Ambac Assurance Corporation definition

Ambac Assurance Corporation. (the "Bond Insurer"), in consideration of the payment of the premium and subject to the terms of the bond insurance policy (the "Bond Insurance Policy") issued thereby, has unconditionally and irrevocably guaranteed the payment of the Insured Amount for the Class A-2 Bonds with respect to each Payment Date. Such Bond Insurance Policy will not cover any Prepayment Interest Shortfalls, Relief Act Shortfalls or High LTV Pool Basis Risk Shortfall Carry-Forward Amount. All principal and interest accrued on the 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 aggregate Principal Balance of the Mortgage Loans is less than or equal to 25% of the aggregate Principal Balance of the Mortgage Loans as of the Cut-off Date and (ii) the Payment Date in March 2006. 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 related 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 related 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, IMH Assets Corp., Impac Mortgage Holdings, Inc. (formerly known as Imperial Credit Mortgage Holdings, Inc.), the Master 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 and the rights conveyed to the Issuer under the Indenture and the related Bond Insurance Policy.
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Ambac Assurance Corporation. (the "Insurer") has issued and delivered a financial guaranty insurance policy for both Classes of Securities, dated the Closing Date (the "Policy"), pursuant to which the Insurer guarantees the Insured Payments (as defined below). As an inducement to the Insurer to issue and deliver the Policy, the Issuer and the Insurer have executed and delivered the Insurance and Indemnity Agreement, dated as of June 29, 2000 (as amended from time to time, the "Insurance Agreement"), among the Insurer, the Issuer, GreenPoint Mortgage Funding, Inc., GreenPoint Mortgage Securities Inc. and the Trustee. As an additional inducement to the Insurer to issue the Policy and Xxxxxxx Mac to issue the Guarantee, and as security for the performance by the Issuer of the Insurer Issuer Secured Obligations and as security for the performance by the Issuer of the Trustee Issuer Secured Obligations, the Issuer has agreed to grant and assign the Collateral (as defined below) to the Trustee for the benefit of the Issuer Secured Parties, as their respective interests may appear. Xxxxxxx Mac has guaranteed the payment of Insured Payments on the Class A-1 Certificates to the extent not otherwise paid by the Insurer (the "Guarantee") pursuant to Section 8.4 of this Pooling Agreement.
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Ambac Assurance Corporation. (the "Borrower"), various banks (the "Banks"), Bank of America, N.A. and Deutsche Bank AG, New York Branch, (the "Co-Syndication Agents") and The Bank of New York (the "Administrative Agent"). In accordance with Section 3.02 of the Agreement, the Borrower hereby gives notice of termination of i) $400 million of Unutilized Commitments pro-rata among the Banks and between the Municipal Tranche Commitment and the Structured Tranche Commitment, ii) $86 million of Unutilized Contingent Commitments from Swiss Re Financial Products Corporation, iii) $10 million of Unutilized Contingent Commitments from Bayerische Landesbank Girozentrale, and iv) $33 million of Unutilized Contingent Commitments from Cooperative Centrale Raiffeisen Boerenleenbank B.A., "Rabobank Nederland", New York Branch. The termination of the Unutilized Commitments and Unutilized Contingent Commitments should be effective as of December 21, 2001. Please sign below and fax to me at 000.000.0000 to confirm your receipt of this Notice. Sincerely, Xxxxxx X. Xxxxx RECEIVED: The Bank of New York as Administrative Agent By _________________________ Title:
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Examples of Ambac Assurance Corporation in a sentence

  • This Note is entitled to the benefits of an irrevocable and unconditional financial guaranty insurance policy issued by Ambac Assurance Corporation.

  • Ambac Assurance Corporation has caused this endorsement to the Policy to be signed by its duly authorized officers.

  • The Board of Directors Ambac Assurance Corporation: We consent to the incorporation by reference in the registration statement (No. 333-57357) of Structured Products Corp.

  • Ambac Assurance Corporation has caused this Endorsement to the Policy to be signed by its duly authorized officers.

  • Interest is payable monthly based on the current one-month London Interbank Offered Rate (“LIBOR”) plus a spread of 0.67%, which includes an amount payable to Ambac Assurance Corporation, the provider of a financial guaranty insurance policy (the “Policy Provider”) that supports payment of interest and in certain circumstances, principal on the Notes.

  • Ambac Assurance Corporation, or any successors in interest thereto, as issuer of the Certificate Insurance Policy.

  • For purposes of the foregoing table, the following definitions shall apply: AAC: Ambac Assurance Corporation.

  • The Notes will be entitled to the benefits of a financial guaranty insurance policy (the "Policy") issued by Ambac Assurance Corporation ("Ambac") in accordance with the terms of an Insurance and Indemnity Agreement among Ambac, the Issuer, the Seller, IOS Capital and the Trustee (the "Insurance Agreement").

  • Assured Guaranty Municipal Corp.* AMBAC - Ambac Assurance Corporation* BAM - Build America Mutual Assurance Company* CAB - Capital Appreciation Bond COP - Certificate of Participation FHA - Federal Housing Authority* NRE - National Public Finance Guarantee Corporation* PSF - Texas Permanent School Fund* * Indicates an obligation of credit support, in whole or in part.

  • Ambac Assurance Corporation, a Wisconsin-domiciled stock insurance corporation or its successors in interest.


More Definitions of Ambac Assurance Corporation

Ambac Assurance Corporation. (the "Insurer") has issued and delivered a financial guaranty insurance policy, dated the Closing Date (with endorsements, the "Note Policy"), pursuant to which the Insurer guarantees Policy Claim Amounts, as defined in the Note Policy. As an inducement to the Insurer to issue and deliver the Note Policy, the Issuer and the Insurer have executed and delivered the Insurance and Indemnity Agreement, dated as of January 26, 2006 (as amended from time to time, the "Insurance Agreement"), among the Insurer, the Issuer, the Indenture Trustee, Triad Financial Corporation and Triad Financial Special Purpose LLC. As an additional inducement to the Insurer to issue the Note Policy, and as security for the performance by the Issuer of the Insurer Issuer Secured Obligations and as security for the performance by the Issuer of the Indenture Trustee Issuer Secured Obligations, the Issuer has agreed to assign the Collateral (as defined below) as collateral to the Indenture Trustee for the benefit of the Issuer Secured Parties, as their respective interests may appear.
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Ambac Assurance Corporation. (the "Insurer") has issued and delivered the certificate guaranty insurance policy, dated as of the Closing Date (the "Policy"), pursuant to which the Insurer guarantees the Insured Amount with respect to the Notes. The Trust and the Insurer have executed and delivered the Insurance and Indemnity Agreement, dated as of April 27, 2000 (as amended from time to time, the "Insurance Agreement"), among the Insurer, Advanta Mortgage Corp. USA, the Trust, Advanta Conduit Receivables, Inc. and the Indenture Trustee.
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Ambac Assurance Corporation. (the "Note Insurer") has issued and delivered the financial guaranty insurance policy (the "Policy") pursuant to which the Note Insurer guarantees the Insured Amount with respect to the Notes. The Note Insurer has executed and delivered the Insurance and Indemnity Agreement, dated as of November 17, 1999 (as amended from time to time, the "Insurance Agreement"), among the Note Insurer, Advanta Holding Trust 1999-4, Advanta Mortgage Corp. USA, as master servicer (the "Master Servicer"), the Trust, Advanta Conduit Receivables, Inc., as sponsor (the "Sponsor"), and the Indenture Trustee.
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Related to Ambac Assurance Corporation

  • Captive insurance company means a Wholly Owned Subsidiary of the Borrower created solely for providing self-insurance for the Borrower and its Subsidiaries and engaging in no other activities other than activities ancillary thereto and necessary for the maintenance of corporate existence.

  • Public corporation means the same as that term is defined in Section 63E-1-102.

  • of a corporation means all classes of Capital Stock of such corporation then outstanding and normally entitled to vote in the election of directors.

  • Professional corporation means a corporation incorporated under former 1962 PA 192, or a corporation incorporated under this act and governed by chapter 2A.

  • Sponsored captive insurance company means a captive insurance company:

  • Corporation means a corporation, association, company, joint-stock company or business trust.

  • Insurance Companies means the companies with whom the Insurance Policies are held.

  • Finance Corp. means the Person named as “Finance Corp.” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable terms of this Indenture, and thereafter “Finance Corp.” shall mean such successor Person.

  • Office of the Corporation means the executive office of the Corporation, anything in Section 131 of the General Corporation Law to the contrary notwithstanding.

  • Insurance Commissioner means the Insurance Commissioner

  • insurance agent means, subject to subsection (2), any person who for any compensation and through any medium does one or more of the following:

  • Regional Director means the Regional Director of the Southwestern Region of the Ministry;