MBIA Insurance Corporation. (the "Certificate Insurer") has issued a surety bond with respect to the Class A-3 Certificates, a copy of which is attached as Exhibit A-3 to the Agreement. Subject to certain restrictions, the Agreement permits the amendment thereof by the Depositor, the Servicer and the Trustee. Subject to the rights of the Certificate Insurer, the Agreement permits the Majority Certificateholders to waive, on behalf of all Certificateholders, any default by the Servicer in the performance of its obligations under the Agreement and its consequences, except in a default in making any required distribution on a Certificate. Any such consent or waiver by the Majority Certificateholders shall be conclusive and binding on the holder of this Certificate and upon all future holders of this Certificate and of any Certificate issued upon the transfer hereon or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies maintained by the Trustee in New York, New York duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to, the Trustee, duly executed by the holder hereof or such holder's attorney duly authorized in writing, and thereupon one or more new Certificates of authorized denominations evidencing the same aggregate undivided Percentage Interest will be issued to the designated transferee or transferees. The Certificates are issuable only in fully- registered form. As provided in the Agreement and subject to certain limitations therein set forth, the Certificate is exchangeable for a new Certificate evidencing the same undivided ownership interest, as requested by the holder surrendering the same. No service charge will be made for any such registration of transfer or exchange, but the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Servicer, the Depositor, the Seller and the Trustee and any agent of any of the foregoing, may treat the person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the foregoing shall be affected by notice to the contrary. The obligations created by the Agreement shall terminate upon notice t...
MBIA Insurance Corporation. (the "Bond Insurer"), in consideration of the payment of the premium and subject to the terms of the financial guaranty insurance policy (the "Bond Insurance Policy") issued thereby, has unconditionally and irrevocably guaranteed the payment of the Insured Payment. The Bond Insurance Policy will not cover any Prepayment Interest Shortfalls, Relief Act Shortfalls or Carry-Forward Amount. All principal and interest accrued on the Class A-2 Bonds, if not previously paid, will become finally due and payable at the Final Scheduled Payment Date. The Bonds are subject to redemption in whole, but not in part, by the Issuer on any Payment Date on or after the earlier of (i) the Payment Date on which the outstanding Bond Principal Balance is reduced to less than 25% of the original Bond Principal Balance or (ii) the Payment Date in August 2005. The Issuer shall not be liable upon the indebtedness evidenced by the Bonds except to the extent of amounts available from the Trust Estate which constitutes security for the payment of the Bonds. The assets included in the Trust Estate and payments under the Bond Insurance Policy will be the sole source of payments on the Bonds, and each Holder hereof, by its acceptance of this Bond, agrees that (i) such Bond will be limited in right of payment to amounts available from the Trust Estate and the Bond Insurance Policy as provided in the Indenture and (ii) such Holder shall have no recourse to the Issuer, the Owner Trustee, the Indenture Trustee, the Company, the Servicer or any of their respective affiliates, or to the assets of any of the foregoing entities, except the assets of the Issuer pledged to secure the Bonds pursuant to the Indenture.
MBIA Insurance Corporation. (the "Insurer"), in consideration of the payment of the premium and subject to the terms of this policy, hereby unconditionally and irrevocably guarantees to any owner, as hereinafter defined, of the following described obligations, the full and complete payment required to be made by or on behalf of the Issuer to The Bank of New York or its successor (the "Paying Agent") of an amount equal to (i) the principal of the Obligations (as that term is defined below) on the initial mandatory tender date of June 15, 2003 and interest on the Obligations as such payments become due on and prior to such initial mandatory tender date but shall not be so paid (except that in the event of any acceleration of the due date of such principal by reason of mandatory or optional redemption, or acceleration resulting from default or otherwise, the payments guaranteed hereby shall be made in such amounts and at such times as such payments of principal would have been due had there not been any such acceleration); and (ii) the reimbursement of any such payment which is subsequently recovered from any owner pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such owner within the meaning of any applicable bankruptcy law. The amounts referred to in clauses (i) and (ii) of the preceding sentence shall be referred to herein collectively as the "Insured Amounts." "Obligations" shall mean: $100,000,000 DTE Energy Company Remarketed Notes, Series A due 2038 through the Initial Interest Rate Adjustment Date of June 15, 2003 Upon receipt of telephonic or telegraphic notice, such notice subsequently confirmed in writing by registered or certified mail, or upon receipt of written notice by registered or certified mail, by the Insurer from the Paying Agent or any owner of an Obligation the payment of an Insured Amount for which is then due, that such required payment has not been made, the Insurer on the due date of such payment or within one business day after receipt of notice of such nonpayment, whichever is later, will make a deposit of funds, in an account with State Street Bank and Trust Company, N.A., in New York, New York, or its successor, sufficient for the payment of any such Insured Amounts which are then due. Upon presentment and surrender of such Obligations or presentment of such other proof of ownership of the Obligations, together with any appropriate instruments of assignment to evidence the assignment...
Examples of MBIA Insurance Corporation in a sentence
In the case of Trusts for which MBIA Insurance Corporation ("MBIA") insurance with respect to each of the Bonds deposited therein has been obtained by the Depositor or the issuer or underwriter of the Bonds, we have examined the form of MBIA's policy or several policies of insurance (the "Policies") which have been delivered to the Trustee.
MBIA Insurance Corporation (the "Certificate Insurer") is intended to be a third party beneficiary of this Agreement and is hereby recognized by the parties hereto to be a third-party beneficiary of this Agreement.
The rating is based upon an insurance policy provided by MBIA Insurance Corporation.
This Note is entitled to the benefits of an irrevocable and unconditional financial guaranty insurance policy issued by MBIA Insurance Corporation.
This Certificate will have the benefit of an irrevocable and unconditional certificate guaranty insurance policy issued by MBIA Insurance Corporation (the "Certificate Insurer").
More Definitions of MBIA Insurance Corporation
MBIA Insurance Corporation. (the "Note Insurer") has issued and delivered a note guaranty insurance policy, dated the Closing Date (with endorsements, the "Note Policy"), pursuant to which the Note Insurer guarantees Insured Payments, as defined in the Note Policy. As an inducement to the Note Insurer to issue and deliver the Note Policy, the Issuer and the Note Insurer have executed and delivered the Insurance and Indemnity Agreement, dated as of March 28, 2007 (as amended from time to time, in accordance with the terms thereof, the "Insurance Agreement") among the Note Insurer, the Issuer, Consumer Portfolio Services, Inc. and CPS Receivables Three Corp. (the "Seller") As an additional inducement to the Note Insurer to issue the Note Policy, and as security for the performance by the Issuer of the Issuer Secured Obligations (as defined below) and as security for the performance by the Issuer of its obligations to the Residual Certificateholders under the Sale and Servicing Agreement, the Issuer has agreed to assign the Collateral (as defined below) as collateral to the Trustee for the benefit of the Issuer Secured Parties and Residual Certificateholders (as defined below), as their respective interests may appear. GRANTING CLAUSE The Issuer hereby Grants to the Trustee at the Closing Date, for the benefit of the Issuer Secured Parties and the Residual Certificateholders, all right, title and interest of the Issuer, whether now existing or hereafter arising, in and to the following:
MBIA Insurance Corporation. (the "Note Insurer"), in consideration of the payment of the premium and subject to the terms of the note guaranty insurance policy (the "Note Insurance Policy") issued thereby, has unconditionally and irrevocably guaranteed the payment of the Insured Payment with respect to each Payment Date. The Note Insurance Policy will not cover any Available Funds Cap Carry-Forward Amount. All principal and interest accrued on the Notes, if not previously paid, will become finally due and payable at the Final Scheduled Payment Date. The Notes are subject to redemption in whole, but not in part, by the Servicer on any Payment Date on which the aggregate Principal Balance of the Mortgage Loans is less than or equal to 5% of (i) the aggregate Principal Balance of the Group 2 Mortgage Loans as of the Cut-off Date and (ii) the amount on deposit in the Group 2 Pre-Funding Account on the Closing Date. The Issuer shall not be liable upon the indebtedness evidenced by the Notes except to the extent of amounts available from the Trust Estate which constitutes security for the payment of the
MBIA Insurance Corporation. (the "Insurer"), in consideration of the payment of the premium and subject to the terms of this Surety Bond, hereby unconditionally and irrevocably guarantees the full and complete payments that are to be applied to payment of principal of and interest on the Obligations (as hereinafter defined) and that are required to be made by or on behalf of THE NELNET GROUP TRUST I, (the "Issuer") under the Trust Agreement (the "Document") to The Chase Manhattan Bank, (the "Note Paying Agent"), as such payments are due but shall not be so paid in connection with the issuance by the Issuer of $57,500,000 THE NELNET GROUP TRUST I 6.34% Student Loan Interest Margin Securities (SLIMS(SM)), (the "Obligations"), provided, that the amount available hereunder for payment pursuant to any one Demand for Payment (as hereinafter defined) shall not exceed $1,822,750 or the Debt Service Available Amount for the Obligations (as set forth in the Document), whichever is less (the "Surety Bond Limit"); provided, further, that the amount available at any particular time to be paid to the Note Paying Agent under the terms hereof (the "Surety Bond Coverage") shall be reduced and may be reinstated from time to time as set forth herein.
MBIA Insurance Corporation. (the "Note Insurer") has issued and delivered a financial guaranty insurance policy, dated as of the Closing Date (such policy, together with the related endorsements, the "Policy"), pursuant to which the Note Insurer guarantees certain scheduled payments on the Notes. As an inducement to the Note Insurer to issue and deliver the Policy, the Issuer has executed and delivered the Insurance and Indemnity Agreement, dated as of the Closing Date (as amended from time to time, the "Insurance Agreement"), between the Note Insurer, the Trustee, the Backup Servicer, the Issuer and Reliance Acceptance Corporation. As an additional inducement to the Note Insurer to issue the Policy, and as security for the performance by the Issuer of the Secured Obligations, the Issuer has agreed to assign the Indenture Collateral as collateral to the Trustee for the benefit of the Note Insurer.
MBIA Insurance Corporation. (the "Insurer") has issued a financial guaranty insurance policy (the "Policy") containing the following provisions, such policy being on file at The Chase Manhattan Bank, 450 West 33rd Street, New York, New York 10001.
MBIA Insurance Corporation. (the "Financial Guarantor"), in consideration of the payment of the Fee, receipt of which is hereby acknowledged, and subject to the terms of this Financial Guarantee, hereby irrevocably and unconditionally agrees to pay to Chase Capital Markets Fiduciary Services Australia Limited (ABN 48 002 916 396) as trustee on behalf of the Noteholders, or its successor (the "Guarantee Trustee") that portion of the principal of and interest on the above-described obligations (the "Obligations") which shall become Due for Payment but shall be unpaid by reason of Nonpayment. References herein to the Guarantee Trustee shall include references to the Paying Agent acting on its behalf. The Financial Guarantor will make such payments to the Guarantee Trustee (but not the Paying Agent) on the later of (i) the date on which such amount is Due for Payment or (ii) two New York and Sydney Business Days following receipt by the Financial Guarantor at its address specified above of notification by the Guarantee Trustee to the Financial Guarantor of Nonpayment. REIMBURSEMENT AGREEMENT XXXXX XXXXX & XXXXXXX --------------------------------------------------------------------------------
MBIA Insurance Corporation. (the "Insurer") has issued a financial guaranty insurance policy (the "Policy") containing the following provisions, such policy being on file at The Bank of New York, 101 Barclay Street, Floor 8W, New York, New York 10286