Default insurance definition

Default insurance means insurance insuring education loans, authority loans, or obligations against default.
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Default insurance means insurance insuring education loans, corporation loans, or
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Default insurance means insurance insuring education loans, 858 authority loans or bonds against default;
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Examples of Default insurance in a sentence

  • All policies covering the Collateral are to be made payable to the Collateral Agent for the benefit of the Agents and the Lenders, as its interests may appear, in case of loss, under a standard non-contributory “lender” or “secured party” clause, provided, that, in the absence of a continuing Event of Default, insurance payments of less than $250,000 in any Fiscal Year may be paid directly to the Borrower and its Subsidiaries.

  • During the existence of an Event of Default, insurance proceeds may be applied by Lender toward payment of any of the Obligations in such order of application as Lender may elect.

  • All policies covering the Collateral are to be made payable to the Collateral Agent for the benefit of the Agents and the Lenders, as its interests may appear, in case of loss, under a standard non-contributory “lender” or “secured party” clause, provided, that, in the absence of a continuing Event of Default, insurance payments of less than $500,000 in any Fiscal Year may be paid directly to the Borrowers and their Subsidiaries.