Bond Insurer Event of Insolvency definition

Bond Insurer Event of Insolvency means the institution of a proceeding in a court having jurisdiction in the premises seeking an order for relief, rehabilitation, reorganization, conservation, liquidation or dissolution in respect of the Bond Insurer and the continuance of such proceeding for a period of sixty (60) consecutive days or such court enters an order granting the relief sought in such proceeding and such order is not reversed or action thereunder stayed within sixty (60) days of such entry.
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Bond Insurer Event of Insolvency means the occurrence and continuance of one or more of the following events: (a) the issuance, under the laws of the state of formation of or the laws of the state having primary regulatory jurisdiction over the Bond Insurer or any successor provision thereto (or any other law under which the Bond Insurer is at the time organized), of an order for relief, rehabilitation, reorganization, conservation, liquidation or dissolution of the Bond Insurer that is not dismissed within 60 days; (b) the commencement by the Bond Insurer of a voluntary case or other proceeding seeking an order for relief, liquidation, rehabilitation, conservation, reorganization or dissolution with respect to itself or its debts under the laws of the state of incorporation or formation of the Bond Insurer or any bankruptcy, insolvency or other similar law now or hereafter in effect, including, without limitation, the appointment of a trustee, receiver, liquidator, custodian or other similar official for itself or any substantial part of its property; (c) the consent of the Bond Insurer to any relief referred to in the preceding clause (b) in an involuntary case or other proceeding commenced against it; (d) the making by the Bond Insurer of an assignment for the benefit of creditors; (e) the failure of the Bond Insurer to generally pay its debts or claims as they become due; or (f) the initiation by the Bond Insurer of any actions to authorize any of the foregoing.
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Bond Insurer Event of Insolvency means the occurrence and continuance of one or more of the following events: (i) the issuance, under the applicable laws of any state of the United States, of an order of reorganization, liquidation or dissolution of a Bond Insurer; (ii) the commencement by a Bond Insurer of a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect, including without limitation the appointment of a trustee, receiver, liquidator, custodian or other similar official for itself or any substantial part of its property; (iii) the consent by a Bond Insurer to any relief referred to in the preceding clause (ii) in an involuntary case or other proceeding commenced against it; (iv) the making by a Bond Insurer of an assignment for the benefit of creditors; (v) the failure by a Bond Insurer to pay generally its debts as they become due; or (vi) the initiation by a Bond Insurer of any action to authorize any of the foregoing.
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Examples of Bond Insurer Event of Insolvency in a sentence

  • During the pendency of a Potential Event of Termination pursuant to Section 7.01(c) (with respect to an order described in clause (a) of the definition of Bond Insurer Event of Insolvency) or Section 7.01(d), the Bank’s obligations to purchase Bonds shall be immediately suspended without notice or demand and thereafter the Bank shall be under no obligation to purchase Bonds until the Available Commitment is reinstated as described in this paragraph 7.02(d).


More Definitions of Bond Insurer Event of Insolvency

Bond Insurer Event of Insolvency means the occurrence and continuance of one or more of the following events: (a) the issuance, under Article 74 of the Insurance Law of New York or any successor provision thereof (or any other law to which the Bond Insurer is at the time subject), of an order for relief, rehabilitation, reorganization, conservation, liquidation or dissolution of the Bond Insurer that is not dismissed within ninety (90) days; (b) the commencement by the Bond Insurer of a voluntary case or other proceeding seeking an order for relief, liquidation, supervision, rehabilitation, conservation, reorganization or dissolution with respect to itself or its debts under the laws of the state of incorporation or formation of the Bond Insurer or any bankruptcy, insolvency or other similar law now or hereafter in effect including, without limitation, the appointment of a trustee, receiver, liquidator, conservator, custodian or other similar official for itself or any substantial part of its property; (c) the consent of the Bond Insurer to any relief referred to in the preceding clause (b) in an involuntary case or other proceeding commenced against it; (d) the making by the Bond Insurer of an assignment for the benefit of creditors; (e) the failure of the Bond Insurer generally to pay its debts or claims as they become due; provided that any failure by the Bond Insurer to make payment on any municipal bond insurance policy (i) that is being contested in good faith or (ii) with respect to which thirty
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Bond Insurer Event of Insolvency means the occurrence and continuance of one or more of the following events: (a) the issuance, under the laws of the state in which a Bond Insurer is incorporated, of an order of rehabilitation, liquidation or dissolution of the Bond Insurer; (b) the commencement by a Bond Insurer of a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect, including, without limitation, the appointment of a trustee, receiver, liquidator, custodian or other similar official for itself or any substantial part of its property; (c) the consent of a Bond Insurer to any relief referred to in the preceding clause (b) in an involuntary case or other proceeding commenced against it; (d) the making by a Bond Insurer of a general assignment for the benefit of creditors; (e) the admission by a Bond Insurer that it is unable generally to pay its debts as they become due; or (f) the initiation by a Bond Insurer of any actions to authorize any of the foregoing.
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Bond Insurer Event of Insolvency means the occurrence and continuance of one or more of the following events: (a) the issuance, under Article 74 of the Insurance Law of New York or any successor provision thereto (or any other law under which the Bond Insurer is at that time organized), of an order for relief, rehabilitation, reorganization, conservation, liquidation or dissolution of the Bond Insurer that is not dismissed within 90 days; (b) the commencement by the Bond Insurer of a voluntary case or other proceeding seeking an order for relief, liquidation, rehabilitation, conservation, reorganization or dissolution with respect to itself or its Debts under the laws of the state of incorporation or formation of the Bond Insurer or any bankruptcy, insolvency or other similar law now or hereafter in effect including, without limitation, the appointment of a trustee, receiver, liquidator, custodian or other similar official for itself or any substantial part of its property; (c) the consent of the Bond Insurer to any relief referred to in the preceding clause (b) in an involuntary case or other proceeding commenced against it; (d) the making by the Bond Insurer of an assignment for the benefit of creditors; (e) the failure of the Bond Insurer to generally pay its Debts or claims as they become due; (f) the initiation by the Bond Insurer of any actions to authorize any of the foregoing; provided, that any failure to make payment on any municipal bond insurance policy (i) that is being contested in good faith or (ii) with respect to which 30 days have not elapsed, shall not constitute a failure by the Bond Insurer to generally pay its debts or claims as they come due; or (g) S&P, Xxxxx’x and Fitch shall suspend or withdraw the financial strength or claims paying ability rating of the Bond Insurer or shall reduce such rating below BBB in the case of S&P, Baa3 in the case of Moody’s, and BBB in the case of Fitch.
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Bond Insurer Event of Insolvency means the occurrence of one or more of the following events: (a) the issuance of an order of rehabilitation, liquidation or dissolution of the Bond Insurer; (b) the commencement by the Bond Insurer of a voluntary case or other proceeding seeking rehabilitation, dissolution, liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect, including the appointment of a trustee, receiver, liquidator, custodian or other similar official for itself or any substantial part of its property; (c) the consent of the Bond Insurer to, or the acquiescence by the Bond Insurer in, any case or proceeding described in the preceding clause (b) that is commenced against it; (d) the making by the Bond Insurer of a general assignment for the benefit of creditors; (e) the failure of the Bond Insurer, or the admission by the Bond Insurer in writing of its inability, generally to pay its debts or claims as they become due; (f) the initiation by the Bond Insurer of any action to authorize any of the foregoing; (g) the commencement of an involuntary case or other proceeding against the Bond Insurer seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, and such involuntary case remaining undismissed and unstayed for a period of 60 days; or (h) the entering of an order for relief against the Bond Insurer under the federal bankruptcy laws as now or hereafter in effect.
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Bond Insurer Event of Insolvency. ’ means, with respect to the initial Liquidity Facility, the occurrence and continuance of one or more of the following events:
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Related to Bond Insurer Event of Insolvency

  • Event of Insolvency means, for any Person:

  • Act of Insolvency means any act as such as defined by the Presidency Towns Insolvency Act or in Provincial Insolvency act or any amending status.

  • Servicer Event of Default wherever used herein, means any one of the following events:

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

  • Master Servicer Event of Default wherever used herein, means any one of the following events:

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

  • Senior Event of Default means an Event of Default under (and as defined in) the Senior Facilities Agreement.

  • Guarantor Event of Default means the occurrence of any “Event of Default” under and as defined in the Performance Guaranty.

  • Bond Event of Default means the occurrence of any of the following (or such event or condition which with notice or lapse of time or both would constitute any of the following):

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

  • Bankruptcy Event of Default means any Event of Default under Section 8.01(f) of the Credit Agreement.

  • Insolvency Event means, with respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

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

  • Bankruptcy Default has the meaning assigned to such term in Section 6.01.

  • Issuer Event of Default means the occurrence of any of the following events:

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.

  • Loan Event of Default An “Event of Default” as defined in the Loan Agreement.

  • Material Event of Default means any Event of Default arising under Section 10.01(a), 10.01(b) (solely with respect to a default related to Section 8.01, 8.20 or 9.13), 10.01(f), 10.01(i), 10.01(j), 10.01(n) or 10.01(o).

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

  • Owner Event of Default has the meaning specified in Section 16.2.

  • Event of Bankruptcy shall be deemed to have occurred with respect to a Person if either:

  • Lender Insolvency Event means that (i) a Lender or its Parent Company is insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, or (ii) such Lender or its Parent Company is the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or its Parent Company, or such Lender or its Parent Company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment.

  • Declaration Event of Default means an “Event of Default” as defined in the Declaration.

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

  • Master Servicer Event of Termination As defined in Section 7.01 hereof.