Substitute Bond definition

Substitute Bond means an issue of multifamily housing revenue bonds substituted for an issue of Bonds pursuant to Section 3.19.
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Substitute Bond means the U.S. Treasury Bond which the Borrower intends to purchase to return to the Dealer to satisfy the requirements of the Repurchase Agreement.
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Examples of Substitute Bond in a sentence

  • In no event shall the Substitute Security and/or Substitute Bond be supplied, and the Seller’s Security be released, more than fifteen (15) Business Days after the Closing Date; provided, that such period may be extended only for so long as the sole impediment to the Purchaser providing the Substitute Security and/or Substitute Bond and obtaining the release of Seller’s Security is a delay by the surety in accepting the Substitute Security and/or Substitute Bond.

  • Additional or Substitute Bond: If at any time the Performance Bond shall cease to be adequate security to the County, the Contractor shall, within five (5) days after notice from the County to do so, substitute an acceptable Bond in the same amount and signed by such other surety as may be satisfactory to the County.

  • Prior to Closing, Buyer shall provide written notice to Seller identifying those Existing Bonds for which the respective obligee has approved the Substitute Bond and the Company shall deliver notice of termination of the applicable Existing Bonds to its surety provider on or immediately following Closing.

  • In the case of a Substitute Bond (as defined below), no premium will be due and owing to the Corporation unless the premium for such Substitute Bond is higher than the Bond it replaces.

  • The premium relating to each Bond and for any Substitute Bond (as defined below) will be determined by an independent evaluator acceptable to the Corporation and the Sponsor.

  • If such approval with respect to any Substitute Bond is received following Closing, the Company shall immediately thereafter deliver notice of termination of the applicable Existing Bond to its surety provider and deliver a copy of such notice to Seller.

  • If the premium for such Substitute Bond is less than the Bond it replaces, the difference will be refunded to the Sponsor.

  • Upon the issuance of any Substitute Bond Letter of Credit, Dexia shall hereby be considered a party to the Credit Agreement and shall succeed to and become vested with all the rights, powers, privileges and duties of the Bond L/C Issuing Bank under the Credit Agreement.

Related to Substitute Bond

  • Substitute Loan As defined in Section 2.2.

  • Substitute Mortgage Loan A Mortgage Loan substituted by the Seller for a Deleted Mortgage Loan which must, on the date of such substitution, as confirmed in a Request for Release, substantially in the form of Exhibit L, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not more than 10% less than the Stated Principal Balance of the Deleted Mortgage Loan; (ii) have an Adjusted Net Mortgage Rate not lower than the Adjusted Net Mortgage Rate of the Deleted Mortgage Loan, provided that the Master Servicing Fee for the Substitute Mortgage Loan shall be equal to or greater than that of the Deleted Mortgage Loan; (iii) have a maximum mortgage rate not more than 1% per annum higher or lower than the maximum mortgage rate of the Deleted Mortgage Loan; (iv) have a minimum mortgage rate specified in its related Mortgage Note not more than 1% per annum higher or lower than the minimum mortgage rate of the Deleted Mortgage Loan; (v) have the same mortgage index, reset period and periodic rate as the Deleted Mortgage Loan and a gross margin not more than 1% per annum higher or lower than that of the Deleted Mortgage Loan (vi) be accruing interest at a rate no lower than and not more than 1% per annum higher than, that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (vii) have a remaining term to maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (viii) not be a Cooperative Loan unless the Deleted Mortgage Loan was a Cooperative Loan and (ix) comply with each representation and warranty set forth in Section 2.3 hereof.

  • Substitute Check means a paper reproduction of an Item that satisfies the requirements and definition of "substitute check" set forth in Regulation CC.

  • Substitute Aircraft Has the meaning specified in the Note Purchase Agreement.

  • Substitute care means the out-of-home placement of a child or young adult who is in the legal or physical custody and care of the Department.