MBIA Default Sample Clauses
The "MBIA Default" clause defines specific circumstances under which MBIA, typically a financial guarantor or insurer, is considered to be in default under an agreement. This clause outlines the events or conditions—such as failure to make required payments, insolvency, or breach of contractual obligations—that would trigger a default status for MBIA. For example, if MBIA fails to honor its guarantee on a bond or enters bankruptcy proceedings, these would constitute an MBIA Default. The core function of this clause is to clearly establish what constitutes a default by MBIA, thereby protecting the interests of other parties by enabling them to take remedial actions or enforce rights if such a default occurs.
MBIA Default. 26 APPENDIX X Definitions EXHIBIT A Form of Company Certificate i These STANDARD TERMS & CONDITIONS OF LEASE ACQUISITION (the "Standard Lease Acquisition Terms"), dated as of March 1, 1996 are incorporated by reference and are intended to form a part of the SPECIFIC TERMS AND CONDITIONS OF LEASE ACQUISITION dated as of March 1, 1996 (the "Specific Lease Acquisition Terms")to which these Standard Lease Acquisition Terms are appended (together, the "Lease Acquisition Agreement").
MBIA Default. If an MBIA Default occurs and continues unremedied, MBIA's right to consent hereunder and under any other Transaction Document and to direct the Indenture Trustee shall be suspended until remedied and, in such event, in all provisions of this Agreement wherein MBIA's consent or direction is required or permitted, the consent or direction of the Controlling Holders shall be required or permitted during such period of suspension.
MBIA Default. The existence and continuance of any of the following:
MBIA Default. If an MBIA Default occurs, MBIA's right to consent hereunder and to direct the Indenture Trustee shall be void and, in such event, in all provisions of the Lease Acquisition Agreement wherein MBIA's consent or direction is required or permitted, the consent or direction of the Holders of not less than a majority in Outstanding Principal Amount of all Notes shall be required or permitted.
MBIA Default. If an MBIA Default occurs, MBIA's right to consent hereunder and under any other Transaction Document and to direct the Indenture Trustee shall be void and, in such event, in all provisions of this Agreement wherein MBIA's consent or direction is required or permitted, the consent or direction of the Holders of not less than a majority in Outstanding Principal Amount of all Notes shall be required or permitted. In addition, if an MBIA Default occurs, at the direction of the Holders of not less than a majority in Outstanding Principal Amount of all Notes, the amount of the fee that would have otherwise been paid as the MBIA Premium shall be applied in the order 101 of priority set forth in Section 12.02(d) to either (a) procure an alternative third party credit enhancement for all Series of. Outstanding Notes, (b) make payments of premiums to the Noteholders of each Series in the proportion in which the Outstanding Principal Amount of each Series represents of the Outstanding Principal Amount of all Series or (c) any combination of the foregoing. Notice of an MBIA Default shall be provided to Moody's in the manner specified in Section 13.03(e). 102 EXHIBIT A FORM OF INVESTMENT LETTER BLT FINANCE CORP. III 7.33% LEASE-BACKED NOTES, SERIES 1994-A BLT Finance Corp. III (the "Company") 950A ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇rwest Bank Minnesota, National Association, as Trustee Norwest Center 6th Street & Marquette Avenue Minneapolis, Minnesota 55479-0069 The undersigned hereby certifies on behalf of the purchaser named below (the "Purchaser") as follows:
1. I __________________, am the chief financial officer, a person fulfilling an equivalent function or other executive officer of the Purchaser.
2. I am familiar with the provisions of Rule 144A ("Rule 144A") under the Securities Act of 1933 (the "1933 Act").
a. The Purchaser is a "qualified institutional buyer," as defined in Rule 144A.
b. The Purchaser is aware that the Company may rely on the exemption from the registration requirements of the 1933 Act provided by Rule 144A.
c. The Purchaser acknowledges that the Purchaser has (i) received such information regarding the 1994-A Notes as the Purchaser may require pursuant to Rule 144A or (ii) the Purchaser has determined not to request such information.] [2. I am familiar with the provisions of Regulation D under the Securities Act of 1933 (the "1933 Act").
a. The Purchaser is an "accredited investor" within the meaning of Rule 501 of Regulation D ...
MBIA Default. If (i) an MBIA Default occurs and continues unremedied or (ii) if the Class A Note Balance has been reduced to zero, the Insurance Agreement is terminated and all amounts due to MBIA have been paid in full, MBIA's right to consent hereunder and to direct the Indenture Trustee shall be suspended until remedied and, in such event, in all provisions of this Loan Sale Agreement wherein MBIA's consent or direction is required or permitted, the consent or direction of the Controlling Holders shall be required or permitted during such period of suspension.