CIFG definition

CIFG. CIFG Assurance North America, a monoline financial guaranty insurance company incorporated under the laws of the State of New York, or any successor thereto.

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CIFG or the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments of the Insured Amounts with respect to the Class Ac Notes on each Payment Date and Preference Amounts, all as more fully set forth in the Policy. Each Noteholder or Note Owner, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Depositor, the Seller, the Servicer, the Indenture Trustee, or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any owner, beneficiary, agent, officer, director or employee of the Depositor, the Seller, the Servicer, the Indenture Trustee, or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Seller, the Servicer, the Indenture Trustee, or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

CIFG. ’ means CIFG Europe and its successors and permitted assigns.

Examples of CIFG in a sentence

• The Depositor shall deliver a copy of such instrument to the Certificateholders, CIFG and the Servicer.

• Upon acceptance of appointment by a successor trustee as provided in this Section, the Depositor shall mail notice of the succession to CIFG and all Holders of Certificates at their addresses as shown in the Certificate Register.

• The Holders of Certificates entitled to at least 51% of the Voting Rights with the consent of CIFG may at any time remove the Trustee and appoint a successor by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Depositor, one complete set to the Trustee so removed and one complete set to the successor so appointed.

• The Trustee may, at the direction of the Depositor and with the consent of the Servicer (which consent shall not be unreasonably withheld) and CIFG and appoint one or more Custodians to hold all or a portion of the Mortgage Files as agent for the Trustee, by entering into one or more Custodial Agreements.

• The determination by the Servicer that it has made a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance or that any proposed P&I Advance or Servicing Advance, if made, would constitute a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance, respectively, shall be evidenced by an Officers’ Certificate of the Servicer delivered to the Depositor, CIFG and the Master Servicer.

• The Servicer shall also maintain a fidelity bond in the form and amount that would meet the requirements of ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac, unless the Servicer has obtained a waiver of such requirements from CIFG and ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac.

• The appointment of any Custodian may at any time be terminated and a substitute Custodian shall be appointed upon the reasonable request of the Servicer to the Trustee, the consent to which shall not be unreasonably withheld and the consent of CIFG.

• The term “Detrimental Activity” shall mean (i) the rendering of services for any organization or engaging directly or indirectly in any business which is or becomes competitive with the Company or the Subsidiaries (including, without limitation, AMBAC Financial Group Inc., Berkshire Hathaway Financial Guaranty, CIFG Group, Financial Guaranty Insurance Company, MBIA, Inc.

• THE POLICYHOLDER SHALL SURRENDER THIS POLICY TO CIFG NA FOR CANCELLATION UPON EXPIRATION OF THE TERM OF THIS POLICY.

• The Servicer shall give notice to the Trustee, the Master Servicer, CIFG and the Depositor of the location of the Collection Account maintained by it when established and prior to any change thereof.