Securities Insurer Default definition

Securities Insurer Default means the failure of the Securities Insurer to make payments under the Guaranty Policy, if such failure has not been remedied with ten (10) days of notice thereof, or the entry of an order or decree with respect to the Securities Insurer in any insolvency or bankruptcy proceedings which remain unstayed or undischarged for 90 days.
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Securities Insurer Default. The existence and continuance of any of the following:
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Securities Insurer Default means (i) the failure of the Securities Insurer to make a payment in accordance with the terms of the Securities Guaranty Insurance Policy, or (ii) if an Insolvency Event with respect to the Securities Insurer occurs.
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Examples of Securities Insurer Default in a sentence

  • The Securities Insurer (provided that no Securities Insurer Default has occurred and is continuing), or the holders of Notes of a majority in Outstanding Amount of the Notes, with the consent of the Securities Insurer (provided that no Securities Insurer Default has occurred and is continuing), may remove the Indenture Trustee by so notifying the Indenture Trustee and may appoint a successor Indenture Trustee.

  • If the Administrator shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the Eligible Lender Trustee alone shall have the power to make such appointment, and (if no Securities Insurer Default has occurred and is continuing) with the consent of the Securities Insurer.

  • Upon delivery of any such notice to the Issuer, the Issuer shall obtain a new master servicer or a new administrator as a Successor Master Servicer or Administrator under the Sale and Servicing Agreement, with the consent of the Securities Insurer (so long as no Securities Insurer Default has occurred and is continuing).

  • Thereafter, the Initial Term shall be extendible in the sole discretion of the Securities Insurer by written notice (each, a "Master Servicer Renewal Notice") of the Securities Insurer (or the Indenture Trustee if a Securities Insurer Default is then occurring) for successive three month terms.

  • Notwithstanding any other provision, if a Securities Insurer Default occurs, then the Securities Insurer's consent or direction is not required.

  • So long as the Indenture and the Insurance Agreement remain in effect and no Securities Insurer Default exists, no Certificateholder shall have the power to take, and shall not take, any Bankruptcy Action with respect to the Trust or the Company or direct the Owner Trustee to take any Bankruptcy Action with respect to the Trust or the Company.

  • So long as no Securities Insurer Default exists, the Master Servicer shall not consent to any material amendment, modification or waiver of the provisions of a Servicing Agreement without the consent of the Securities Insurer and the Indenture Trustee.

  • The Owner Trustee and the Co-Owner Trustee each agree that upon the occurrence and continuation of a Securities Insurer Default, the Co-Owner Trustee shall resign and the Owner Trustee shall assume the duties and obligations of the Co-Owner Trustee under the Sale and Servicing Agreement (other than its duties as Contract of Insurance Holder thereunder) and this Agreement, including without limitation, the obligations of the Co-Owner Trustee as Paying Agent pursuant to Section 3.9 hereof.

  • If an Event of Default shall occur and be continuing, the Securities Insurer (or, if a Securities Insurer Default shall have occurred and be continuing, the Indenture Trustee at the direction of the Majority Securityholders), by notice given in writing to the Master Servicer (and to the Indenture Trustee if given by the Securities Insurer or the Securityholders) may terminate all of the rights and obligations of the Master Servicer under this Agreement.

  • In addition, none of KBUSA, the Depositor or the Master Servicer shall make any change to a Program that affects any Group I or Group II Student Loan, if such change would have a material adverse effect on the interests of the Group I or Group II Noteholders, as applicable, or, with respect to the Group II Student Loans only, the Securities Insurer without the consent of the Securities Insurer (provided that no Securities Insurer Default has occurred and is continuing).


More Definitions of Securities Insurer Default

Securities Insurer Default. The failure of the Securities Insurer to make payments under the Guaranty Policy, if such failure has not been remedied with ten (10) days of notice thereof, or the entry of an order or decree with respect to the Securities Insurer in any insolvency or bankruptcy proceedings which remain unstayed or undischarged for 90 days. Securities Insurer Reimbursement Amount: At any time, an amount owed to the Securities Insurer for any unreimbursed Guaranteed Payments made under the Guaranty Policy, together with interest thereon at the rate specified in the Insurance Agreement and any other amounts then owing to the Securities Insurer under the Insurance Agreement, which have not previously been reimbursed.
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Securities Insurer Default means (i) the failure of the Securities Insurer to make a payment in accordance with the terms of the Group II Notes Guaranty Insurance Policy, or (ii) if an Insolvency Event with respect to the Securities Insurer occurs.
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Securities Insurer Default. The failure of the Securities Insurer to make payments under the Guaranty Policy, if such failure has not been remedied with ten (10) days of notice thereof, or the entry of an order or decree with respect to the Securities Insurer in any insolvency or bankruptcy proceedings which remain unstayed or undischarged for 90 days. Securities Insurer Reimbursement Amount: At any time, an amount owed to the Securities Insurer for any unreimbursed Guaranteed Payments made under the Guaranty Policy, together with
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Related to Securities Insurer Default

  • NIMs Insurer Default As defined in Section 10.13.

  • Note Insurer Default The existence and continuance of any of the following:

  • Certificate Insurer Default The existence and continuance of any of the following:

  • Insurer Default means the occurrence and continuance of any of the following events:

  • Companion Loan Rating Agency With respect to any Serviced Companion Loan, any rating agency that was engaged by a participant in the securitization of such Serviced Companion Loan to assign a rating to the related Serviced Companion Loan Securities.

  • Note Insurer means MBIA Insurance Corporation, a New York stock insurance corporation, and its successors and assigns.

  • Companion Loan Rating Agency Declination As defined in the definition of “Companion Loan Rating Agency Confirmation” in this Agreement.

  • Indenture Default means, with respect to any Indenture, any Event of Default (as such term is defined in such Indenture) thereunder.

  • Liquidity Provider Ratings Event means the Liquidity Provider shall fail to maintain at any time short-term debt ratings in one of the two highest ratings categories from the Requisite NRSROs or, if applicable, such other short-term debt ratings as may be required for the VRDP Shares to satisfy the eligibility criteria under Rule 2a-7 under the 1940 Act.

  • Rating Agency Event means that any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act that then publishes a rating for the Company (a “rating agency”) amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the Notes, which amendment, clarification or change results in:

  • Default Under the Trust Indenture With respect to any MBS, any condition, occurrence or event which, if continued for any specified period of time after the giving of any requisite notice, would be an “Event of Default” under the Trust Indenture pursuant to which such MBS was issued.

  • Master Servicer Event of Default One or more of the events described in Section 7.01.

  • Indenture Event of Default means an "Event of Default" as defined in the Indenture.

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

  • Mortgage Loan Event of Default means an “Event of Default” under and as defined in the Mortgage Loan Agreement.

  • Underlying Securities Indenture As set forth in Schedule I.

  • Event of Default Under the Trust Indenture With respect to any MBS, any “Event of Default” under the Trust Indenture pursuant to which such MBS was issued. Xxxxxx Xxx: Federal National Mortgage Association, a body corporate organized and existing under the laws of the United States, or its successor in interest or any successor appointed as herein provided. Unless the context requires otherwise, the term “Xxxxxx Mae” shall be deemed to refer to the Federal National Mortgage Association acting in its corporate capacity and not in its capacity as Trustee hereunder.

  • Insurance Agreement Event of Default means an "Event of Default" as defined in the Insurance Agreement.

  • Companion Loan Rating Agency Confirmation With respect to any matter involving the servicing and administration of a Serviced Companion Loan or any related REO Property as to which any Serviced Companion Loan Securities exist, confirmation in writing (which may be in electronic form) by each applicable Companion Loan Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any class of such Serviced Companion Loan Securities (if then rated by the Companion Loan Rating Agency); provided that upon receipt of a written waiver or other acknowledgment from the Companion Loan Rating Agency indicating its decision not to review or declining to review the matter for which the Companion Loan Rating Agency Confirmation is sought (such written notice, a “Companion Loan Rating Agency Declination”), or as otherwise provided in Section 3.30 of this Agreement, the requirement for the Companion Loan Rating Agency Confirmation from the applicable Companion Loan Rating Agency with respect to such matter shall not apply.

  • 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.

  • Certificate Insurance Policy The Financial Guaranty Insurance Policy No. CA01172A, and all endorsements thereto dated the Closing Date, issued by the Certificate Insurer for the benefit of the Class AF-3 Certificateholders.

  • Guarantee Event of Default means a default by the Guarantor on any of its payment or other obligations under this Guarantee.

  • Debenture Event of Default means an "Event of Default" as defined in the Indenture.

  • Liquidity Provider Ratings Event Termination Date means the date established by the Tender and Paying Agent, acting upon instructions of the Fund pursuant to the Tender and Paying Agent Agreement, for termination of the VRDP Purchase Agreement upon the occurrence of a Liquidity Provider Ratings Event, which date shall be not less than 16 days nor more than 30 days following such Liquidity Provider Ratings Event.

  • Note Rating Agency means, with respect to any Outstanding Series, Class or Tranche of Notes, each statistical note rating agency selected by the Issuer to rate such Notes.

  • Subordination Event means any one of the following events: