Certificate Insurance Policy. As soon as possible, and in no event later than 11:00 a.m., New York time, on the second Business Day immediately preceding each Distribution Date, the Trustee shall determine the amount of Available Funds for such Distribution Date minus the amount of any Premium Amount and any Trustee Fee to be paid on such Distribution Date. If for any Distribution Date a Deficiency Amount exists, the Trustee shall complete a notice in the form set forth as Exhibit A to the Certificate Insurance Policy (the "Notice") and shall submit such Notice to the Fiscal Agent no later than 12:00 noon, New York time, on the second Business Day preceding such Distribution Date. The Notice shall constitute a claim for an Insured Payment pursuant to the Certificate Insurance Policy. Upon receipt of the Insured Payment, at or prior to the latest time payments of the Insured Payment are to be made by the Certificate Insurer pursuant to the Certificate Insurance Policy, on behalf of the Senior Certificateholders, the Trustee shall deposit such Insured Payments in the Distribution Account and shall distribute such Insured Payments only in accordance with Section 5.01(a)(2) and 5.01(a)(4), if applicable. The Trustee shall receive, as attorney-in-fact of each Holder of a Senior Certificate, any Insured Payment from the Certificate Insurer and disburse the same to each Holder of a Senior Certificate in accordance with the provisions of Article V. Insured Payments disbursed by the Trustee from proceeds of the Certificate Insurance Policy shall not be considered payment by the Trust nor shall such payments discharge the obligation of the Trust with respect to such Senior Certificate, and the Certificate Insurer shall become the owner of such unpaid amounts due from the Trust in respect of such Insured Payments as the deemed assignee of such Holder and shall be entitled to receive the Reimbursement Amount pursuant to Section 5.01(a)(5). The Trustee hereby agrees on behalf of each Holder of a Senior Certificate for the benefit of the Certificate Insurer that it and they recognize that to the extent the Certificate Insurer makes Insured Payments, either directly or indirectly (as by paying through the Trustee), to the Senior Certificateholders, the Certificate Insurer will be entitled to receive the Reimbursement Amount pursuant to Section 5.01(a)(5). It is understood and agreed that the intention of the parties is that the Certificate Insurer shall not be entitled to reimbursement on any Distrib...
Certificate Insurance Policy. (a) The Trustee shall submit, if necessary, the Notice of Nonpayment and Demand for Payment of Insured Amounts (as defined in and in the form specified by the Certificate Insurance Policy) in the amount of the Certificate Insurance Draw Amount to the Certificate Insurer no later than 12:00 noon, New York City time, on the second Business Day prior to each Distribution Date. Upon receipt of such Certificate Insurance Draw Amount in accordance with the terms of the Certificate Insurance Policy, the Trustee shall deposit such Certificate Insurance Draw Amount in the Certificate Account for distribution to the Investor Certificateholders on the related Distribution Date.
(b) Subject only to the priority of payment provisions of this Agreement, each of the Transferor, the Servicer and the Trustee acknowledges that, to the extent of any payment made by the Certificate Insurer pursuant to the Certificate Insurance Policy, the Certificate Insurer is to be fully subrogated to the extent of such payment (as described in Section 5.1(a)(vii) and (ix)) and any additional interest due on any late payment, to the rights of the Investor Certificateholders under this Agreement or otherwise. Each of the Transferor, the Servicer and the Trustee agrees to such subrogation and, further, agrees to execute such instruments and to take such actions as, in the sole judgment of the Certificate Insurer, as evidenced in writing to the Transferor, the Servicer and the Trustee, are necessary to evidence such subrogation and, subject to the priority of payment provision of this Agreement, to perfect the rights of the Certificate Insurer to receive any moneys paid or payable in respect of the Investor Certificates under this Agreement or otherwise.
Certificate Insurance Policy. The Class A-1 Certificate Insurer shall have the right to inspect such records at reasonable times during normal business hours upon one Business Day's prior notice to the Trustee.
Certificate Insurance Policy. As soon as possible, and in no event later than 11:00 a.m., New York time, on the second Business Day immediately preceding each Distribution Date, the Trustee shall determine the amount of the Available Funds for each Loan Group for such Distribution Date minus the amount of any Premium Amount and any Trustee Fee to be paid on such Distribution Date. If for any Distribution Date a Deficiency Amount exists, the Trustee shall complete a notice in the form set forth as Exhibit A to the Certificate Insurance Policy (the "Notice") and shall submit such Notice to the Fiscal Agent no later than 12:00 noon, New York time, on the second Business Day preceding such Distribution Date. The Notice shall constitute a claim for an Insured Payment pursuant to the Certificate Insurance Policy. Upon receipt of the Insured Payment, at or prior to the latest time payments of the Insured Payment are to be made by the Certificate Insurer pursuant to the Certificate Insurance Policy, on behalf of the Senior Certificateholders, the Trustee shall deposit such Insured Payments in the Distribution Account and shall distribute such Insured Payments only in accordance with Section 5.01(a)A.2 or B.2, as applicable, and 5.01(a)C.3, if applicable.
Certificate Insurance Policy. No later than 12:00 noon New York City time on the second Business Day preceding each Distribution Date, the Trustee shall determine based solely upon the information provided by the Servicer to the Trustee pursuant to Section 3.23 hereof with respect to the immediately following Distribution Date, the amount to be on deposit in the Distribution Account on such Distribution Date as a result of the (i) Servicer’s remittance of the Interest Remittance Amount and the Principal Remittance Amount on the related Servicer Remittance Date, and (ii) any transfers to the Distribution Account made from the Collection Account and/or the Pre-Funding Accounts relating to such Distribution Date pursuant to Section 4.02 hereof, excluding the amount of any Insured Payment.
Certificate Insurance Policy. 77 Section 4.02. Reserved...........................................................................................77 Section 4.03. Claims Upon the Certificate Insurance Policy.......................................................77
Certificate Insurance Policy. Section 4.01. Certificate Insurance Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 Section 4.02. Claims Upon the Certificate Insurance Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
Certificate Insurance Policy the Pre-Funding Accounts, the Capitalized Interest Accounts, the Spread Accounts and Interest Rate Cap Agreement
Certificate Insurance Policy. 59 Section 4.02. [RESERVED].................................................60 Section 4.03. Replacement Certificate Insurance Policy...................60 Section 4.04. Payments Under the Support Agreement.......................60
Certificate Insurance Policy. Pre-Funding Account and First Payment Loan Account
