Financial Guaranty means a surety bond, insurance policy or letter of credit which constitutes any part of the Debt Service Reserve Requirement and which is authorized to be delivered to the Trustee pursuant to the Second Resolution.
Financial Guaranty means Financial Guaranty Insurance Company (doing business in California as FGIC Insurance Company), as insurer of the Variable Rate Bonds.
Financial Guaranty has issued a policy containing the following provisions with respect to the Bonds designated in this Receipt, such policy being on file at the corporate trust and agency office of Custodian: Financial Guaranty hereby unconditionally and irrevocably agrees to pay for disbursement to the Custodian that portion of the principal of and interest on the Bonds which is then due for payment and which the issuer of the Bonds (the "Issuer") shall have failed to provide to the paying agent therefor. Due for payment means, with respect to the principal, the stated maturity date thereof, or such earlier date on which the same shall have been called for mandatory sinking fund redemption or mandatory redemption as a result of a determination of taxability of the interest on the Bonds in accordance with the bond documents, but not any earlier date on which the payment of principal on the Bonds is due by reason of acceleration or otherwise, and with respect to interest, the stated date for payment of such interest. Upon receipt of telephonic or telegraphic notice subsequently confirmed in writing, or written notice by registered or certified mail, from the Custodian to Financial Guaranty that the required payment of principal or interest has not been made by the Issuer to the Custodian, Financial Guarantv on the due date of such payment or within one business day after receipt of notice of such nonpayment, whichever is later, will make a deposit of funds, in an account with Citibank, N.A. or its successor, as its agent (the "Fiscal Agent") sufficient to make the portion of such payment not paid by the Issuer. Upon presentation to the Fiscal Agent of evidence satisfactory to it of the Custodian's right to receive such payment and any appropriate instruments of assignment required to vest all of such Custodian's right and the rights of the registered owner of the Transferable custodial Receipt for Insured Bonds to such payment in Financial Guaranty, the Fiscal Agent will disburse such amount to the Custodian. The policy does not provide for any payment to the Custodian on behalf of a registered owner of the Transferable Custodial Receipt for Insured Bonds is such owner is the Issuer. The policy is noncancelable for any reason. Financial Guaranty Insurance Company
Examples of Financial Guaranty in a sentence
This indemnity shall not be modified, except by subsequent written agreement are not limited by the value of the Financial Guaranty of the Developer in order to satisfy any such obligations of the Developer.
When the sidewalks have been constructed, if the City does not own the real property upon which the sidewalks are constructed, the Subdivider shall convey to the City the real property rights required by the City together with the improvements, free and clear of all claims, encumbrances and liens, before the City will release the Financial Guaranty and Sidewalk Deferral Agreement.
Thereafter, when the Subdivider's successor in interest has provided a substitute financial guaranty acceptable to the City, the City will release this Agreement and any related Financial Guaranty.
The form of the Financial Guaranty extension and the amount must be approved by the City, but shall not exceed 125% of the City's estimate of the cost of construction at the time Subdivider requests an extension.
If the direct or indirect costs and damages to the City exceed the amount of the Financial Guaranty, the Subdivider shall be liable to, and shall pay the City for all such costs and damages.
More Definitions of Financial Guaranty
Financial Guaranty means a policy of municipal bond insurance or surety bonds issued by a municipal bond insurer or a letter of credit issued by a bank or other institution if the obligations insured by such insurer or issued by such bank or other institution, as the case may be, have ratings at the time of issuance of such policy or surety bond or letter of credit in the highest rating category by S&P and Moody’s and, if rate by A.M. Best & Company, also in the highest rating category by A.M. Best & Company.
Financial Guaranty has issued a policy containing the following provisions with respect to the Bonds, such policy being on file at the applicable Principal Corporate Trust Office of Citibank, N.A., as paying agent (the "Paying Agent"): Financial Guaranty hereby unconditionally and irrevocably agrees to pay for disbursement to the Bondholders that portion of the principal of and interest on the Bonds which is then due for payment and which the Authority shall have failed to provide. Due for payment means, with respect to principal, the stated maturity date thereof and the date on which the Bonds shall have been duly called for mandatory redemption as a result of the interest on the Bonds having been determined to have become subject to federal income taxation, and does not refer to any earlier date on which the payment of principal of the Bonds is due by reason of call for redemption, acceleration or other advancement of maturity, and with respect to interest, the stated date for payment of such interest. Upon receipt of telephonic or telegraphic notice, subsequently confirmed in writing, or written notice by registered or certified mail, from a Bondholder or the Paying Agent to Financial Guaranty that the required payment of principal or interest (as applicable) has not been made by the Authority to the Paying Agent, Financial Guaranty on the due date of such payment or within one business day after receipt of notice of such nonpayment, whichever is later, will make a deposit of funds, in an account with U.S. Bank Trust National Association, or its successor as its agent (the "Fiscal Agent"), sufficient to make the portion of such payment not paid by the Authority. Upon presentation to the Fiscal Agent of evidence satisfactory to it of the Bondholder's right to receive such payment and any appropriate instruments of assignment required to vest all of such Bondholder's right to such payment in Financial Guaranty, the Fiscal Agent will disburse such amount to the Bondholder.
Financial Guaranty shall have the meaning specified in Section 2.02(d).
Financial Guaranty means Financial Guaranty Insurance Company.
Financial Guaranty means a surety bond, insurance policy or letter of credit which constitutes any part of the Debt Service Reserve Requirement and which is authorized to be delivered to the Trustee pursuant to Section 505 hereof;
Financial Guaranty means the legally binding guaranty agreement by and between the
Financial Guaranty means Financial Guaranty Insurance Company, a New York stock insurance company, and any successor thereto as provider of the FGIC Reserve Policy. Financial Guaranty is a Reserve Insurer.