issued by an institution which has been assigned a credit rating at the time that such Reserve Security is provided, in the two highest rating categories without regard to gradations within those categories (i.e., AAA or AA).
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Reserve Surety has the meaning given that term in the Authority Indenture.
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Examples of Reserve Surety in a sentence

  • Total Bond Reserve Fund$0.00Bond Reserve Cash $0.00Bond Reserve Surety Bond$0.00C.

  • Total Bond Reserve Fund$7,214,000.00Bond Reserve Cash $0.00Bond Reserve Surety Bond$7,214,000.00C.

  • The Notice or the Demand for Payment shall specify the total amount of the Insured Payment or Surety Bond Payment, as the case may be, to be paid on the applicable Payment Date, and shall constitute a claim for a Surety Bond Payment or an Insured Payment, as the case may be, pursuant to the Debt Service Reserve Surety Bond or the Note Insurance Policy, respectively.

  • For the purpose of funding the second sub-account of the Reserve Account, the Trust shall deliver the Debt Service Reserve Surety Bond to the Note Paying Agent.

  • The Reserve Requirement shall be deemed satisfied by any combination of Parity Bond proceeds, Reserve Surety or other legally available money equal to the Reserve Requirement, or by the deposit of available funds of the City in approximately equal annual installments so that the Reserve Requirement is funded no later than three years after the issuance of any Future Parity Bonds that are secured by the Reserve Account.

  • Total Bond Reserve Fund$14,777,899.26Bond Reserve Cash $0.00Bond Reserve Surety Bond$14,777,899.26C.

  • Any right conferred to the Note Insurer hereunder shall be suspended during any period in which the Note Insurer is in default in its payment obligations under the Debt Service Reserve Surety Bond or the Note Insurance Policy.

  • For purposes of this Agreement, when the Note Paying Agent is entitled to draw on the second sub-account of the Reserve Account, the Note Paying Agent shall draw on the Debt Service Reserve Surety Bond in the manner provided in Section 4.9 of this Agreement.

  • Sturtevant has then shown how the two-player and the zero-sum assumptions could be alleviated [147, 148].

  • The Note Paying Agent shall serve as Insurance Paying Agent hereunder for so long as the Debt Service Reserve Surety Bond or the Note Insurance Policy shall remain in effect; provided, however, that the Insurance Paying Agent may be located in another jurisdiction with the written consent of the Note Insurer.

Related to Reserve Surety

  • Reserve Sub-zone means any of those geographic areas wholly contained within a Reserve Zone, consisting of a combination of a portion of one or more Control Zone(s) as designated by the Office of the Interconnection in the PJM Manuals, relevant to provision of, and requirements for, reserve service.

  • Reserve Zone means any of those geographic areas consisting of a combination of one or more Control Zone(s), as designated by the Office of the Interconnection in the PJM Manuals, relevant to provision of, and requirements for, reserve service.

  • Staff Governor means an employee of the Academy Trust who may be appointed as a Governor pursuant to Article 50A;

  • Federal Reserve Board means the Board of Governors of the Federal Reserve System.

  • Board of Governors means the Board of Governors of the Federal Reserve System of the United States of America.

  • Reserve Draw Amount shall have the meaning specified in subsection 4.12(c).

  • Capital Reserve Fund means the reserve fund created and established by the Authority in

  • Regulated Insurance Company means any Subsidiary of the Borrower, whether now owned or hereafter acquired, that is authorized or admitted to carry on or transact Insurance Business in any jurisdiction and is regulated by any Applicable Insurance Regulatory Authority.

  • Required Accumulation Reserve sub-Account Amount means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2024-1) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change.

  • Replacement Reserve Agreement means a Replacement Reserve and Security Agreement, reasonably required by the Lender, and completed in accordance with the requirements of the DUS Guide.

  • Primary Reserve Alert means a notification from PJM to alert Members of an anticipated shortage of Operating Reserve capacity for a future critical period.

  • Federal Reserve Act means the Federal Reserve Act, as amended.

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

  • the Parent Governors means the Governors appointed pursuant to Articles 53 to 58 inclusive;

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • Basis Risk Reserve Fund A fund created as part of the Trust Fund pursuant to Section 5.06 of this Agreement but which is not an asset of any of the REMICs.

  • regulated financial institution means a state or nationally chartered bank, savings and loan association or savings bank, credit union, trust company, or other state or federally chartered lending institution or a regulated affiliate or regulated subsidiary of any of these entities.

  • Council of Governors means the council of governors of the corporation; “declaration of identity” has the meaning set out in rule 21.1;

  • Federal Reserve means the Board of Governors of the Federal Reserve System.

  • 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.

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.

  • Capital Reserve means for any period and with respect to a Property (other than any Projects Under Development), an amount equal to the product of (i) the gross leaseable area contained in such Property (in square feet), multiplied by (ii) $0.30 per annum.

  • Regulated Bank means an Approved Commercial Bank that is (i) a U.S. depository institution the deposits of which are insured by the Federal Deposit Insurance Corporation; (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913; (iii) a branch, agency or commercial lending company of a foreign bank operating pursuant to approval by and under the supervision of the Board of Governors under 12 CFR part 211; (iv) a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to in clause (iii); or (v) any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory authority in any jurisdiction.

  • EEA Financial Institution means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

  • Federal Reserve Bank means the Federal Reserve Bank of the United States of America.

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).