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.

See Also

Hudson Yards Rail Yards

Start with the Bond Basics

Hundreds of Terms and Concepts

Continuing Resolution (CR)

Short-term spending bill that typically and for the most part maintains expenditures at the prior fiscal year’s levels.