MBIA Default definition

MBIA Default. As defined in Section 4.05(l).
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MBIA Default. The existence and continuance of any of the following:
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MBIA Default. The existence and continuance of a failure by MBIA to make a payment required under the MBIA Policy in accordance with its terms.
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Examples of MBIA Default in a sentence

  • By accepting its Certificate, each Insured Certificateholder agrees that unless a MBIA Default exists, MBIA 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.

  • MBIA shall be reinstated with such rights when the MBIA Default has been corrected.

  • During the continuation of an MBIA Default, rights granted or reserved to MBIA hereunder shall vest instead in the Holders of the Insured Retail Certificates; provided that MBIA shall be entitled to premiums due and any reimbursement amounts owed to MBIA under the MBIA Policy, except that MBIA shall retain those rights under Section 11.1 with respect to any amendment.

  • Each Holder of a Class A-3 Certificate, by its purchase of Class A-3 Certificates, and the Trustee hereby agrees that MBIA (so long as no MBIA Default exists) may at any time during the continuation of any proceeding relating to a Preference Claim direct all matters relating to such Preference Claim, including, without limitation, (i) the direction of any appeal of any order relating to any Preference Claim and (ii) the posting of any surety, supersedeas or performance bond pending any such appeal.

  • By accepting its Certificate, each Insured Certificateholder agrees that unless an MBIA Default exists, MBIA 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.

  • Each Holder of a Class A-5 Certificate, by its purchase of Class A-5 Certificates, and the Trustee hereby agrees that MBIA (so long as no MBIA Default exists) may at any time during the continuation of any proceeding relating to a Preference Claim direct all matters relating to such Preference Claim, including, without limitation, (i) the direction of any appeal of any order relating to any Preference Claim and (ii) the posting of any surety, supersedeas or performance bond pending any such appeal.

  • Any such election may be rescinded with respect to any portion of the Trust Estate securing the Certificates remaining at the time of such rescission by written notice to the Trustee and the Transferor from MBIA or, if an MBIA Default or Termination has occurred, from the Controlling Holders.

  • If the Back-up Servicer cannot serve as successor Servicer, MBIA, or if an MBIA Default or Termination has occurred and is continuing, the Trustee, shall appoint another firm acceptable to it and the Controlling Holders.

  • If any Lease Contract becomes a Defaulted Lease Contract, the Trustee, upon Transferor or Servicer request may, and upon the request of MBIA or if an MBIA Default or Termination has occurred and is continuing, the Controlling Holders shall take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.

  • Each Holder of a Class 1-A-8 Certificate, by its purchase of such Certificates and the Trustee hereby agree that MBIA (so long as no MBIA Default exists) may at any time during the continuation of any proceeding relating to a Preference Claim direct all matters relating to such Preference Claim, including, without limitation, (i) the direction of any appeal of any order relating to any Preference Claim and (ii) the posting of any surety, supersedeas or performance bond pending any such appeal.


More Definitions of MBIA Default

MBIA Default. As defined in Section 6.07(l).
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MBIA Default means any of (1) the failure by MBIA to make any payment when due under any MBIA Policy, (2) the bankruptcy, insolvency or rehabilitation of MBIA, (3) any MBIA Policy shall be void or shall cease to be in full force and effect, (4) the failure by MBIA to make any payment when due under any other policy issued in connection with the issuance of debt by ICI or the lease of equipment (or any SUBI) by ICF and (5) MBIA shall cease to be the ILFT Series Enhancer or the Lease Enhancer.
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MBIA Default. The occurrence and continuance of any of the following events:
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MBIA Default. As defined in Section 4.6(m).
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Related to MBIA Default

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Incipient Default means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

  • Financing Default means an event which would constitute (or with notice or lapse of time or both would constitute) an event of default (which event of default has not been cured) under or would otherwise violate or breach (i) any financing arrangement of the Company or any of its Subsidiaries in effect as of the time of the aforementioned event, and any extensions, renewals, refinancings or refundings thereof in whole or in part; and (ii) any provision of the Company's or any of its Subsidiary's constitutional documents.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.