Reserve Fund Insurance Policy means any insurance policy, surety bond, irrevocable letter of credit or similar instrument deposited in or credited to the Reserve Fund in lieu of or in partial substitution for moneys on deposit therein.
Reserve Fund Insurance Policy means the Municipal Bond Debt Service Reserve Insurance Policy, and any endorsement thereto, issued by the Reserve Insurer, under which claims may be made in order to provide moneys in the Reserve Fund available for the purposes thereof.
Reserve Fund Insurance Policy means any policy of insurance, surety bond, letter of credit or other financial instrument issued to the Town, the proceeds of which shall be used to prevent deficiencies in the payment of the principal of or interest on the Bonds resulting from insufficient amounts being on deposit in the Bond Fund to make the payment of principal of and interest on the Bonds as the same become due. Each policy shall be written by a bank, insurance company or any financial institution experienced in insuring or guaranteeing municipal bonds whose policies of insurance, surety bond, letter of credit or other financial instrument would not adversely affect the rating of the Bonds by Moody’s and/or Standard & Poor’s to the extent that the Bonds are to be so rated and provided that at the time of the issuance of such policy such bank, insurance company or any financial institution shall have received the highest policy claims rating accorded insurers by the A.M. Best Company or any comparable service, if applicable to the provider of the Reserve Fund Insurance Policy, and either of the two highest Rating Categories of Moody’s and Standard & Poor’s to the extent that each rating agency provides such a rating and is then rating the Bonds.
Examples of Reserve Fund Insurance Policy in a sentence
If the Enterprise determines that it will not obtain a Reserve Fund Insurance Policy, all references herein to a Reserve Fund Insurance Policy and a Surety Provider shall be of no force and effect.
The President or the Treasurer are hereby independently authorized to determine if obtaining a Reserve Fund Insurance Policy for all or a portion of the Bonds is in the best interests of the Enterprise, and if so, to select a Surety Provider to issue a Reserve Fund Insurance Policy and execute any related documents or agreements required by such commitment.
As security for the Issuer’s repayment obligations with respect to the Reserve Fund Insurance Policy, the Reserve Insurer shall be additionally secured by the pledge of the Net Revenues of the Tax, subordinate only to the Bondholders except as provided herein.
The Issuer’s repayment of any draws under the Reserve Fund Insurance Policy and related reasonable expenses incurred by the Reserve Insurer shall be in accordance with the terms of the Reimbursement Agreement.
Payment procedures pursuant to the Reserve Fund Insurance Policy are set forth in Reserve Fund Insurance Policy and Reimbursement Agreement attached hereto as Exhibit F, which is hereby approved and accepted by the Issuer.
More Definitions of Reserve Fund Insurance Policy
Reserve Fund Insurance Policy means any credit instrument deposited in or credited to the Reserve Fund as provided in Section 606 hereof in lieu of or in partial substitution for cash or Permitted Investments on deposit in the Reserve Fund; provided that any such substitutions shall be submitted to Moody’s, if the Bonds are then rated by Moody’s, and S&P, if the Bonds are then rated by S&P, and shall not cause the then- current ratings on the Bonds to be adversely affected.
Reserve Fund Insurance Policy means an insurance policy or surety bond deposited in the Reserve Fund in lieu of or in substitution for cash on deposit therein pursuant to Section 19(B)(2) hereof.
Reserve Fund Insurance Policy means an insurance policy or surety bond procured by the Agency from an insurance issuer which at the time of issuance of such policy is assigned the highest policy holder rating by A.M. Best & Co. or any comparable service and which insurer is of sufficient credit quality to entitle debt backed by such insurance policy or bonds to be rated in the top two rating categories by Moody’s Investors Service, Inc., or its successor, and Standard & Poor’s Corporation, or its successor, so long as either or both, as applicable, of such firms are providing such ratings at such time, and used to guarantee the timely payment of principal or interest on Outstanding Bonds in a stated amount subject only to notification that there are insufficient funds therefor.
Reserve Fund Insurance Policy means any insurance policy, surety bond or letter of credit deposited in or credited to the Reserve Fund as provided in Section 20(C) hereof in lieu of or in partial substitution for cash or allowable investments on deposit in the Reserve Fund. 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 Reserve Fund.
Reserve Fund Insurance Policy means an insurance policy or surety bond provided by a bond insurer, or a letter of credit, deposited in the Reserve Fund or such other Debt Service Reserve Fund in lieu of or partial substitution for cash or securities on deposit therein. The entity providing such Reserve Fund Insurance Policy for deposit (a) in the Reserve Fund shall be rated in one of the two highest Rating Categories by Moody’s and S&P both Moody’s and S&P and (b) in another Debt Service Reserve Fund shall satisfy the ratings requirements set forth in the Supplemental Agreement pursuant to which such Debt Service Reserve Fund was created.
Reserve Fund Insurance Policy means the insurance policy, surety bond or other evidence of insurance deposited to the credit of the Reserve Fund or any account thereof 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 senior debt 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 Reserve Fund or any account thereof in any of the [two] highest rating categories of the Rating Agencies.
Reserve Fund Insurance Policy means any policy of insurance, surety bond, letter of credit or other financial instrument issued to the Town, the proceeds of which shall be used to prevent deficiencies in the payment of the principal of or interest on the Bonds resulting from insufficient amounts being on deposit in the Bond Fund to make the payment of principal of and interest on the Bonds as the same become due. Each policy shall be written by a