Surety Policy definition

Surety Policy means and include a surety bond, bond insurance policy or other credit agreement, as authorized by Section 1502.064, Texas Government Code, provided that the issuer of any Surety Policy shall be rated in the highest rating category at the time of issuance of such Surety Policy by A.M. Best Company, Standard & Poor’s Ratings Group, or Moody’s Investors Service. A Surety Policy shall insure all Bonds and Additional Bonds on a pro rata basis. A Surety Policy may include a letter of credit or other agreement or instrument, including any related reimbursement or financial guaranty agreement, whereby the issuer is obligated to provide funds up to and including the maximum amount and under the conditions specified in such agreement or instrument.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Surety Policy means a letter of credit, surety bond or an insurance policy to be deposited into the Subordinated Bonds Debt Service Reserve Fund which, so long as the Series

Surety Policy means the Municipal Bond Debt Service Reserve Insurance Policy No. 205494-R, effective August 17, 2005, together with any and all riders and endorsement thereto, provided by the Insurer for the Debt Service Reserve Fund Requirement for the Series 2005 Bonds.

Examples of Surety Policy in a sentence

• Except as set forth in Section 3.2 hereof, no amendment or waiver of any provision of this Surety Policy shall be effective with respect to the Obligations in any event unless such amendment or waiver shall be in writing and signed by the Surety, BHLN and CGLIC, and any such waiver shall be effective only in the specific instance and for the specific purpose for which such waiver is granted and shall not prevent the party giving it from subsequently relying on the relevant provision.

• When a reference is made in this Surety Policy to a Section, such reference shall be to a section of this Surety Policy unless otherwise clearly indicated to the contrary.

• Surety expressly waives any and all rights of subrogation, reimbursement, indemnity, exoneration, set-off, contribution and any other claim which it may now or hereafter have against BHLN or any other person directly or contingently liable in connection with the Contracts, Obligations or this Surety Policy (collectively the “Recovery Claims”), for so long as any of the BHLN Obligations or any of Surety’s obligations under this Surety Policy remain unsatisfied.

• In the event of a default by either Surety or BHLN in the payment or performance of an Obligation, Surety shall either pay the full amount in default to CGLIC or, in the case of an Obligation requiring performance of a funding or deposit obligation, fund or deposit such amount in the Claims Paying Account or the Trust Account, as applicable, no later than the second Business Day after receipt of the demand by CGLIC in accordance with Section 1.3 of this Surety Policy.

• A Supplemental Indenture may permit the Reserve Requirement for the particular Series of Senior Lien Parity Bonds it authorizes to be satisfied by the (i) use of a Reserve Fund Surety Policy, (ii) a cash deposit or (iii) a combination of both a Reserve Fund Surety Policy and cash deposit.

More Definitions of Surety Policy

Surety Policy shall have the meaning ascribed to such term in the Recitals.

Surety Policy means a surety bond, insurance policy, letter of credit, or other agreement or instrument whereby the issuer is obligated to provide funds up to and including the maximum amount and under the conditions specified in such agreement or instrument.

Surety Policy means the Initial Surety Policy and any Substitute Surety Policy accepted in writing by the Bank.

Surety Policy means the municipal bond debt service reserve insurance policy issued by the Bond Insurer for the purpose of funding the Reserve Account.

Surety Policy means the financial guaranty policy dated as of May 24, 1996 issued by the Surety Provider in favor of CNAI on behalf of the Master Lenders; "Rating Agencies" shall mean Standard and Poor's Ratings Group, a division of McGr▇▇-▇▇▇▇, ▇▇c., and Mood▇'▇ ▇▇▇estors Services, Inc.; and "Insurance and Indemnity Agreement" means the insurance agreement among FSFP, Surety Provider and the other parties thereto. Except as set forth above in this Section 14.12, each Lender and each Agent will utilize reasonable good faith efforts to maintain as confidential any information obtained from Borrower (to the extent each Lender and each Agent are advised by Borrower that such information is confidential and other than information which (i) at the time of disclosure or thereafter is generally available to and known by the public (other than as a result of a disclosure directly or indirectly by any Lender Party), (ii) is available to any Lender Party on a non-confidential basis from a source other than Borrower, provided that such source was not known by such Lender Party to be bound by a confidentiality agreement with Borrower, (iii) is required to be disclosed pursuant to any Requirement of Law or in connection with any litigation arising out of or related to this Agreement or (iv) has been independently developed by any Lender Party), provided that any Lender Party may disclose any such information to any Eligible Assignee provided such Eligible Assignee agrees to the terms of this paragraph or otherwise with the consent of Borrower.

Surety Policy has the meaning set forth in the Recitals.

Surety Policy means the financial guaranty policy dated as of March 24, 1995 issued by the Surety Provider in favor of Master Agent on behalf of the Master Lenders; "Rating Agencies" shall mean Standard and Poor's and ▇▇▇▇▇'▇ Investors Services, Inc.; and "Insurance and Indemnity Agreement" means the insurance agreement among Lender, Surety Provider and the other parties thereto. Delivered at Chicago, Illinois, as of the day and year first above written. GENERAL MANUFACTURED HOUSING, INC. By: _________________________________ Name Printed: ▇▇▇▇ ▇. ▇▇▇▇▇ Its: President General Manufactured Housing, Inc. ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇ Attention: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇ FIRST SOURCE FINANCIAL LLP By: First Source Financial, Inc., its Agent/Manager By: ______________________________________ Name Printed: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇, ▇▇. Its: Vice President ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Attention: Contract Administration Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇ SCHEDULE I REVOLVING LOAN COMMITMENT REDUCTION DATES AND AMOUNTS (Section 2.1) Amount of Revolving LOAN COMMITMENT 1/ PERIOD $16,000,000 Closing Date through April 1, 1996 $15,333,000 April 2, 1996 through July 1, 1996 $14,666,000 July 2, 1996 through October 1, 1996 $13,999,000 October 2, 1996 through January 1, 1997 $13,332,000 January 2, 1997 through April 1, 1997 $12,499,000 April 2, 1997 through July 1, 1997 $11,666,000 July 2, 1997 through October 1, 1997 $10,833,000 October 2, 1997 through January 1, 1998 $10,000,000 January 2, 1998 through April 1, 1998 $9,000,000 April 2, 1998 through July 1, 1998 $8,000,000 July 2, 1998 through October 1, 1998 $7,000,000 October 2, 1998 through January 1, 1999 $6,000,000 January 2, 1999 through April 1, 1999 $4,833,000 April 2, 1999 through July 1, 1999 $3,666,000 July 2, 1999 through October 1, 1999 $2,499,000 October 2, 1999 through January 1, 2000 $1,332,000 January 1, 2000 through April 1, 2000 $0 April 2, 2000 and thereafter SCHEDULED REDUCTION IN REVOLVING LOAN COMMITMENT REVOLVING LOAN COMMITMENT REDUCTION DATE $667,000 April 1, 1996 $667,000 July 1, 1996 $667,000 October 1, 1996 $667,000 January 1, 1997 $833,000 April 1, 1997 $833,000 July 1, 1997 $833,000 October 1, 1997 $833,000 January 1, 1998 $1,000,000 April 1, 1998 $1,000,000 July 1, 1998 $1,000,000 October 1, 1998 $1,000,000 January 1, 1999 $1,167,000 April 1, 1999 $1,167,000 July 1, 1999 $1,167,000 October 1, 1999 $1,167,000 January 1, 2000 $1,332,000 April 1, 2000