Ambac Assurance Corporation definition

Ambac Assurance Corporation. (the "Bond Insurer"), in consideration of the payment of the premium and subject to the terms of the bond insurance policy (the "Bond Insurance Policy") issued thereby, has unconditionally and irrevocably guaranteed the payment of the Insured Amount with respect to the Class A-1 Bonds with respect to each Payment Date. Such Bond Insurance Policy will not cover any Prepayment Interest Shortfalls, Relief Act Shortfalls or ARM Basis Risk Shortfall Carry-Forward Amount. Payments of principal and interest on this Bond will be made on each Payment Date to the Bondholder of record as of the related Record Date. On each Payment Date, Bondholders will be entitled to receive interest payments in an aggregate amount equal to the aggregate Accrued Bond Interest for such Payment Date, together with principal payments in an aggregate amount equal to the ARM Pool Principal Payment Amount, if any, for such Payment Date. The "Bond Principal Balance" of a Bond as of any date of determination is equal to the initial Bond Principal Balance thereof, reduced by the aggregate of all amounts previously paid with respect to such Bond on account of principal and the aggregate amount of cumulative Realized Losses allocated to such Bond on all prior Payment Dates. The principal of, and interest on, this Bond are due and payable as described in the Indenture, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Bond shall be equal to this Bond's pro rata share of the aggregate payments on all Bonds as described above, and shall be applied as between interest and principal as provided in the Indenture. All principal and interest accrued on the Bonds, if not previously paid, will become finally due and payable at the Final Scheduled Payment Date. The Bonds are subject to redemption in whole, but not in part, by the Issuer on any Payment Date on or after the earlier of (i) the Payment Date on which the aggregate Principal Balance of the Mortgage Loans is less than or equal to 25% of the aggregate Principal Balance of the Mortgage Loans as of the Cut-off Date and (ii) the Payment Date in March 2006. The Issuer shall not be liable upon the indebtedness evidenced by the Bonds except to the extent of amounts available from the Trust Estate which constitutes security for the payment of the Bonds. The assets included in the Trust Estate and payments under ...

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Ambac Assurance Corporation. (the "Insurer") has issued and delivered a financial guaranty insurance policy, dated the Closing Date (with endorsements, the "Note Policy"), pursuant to which the Insurer guarantees Policy Claim Amounts, as defined in the Note Policy. As an inducement to the Insurer to issue and deliver the Note Policy, the Issuer and the Insurer have executed and delivered the Insurance and Indemnity Agreement, dated as of January 26, 2006 (as amended from time to time, the "Insurance Agreement"), among the Insurer, the Issuer, the Indenture Trustee, Triad Financial Corporation and Triad Financial Special Purpose LLC. As an additional inducement to the Insurer to issue the Note Policy, and as security for the performance by the Issuer of the Insurer Issuer Secured Obligations and as security for the performance by the Issuer of the Indenture Trustee Issuer Secured Obligations, the Issuer has agreed to assign the Collateral (as defined below) as collateral to the Indenture Trustee for the benefit of the Issuer Secured Parties, as their respective interests may appear.

Ambac Assurance Corporation. (the "Insurer") has issued and delivered a financial guaranty insurance policy for both Classes of Securities, dated the Closing Date (the "Policy"), pursuant to which the Insurer guarantees the Insured Payments (as defined below). As an inducement to the Insurer to issue and deliver the Policy, the Issuer and the Insurer have executed and delivered the Insurance and Indemnity Agreement, dated as of June 29, 2000 (as amended from time to time, the "Insurance Agreement"), among the Insurer, the Issuer, GreenPoint Mortgage Funding, Inc., GreenPoint Mortgage Securities Inc. and the Trustee. As an additional inducement to the Insurer to issue the Policy and ▇▇▇▇▇▇▇ Mac to issue the Guarantee, and as security for the performance by the Issuer of the Insurer Issuer Secured Obligations and as security for the performance by the Issuer of the Trustee Issuer Secured Obligations, the Issuer has agreed to grant and assign the Collateral (as defined below) to the Trustee for the benefit of the Issuer Secured Parties, as their respective interests may appear. ▇▇▇▇▇▇▇ Mac has guaranteed the payment of Insured Payments on the Class A-1 Certificates to the extent not otherwise paid by the Insurer (the "Guarantee") pursuant to Section 8.4 of this Pooling Agreement.

Examples of Ambac Assurance Corporation in a sentence

This Note is entitled to the benefits of an irrevocable and unconditional financial guaranty insurance policy issued by Ambac Assurance Corporation.
Ambac Assurance Corporation has caused this endorsement to the Policy to be signed by its duly authorized officers.
Ambac Assurance Corporation has caused this Endorsement to the Policy to be signed by its duly authorized officers.
Ambac Assurance Corporation, or any successors in interest thereto, as issuer of the Certificate Insurance Policy.
Ambac Assurance Corporation (the "Note Insurer") is intended to be a third-party beneficiary of this Agreement, and is hereby recognized by the parties hereto as a third-party beneficiary of this Agreement.
Ambac Assurance Corporation (the "Certificate Insurer") is intended to be a third-party beneficiary of this Agreement and is hereby recognized by the parties hereto to be a third-party beneficiary of this Agreement.
Ambac Assurance Corporation, a Wisconsin-domiciled stock insurance corporation or its successors in interest.
The Notes will be entitled to the benefits of a financial guaranty insurance policy (the "Policy") issued by Ambac Assurance Corporation ("Ambac") in accordance with the terms of an Insurance and Indemnity Agreement among Ambac, the Issuer, the Seller, IOS Capital and the Trustee (the "Insurance Agreement").
Parent and each of the Subsidiaries (as defined below), including Ambac Assurance Corporation (formerly known as AMBAC Indemnity Corporation) (“AAC”), are includible corporations in an affiliated group of corporations of which AFGI is the common parent, all within the meaning of Section 1504 of the Internal Revenue Code of 1986, as amended (the “Code”).
The undersigned officer of Ambac Assurance Corporation (the “Corporation”) certifies: The foregoing Article of Amendment of said Corporation were approved at a special meeting of the Board of Directors held in accordance with Sections 611.29 and 180.1003 of the Wisconsin Statutes on June 1, 2010.

More Definitions of Ambac Assurance Corporation

Ambac Assurance Corporation. (the "Insurer") has issued and delivered the certificate guaranty insurance policy, dated as of the Closing Date (the "Policy"), pursuant to which the Insurer guarantees the Insured Amount with respect to the Notes. The Trust and the Insurer have executed and delivered the Insurance and Indemnity Agreement, dated as of April 27, 2000 (as amended from time to time, the "Insurance Agreement"), among the Insurer, Advanta Mortgage Corp. USA, the Trust, Advanta Conduit Receivables, Inc. and the Indenture Trustee.

Ambac Assurance Corporation. (the "Borrower"), various banks (the "Banks"), Bank of America, N.A. and Deutsche Bank AG, New York Branch, (the "Co-Syndication Agents") and The Bank of New York (the "Administrative Agent"). In accordance with Section 3.02 of the Agreement, the Borrower hereby gives notice of termination of i) $400 million of Unutilized Commitments pro-rata among the Banks and between the Municipal Tranche Commitment and the Structured Tranche Commitment, ii) $86 million of Unutilized Contingent Commitments from Swiss Re Financial Products Corporation, iii) $10 million of Unutilized Contingent Commitments from Bayerische Landesbank Girozentrale, and iv) $33 million of Unutilized Contingent Commitments from Cooperative Centrale Raiffeisen Boerenleenbank B.A., "Rabobank Nederland", New York Branch. The termination of the Unutilized Commitments and Unutilized Contingent Commitments should be effective as of December 21, 2001. Please sign below and fax to me at ▇▇▇.▇▇▇.▇▇▇▇ to confirm your receipt of this Notice. Sincerely, ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ RECEIVED: The Bank of New York as Administrative Agent By _________________________ Title:

Ambac Assurance Corporation. (the "Note Insurer") has issued and delivered the financial guaranty insurance policy (the "Policy") pursuant to which the Note Insurer guarantees the Insured Amount with respect to the Notes. The Note Insurer has executed and delivered the Insurance and Indemnity Agreement, dated as of November 17, 1999 (as amended from time to time, the "Insurance Agreement"), among the Note Insurer, Advanta Holding Trust 1999-4, Advanta Mortgage Corp. USA, as master servicer (the "Master Servicer"), the Trust, Advanta Conduit Receivables, Inc., as sponsor (the "Sponsor"), and the Indenture Trustee.