Certificate Insurer Default definition

Certificate Insurer Default. The existence and continuance of any of the following:

Certificate Insurer Default. Not applicable.

Certificate Insurer Default. The existence and continuance of a failure by the Certificate Insurer to make a payment required under the Certificate Policy in accordance with its terms.

Examples of Certificate Insurer Default in a sentence

• Any right conferred to the Certificate Insurer shall be suspended during any period in which a Certificate Insurer Default exists.

• By accepting its Certificate, each Insured Certificateholder agrees that unless a Certificate Insurer Default exists, the Certificate Insurer shall have the right to exercise all consent, voting, direction and other control rights of the Insured Certificateholders under this Agreement without any further consent of the Insured Certificateholders.

• Any right conferred to the Certificate Insurer shall be suspended after the occurrence and during the continuation of a Certificate Insurer Default.

• In addition, each Class A Certificateholder agrees that, unless a Certificate Insurer Default has occurred and is continuing, the rights specifically set forth above may be exercised by the Class A Certificateholders only with the prior written consent of the Certificate Insurer.

• If a Certificate Insurer Default shall cease to exist, the rights of the Certificate Issuer shall be immediately restored.

More Definitions of Certificate Insurer Default

Certificate Insurer Default. The occurrence and continuance of any of the following events:

Certificate Insurer Default. The existence and continuance of any of the following: (a) a failure by the Certificate Insurer to make a payment required under the Certificate Insurance Policy in accordance with its terms; (b) the entry of a decree or order of a court or agency having jurisdiction in respect of the Certificate Insurer in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law appointing a conservator or receiver or liquidator or other similar official of the Certificate Insurer or of any substantial part of its property, or the entering of an order for the winding up or liquidation of the affairs of the Certificate Insurer and the continuance of any such decree or order undischarged or unstayed and in force for a period of 90 consecutive days; (c) the Certificate Insurer shall consent to the appointment of a conservator or receiver or liquidator or other similar official in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Certificate Insurer or of or relating to all or substantially all of its property; or (d) the Certificate Insurer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of or otherwise voluntarily commence a case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations.

Certificate Insurer Default. As defined in Section 5.07.

Certificate Insurer Default. The existence and continuance of any of the following: (a) a failure by the Certificate Insurer to make a payment required under the Certificate Guaranty Insurance Policy in accordance with its terms; or (b)

Certificate Insurer Default. Any one of the following events shall have occurred and be continuing:

Certificate Insurer Default. As defined in Section 4.10 (h).

Certificate Insurer Default. As defined in Section 14.04(j).