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 (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. The Credit Enhancer will pay any Credit Enhancement Draw Amount that is a Preference Amount on the Business Day following receipt on a Business Day by 12:00 NOON, New York City time, by the Fiscal Agent (as defined in the Policy) of (1) a certified copy of the order requiring the return of a preference payment, (2) an opinion of counsel satisfactory to the Credit Enhancer that the order is final and not subject to appeal, (3) an assignment in any form reasonably required by the Credit Enhancer irrevocably assigning to the Credit Enhancer all rights and c1aims of the Holder relating to or arising under the Notes against the debtor that made the preference payment or otherwise with respect to the preference payment, and (4) appropriate instruments in any form reasonably required by the Credit Enhancer to effect the appointment of the Credit Enhancer as agent for the Holder in any legal proceeding related to the preference payment. If the documents in (1) through (4) above are received after 12:00 NOON, New York City time, on a Business Day, they will be deemed to be received on the following Business Day. Any Credit Enhancement Draw Amount that is a Preference Amount will be distributed by the Indenture Trustee to the receiver or trustee in bankruptcy named in the final order of the court exercising jurisdiction on behalf of the Holder and not to any Holder directly unless the Holder has returned principal or interest paid on the Notes to the receiver or trustee in bankruptcy, in which case such payment shall be distributed by the Indenture Trustee to the Holder.

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 (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. The Credit Enhancer will pay any Credit Enhancement Draw Amount that is a Preference Amount on the Business Day following receipt on a Business Day by 12:00 NOONnoon, New York City time, by the Fiscal Agent (as defined in the Policy) of (1) a certified copy of the order requiring the return of a preference payment, (2) an opinion of counsel satisfactory to the Credit Enhancer that the order is final and not subject to appeal, (3) an assignment in any form reasonably required by the Credit Enhancer irrevocably assigning to the Credit Enhancer all rights and c1aims claims of the Holder relating to or arising under the Notes against the debtor that made the preference payment or otherwise with respect to the preference payment, and (4) appropriate instruments in any form reasonably required by the Credit Enhancer to effect the appointment of the Credit Enhancer as agent for the Holder in any legal proceeding related to the preference payment. If the documents in (1) through (4) above are received after 12:00 NOONnoon, New York City time, on a Business Day, they will be deemed to be received on the following Business Day. Any Credit Enhancement Draw Amount that is a Preference Amount will be distributed by the Indenture Trustee to the receiver or trustee in bankruptcy named in the final order of the court exercising jurisdiction on behalf of the Holder and not to any Holder directly unless the Holder has returned principal or interest paid on the Notes to the receiver or trustee in bankruptcy, in which case such payment shall be distributed by the Indenture Trustee to the Holder.

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 (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. The Credit Enhancer will pay any Credit Enhancement Draw Amount that is a Preference Amount on the Business Day following receipt on a Business Day by 12:00 NOONnoon, New York City time, by the Fiscal Agent (as defined in the Policy) of (1) a certified copy of the order requiring the return of a preference payment, (2) an opinion of counsel satisfactory to the Credit Enhancer that the order is final and not subject to appeal, (3) an assignment in any form reasonably required by the Credit Enhancer irrevocably assigning to the Credit Enhancer all rights and c1aims of the Holder relating to or arising under the Notes against the debtor that made the preference payment or otherwise with respect to the preference payment, and (4) appropriate instruments in any form reasonably required by the Credit Enhancer to effect the appointment of the Credit Enhancer as agent for the Holder in any legal proceeding related to the preference payment. If the documents in (1) through (4) above are received after 12:00 NOONnoon, New York City time, on a Business Day, they will be deemed to be received on the following Business Day. Any Credit Enhancement Draw Amount that is a Preference Amount will be distributed by the Indenture Trustee to the receiver or trustee in bankruptcy named in the final order of the court exercising jurisdiction on behalf of the Holder and not to any Holder directly unless the Holder has returned principal or interest paid on the Insured Notes to the receiver or trustee in bankruptcy, in which case such payment shall be distributed by the Indenture Trustee to the Holder.

Claims on the Policy; Policy Payments Account. (a) If the Credit Enhancement Draw 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 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 other than any portion thereof representing 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. The Credit Enhancer will pay any Credit Enhancement Draw Amount that is a Preference Amount on the Business Day following receipt on a Business Day by 12:00 NOONnoon, New York City time, by the Fiscal Agent (as defined in the Policy) of (1) a certified copy of the order requiring the return of a preference payment, (2) an opinion of counsel satisfactory to the Credit Enhancer that the order is final and not subject to appeal, (3) an assignment in any form reasonably required by the Credit Enhancer irrevocably assigning to the Credit Enhancer all rights and c1aims claims of the Holder relating to or arising under the Notes against the debtor that made the preference payment or otherwise with respect to the preference payment, and (4) appropriate instruments in any form reasonably required by the Credit Enhancer to effect the appointment of the Credit Enhancer as agent for the Holder in any legal proceeding related to the preference payment. If the documents in (1) through (4) above are received after 12:00 NOONnoon, New York City time, on a Business Day, they will be deemed to be received on the following Business Day. Any Credit Enhancement Draw Amount that is a Preference Amount will be distributed by the Indenture Trustee to the receiver or trustee in bankruptcy named in the final order of the court exercising jurisdiction on behalf of the Holder and not to any Holder directly unless the Holder has returned principal or interest paid on the Notes to the receiver or trustee in bankruptcy, in which case such payment shall be distributed by the Indenture Trustee to the Holder.