Examples of Note Insurance Policy in a sentence
Moreover, but if, and only in the event that, the payment of the Notes has been insured to the Registered Owners thereof by a duly issued and outstanding Note Insurance Policy, then the Sinking Fund Depository and any successor shall be, and remain at all times, acceptable to the Insurer, who shall be empowered to request the appointment of a successor for cause shown.
No provisions of this Debt Ordinance, the Debt Act or otherwise arising at law or in equity for the enforcement of claims by Registered Owners for the payment of either principal or interest in respect of the Notes shall be effectuated without the consent of the Insurer, so long as the terms of the Note Insurance Policy are being fully met and satisfied.
In the event that the principal and/or interest on the Notes shall be paid by the Insurer pursuant to the Note Insurance Policy, all covenants, agreements and other obligations of the Local Government Unit to the Registered Owners of the Notes, under this Debt Ordinance and under the Debt Act, shall continue to exist and shall run to the benefit of the Insurer, who shall be subrogated to the rights of such Registered Owners.
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