Reserve Account Credit Facility means a surety bond, an insurance policy, a letter of credit or other credit facility with respect to any Series of Senior Bonds which meets the requirements of Section 514.
Reserve Account Credit Facility means any letter of credit, insurance policy, line of credit, surety bond, or similar obligation, arrangement or instrument issued by a bank, insurance company, or other financial institution, together with any substitute or replacement therefor, if any, complying with the provisions of the Resolution, thereby fulfilling all or a portion of a Debt Service Reserve Requirement, if any.
Reserve Account Credit Facility means a surety bond, insurance policy, letter of credit, line of credit or other Credit Facility satisfying the requirements set forth in Section 518 of the Resolution.
Examples of Reserve Account Credit Facility in a sentence
Such Reserve Account Credit Facility shall then be deposited into the Debt Service Reserve Account in accordance with Section 12.03 of the Trust Agreement.
It is hereby found and determined that the Municipal Bond Debt Service Reserve Insurance Policy constitutes a Reserve Account Credit Facility, as required by the Trust Agreement, and complies with the requirements for a surety bond set forth in the Commission’s Request for Proposals for a surety bond in lieu of the Debt Service Reserve Requirement.
The Chairman and Executive Director are authorized to determined whether to deposit cash or purchase a Reserve Account Credit Facility in accordance with this Section.
More Definitions of Reserve Account Credit Facility
Reserve Account Credit Facility means a Reserve Account Insurance Policy or a Reserve Account Letter of Credit.
Reserve Account Credit Facility means an insurance policy, surety bond, letter or line of credit or similar instrument which may be utilized in the Reserve Account as security for the Series 2012 Bonds and any Parity Xxxx Xxxxx, the issuer or provider of which is rated in the highest rating category by S&P, Moody's or A.M. Best & Company.
Reserve Account Credit Facility means any letter of credit, insurance policy, line of credit, or surety bond, together with any substitute or replacement therefor, if any, complying with the provisions of the 2014 Bond Ordinance, thereby fulfilling all or a portion of the reserve requirement.
Reserve Account Credit Facility means a surety bond, a policy of insurance, a letter of credit or other financial product obtained by the County with respect to any Bonds from an entity that is rated, on the date of the delivery of such facility, in one of the three (3) highest rating categories (determined without regard to gradations within such category) by at least one of the Rating Agencies and which surety bond, policy of insurance, letter of credit or other financial product provides for payment of principal and interest on such Bonds, in lieu of or in partial substitution for cash or securities on deposit in the Reserve Account, in the event of an insufficiency of available moneys held under the terms of this Ordinance to pay, when due, principal of, premium, if any, and interest on such Bonds.
Reserve Account Credit Facility means a Reserve Account Insurance Policy, Reserve Account Letter of Credit or other comparable insurance or financial product, if any, deposited in the Debt Service Reserve Account in lieu of or in partial substitution for cash or securities otherwise required to be on deposit therein. The provider of a Reserve Account Credit Facility shall, at the time such Reserve Account Credit Facility is delivered, be rated in one of the three highest full-rating categories of a Rating Agency (without regard to gradations within such rating category.
Reserve Account Credit Facility means a letter of credit issued by a United States bank or financial institution or foreign bank or financial institution with a branch in the United States, in each case having a long-term senior rating of no less than “A-” from S&P and “A3” from Moody’s which meets the requirements of Section 508(d) hereof.
Reserve Account Credit Facility means any letter of credit, surety bond or insurance policy meeting the criteria set forth in Section 5.5(a) of the Indenture.