Ambac UK definition

Ambac UK means Ambac Assurance UK Limited, a United Kingdom-domiciled insurance company.
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Examples of Ambac UK in a sentence

  • The Ambac UK Reinsurance Agreement has been allocated to and remains in the Segregated Account and the obligations pertaining to it are treated consistently with the junior priority of such obligations in a liquidation proceeding in any Segregated Account Rehabilitation Plan filed or approved prior to the Closing.

  • During the first quarter of 1997, Ambac Assurance established a new subsidiary in the United Kingdom, Ambac Insurance UK Limited ("Ambac UK"), which is authorized to conduct certain classes of general insurance business in the United Kingdom.

  • Ambac UK is the Company's primary vehicle for the issuance of financial guarantee insurance policies in the United Kingdom and Europe.

  • Both AAC and Ambac UK (the "Legacy Financial Guarantee Companies") have financial guarantee insurance portfolios that have been in runoff since 2008.

  • The arbitration clauses would not apply, however, in the event that Ambac (with respect to the surplus note agreement) or Ambac together with Ambac UK (with respect to the facultative agreement) became subject to a proceeding pursuant to WIS.

  • Insurance policies issued by Ambac Assurance and Ambac UK generally guarantee payment when due of the principal and interest on the obligations guaranteed.

  • In 2004, AG Re entered into a facultative agreement to reinsure a portion of certain insurance policies issued by Ambac and its affiliate Ambac Assurance UK Limited (Ambac UK).

  • AAC paid a nominal termination amount of $1 to Ambac UK in connection with the commutation.

  • Management's evaluation as of March 31, 2022, includes the expectation that all principal and interest payments on securities guaranteed by AAC or Ambac UK will be made timely and in full.

  • Pursuant to the NWMA, AAC agreed, among other things, to contribute capital to Ambac UK to ensure that Ambac UK maintains “free assets” of £10.5 million or such higher amount as may be required by United Kingdom law or United Kingdom regulatory authorities.

Related to Ambac UK

  • Ambac Ambac Assurance Corporation (formerly known as AMBAC Indemnity Corporation).

  • JPM shall have the meaning assigned to such term in the preamble to this Agreement.

  • Royal Bank means Royal Bank of Canada.

  • Liquidity Agreement means a liquidity loan agreement, asset purchase agreement or similar agreement entered into by a Conduit Lender with a group of financial institutions in connection with this Agreement.

  • UK Financial Institution means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

  • JPMorgan means JPMorgan Chase Bank, N.A.

  • BTMU means The Bank of Tokyo-Mitsubishi UFJ, Ltd.

  • Canadian financial institution means (i) an association governed by the Cooperative Credit Associations Act (Canada) or a central cooperative credit society for which an order has been made under section 473(1) of that Act, or (ii) a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada;

  • Credit Enhancement Agreement means the Agreement among the Sellers, the Master Servicer, the Trustee and the Credit Enhancement Provider with respect to the Credit Enhancement.

  • KeyBank means KeyBank National Association.

  • Funding Bank shall have the meaning given to such term in Section 3.3 hereof.

  • Conduit Purchaser means each commercial paper conduit that is or becomes a party to this Agreement in the capacity of a “Conduit Purchaser”.

  • foreign financial institution means an institution registered as a foreign financial institution with the Ministry of Finance in the Mexican Banking and Financial Institutions, Pensions, Retirement and Foreign Investment Funds Registry for purposes of Article 195, Section I of the Mexican Income Tax Law.

  • Credit Enhancement Agreements means, collectively, any documents, instruments, guarantees or agreements entered into by the Company, any of its Restricted Subsidiaries, or any Receivables Entity for the purpose of providing credit support for one or more Receivables Entities or any of their respective securities, debt instruments, obligations or other Indebtedness.

  • Replacement Liquidity Provider has the meaning set forth in the Intercreditor Agreement.

  • Cash Management Bank means any Person that, at the time it enters into a Cash Management Agreement, is a Lender or an Affiliate of a Lender, in its capacity as a party to such Cash Management Agreement.

  • Hedging Agreement Provider means any Person that enters into a Secured Hedging Agreement with a Credit Party or any of its Subsidiaries that is permitted by Section 6.1(d) to the extent such Person is a Lender, an Affiliate of a Lender or any other Person that was a Lender (or an Affiliate of a Lender) at the time it entered into the Secured Hedging Agreement but has ceased to be a Lender (or whose Affiliate has ceased to be a Lender) under the Credit Agreement.

  • JPMCB means JPMorgan Chase Bank, N.A. and its successors.

  • Collecting bank means a bank handling the item for collection except the payor bank.

  • Senior Credit Support Depletion Date The date on which the Class Certificate Balance of each Class of Subordinated Certificates has been reduced to zero.

  • QFC Credit Support has the meaning specified in Section 11.21.

  • Secured Cash Management Agreement means any Cash Management Agreement that is entered into by and between any Credit Party and any Cash Management Bank.

  • CIBC means Canadian Imperial Bank of Commerce.

  • Account Party has the meaning specified therefor in Section 2.11(h) of this Agreement.

  • Specified Cash Management Agreement any agreement providing for treasury, depositary or cash management services, including in connection with any automated clearing house transfers of funds or any similar transactions between the Borrower or any Guarantor and any Lender or affiliate thereof or any Agent or affiliate thereof, which has been designated by such Lender and the Borrower, by notice to the Administrative Agent not later than 90 days after the execution and delivery by the Borrower or such Guarantor, as a “Specified Cash Management Agreement”.

  • Credit Support Pledge Agreement The Credit Support Pledge Agreement, dated as of November 24, 1998, among the Master Servicer, GMAC Mortgage Corporation, Combined Collateral LLC and The First National Bank of Chicago (now known as Bank One, National Association), as custodian.