Underlying Bonds definition

Underlying Bonds means the Primary Bond and all other insurancecoverage referred to in ITEM 7. of the DECLARATIONS.Excess Bond (7-92) Form 17-02-0842 (Ed. 7-92) Page 2 of 5 Conditions And Limitations (continued) Limit Of Liability 2 . The COMPANY’S total cumulative liability for all Single Losses of all ASSUREDSdiscovered during the BOND PERIOD shall not exceed the AGGREGATE LIMITOF LIABILITY as stated in ITEM 2. of the DECLARATIONS. Each payment madeAggregate Limit Of under the terms of this bond shall reduce the unpaid portion of the AGGREGATELiability LIMIT OF LIABILITY until it is exhausted.On exhausting the AGGREGATE LIMIT OF LIABILITY by such payments:a. the COMPANY shall have no further liability for loss or losses regardless ofwhen discovered and whether or not previously reported to the COMPANY,andb. the COMPANY shall have no obligation under General Agreement C. tocontinue the defense of the ASSURED, and on notice by the COMPANY tothe ASSURED that the AGGREGATE LIMIT OF LIABILITY has beenexhausted, the ASSURED shall assume all responsibility for its defense at itsown cost.The unpaid portion of the AGGREGATE LIMIT OF LIABILITY shall not be increased orreinstated by any recovery made and applied in accordance with Section 4. In the eventthat a loss of property is settled by indemnity in lieu of payment, then such loss shall notreduce the unpaid portion of the AGGREGATE LIMIT OF LIABILITY.Single Loss Limit Of The COMPANY’S liability for each Single Loss shall not exceed the SINGLE LOSSLiability LIMIT OF LIABILITY as stated in ITEM 3. of the DECLARATIONS or the unpaid portionof the AGGREGATE LIMIT OF LIABILITY, whichever is less.

Underlying Bonds means the Primary Bond and all other insurance coverage referred to in ITEM 7. of the DECLARATIONS. Excess Bond (7-92) Form 17-02-0842 (Ed. 7-92) Page 2 of 5 Conditions And Limitations(continued)Limit Of LiabilityAggregate Limit Of LiabilitySingle Loss Limit Of Liability

Underlying Bonds means R2035s government bonds issued by the Republic of South Africa (ISIN Code: ZAG000125972) with an aggregate nominal amount equal to ZAR75,000,000.

Examples of Underlying Bonds in a sentence

• General Portfolio It is anticipated that the General Portfolio will be comprised primarily of Underlying Bonds.

• Further, the holders of the Underlying Bonds (including the Issuer) will not be entitled at any time to petition or take any other step for the winding-up of, or the appointment of an examiner to, the Underlying Bond Issuer.

• No person other than the Underlying Bond Issuer will be obliged to make payments on the Underlying Bonds.

• Consequently, the Issuer is exposed to the ability of the issuer of the Underlying Bonds (the Underlying Bond Issuer) to perform its payment obligations under the Underlying Bonds.

• The Underlying Bond Issuer is a special purpose company established, inter alia, for the purpose of issuing the Underlying Bonds and acquiring and holding the collateral on which the Underlying Bonds are secured (the “Underlying Collateral”).

• Any shortfall on realisation of the security over the Underlying Collateral shall be borne by the holders of the Underlying Bonds (including the Issuer).

• The holders of the Underlying Bonds (including the Issuer) shall have no recourse to the Underlying Bond Issuer beyond the moneys derived by or on behalf of the Underlying Bond Issuer in respect of the Underlying Collateral.

• The Underlying Bonds will be limited recourse obligations of the Underlying Bond Issuer secured on a portfolio of assets held by the Underlying Bond Issuer and will not be obligations or responsibilities of, or guaranteed by, any other person or entity.

• The CREST Depository will pass on to CDI Holders any interest or other amounts received by it as holder of the Underlying Bonds on trust for such CDI Holder.

• Interests in the Bonds may also be held through CREST through the issuance of CDIs representing the Underlying Bonds.

More Definitions of Underlying Bonds

Underlying Bonds means an Underlying Asset which is a bond;

Underlying Bonds means the eligible bonds out of which Eligible Instruments are created. The list of eligible Underlying Bonds is available at http://www.bondbloX.com.

Underlying Bonds means the portion of the bonds underlying the Portfolio Assets as set forth on Schedule I.

Underlying Bonds means with respect to any BCE Reference Obligation, the fixed rate or variable rate, tax- exempt or taxable, municipal bonds or notes issued by a governmental agency or entity for which Freddie Mac provides credit enhancement pursuant to the related credit enhancement agreement entered into by Freddie Mac and the related trustee or custodian for such bonds under the TAH BCE Program, as further described under “The Reference Obligations—BCE Reference Obligations” in the Preliminary PPM.