Alternate Security means any instrument in effect and purpose similar to the Initial Construction Phase Credit Facility or the Initial Permanent Phase Credit Facility, as the case may be, including, but not limited to, a letter of credit, guaranty, standby loan commitment, bond or mortgage insurance policy, standby purchase agreement, credit enhancement instrument, collateral agreement or surety bond, mortgage-backed security or other credit or liquidity facility issued by a financial institution, including, without limitation, Fannie Mae, or any combination thereof, (i) approved by the Corporation and delivered to the Trustee for the benefit of the owners of the Bonds (except that a mortgage insurance policy may be delivered to the Corporation), (ii) replacing any existing Credit Facility, (iii) dated as of a date not later than the expiration date of the Credit Facility for which the same is to be substituted, if a Credit Facility is then in effect, (iv) which shall expire not earlier than a date which is 15 days after an Interest Payment Date for the Bonds (other than the maturity date of the Bonds), and (v) issued on substantially similar terms and conditions with respect to the rights of the owners of the Bonds (including, but not limited to, the Mandatory Purchase Provision) as the then existing Credit Facility, provided that (a) the stated amount of the Alternate Security shall equal the sum of
Alternate Security means an irrevocable bank letter of credit, certificate of deposit, cash bond or other type of asset or security of value equal to or exceeding the amount of retained funds. "Alternate security" shall not include a performance bond or a payment bond.
Alternate Security means any irrevocable letter of credit, guarantee, surety bond, insurance policy or other form of financial guarantee or credit facility delivered to the Trustee in substitution for a Credit Facility.
Examples of Alternate Security in a sentence
Participants, who fail to catch their flight through no fault of the airline and miss the conference, will not be reimbursed for any travel expenses incurred.
Covered facilities may submit an Alternate Security Program (ASP) pur- suant to the requirements of this sec- tion.
In the event provision is made for an Alternate Security with respect to the Bonds, the Trustee may establish a special trust account with an appropriate designation, and the provisions of the Resolution applicable to the Credit Facility Payments Sub-Account shall be applicable to the newly created trust account in all respects as if the newly created trust account replaced the Credit Facility Payments Sub-Account.
The Assistant Secretary may ap- prove an Alternate Security Program, in whole, in part, or subject to revi- sions or supplements, upon a deter- mination that the Alternate Security Program meets the requirements of this part and provides for an equivalent level of security to that established by this part.
For greater certainty, the Alternate Security chosen by the Calculation Agent may be any security of a large issuer, including any securities of an issuer that was the continuing entity in respect of a Merger Event.
More Definitions of Alternate Security
Alternate Security means any Reserve Insurance, 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 the Parity Bonds, issued by an institution which has been assigned a credit rating at the time of issuance of such Parity Bonds that isequal to or better than the highest two rating categories by both Moody’s Investors Service and S&P Global Ratings. On and after the Parity Covenant Date, the preceding definition shall permit the use of Alternate Security issued by an institution which has been assigned a credit rating at the time of issuance of such Parity Bonds that is equal to or better than the highest three rating categories (without regard to gradations within such categories) by at least one Rating Agency.
Alternate Security means any instrument in effect and purpose similar to the Letter of Credit, including, but not limited to, a letter of credit, guaranty, standby loan commitment, bond or mortgage insurance policy, standby purchase agreement, credit enhancement instrument, collateral agreement, surety bond, mortgage backed security or other credit or liquidity facility, or any combination thereof, (i) approved by the Corporation and delivered to the Trustee for the benefit of the owners of the 2007 Bonds (except that a mortgage insurance policy may be delivered to the Corporation), (ii) replacing any existing Credit Facility, (iii) dated as of a date not later than the expiration date of the Credit Facility for which the same is to be substituted, if a Credit Facility is then in effect, (iv) which shall expire not earlier than a date which is fifteen (15) days after an Interest Payment Date for the 2007 Bonds, and
Alternate Security means any instrument in effect and purpose similar to the Letter of Credit, including, but not limited to, a letter of credit, guaranty, standby loan commitment, bond or mortgage insurance policy, standby purchase agreement, credit enhancement instrument, credit enhancement agreement, collateral agreement or surety bond, mortgage backed security or other credit or liquidity facility or any combination thereof, (i) approved by the Corporation and delivered to the Trustee for the benefit of the owners of the 2013 Series A Bonds (except that a mortgage insurance policy may be delivered to the Corporation), (ii) replacing any existing Credit Facility,
Alternate Security means any instrument in effect and purpose similar to a Letter of Credit, including but not limited to a letter of credit, guaranty, standby loan commitment, mortgage-backed security, insurance policy or surety bond or structured financing, or any combination thereof (i) approved by the Agency and delivered to the Trustee for the benefit of the Holders of the Bonds of the Series of Bonds to which it relates, (ii) replacing the existing Letter of Credit, (iii) dated as of a date prior to the expiration date of the Letter of Credit for which the same is to be substituted, (iv) issued on and providing substantially similar terms and conditions with respect to the rights of Holders of Bonds of the Series of Bonds to which the Alternate Security will relate as the Letter of Credit to be replaced by the Alternate Security, (v) as to which the Trustee has received evidence that a Rating Service rating the Series of
Alternate Security shall have the meaning given in the Standby Agreement.
Alternate Security means, with respect to a Series of Bonds, any instrument in effect and purpose similar to the Letter of Credit, including, but not limited to, a letter of credit, guaranty, standby loan commitment, bond or mortgage insurance policy, standby purchase agreement, collateral agreement or surety bond, or any combination thereof, (i) approved by the Corporation and delivered to the Trustee for the benefit of the owners of the Bonds (except that a mortgage insurance policy may be delivered to the Corporation), (ii) replacing any existing Credit Facility, (iii) dated as of a date not later than the expiration date of the Credit Facility for which the same is to be substituted, if a Credit Facility is then in effect, (iv) which shall expire not earlier than a date which is 15 days after an Interest Payment Date for such Series of Bonds, and (v) issued on substantially similar terms and conditions with respect to the rights of the owners of such Series of Bonds (including, but not limited to, the Mandatory Purchase Provision) as the then existing Credit Facility with respect to such Series of Bonds, provided that (a) the stated amount of the Alternate Security shall equal the sum of (x) the aggregate principal amount of Bonds of such Series at the time Outstanding, plus (y) during a Weekly Rate Period, an amount at least equal to 35 days of interest (at the Maximum Rate) on all Bonds of such Series at the time Outstanding, or such other amount as the Corporation shall determine based on then current rating agency standards, and (b) if said Alternate Security is to be in effect during a Weekly Rate Period, it must provide for payment of the Purchase Price upon the exercise by any Bond owner with respect to such Series of Bonds of the applicable Demand Purchase Option.
Alternate Security means any insurance policy, collateral, security,