Debt Service Liquidity Account Insurance Policy definition

Debt Service Liquidity Account Insurance Policy means the insurance policy, surety bond or other acceptable evidence of insurance, if any, to be deposited in the Debt Service Liquidity Account in lieu of or in partial substitution for cash or securities on deposit therein, for the purpose of making the payments required to be made from the Debt Service Liquidity Account under the Indenture. The issuer providing such insurance shall be a municipal bond insurer whose policy or bond results in the rating of municipal obligations secured by such policy or bond to be rated, at the time of deposit into the Debt Service Liquidity Account, in the highest rating category by (i) either S&P, Moody’s or Fitch or (ii) if such corporations are dissolved or liquidated or no longer perform the functions of a securities rating agency, a nationally recognized rating agency.

Related to Debt Service Liquidity Account Insurance Policy

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Facility Account means the account of Seller at Bank One, Account ---------------- No. 10-36987.

  • 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.