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 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. 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 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 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. 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 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 from 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. 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 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 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. 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 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 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 from 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. 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 notice 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 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 from 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. 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 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.