Reserve Account Insurance Policy means the insurance policy deposited in the Reserve Account in lieu of or in partial substitution for cash on deposit therein pursuant to Section 4.05(B)(4).
Reserve Account Insurance Policy means the insurance policy, surety bond or other evidence of insurance, if any, deposited to the credit of the Bond Reserve Account in lieu of or in partial substitution for cash or securities on deposit therein, which policy, bond or other evidence of insurance constitutes an unconditional senior obligation of the issuer thereof. The issuer thereof shall be a municipal bond insurer whose obligations ranking pari passu with its obligations under such policy, bond or other evidence of insurance are rated at the time of deposit of such policy, bond or other evidence of insurance to the credit of the Bond Reserve Account in one of the two highest rating categories (without regard to gradations, such as "plus" or "minus" of such categories) by any of the rating agencies which shall rate the Outstanding Bonds at the time unless otherwise approved by the Credit Facility Provider who has issued a municipal bond insurance policy with respect to the related series of Bonds.
Reserve Account Insurance Policy means any insurance policy, surety bond or letter of credit deposited in or credited to the Loan Agreement Reserve Account in lieu of or in partial substitution for cash or allowable investments on deposit in the Loan Agreement Reserve Account. Any such insurance policy, surety bond or letter of credit must be issued by an entity having a rating in one of the two highest rating categories assigned by any nationally recognized rating agency at the time such policy, bond or letter of credit is initially deposited in or credited to the Loan Agreement Reserve Account.
Examples of Reserve Account Insurance Policy in a sentence
The Governmental Unit promises to pay, but solely from the Pledged Revenues and draws on the Reserve Account Insurance Policy, the Loan Agreement Payments as herein provided.
On the date of this First Amendment, the amounts held in the Reserve Fund shall be paid to BAM to pay the premium for the Reserve Account Insurance Policy and, if there are amounts remaining the Reserve Fund after payment of the premium to BAM, such amounts will be transferred to the Project Account for use on the Project.
The City hereby expressly reserves the right to deposit to the Bond Reserve Account a Reserve Account Insurance Policy (as hereinafter defined) in such amount or amounts it may reasonably deem prudent.
The Issuer may also substitute a Reserve Account Insurance Policy and/or Reserve Account Letter of Credit for cash on deposit in the Reserve Account or a subaccount therein upon compliance with the terms of this Section 4.05(B)(4).
To the payment of all fees due any provider of a Reserve Account Insurance Policy or Reserve Account Letter of Credit.
More Definitions of Reserve Account Insurance Policy
Reserve Account Insurance Policy means the insurance policy or surety bond deposited in the Bond Reserve Account in lieu of or in partial substitution for cash to be on deposit therein. The insurance issuer providing such insurance policy or surety bond shall be an insurer which, at the time of issuance of the policy, has been rated one of the top two policyholder ratings then accorded insurers by Moody’s Investors Service and Standard & Poor’s Corporation, respectively (the “Insurance Issuer”); provided however, that if the Prior Bonds or Series 2008 Bonds are
Reserve Account Insurance Policy means an insurance policy, surety bond or other acceptable evidence of insurance, if any, maintained by the Town in lieu of or in partial substitution for cash or securities on deposit in the Reserve Account, provided that the entity providing such facility is, at the time the Reserve Account Insurance Policy is provided, of sufficient credit quality to entitle debt backed by its facility to be rated in one of the three highest rating categories (without regard to any gradations within such categories) by at least one of the Rating Agencies.
Reserve Account Insurance Policy with respect to the 2017A Senior Bonds shall mean .
Reserve Account Insurance Policy means the insurance policy, surety bond or other acceptable evidence of insurance, if any, deposited in the Reserve Account for moneys or securities on deposit therein. 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 Reserve Account, in one of the three highest rating categories (without regard to any gradation within such categories) by (i) both Standard & Poor's Corporation or its successor, and Moody's Investors Service, Inc. or its successor, or (ii) if both such corporations shall be dissolved or liquidated or shall no longer perform the functions of a securities rating service, a nationally recognized securities rating service.
Reserve Account Insurance Policy with respect to the 2017B Second Lien Subordinate Bonds shall mean .
Reserve Account Insurance Policy means an insurance policy, surety bond or other acceptable evidence of insurance deposited in the Debt Service Reserve Account in lieu of or in partial substitution for
Reserve Account Insurance Policy means the insurance policy, surety bond or other acceptable evidence of insurance, if any, deposited in the Debt Service Reserve Account in lieu of or in partial substitution for cash or securities on deposit therein. The issuer providing such insurance shall be rated, at the time of deposit in the Debt Service Reserve Account, in one of the two highest rating categories of Fitch Ratings Inc. or any successors thereof, Moody’s Investors Service, Inc. or any successors thereof or Standard & Poor’s Ratings Services or any successors thereof.