Examples of MBIA Policy in a sentence
Anything herein to the contrary notwithstanding, for purposes of this Section 11.03 only, any payment with respect to principal of or interest on the Insured Certificates which is made with monies received pursuant to the terms of the MBIA Policy shall not be considered payment of the Insured Certificates from the Trust Fund.
Neither the MBIA Policy, nor the amounts paid on the MBIA Policy will constitute part of the assets of either REMIC created by this Agreement.
The Trustee shall surrender the MBIA Policy to MBIA for cancellation upon the expiration of the term of the MBIA Policy as provided in the MBIA Policy following the retirement of the Insured Certificates.
Each Insured Certificateholder, by accepting its Certificate, appoints the Trustee as attorney-in-fact for the purpose of making claims on the MBIA Policy.
In connection with such transfer and assignment, the Company does hereby deliver the MBIA Policy to the Trustee for the benefit of the Holders of the Insured Certificates.
To the extent that the MBIA Policy constitutes a reserve fund for federal income tax purposes, (1) it shall be an outside credit support agreement and not an asset of either REMIC and (2) it shall be owned by MBIA, all within the meaning of Section 1.860G-2(h) of the Treasury Regulations.
As long as the MBIA Policy is in effect and unless MBIA is in default under the MBIA Policy, MBIA shall be entitled to exercise all Voting Rights otherwise allocable to the Insured Certificates.
The Trustee shall hold the MBIA Policy in trust as agent for the Insured Certificateholders for the purpose of making claims thereon and distributing the proceeds thereof.
The Master Servicer shall not resign from the obligations and duties hereby imposed on it except (a) upon appointment of a successor servicer and receipt by the Trustee of a letter from each Rating Agency that such a resignation and appointment will not result in a downgrading of the rating of any of the Certificates (determined without regard to the MBIA Policy), or (b) upon determination that its duties hereunder are no longer permissible under applicable law.
During the continuation of an MBIA Default, rights granted or reserved to MBIA hereunder shall vest instead in the Holders of the Insured Retail Certificates; provided that MBIA shall be entitled to premiums due and any reimbursement amounts owed to MBIA under the MBIA Policy, except that MBIA shall retain those rights under Section 11.1 with respect to any amendment.