Notice of Nonpayment definition

Notice of Nonpayment. The notice to be delivered by the Trustee to MBIA with respect to any date as to which a claim for an Insured Payment shall be made, which shall be in the form attached to the Policy.
Notice of Nonpayment. The notice to be delivered by the Trustee to Ambac with respect to any Distribution Date as to which there is a Class A-2 Distribution Deficiency, which shall be in the form attached to the Policy.

Examples of Notice of Nonpayment in a sentence

  • In the event the fees are not paid, this approval shall terminate automatically upon recording of a Notice of Nonpayment by the Town.

  • The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment and Demand for Payment of Insured Amounts in Exhibit A to the Policy, by 10:00 A.M., New York City time, on the second Business Day before the Payment Date.

  • The Cancellation and Material Change Endorsement shall include the following provisions: Thirty calendar days advance written Notice of Cancellation, Non-Renewal or Reduction in Insurance coverage and/or Limits, and 10 calendar days written Notice of Non-payment of Premium, shall be sent to the Jurisdiction at the office and attention of the Certificate Holder.

  • The Trustee’s responsibility for delivering a Notice of Nonpayment to the Certificate Insurer, as provided in the preceding sentence, is limited to the availability, timeliness and accuracy of the information provided to it by the Master Servicer.

  • The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment and Demand for Payment of Insured Amounts in Exhibit A to the Policy, by 10:00 a.m., New York City time, on the second Business Day before the Payment Date.


More Definitions of Notice of Nonpayment

Notice of Nonpayment means the telephonic or telegraphic notice, promptly confirmed in writing by telecopy substantially in the form attached to the Bond Insurance Policy, the original of which is subsequently delivered by registered or certified mail, from the Trustee specifying the Insufficiency Amount which shall be due and owing on the Payment Date.
Notice of Nonpayment has the meaning given to such term in the Policy.
Notice of Nonpayment has the meaning assigned to such term in the Policy.
Notice of Nonpayment means the form by which a claimant is notified of charges denied by the organization which are the claimant's personal responsibility.
Notice of Nonpayment has the meaning given to it in Schedule 8;
Notice of Nonpayment has the meaning specified in the Policy.