Surety Bond Coverage definition

Surety Bond Coverage means, for any period set forth on Schedule A attached hereto with respect to the payment of any Deficiency and any Avoided Payment hereunder, (x) the amount shown opposite the period in which the date on which the Demand for Payment of such Deficiency or Avoided Payment is given to Berkshire in accordance with paragraph 8 hereof or deemed given to Berkshire as set forth below in this paragraph (j); minus (y) any amounts (other than amounts that constituted AMBAC Avoided Payments) previously paid hereunder and under the Sublease Surety Bond, the AMBAC Surety Bond and the AMBAC Sublease Surety Bond. The amount described in clause (y) above shall be determined without regard to any amounts previously paid comprising expenses payable under the AMBAC Surety Bond, the AMBAC Sublease Surety Bond, paragraph 12 hereof or under paragraph 12 of the Sublease Surety Bond or interest on amounts not paid by Berkshire when due and payable hereunder as provided in the last sentence of paragraph 1 hereof or the last sentence of paragraph 1 of the Sublease Surety Bond or interest on amounts not paid by AMBAC when due and payable under the AMBAC Surety Bond or the AMBAC Sublease Surety Bond (excluding any interest that could have been avoided under the AMBAC Surety Bond or the AMBAC Sublease Surety Bond had a Demand for Payment or Demand for Avoided Payment been made hereunder or under the Sublease Surety Bond at the earliest date provided for such a Demand for Payment or Demand for Avoided Payment, as the case may be, hereunder or thereunder). With respect to any AMBAC Avoided Payment, the date on which Demand for Payment of such AMBAC Avoided Payment is deemed given to Berkshire for purposes of the first sentence of this paragraph 7(j) shall be the Business Day next following the date on which such AMBAC Avoided Payment was first demanded from AMBAC. With respect to any Deficiency hereunder payable after AMBAC shall have paid the first Surety Bond Payment Amount, the date on which Demand for Payment of such Deficiency is deemed given to Berkshire for purposes of the first sentence of this paragraph 7(j) shall be the Business Day next following the date on which such first Surety Bond Payment Amount was first demanded from AMBAC.
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Surety Bond Coverage means the amount available at any particular time to be paid to the Paying Agent/Registrar under the terms of the Reserve Account Bond, which amount shall not exceed the Reserve Requirement unless increased by subsequent resolution of the Regents after agreement by the provider of the Reserve Account Bond.
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Surety Bond Coverage means the amount available at any particular time to be paid to the Paying Agent under the terms of the Surety Bond, which amount shall never exceed $ .
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Examples of Surety Bond Coverage in a sentence

  • Exhibit C contains a list of all other requests for Surety Bond Coverage through September 30, 2001.

  • Upon the fulfillment of the conditions set forth in the foregoing provisos, Liberty agrees that, at ANC's cost, it will take all reasonable actions and execute all reasonable documentation (including without limitation security agreements, financing statements, UCC filings and amendments to such filings) requested by ANC or such substitute Surety Bond Coverage provider in order to assign all of its security interests to such substitute Surety Bond Coverage provider or terminate its security interests.

  • All other requests for Surety Bond Coverage set forth in Exhibit C remain subject to Liberty's underwriting determination and advice pursuant to Section 4.1(b).

  • The Surety Bond Coverage shall, for any date set forth on the schedule attached hereto as Schedule A, be the amount shown opposite such date reduced by any amounts previously paid hereunder, and for any date not set forth on such Schedule A, the amount shown on such Schedule A opposite the date most recently following such date reduced by any amounts previously paid hereunder.

  • Liberty shall, within five (5) business days of receiving written notice from ANC describing the terms of the requested alternative Surety Bond Coverage and the proposed security, respond in writing to ANC whether it agrees to issue such Surety Bond Coverage on such terms.

  • However, the terms of paragraphs 4.1(c) and (d) and 4.2 hereof shall in all respects apply to such requested Surety Bond Coverage.


More Definitions of Surety Bond Coverage

Surety Bond Coverage refers to (a) the issuance of any surety bond, undertaking, recognizance, instrument of guarantee or other surety obligation, (b) the increase of the penal sum of any such obligation, and (c) the renewal, continuation or replacement of any such obligation in anticipation of, upon, or following its expiration, cancellation or renewal. Use of the word "coverage" does not indicate that suretyship constitutes, or is related to, insurance.
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Surety Bond Coverage has the meaning given that term in the Surety Bond.
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Related to Surety Bond Coverage

  • Surety Bond means a bond from a Bond company with a credit rating by AMBEST better than a “B”. The bonding company shall be certified to issue bonds in a state in which this Agreement is approved.

  • Surety Bonds means surety bonds obtained by the Borrower or any Restricted Subsidiary consistent with market practice and the indemnification or reimbursement obligations of the Borrower or such Restricted Subsidiary in connection therewith.

  • Fraud Coverage During the period prior to the first anniversary of the Cut-Off Date, 2.00% of the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date (the "Initial Fraud Coverage"), reduced by Fraud Losses allocated to the Certificates since the Cut-Off Date; during the period from the first anniversary of the Cut-Off Date to (but not including) the fifth anniversary of the Cut-Off Date, the amount of the Fraud Coverage on the most recent previous anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) reduced by Fraud Losses allocated to the Certificates since such anniversary; and during the period on and after the fifth anniversary of the Cut-Off Date, zero. On each anniversary of the Cut-Off Date, the Fraud Coverage shall be reduced to the lesser of (i) on the first, second, third and fourth anniversaries of the Cut-Off Date, 1.00% of the aggregate principal balance of the Mortgage Loans as of the Due Date in the preceding month and (ii) the excess of the Initial Fraud Coverage over cumulative Fraud Losses allocated to the Certificates since the Cut-Off Date. The Fraud Coverage may be reduced upon written confirmation from the Rating Agencies that such reduction will not adversely affect the then current ratings assigned to the Certificates by the Rating Agencies.

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

  • Insurance Policy With respect to any Mortgage Loan included in the Trust Fund, any insurance policy, including all riders and endorsements thereto in effect, including any replacement policy or policies for any Insurance Policies.