Preference Claim definition
Examples of Preference Claim in a sentence
Each Holder of the Class C Certificates or the Class P Certificates, by its purchase of such Certificates and the Trustee hereby agree that the NIMs Insurer may at any time during the continuation of any proceeding relating to a Preference Claim direct all matters relating to such Preference Claim, including, without limitation, (i) the direction of any appeal of any order relating to such Preference Claim and (ii) the posting of any surety, supersedes or performance bond pending any such appeal.
The Trustee shall promptly notify the NIMs Insurer of any proceeding or the institution of any action, of which a Responsible Officer of the Trustee has actual knowledge, seeking the avoidance as a preferential transfer under applicable bankruptcy, insolvency, receivership or similar law (a "Preference Claim") of any distribution made with respect to the Class C Certificates or the Class P Certificates.
In addition and without limitation of the foregoing, MBIA shall be subrogated to the rights of the Trustee and each Holder in the conduct of any Preference Claim, including, without limitation, all rights of any party to an adversary proceeding or action with respect to any court order issued in connection with any such Preference Claim.
Each Noteholder by its purchase of Notes, the Master Servicer, and the Indenture Trustee agree that the Credit Enhancer may at any time during the continuation of any proceeding relating to a Preference Claim direct all matters relating to the Preference Claim, including (i) the direction of any appeal of any order relating to the Preference Claim and (ii) the posting of any surety, supersedeas, or performance bond pending any appeal.
In addition and without limiting the foregoing, the Credit Enhancer shall be subrogated to the rights of the Master Servicer, the Indenture Trustee, and each Noteholder in the conduct of any the Preference Claim, including all rights of any party to an adversary proceeding action with respect to any court order issued in connection with any the Preference Claim.