Reserve Instrument definition

Reserve Instrument means a device or instrument issued by a Reserve Instrument Provider to satisfy all or any portion of the Debt Service Reserve Requirement applicable to a Series of Bonds. The term “Reserve Instrument” includes, by way of example and not of limitation, letters of credit, bond insurance policies, surety bonds, standby bond purchase agreements, lines of credit and other devices.
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Reserve Instrument means an instrument or other device issued by a Reserve Instrument Issuer to satisfy all or any portion of the Debt Service Reserve Requirement, if any, for a Series of Bonds. The term “Reserve Instrument” includes, by way of example and not of limitation, letters of credit, bond insurance policies, standby bond purchase agreements, lines of credit and other security instruments and other devices; provided, however, that no such device or instrument shall be a “Reserve Instrument” for purposes of this Indenture unless specifically so designated in the Supplemental Indenture authorizing the use of such device or instrument.
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Reserve Instrument means an instrument or other device (other than a Security Instrument) issued by a Reserve Instrument Issuer and authorized or provided for in a Supplemental Indenture to satisfy all or any portion of the Debt Service Reserve Requirement, if any, for a Series of Bonds. The term “Reserve Instrument” includes, by way of example and not of limitation, letters of credit, bond insurance policies, standby bond purchase agreements, lines of credit, surety bonds, and other security instruments and other devices.
Sample 1

Examples of Reserve Instrument in a sentence

  • Thereafter, the Authority shall be obligated to reinstate the Reserve Instrument from Base Rentals received from the Board under the Master Lease, including any interest owing on any draws on the Reserve Instrument.

  • Any moneys (other than any amount drawn under any Reserve Instrument) remaining in the related account of the Debt Service Reserve Fund with respect to a Series of Bonds on the final maturity of said Series of Bonds (whether at stated maturity or upon prior redemption) shall be transferred on such date into the Bond Fund.

  • In the event that the Board shall exercise its option to purchase a Project or Projects and terminate its payment obligations under the Master Lease upon payment of the Purchase Option Price with respect to said Project or Projects, the Trustee shall transfer all moneys held in the Debt Service Reserve Fund (other than any amount drawn under any Reserve Instrument) applicable to said Project or Projects to the Bond Fund in accordance with the written direction of the Board.

  • Moneys at any time on deposit in an account of the Debt Service Reserve Fund shall be used to make up deficiencies in the Bond Fund only for the Series of Bonds secured by said account and any Reserve Instrument shall only be drawn upon with respect to the Series of Bonds for which such Reserve Instrument was obtained.

  • Each Supplemental Indenture authorizing the issuance of a Series of Bonds shall specify that the amount, if any, of the Debt Service Reserve Requirement applicable to such Series which shall be deposited immediately upon the issuance and delivery of such Series either from (a) proceeds from the sale thereof or from any other legally available source or may be built up over time as provided by the Supplemental Indenture, or (b) by a Reserve Instrument, or (c) any combination thereof .

  • No Reserve Instrument shall be allowed to expire or terminate while the related Series of Bonds is Outstanding unless and until cash has been deposited into the related account of the Debt Service Reserve Fund, or a new Reserve Instrument has been issued in place of the expiring or terminating Reserve Instrument, or any combination thereof in an amount or to provide coverage, as the case may be, at least equal to the amount required.

  • In calculating the amount on deposit in each account of the Debt Service Reserve Fund, the amount of the Reserve Instrument Coverage will be treated as an amount on deposit therein.

  • Upon dissolution of the Authority, after payment in full of the Bonds (or provision for payment thereof having been made in accordance with the provisions of the Indenture) and payment in full of other obligations of the Authority, Security Instrument Costs, Security Instrument Repayment Obligations, Reserve Instrument Costs and Reserve Instrument Repayment Obligations any assets and net earnings of the Authority shall be paid to the Board in accordance with the Building Authority Act.


More Definitions of Reserve Instrument

Reserve Instrument means a device or instrument (other than a Security Instrument) issued by a Reserve In- strument Issuer to satisfy all or any portion of the Debt Service Reserve Requirement with respect to one or more Series of Bonds or Contracts; provided, however, that if a condition to issuance of a Reserve Instrument is to require that only certain instruments qualify as Reserve Instruments for purposes of the Resolution then the term “Reserve Instrument” shall include only such instruments that qualify as Reserve Instruments so long as such requirement is in effect and shall be stated in the Supplemental Resolution relating to the Series of Bonds or Contracts for which the limitation is a condition to issuance of the related Reserve Instrument. Subject to the foregoing provision, the term “Reserve Instrument” includes, by way of example and not of limitation, letters of credit, bond insurance poli- cies, standby bond purchase agreements, lines of credit, surety bonds, and other security instruments and other de- vices; provided that, if the Outstanding Bonds or Contract are rated by a rating agency, “Reserve Instrument” shall be deemed to refer only to a reserve instrument that is issued by a Reserve Instrument Issuer whose general unse- cured, unenhanced debt obligations are rated by such rating agency in a category at least as favorable as the rating on such Bonds or Contract.
Sample 1
Reserve Instrument means an instrument or other device issued by a Reserve Instrument Issuer to satisfy all or any portion of the Debt Service Reserve Requirement, if any, for a Series of Bonds. The term “Reserve Instrument” includes, by way of example and not of limitation, letters of credit, bond insurance policies, standby bond purchase agreements, lines of credit and other security instruments and other devices; provided, however, that no such device or instrument shall be a “Reserve Instrument” for purposes of this Indenture unless specifically so designated in the Supplemental Indenture authorizing the use of such device or instrument. Reserve Instrument Agreement
Sample 1
Reserve Instrument means a device or instrument issued by a Reserve Instrument Issuer to satisfy all or any portion of the Debt Service Reserve Requirement. The term “Reserve Instrument” includes, by way of example and not of limitation, letters of credit, bond insurance policies, surety bonds, standby bond purchase agreements, lines of credit and other devices. Each Reserve Instrument must either be approved by each Bond Insurer or meet the criteria set forth in the General Indenture.
Sample 1

Related to Reserve Instrument

  • Long Derivative Instrument means a Derivative Instrument (i) the value of which generally increases, and/or the payment or delivery obligations under which generally decrease, with positive changes to the Performance References and/or (ii) the value of which generally decreases, and/or the payment or delivery obligations under which generally increase, with negative changes to the Performance References.

  • Reference Instrument means Natural Gas (Henry Hub) Future.Currency: USDISIN: US12573E1010Bloomberg Symbol: NG1 Comdty

  • Derivative Instrument with respect to a Person, means any contract, instrument or other right to receive payment or delivery of cash or other assets to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s investment in the Notes (other than a Screened Affiliate) is a party (whether or not requiring further performance by such Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or performance of the Notes and/or the creditworthiness of the Issuer and/or any one or more of the Guarantors (the “Performance References”).

  • Short Derivative Instrument means a Derivative Instrument (i) the value of which generally decreases, and/or the payment or delivery obligations under which generally increase, with positive changes to the Performance References and/or (ii) the value of which generally increases, and/or the payment or delivery obligations under which generally decrease, with negative changes to the Performance References.

  • Trust instrument means this Agreement and Declaration of Trust as the same may be amended and restated from time to time.