Bond Purchase Agreement (“BPA”)
Contract in which the Issuer and/or borrower agrees to sell bonds to the underwriter.
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Standby Bond Purchase Agreement
An agreement, usually between an Issuer (or in the case of a Conduit Financing, a Conduit Issuer and a Conduit Borrower), a Trustee (as tender agent) and a commercial bank, used to guarantee repurchase of Bonds that are subject to short Call Provisions (e.g., daily, weekly or monthly) if such Bonds are tendered for purchase by the bondholders and not simultaneously remarketed to and purchased by new bondholders.
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Start with the Bond Basics
Hundreds of Terms and Concepts
Verification Report
A document that verifies the mathematical accuracy of information needed to support bond counsel’s conclusions that an advance refunding bond issue is a tax-exempt bond issue and/or that refunded bonds are defeased.