Bond Insurer Default. The existence and continuance of any of the following: (a) a failure by the Bond Insurer to make a payment required under the Bond Insurance Policy in accordance with its terms; or (b)(i) the Bond Insurer (A) files any petition or commences any case or proceeding under any provision or chapter of the Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (B) makes a general assignment for the benefit of its creditors, or (C) has an order for relief entered against it under the Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization which is final and nonappealable; or (ii) a court of competent jurisdiction, the New York or Wisconsin Department of Insurance or other competent regulatory authority enters a final and nonappealable order, judgment or decree (A) appointing a custodian, trustee, agent or receiver for the Bond Insurer or for all or any material portion of its property or (B) authorizing the taking of possession by a custodian, trustee, agent or receiver of the Bond Insurer (or the taking of possession of all or any material portion of the property of the Bond Insurer).
Bond Insurer Default. The existence and continuance of any of the following:
Bond Insurer Default. The existence and continuance of any of the following: (a) a failure by the Bond Insurer to make a payment required under the Bond Insurance Policy in accordance with its terms; or (b)(i) the Bond Insurer (A) files any petition or commences any case or proceeding under any provision or chapter of the Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (B) makes a general assignment for the benefit of its creditors, or (C) has an order for relief entered against it under the Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization which is final and nonappealable; or (ii) a court of competent jurisdiction, the New York Department of Insurance or other competent regulatory authority enters a final and nonappealable order, judgment or decree (A) appointing a custodian, trustee, agent or receiver for the Bond Insurer or for all or any material portion of its property or (B) authorizing the taking of possession by a custodian, trustee, agent or receiver of the Bond Insurer (or the taking of possession of all or any material portion of the property of the Bond Insurer).
Examples of Bond Insurer Default in a sentence
Each Credit Facility Provider, provided that such Credit Facility Provider has not failed to honor a draw made under and in sbict compliance with its Credit Facility, each Bond Insurer, provided there is no Bond Insurer Default in effect, and STING shall have the right to exercise or direct, with respect to the series of Bonds secured by its Credit Facility or Bond Insurance Policy, or STING Rate Bonds, as applicable, the exercise of remedies and rights under this Indenture as herein provided.
More Definitions of Bond Insurer Default
Bond Insurer Default shall have the meaning assigned to such term in the Indenture.
Bond Insurer Default means the occurrence and continuance of one or more of the following events: (a) the failure of the Bond Insurer to pay principal of or interest on the Bonds when and to the extent required by a Policy; (b) the issuance of an order of liquidation or
Bond Insurer Default. The occurrence and continuance of any of the following events:
Bond Insurer Default means (a) the Bond Insurer shall be in payment default under the Bond Insurance Policy and such failure shall continue for three business days, or (b) any material provision of the Bond Insurance Policy shall be held to be invalid by a final, non-appealable order of a court of competent jurisdiction, or the validity or enforceability thereof shall be contested by the Bond Insurer.
Bond Insurer Default has the meaning defined in Section 808(b).
Bond Insurer Default means anyone or more of the following events with respect to a particular series of Bonds insured by the relevant Bond Insurer:
Bond Insurer Default means the failure by the Bond Insurer to make a payment when due under the Bond Insurance Policy or if a bankruptcy or insolvency proceeding has been instituted by or against the Bond Insurer and the same has not been dismissed within sixty (60) days following the institution of such proceedings;