Note Insurer Default definition

Note Insurer Default. The existence and continuance of any of the following:

Note Insurer Default. The existence and continuance of any of the following: (a) a failure by the Note Insurer to make a payment required under the Note Insurance Policy in accordance with its terms; or (b)(i) the Note Insurer (A) files any petition or commences any case or proceeding under any provision or chapter of the Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (B) makes a general assignment for the benefit of its creditors, or (C) has an order for relief entered against it under the Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization which is final and nonappealable; or (ii) a court of competent jurisdiction, the New York Department of Insurance or other competent regulatory authority enters a final and nonappealable order, judgment or decree (A) appointing a custodian, trustee, agent or receiver for the Note Insurer or for all or any material portion of its property or (B) authorizing the taking of possession by a custodian, trustee, agent or receiver of the Note Insurer (or the taking of possession of all or any material portion of the property of the Note Insurer).

Note Insurer Default means any one of the following events shall have occurred and be continuing:

Examples of Note Insurer Default in a sentence

• Any right conferred to the Note Insurer shall be suspended during any period in which a Note Insurer Default exists.

• In addition, any other provision of this Agreement or any other Basic Document which is operative based in whole or in part on whether a Note Insurer Default has or has not occurred shall, at all times on or after the Policy Expiration Date, be deemed to refer to whether or not the Policy Expiration Date has occurred.

• The Collateral Agent, on behalf of the Indenture Trustee, shall hold the Trust Estate and the Indenture Trustee's Mortgage Files, for the benefit of the Noteholders and the Note Insurer, and all references in this Indenture and in the Notes to the benefit of Holders of the Notes shall be deemed to include the Note Insurer (provided there does not exist a Note Insurer Default).

• So long as no Note Insurer Default has occurred and is continuing, except as otherwise specifically provided herein, whenever Noteholder action, consent or approval is required under this Indenture, such action, consent or approval shall be deemed to have been taken or given on behalf of, and shall be binding upon, all Noteholders if the Note Insurer agrees to take such action or give such consent or approval.

• The Note Insurer and its successors and assigns shall be a third-party beneficiary to the provisions of this Agreement, and shall be entitled to rely upon and directly enforce such provisions of this Agreement so long as no Note Insurer Default shall have occurred and be continuing.

More Definitions of Note Insurer Default

Note Insurer Default shall have the meaning assigned to such term in the Indenture.

Note Insurer Default means the occurrence and continuance of any of the following events: (a) the Note Insurer fails to make a payment required under the Note Insurance Policy in accordance with the terms of the Note Insurance Policy or (b) a Note Insurer Insolvency Event.

Note Insurer Default. Any one of the following events shall have occurred and be continuing:

Note Insurer Default. The existence and continuance of any of the following-

Note Insurer Default means the existence and continuance of any of the following:

Note Insurer Default means any one of the following events shall -------------------- have occurred and be continuing:

Note Insurer Default. The occurrence and continuance of any one or more of the following events: