Examples of Qualifying Policy in a sentence
In the case of a Qualifying Policy and an Insured Instrument, references to the Reference Entity in Section 4.7(a) shall be deemed to refer to the Insured Obligor and the reference to the Reference Entity in Section 4.7(b) shall continue to refer to the Reference Entity.
If the “Assignable Loan”, “Consent Required Loan”, “Direct Loan Participation” or “Transferable” Reference Obligation Characteristics are specified in the relevant Standard, if the benefit of the Qualifying Policy is not transferred as part of any transfer of the Insured Instrument, the Qualifying Policy must be transferable at least to the same extent as the Insured Instrument.
For the purposes of the application of “Obligation Category” and “Reference Obligation Category”, the Qualifying Guarantee or the Qualifying Policy, as the case may be, shall be deemed to satisfy the same category or categories as those that describe the Underlying Obligation or the Insured Instrument, as the case may be.
With respect to an Insured Instrument in the form of a pass-through certificate or similar funded beneficial interest, the term “outstanding principal balance” shall mean the outstanding Certificate Balance and “maturity”, as such term is used in the “Maximum Maturity” Reference Obligation Characteristic, shall mean the specified date by which the Qualifying Policy guarantees or insures, as applicable, that the ultimate distribution of the Certificate Balance will occur.
In the case of a Reference Entity that is a monoline insurance company issuing financial guaranty insurance policies or similar financial guarantees or in respect of which any supplement or provisions relating to monoline insurance companies are specified as being applicable in the relevant Standard, for the purposes of Sections 4.7(a), 4.7(b) and 4.9, the term Obligation shall be deemed to include Insured Instruments for which the Reference Entity is acting as provider of a Qualifying Policy.