Common use of Claims on the Policy; Policy Payments Account Clause in Contracts

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw Amount for a Class specified in the Servicing Certificate for a Payment Date is more than zero (determined as of the close of business on the third Business Day before the Payment Date), then the Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of the Credit Enhancement Draw Amount for the Class of Notes. The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment and Demand for Payment of Insured Amounts in Exhibit A to the Policy, by 10:00 A.M., New York City time, on the second Business Day before the Payment Date. Following receipt by the Credit Enhancer of the notice in that form, the Credit Enhancer will pay any amount payable under the Policy for the Class of Notes in the form on the later to occur of (i) 12:00 NOON, New York City time, on the second Business Day following the receipt and (ii) 12:00 NOON, New York City time, on the Payment Date to which the deficiency relates.

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw Amount for a Class specified in from the Servicing Certificate for a Payment Date is more than zero (determined as of the close of business on the third Business Day before the Payment Date), then the Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of the Credit Enhancement Draw Amount for the Class of NotesAmount. The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment and Demand for Payment of Insured Amounts in Exhibit A to the Policy, by 10:00 A.M., New York City time, on the second Business Day before the Payment Date. Following receipt by the Credit Enhancer of the notice in that form, the Credit Enhancer will pay any amount payable under the Policy for the Class of Notes in the form on the later to occur of (i) 12:00 NOON, New York City time, on the second Business Day following the receipt and (ii) 12:00 NOON, New York City time, on the Payment Date to which the deficiency relates.

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw Amount for a Class specified in the Servicing Certificate for a Payment Date is more than zero (determined as of the close of business on the third Business Day before the Payment Date), then the Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of the Credit Enhancement Draw Amount for the Class of Notes. The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment and Demand for Payment of Insured Amounts in Exhibit A to the Policy, by 10:00 A.M.a.m., New York City time, on the second Business Day before the Payment Date. Following receipt by the Credit Enhancer of the notice in that form, the Credit Enhancer will pay any amount payable under the Policy for the Class of Notes in the form on the later to occur of (i) 12:00 NOONnoon, New York City time, on the second Business Day following the receipt and (ii) 12:00 NOONnoon, New York City time, on the Payment Date to which the deficiency relates.

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw Amount (not including any portion of it representing a Preference Amount) for a Class specified in the Servicing Certificate for a Payment Date is more than zero (determined as of the close of business on the third Business Day before the Payment Date), then the Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of the Credit Enhancement Draw Amount (not including any portion of it representing a Preference Amount) for the Class of Notes. The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment Claim and Demand for Payment of Insured Amounts Certificate in Exhibit A to the Policy, by 10:00 A.M., New York City time, on the second Business Day before the Payment Date. Following receipt by the Credit Enhancer of the notice in that form, the Credit Enhancer will pay any amount payable under the Policy (other than a Preference Amount) for the Class of Notes in the form on the later to occur of (i) 12:00 NOON, New York City time, on the second Business Day following the receipt and (ii) 12:00 NOON, New York City time, on the Payment Date to which the deficiency relates.

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw Amount for a Class specified in the Servicing Certificate for a Payment Date is more than zero (determined as of the close of business on the third Business Day before the Payment Date), then the Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of the Credit Enhancement Draw Amount for the Class of Notes. The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment and Demand for Payment of Insured Amounts in Exhibit A to the Policy, by 10:00 A.M.a.m., New York City time, on the second Business Day before the Payment Date. Following receipt by the Credit Enhancer of the notice in that form, the Credit Enhancer will pay any amount payable under the Policy for the Class of Notes identified in the form on the later to occur of (i) 12:00 NOONnoon, New York City time, on the second Business Day following the receipt and (ii) 12:00 NOONnoon, New York City time, on the Payment Date to which the deficiency relates.

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw Insured Amount (other than any portion thereof representing a Preference Amount) for a Class the Insured Notes specified in the Servicing Certificate for a Payment Date is more than zero (determined as of the close of business on the third Business Day before the Payment Date), then the Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of the Credit Enhancement Draw Insured Amount (other than any portion thereof representing a Preference Amount) for the Class of Insured Notes. The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment and Demand for Payment of Insured Amounts in Exhibit A to the Policy, by 10:00 A.M.a.m., New York City time, on the second Business Day before the Payment Date. Following receipt by the Credit Enhancer of the notice in that form, the Credit Enhancer will pay any amount payable under the Policy (other than any portion thereof representing a Preference Amount) for the Class of Insured Notes in the form on the later to occur of (i) 12:00 NOONnoon, New York City time, on the second Business Day following the receipt and (ii) 12:00 NOONnoon, New York City time, on the Payment Date to which the deficiency relates.

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw Amount for a Class specified in the Servicing Certificate for a Payment Date is more than zero (determined as of the close of business on the third Business Day before the Payment Date), then the Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of the Credit Enhancement Draw Amount for the Class of Notes. The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment and Demand for Payment of Insured Amounts in Exhibit A to the Policy, by 10:00 A.M., New York City time, on the second Business Day before the Payment Date. Following receipt by the Credit Enhancer of the notice in that form, the Credit Enhancer will pay any amount payable under the Policy for the Class of Notes in the form on the later to occur of (i) 12:00 NOONnoon, New York City time, on the second Business Day following the receipt and (ii) 12:00 NOONnoon, New York City time, on the Payment Date to which the deficiency relates.

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw Insured Amount for a Class specified in the Servicing Certificate for a Payment Date is more than zero (determined as of the close of business on the third Business Day before the Payment Date), then the Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of the Credit Enhancement Draw Insured Amount for the Class of Notes. The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment and Demand for Payment of Insured Amounts in Exhibit A to the Policy, by 10:00 A.M., New York City time, on the second Business Day before the Payment Date. Following receipt by the Credit Enhancer of the notice in that form, the Credit Enhancer will pay any amount payable under the Policy for the Class of Notes in the form (that is not a Preference Amount) on the later to occur of (i) 12:00 NOON, New York City time, on the second Business Day following the receipt and (ii) 12:00 NOON, New York City time, on the Payment Date to which the deficiency relates.

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw Amount (other than any portion of it representing a Preference Amount) for a Class of Insured Notes specified in the Servicing Certificate for a Payment Date is more than zero (determined as of the close of business on the third Business Day before the Payment Date), then the Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of the Credit Enhancement Draw Amount (other than any portion of it representing a Preference Amount) for the Class of Insured Notes. The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment Claim and Demand for Payment of Insured Amounts Certificate in Exhibit A to the Policy, by 10:00 A.M., New York City time, on the second Business Day before the Payment Date. Following receipt by the Credit Enhancer of the notice in that form, the Credit Enhancer will pay any amount payable under the Policy (other than any portion of it representing a Preference Amount) for the Class of Insured Notes in the form on the later to occur of (i) 12:00 NOON, New York City time, on the second Business Day following the receipt and (ii) 12:00 NOON, New York City time, on the Payment Date to which the deficiency relates.

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw Insured Amount (other than any portion thereof representing a Preference Amount) for a Class the Notes specified in the Servicing Certificate for a Payment Date is more than zero (determined as of the close of business on the third Business Day before the Payment Date), then the Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of the Credit Enhancement Draw Insured Amount (other than any portion thereof representing a Preference Amount) for the Class of Notes. The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment and Demand for Payment of Insured Amounts in Exhibit A to the Policy, by 10:00 A.M.a.m., New York City time, on the second Business Day before the Payment Date. Following receipt by the Credit Enhancer of the notice in that form, the Credit Enhancer will pay any amount payable under the Policy for the Class of Notes in the form (other than any portion thereof representing a Preference Claim) on the later to occur of (i) 12:00 NOONnoon, New York City time, on the second Business Day following the receipt and (ii) 12:00 NOONnoon, New York City time, on the Payment Date to which the deficiency relates.

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw Amount (other than any portion of it representing a Preference Amount) for a Class the Insured Notes specified in the Servicing Certificate for a Payment Date is more than zero (determined as of the close of business on the third Business Day before the Payment Date), then the Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of the Credit Enhancement Draw Amount (other than any portion of it representing a Preference Amount) for the Class of Insured Notes. The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment Claim and Demand for Payment of Insured Amounts Certificate in Exhibit A to the Policy, by 10:00 A.M., New York City time, on the second Business Day before the Payment Date. Following receipt by the Credit Enhancer of the notice in that form, the Credit Enhancer will pay any amount payable under the Policy (other than any portion of it representing a Preference Amount) for the Class of Insured Notes in the form on the later to occur of (i) 12:00 NOON, New York City time, on the second Business Day following the receipt and (ii) 12:00 NOON, New York City time, on the Payment Date to which the deficiency relates.

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw Amount for a Class specified in the Servicing Certificate for a Payment Date is more than zero (determined as of the close of business on the third Business Day before the Payment Date), then the Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of the Credit Enhancement Draw Amount for the Class of Notes. The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment and Demand for Payment of Insured Amounts in Exhibit A to the Policy, by 10:00 A.M., New York City time, on the second Business Day before the Payment Date. Date Following receipt by the Credit Enhancer of the notice in that form, the Credit Enhancer will pay any amount payable under the Policy for the Class of Notes in the form on the later to occur of (i) 12:00 NOON, New York City time, on the second Business Day following the receipt and (ii) 12:00 NOON, New York City time, on the Payment Date to which the deficiency relates.

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw Amount for a Class specified in from the Servicing Certificate for a Payment Date is more than zero (determined as of the close of business on the third [third] Business Day before the Payment Date), then the Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of the Credit Enhancement Draw Amount for the Class of NotesAmount. The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment and Demand for Payment of Insured Amounts in Exhibit A to the Policy, by 10:00 A.M., New York City time, on the second [second] Business Day before the Payment Date. Following receipt by the Credit Enhancer of the notice in that form, the Credit Enhancer will pay any amount payable under the Policy for the Class of Notes in the form on the later to occur of (i) 12:00 NOON, New York City time, on the second [second] Business Day following the receipt and (ii) 12:00 NOON, New York City time, on the Payment Date to which the deficiency relates.

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw Amount for a Class the Insured Notes specified in the Servicing Certificate for a Payment Date is more than zero (determined as of the close of business on the third Business Day before the Payment Date), then the Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of the Credit Enhancement Draw Amount for the Class of Insured Notes. The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment and Demand for Payment of Insured Amounts in Exhibit A to the Policy, by 10:00 A.M.a.m., New York City time, on the second Business Day before the Payment Date. Following receipt by the Credit Enhancer of the notice in that form, the Credit Enhancer will pay any amount payable under the Policy for the Class of Insured Notes in the form (that is not a Preference Amount) on the later to occur of (i) 12:00 NOONnoon, New York City time, on the second Business Day following the receipt and (ii) 12:00 NOONnoon, New York City time, on the Payment Date to which the deficiency relates.

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw Amount (other than any portion thereof representing a Preference Amount) for a Class the Insured Notes specified in the Servicing Certificate for a Payment Date is more than zero (determined as of the close of business on the third Business Day before the Payment Date), then the Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of the Credit Enhancement Draw Amount (other than any portion thereof representing a Preference Amount) for the Class of Insured Notes. The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment Claim and Demand for Payment of Insured Amounts Certificate in Exhibit A to the Policy, by 10:00 A.M.a.m., New York City time, on the second Business Day before the Payment Date. Following receipt by the Credit Enhancer of the notice in that form, the Credit Enhancer will pay any amount payable under the Policy (other than any portion thereof representing a Preference Amount) for the Class of Insured Notes in the form on the later to occur of (i) 12:00 NOONnoon, New York City time, on the second Business Day following the receipt and (ii) 12:00 NOONnoon, New York City time, on the Payment Date to which the deficiency relates.

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw Amount (not including any portion of it representing a Preference Amount) for a Class of Insured Notes specified in the Servicing Certificate for a Payment Date is more than zero (determined as of the close of business on the third Business Day before the Payment Date), then the Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of the Credit Enhancement Draw Amount (not including any portion of it representing a Preference Amount) for the Class of Insured Notes. The notice shall be confirmed to the Credit Enhancer in writing in the form of the Notice of Nonpayment Claim and Demand for Payment of Insured Amounts Certificate in Exhibit A to the Policy, by 10:00 A.M.a.m., New York City time, on the second Business Day before the Payment Date. Following receipt by the Credit Enhancer of the notice in that form, the Credit Enhancer will pay any amount payable under the Policy (other than a Preference Amount) for the Class of Insured Notes in the form on the later to occur of (i) 12:00 NOONnoon, New York City time, on the second Business Day following the receipt and (ii) 12:00 NOONnoon, New York City time, on the Payment Date to which the deficiency relates.