Credit Enhancer Default definition

Credit Enhancer Default means the failure by the Credit Enhancer to make a payment required under the Policy in accordance with its terms.

Credit Enhancer Default. The failure by the Credit Enhancer to make a payment required under the Policy in accordance with the terms thereof.

Credit Enhancer Default. If the Credit Enhancer fails to make a payment required under the Credit Enhancement Instrument in accordance with its terms. Credit Repository: Equifax, Transunion and Experian, or their successors in interest.

Examples of Credit Enhancer Default in a sentence

• Any other form of credit enhancement may also be substituted for the Policy after a Credit Enhancer Default or downgrade if the new rating of the Notes would be an improvement over their then current rating and the Indenture Trustee receives an Opinion of Counsel to the effect that the substitution will not be treated as a significant modification within the meaning of Treas.

• By accepting its Certificate, each Certificateholder agrees that unless a Credit Enhancer Default exists, the Credit Enhancer shall have the right to exercise all rights of the Certificateholders under this Agreement without any further consent of the Certificateholders.

• If a Credit Enhancer Default occurs or if the claims-paying ability rating of the Credit Enhancer is downgraded, the Depositor may substitute new surety bonds for the existing Policy so long as (i) the new rating of the Notes would be an improvement over their then current rating, (ii) the new surety bond will qualify as a "similar commercially available credit enhancement contract" within the meaning of Treas.

• Notwithstanding any provision of this Indenture to the contrary, so long as no Credit Enhancer Default exists, the Credit Enhancer shall at all times be treated as if it were the exclusive owner of all Notes Outstanding for the purposes of all approvals, consents, waivers, and the institution of any action and the direction of all remedies, and the Indenture Trustee shall act in accordance with the directions of the Credit Enhancer so long as it is indemnified therefor to its reasonable satisfaction.

• If no Credit Enhancer Default exists, then the Credit Enhancer, otherwise the Holders of not less than 51% of the aggregate Outstanding Amount of both Classes, may direct the time, method, and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any right conferred on the Indenture Trustee.

More Definitions of Credit Enhancer Default

Credit Enhancer Default. If the Credit Enhancer fails to make a payment required under the Credit Enhancement Instrument in accordance with its terms.

Credit Enhancer Default. If the Credit Enhancer fails to make a payment required under the Group I Policy or the Group II Policy in accordance with its terms.

Credit Enhancer Default. If the Credit Enhance fails to make a payment required under the Credit Enhancement Instrument in accordance with its terms.

Credit Enhancer Default means [ ].

Credit Enhancer Default means the failure by the Xxedit Enhancer to make a payment required under the Policy in accordance with its terms.

Credit Enhancer Default means the failure by the Credit Enhancer to ----------------------- make a payment required under the Note Policy in accordance with the terms thereof.

Credit Enhancer Default means the failure by the Credit Enhancer to make a payment required under the Policy in accordance with its terms.]