Payments under the Policy. (a)(i) If the Servicing Certificate specifies a Policy Draw Amount for any Payment Date, the Indenture Trustee shall make a draw on the Policy in an amount specified in the Servicing Certificate for such Payment Date or, if no amount is specified, the Indenture Trustee shall make a draw on the Policy in the amount by which the amount on deposit in the Note Payment Account is less than interest due on the Notes on such Payment Date.
Payments under the Policy. (a) If the Servicing Certificate specifies a Policy Draw Amount for any Payment Date, the Indenture Trustee shall make a draw on the Policy in an amount, if any, equal to the Policy Draw Amount for such Payment Date, provided, however, that if the Indenture Trustee receives part or all of such draw as a payment pursuant to the Limited Reimbursement Agreement, the Indenture Trustee shall not make a draw on the Policy to the extent of such payment. The Indenture Trustee shall deposit or cause to be deposited such Policy Draw Amount into the Note Payment Account on such Payment Date. For purposes of the foregoing, the amount on deposit in the Note Payment Account and available to be distributed as interest on any Payment Date shall include all amounts on deposit in such account with respect to such Payment Date, other than the Principal Collection Distribution Amount and the Liquidation Loss Distribution Amount (if any) to be distributed on such Payment Date. Notwithstanding the foregoing, if and to the extent a court of competent jurisdiction orders the repayment by the Indenture Trustee to any party to the Limited Reimbursement Agreement of the amount paid by such party to the Indenture Trustee, the Indenture Trustee shall make a draw on the Policy pursuant to the terms hereof as if such counterparty had not made any payment to the Indenture Trustee.
Payments under the Policy. If on the close of business on the second Business Day prior to any Payment Date, the funds on deposit in the Collection Account and available to be distributed on such Payment Date pursuant to Section 12.02(d), and on deposit in the Cash Collateral Account are not sufficient (after taking into account the Payments required to be made on such Payment Date pursuant to Section 12.02(d)(i)-(v)) to make the payment of amounts due on the Outstanding Notes on such Payment Date in accordance with Section 12.02(d)(vi) and Section 12.02(d)(vii), the Indenture Trustee shall, no later than 10:00 a.m., New York time, on the Business Day immediately preceding such Payment Date make a claim under the Policy in an amount equal to such insufficiency. In addition, if on the close of business on the second Business Day immediately prior to the Stated Maturity of any Tranche, the funds on deposit in the Collection Account and available to be distributed on such Payment Date pursuant to Section 12.02(d), and on deposit in the Cash Collateral Account are not sufficient (after taking into account the Payments required to be made on such Payment Date pursuant to Section 12.02(d)(i)-(vi)) to pay the entire principal amount of Outstanding Notes of such Tranche, the Indenture Trustee shall, no later than 10:00 a.m., New York time, on the Business Day immediately preceding such Payment Date, make a claim under the Policy in an amount equal to such insufficiency. Proceeds of claims on the Policy shall be deposited in the Collection Account and used solely to pay amounts due in respect of interest on the Notes on each Payment Date and principal of the Notes at the Stated Maturity. In addition, on any day that the Indenture Trustee has actual knowledge or receives notice that any amount previously paid to a Noteholder has been subsequently recovered from such Noteholder pursuant to a final order of a court of competent jurisdiction that such payment
Payments under the Policy. (a) (i) If the Servicing Certificate specifies a Deficiency Amount for any Payment Date, the Indenture Trustee shall make a draw on the Policy in an amount specified in the Servicing Certificate for such Payment Date or, if no amount is specified, the Indenture Trustee shall act in accordance with Section 3.28(b)(ii).
Payments under the Policy. (a) If the Servicing Certificate specifies a Policy Draw Amount for any Payment Date, the Indenture Trustee shall make a draw on the Policy in an amount, if any, equal to the Policy Draw Amount for such Payment Date. The Indenture Trustee shall deposit or cause to be deposited such Policy Draw Amount into the Note Payment Account on such Payment Date. For purposes of the foregoing, the amount on deposit in the Note Payment Account and available to be distributed as interest on any Payment Date shall include all amounts on deposit in such account with respect to such Payment Date, other than the Principal Collection Distribution Amount and the Liquidation Loss Distribution Amount (if any) to be distributed on such Payment Date.
Payments under the Policy. (a) If the Servicing Certificate specifies an Insured Amount for any Payment Date, the Indenture Trustee shall make a draw on the Policy in an amount, if any, equal to the Insured Amount for such Payment Date. The Indenture Trustee shall deposit or cause to be deposited such Insured Amount into the Note Payment Account on such Payment Date. For purposes of the foregoing, the amount on deposit in the Note Payment Account (after taking into account amounts withdrawn from the Capitalized Interest Account) and available to be distributed as interest on any Payment Date shall include all amounts on deposit in such account with respect to such Payment Date, other than the Principal Collection Distribution Amount and the Liquidation Loss Distribution Amount (if any) to be distributed on such Payment Date.
Payments under the Policy. (a) Upon the presentation by the Indenture Trustee to Ambac at Ambac’s principal office in respect of the applicable Distribution Date of a duly executed Notice, Ambac will make or cause to be made to the Indenture Trustee, on the guarantee set forth in the first paragraph of this Policy, payment in an amount equal to the applicable Insured Amount.
Payments under the Policy. (a) If the Indenture Trustee determines with respect to any Payment Date that an Insured Amount shall be payable for any Group I Notes, after giving effect to the distributions specified in Section 3.05(a) (calculating such distributions without giving effect to any Insured Amount to be paid by the Enhancer on such Payment Date), the Indenture Trustee shall complete a Notice in the form of Exhibit A to the Policy and submit such notice to the Enhancer no later than 12:00 noon New York City time on the third Business Day preceding such Payment Date as a claim for an Insured Amount.
Payments under the Policy. (a) By 12:00 noon (New York Time) on the later of (i) the second Business Day following the Business Day on which the Insurer shall have received Notice (as defined in the Policy) that a Deficiency Amount is due in respect of the Class A-1 Notes or Class G Certificates and (ii) the Payment Date on which the related Deficiency Amount is payable to the Noteholders or the holders of the Class G Certificates, the Indenture Trustee on behalf of the Class A-1 Notes or Class G Certificates, as applicable, shall make a draw on the Policy in an amount, if any, equal to the Deficiency Amount.
Payments under the Policy. (a) On any Payment Date, the Indenture Trustee shall make a draw on the Policy in an amount, if any, equal to the Policy Draw Amount. The Indenture Trustee shall deposit or cause to be deposited such Policy Draw Amount into the Note Payment Account on such Payment Date.
