MBIA Policy definition

MBIA Policy. The Certificate Guaranty Insurance Policy 44033 issued by MBIA for the benefit of the Holders of the Insured Certificates, including any endorsements thereto, attached as Exhibit O.

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MBIA Policy. The Certificate Guaranty Insurance Policy issued by MBIA for the benefit of the Holders of any Insured Retail Certificates, including any endorsements thereto.

MBIA Policy means any of the ILFT Policy or the Lease Policy, as the context may require.

Examples of MBIA Policy in a sentence

• Funds held in the MBIA Policy Payments Account shall not be invested by the Trustee.

• Anything herein to the contrary notwithstanding, for purposes of this Section 11.03 only, any payment with respect to principal of or interest on the Insured Certificates which is made with monies received pursuant to the terms of the MBIA Policy shall not be considered payment of the Insured Certificates from the Trust Fund.

• Each Insured Certificateholder, by accepting its Certificate, appoints the Trustee as attorney-in-fact for the purpose of making claims on the MBIA Policy.

• Neither the MBIA Policy, nor the amounts paid on the MBIA Policy will constitute part of the assets of either REMIC created by this Agreement.

• The Trustee shall surrender the MBIA Policy to MBIA for cancellation upon the expiration of the term of the MBIA Policy as provided in the MBIA Policy following the retirement of the Insured Certificates.

• In connection with such transfer and assignment, the Company does hereby deliver the MBIA Policy to the Trustee for the benefit of the Holders of the Insured Certificates.

• To the extent that the MBIA Policy constitutes a reserve fund for federal income tax purposes, (1) it shall be an outside credit support agreement and not an asset of either REMIC and (2) it shall be owned by MBIA, all within the meaning of Section 1.860G-2(h) of the Treasury Regulations.

• The Trustee shall hold the MBIA Policy in trust as agent for the Insured Certificateholders for the purpose of making claims thereon and distributing the proceeds thereof.

• As long as the MBIA Policy is in effect and unless MBIA is in default under the MBIA Policy, MBIA shall be entitled to exercise all Voting Rights otherwise allocable to the Insured Certificates.

• The Trustee shall deposit any amount paid under the MBIA Policy in the MBIA Policy Payments Account and distribute such amount only for purposes of payment to Holders of Insured Certificates of the Insured Payment for which a claim was made.

More Definitions of MBIA Policy

MBIA Policy. The irrevocable Financial Guaranty Insurance Policy dated as of the Closing Date issued by the Certificate Insurer to the Trustee for the benefit of the Class A Certificateholders and having a maximum amount available to be drawn in respect of Scheduled Payments equal to the MBIA Policy Amount, a copy of which is attached as Exhibit K hereto.

MBIA Policy. The financial guaranty insurance policy issued to the Grantor Trust Trustee for the benefit of the Certificateholders pursuant to the Insurance Agreement in respect of the Grantor Trust Certificates.

MBIA Policy. The financial guaranty insurance policy issued by MBIA covering the Bonds issued pursuant to this Agreement.

MBIA Policy means the irrevocable financial guaranty insurance policy (Policy No. 24483) issued by MBIA with respect to the Bonds.