Mortgagor Bankruptcy Bond definition

Mortgagor Bankruptcy Bond. A surety bond, insurance policy, letter of ------------------------- credit or other credit instrument, in form and substance satisfactory to the Issuer and the Trustee, issued by an insurance company, surety company, or by a bank, trust company, savings and loan association or other financial institution acceptable to the Trustee providing coverage against loss resulting from any order, decree or other action by a court in connection with a bankruptcy proceeding that reduces the amount of indebtedness secured by any Security Instrument or the interest rate of any Note.

Mortgagor Bankruptcy Bond. If so provided for in the applicable Reference Agreement, the bankruptcy bond obtained pursuant to Section 3.23.

Mortgagor Bankruptcy Bond or "Mortgagor Bankruptcy Fund": With respect to a Series, a policy of insurance or Letter of Credit (or any other instrument required to avoid a downgrading of the then applicable rating on the Bonds of such Series by any Rating Agency rating the Bonds of such Series) to be issued by the company or companies specified in the related Series Supplement providing coverage with respect to each Mortgage Loan securing such Series in the event of the bankruptcy of the Borrower thereof.

Examples of Mortgagor Bankruptcy Bond in a sentence

• No later than 15 Business Days prior to the date thereof, the Master Servicer shall deliver to the Trustee a statement of the premium due on the Mortgagor Bankruptcy Bond (if any), each Pool Insurance Policy (if any), and the Special Hazard Policy (if any), together with an Officer's Certificate certifying that the amount reflected on the statement is correct and is properly due and payable and instructing the Trustee to pay such amounts to the appropriate insurer or surety.

• The Master Servicer shall prepare and present on behalf of the Trustee and the Securityholders all claims under any Mortgagor Bankruptcy Bond, each Servicer Fidelity Bond, each Servicer Errors and Omissions Policy, and the Special Hazard Insurance Policy, and take such actions (including the negotiation, settlement, compromise or enforcement of the insured's claim) as shall be necessary to realize recovery under such bonds and policies.

• At the request of the Depositor, coverage under the Mortgagor Bankruptcy Bond shall be cancelled or reduced by the Master Servicer to the extent permitted by the Rating Agency, provided the outstanding rating of the Certificates by the Rating Agency at the time of such cancellation or reduction is not reduced.

• The Master Servicer shall promptly deliver to the Trustee or its agent upon the execution or receipt thereof, the originals of any Special Hazard Insurance Policy, any Pool Insurance Policy, any Mortgagor Bankruptcy Bond, any Performance Letter, and any certificates of renewal thereof, and such other documents or instruments that constitute portions of the Trustee Mortgage Loan File that come into the possession of the Master Servicer from time to time.

• The Master Servicer shall promptly deliver to the Trustee, upon the execution or receipt thereof, the originals of any Special Hazard Insurance Policy, any Pool Insurance Policy, any Mortgagor Bankruptcy Bond, any Performance Bond, any Alternative Credit Support and any certificates of renewal thereof, and such other documents or instruments that constitute part of the Mortgage File that come into the possession of the Master Servicer from time to time.

• In connection with its activities as administrator and servicer of the Mortgage Loans, the Master Servicer agrees to present, on behalf of itself, the Depositor, the Trustee and the Certificateholders, claims to the issuer of the Mortgagor Bankruptcy Bond and, in this regard, to take such reasonable action as shall be necessary to permit recovery under the Mortgagor Bankruptcy Bond.

• Pursuant to Section 3.08 hereof, any amounts collected by the Master Servicer under the Mortgagor Bankruptcy Bond shall be deposited in the Certificate Account, subject to withdrawal pursuant to Section 3.12 hereof.

• This system originates north of Ellensburg although the only portion of Wilson Creek in SMA jurisdiction is south of the city limits.

• The Mortgagor Bankruptcy Bond has been issued by _____________, a __________________ corporation.

• The Trustee or its agent shall also retain possession and custody of the originals of any Special Hazard Insurance Policy, any Pool Insurance Policy, any Mortgagor Bankruptcy Bond, and any certificates of renewal as to the foregoing as may be issued from time to time as contemplated by these Standard Terms.

More Definitions of Mortgagor Bankruptcy Bond

Mortgagor Bankruptcy Bond. [Not Applicable]

Mortgagor Bankruptcy Bond. If so provided for in the applicable ------------------------- Reference Agreement, the bankruptcy bond obtained pursuant to Section 3.23.

Mortgagor Bankruptcy Bond. With respect to a Series, a policy of insurance or a Letter of Credit (or any other instrument providing comparable or greater coverage that will not result in a downgrading of the then rating on the Bonds of such Series by any Rating Agency rating the Bonds of such Series) to be issued by the Mortgagor Bankruptcy Bond Issuer.

Mortgagor Bankruptcy Bond. The bankruptcy bond obtained pursuant to Section 3.11, a specimen of which is attached as Exhibit I hereto, or any replacement policy obtained pursuant to Section 3.11.