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

Claims on the Policy; Policy Payments Account. (a) The Indenture Trustee shall establish the Policy Payments Account. The Indenture Trustee shall deposit upon receipt any amount paid under the Policy in the Policy Payments Account and pay that amount only to pay the related Class of Notes the Credit Enhancement Draw Amounts 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 (other than payments of principal and interest on the Notes). Amounts paid under the Policy, to the extent needed to pay any Insured Amount, shall be transferred to the Payment Account on the related Payment Date, and the portion thereof representing the Insured Amount shall be disbursed by the Indenture Trustee to the related Noteholders, in each case as if it were a payment to the related Noteholders pursuant to Section 8.03. Payments from draws on the Policy need not be made by checks or wire transfers separate from the checks or wire transfers used to pay other payments to Noteholders, as applicable, with other funds available for the other payments. However, the amount of any payment of principal of or interest on the related Class of Notes to be paid from funds transferred from the Policy Payments Account shall be noted as provided in paragraph (d) below and in the statement to be furnished to Holders of the Notes pursuant to Section 7.04. Funds held in the Policy Payments Account shall not be invested. Any funds remaining in the Policy Payments Account on the first Business Day following the later of the Payment Date and the Business Day after the day on which a payment on the Policy has been paid to the Holders of the applicable Class of Notes shall be returned to the Credit Enhancer, pursuant to the instructions of the Credit Enhancer, by the end of the Business Day.

Claims on the Policy; Policy Payments Account. (a) The Indenture Trustee shall establish the Policy Payments Account. The Indenture Trustee shall deposit upon receipt receipt, any amount paid under the Policy in the Policy Payments Account and pay that such amount will only be used to pay to the related Holders of the Class of Notes A Certificates the Credit Enhancement Draw Insured Amounts for which a claim was made and such made. Such amount may not be applied to satisfy any costs, expenses, or liabilities of the Master Servicer, the Indenture Trustee, or the Trust Depositor (other than payments of principal and interest on the NotesClass A Certificates). Amounts paid under on deposit in the PolicyPolicy Payments Account, to the extent needed to pay any Insured Deficiency Amount, shall be transferred to the Payment Distribution Account on the related Payment Distribution Date, and the portion thereof representing the Insured Deficiency Amount shall be disbursed by the Indenture Trustee to the related NoteholdersHolders of the Class A Certificates, in each case as if it were a payment to the related Noteholders such Certificateholders pursuant to Section 8.034.02. Payments from draws amounts on deposit in the Policy Payments Account need not be made by checks or wire transfers separate from the checks or wire transfers used to pay other payments to Noteholders, as applicable, with other funds available for the other payments. HoweverHolders of the Class A Certificates; however, the amount of any payment of principal of or interest on the related Class of Notes A Certificates to be paid from funds transferred from the Policy Payments Account shall be noted as provided in paragraph (d) below and in the statement to be furnished to Holders of the Notes Certificates pursuant to Section 7.044.04. Funds held in the Policy Payments Account shall not be invested. Any funds remaining in the Policy Payments Account on the first Business Day following the later of the Payment Distribution Date and the Business Day after the day on which a payment on the Policy has been paid to the Holders of the applicable Class of Notes A Certificates shall be returned to the Credit EnhancerCertificate Insurer, pursuant to the instructions of the Credit EnhancerCertificate Insurer, by the end of the Business Day.

Claims on the Policy; Policy Payments Account. (a) The Indenture Trustee shall establish the Policy Payments AccountAccount which shall be a segregated, non-interest bearing account. The Indenture Trustee shall deposit upon receipt any amount paid under the Policy in the Policy Payments Account and pay use that amount only to pay the related Class of Notes A-1 Certificates the Credit Enhancement Draw Amounts Regular Payments for which a claim was made and such made. Such amount may not be applied to satisfy any costs, expenses, or liabilities of the Master Servicer, the Indenture Trustee, Trustee or the Trust (other than payments of principal and interest on the NotesClass A-1 Certificates). Amounts paid under the Policy, to the extent needed to pay any Insured AmountRegular Payments, shall be transferred to the Payment Distribution Account on the related Payment Distribution Date, and the portion thereof representing the Insured Amount Regular Payments shall be disbursed by the Indenture Trustee to the related NoteholdersHolders of the Class A-1 Certificates, in each case as if it were a payment to the related Noteholders such Certificateholders pursuant to Section 8.034.02(a). Payments from draws on the Policy need not be made by checks or wire transfers separate from the checks or wire transfers used to pay other payments to Noteholders, as applicable, with other funds available for the other paymentsHolders of the Class A-1 Certificates. However, the amount of any payment of principal of or interest on the related Class of Notes A-1 Certificates to be paid from funds transferred from the Policy Payments Account shall be noted as provided in paragraph (d) below and in the statement to be furnished to Holders of the Notes Certificates pursuant to Section 7.044.04. Funds held in the Policy Payments Account shall not be invested. Any funds remaining in the Policy Payments Account on the first Business Day following the later of the Payment Distribution Date and the Business Day after the day on which a payment on the Policy has been paid to the Holders of the applicable Class of Notes A-1 Certificates shall be returned to the Credit EnhancerCertificate Insurer, pursuant to the instructions of the Credit EnhancerCertificate Insurer, by the end of the Business Day.