Claims against the Note Insurance Policy. (a) No later than two (2) Business Days prior to each Payment Date, the Indenture Trustee shall determine with respect to the immediately following Payment Date, the amount required to be on deposit in each Payment Account on such Payment Date as a result of the Master Servicer’s remittance of the Servicer Remittance Amount on the related Servicer Payment Date.
(b) If the Servicer Remittance Report with respect to any Payment Date indicates that an Insured Amount shall be payable for any Group, after giving effect to the distributions specified in Section 8.02 (calculating such distributions without giving effect to any Insured Amount to be paid by the Note Insurer on such Payment Date) the Indenture Trustee shall complete a Notice in the form of Exhibit A to the Note Insurance Policy and submit such notice to the Note Insurer no later than 12:00 noon New York City time (9:00 Los Angeles time) on the second Business Day preceding such Payment Date as a claim for an Insured Amount.
(c) The Indenture Trustee shall establish an Eligible Account (which may be a subaccount of the Payment Account) for the benefit of Holders of the Notes and the Note Insurer referred to herein as the “Note Insurance Payment Account” over which the Indenture Trustee shall have exclusive control and sole right of withdrawal. The Indenture Trustee shall deposit upon receipt any amount paid under the Note Insurance Policy in the Note Insurance Payment Account and distribute such amount only for purposes of payment to the Noteholders of the related Group of the Insured Amount for such Group for which a claim was made and such amount may not be applied to satisfy any costs, expenses or liabilities of the Master Servicer, the Indenture Trustee or the Trust. Amounts paid under the Note Insurance Policy, to the extent needed to pay the Insured Amount shall be disbursed by the Indenture Trustee to the Noteholders in accordance with Section 8.02. It shall not be necessary for such payments to be made by checks or wire transfers separate from the checks or wire transfers used to pay the Insured Amount with other funds available to make such payment. However, the amount of any payment of principal of or interest on the Notes to be paid from funds transferred from the Note Insurance Payment Account shall be noted as provided in subsection (d) of this Section 8.03 in the Note Register and in the Indenture Trustee’s Remittance Report. Funds held in the Note Insurance Payment Account shall not be...
Claims against the Note Insurance Policy. (a) Within two (2) Business Days of receipt of each Servicer Remittance Report and the Noteholder Statement, the Indenture Trustee shall determine with respect to the immediately following Payment Date, the amount to be on deposit in the Payment Account on such Payment Date as a result of the Servicer's remittance of the Servicer Remittance Amount on the related Servicer Payment Date, excluding the amount of any Insured Payment and prior to the application of the amounts described in clauses (a) through (c) of Section 8.02 hereof for the related Payment Date.
(b) If on any Payment Date there is a Deficiency Amount, the Indenture Trustee shall complete a Notice in the form of Exhibit A to the Note Insurance Policy and submit such notice to the Note Insurer 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 Payment in an amount equal to such Deficiency Amount.
(c) The Indenture Trustee shall establish a separate Eligible Account for the benefit of the Holder of the Note and the Note Insurer referred to
