Examples of Surety Policy in a sentence
The Series 2015B Bonds shall be issued for the purposes of providing funds to (i) defease and/or refund all of the 2008B Bonds, (ii) purchase a Bond Insurance Policy, if necessary, (iii) fund a debt service reserve fund or purchase a Surety Policy, (iv) fund a Coverage Reserve, and(v) pay costs of issuance of the Series 2015B Bonds.
Regardless of whether the bacteria exclusions in these Policy Groups are unambiguous, the Court must determine whether these exceptions and buy backs point towards coverage, thus implicating the duty to defend.First, the Century Surety Policy Group and Scottsdale Policy Group both contain governing consumption exceptions.
The DSRF, if any, shall be held by the Paying Agent and used to receive a portion of Bond Proceeds and any other amounts, as received by the Paying Agent, in an amount equal to the Reserve Fund Requirement provided however that the Reserve Fund Requirement may be satisfied by the delivery to the Paying Agent of a Surety Policy that meets the Reserve Fund Requirement.
The policies governed by the Century Surety Policy (the “Century Surety Policy Group”) and the policies governed by the Second Scottsdale Policy (the “Second Scottsdale Policy Group”) contain various exclusionary exceptions and specific policy endorsements which “buy back” previously excluded coverage.
The Second Scottsdale Policy, the Second Allied Policy and the Century Surety Policy contain a consumption exception.