CLAIMS UNDER CERTIFICATE POLICY Clause Samples

CLAIMS UNDER CERTIFICATE POLICY. (a) In the event that the Trust Collateral Agent has delivered a Deficiency Notice with respect to any Determination Date pursuant to Section 5.5 hereof, if the Certificate Policy Claim Amount for the related Distribution Date is greater than zero, the Trust Collateral Agent shall furnish to the Insurer (with a copy to the Servicer) no later than 12:00 noon New York City time on the related Draw Date a completed Notice of Claim in the amount of the Certificate Policy Claim Amount. Amounts paid by the Insurer under the Certificate Policy shall be deposited by the Trust Collateral Agent into the Certificate Distribution Account for payment to Certificateholders on the related Distribution Date (or promptly following payment on a later date as set forth in the Certificate Policy). (b) Any notice delivered by the Trust Collateral Agent to the Insurer pursuant to subsection 7.1(a) shall specify the Certificate Policy Claim Amount claimed under the Certificate Policy and shall constitute a "Notice of Claim" under the Certificate Policy. In accordance with the provisions of the Certificate Policy, the Insurer is required to pay to the Trust Collateral Agent the Certificate Policy Claim Amount properly claimed thereunder by 12:00 noon, New York City time, on the later of (i) the third Business Day following receipt on a Business Day of the Notice of Claim, and (ii) the applicable Distribution Date. Any payment made by the Insurer under the Certificate Policy shall be applied solely to the payment of the Certificates, and for no other purpose. (c) The Trust Collateral Agent shall (i) receive as attorney-in-fact of each Certificateholder any Certificate Policy Claim Amount from the Insurer and (ii) deposit the same in the Collection Account for disbursement to the Certificateholders. Any and all Certificate Policy Claim Amounts disbursed by the Trust Collateral Agent from claims made under the Certificate Policy shall not be considered payment by the Trust or from the Spread Account with respect to such Certificates, and shall not discharge the obligations of the Trust with respect thereto. The Insurer shall, to the extent it makes any payment with respect to the Certificates, become subrogated to the rights of the recipients of such payments to the extent of such payments. Subject to and conditioned upon any payment with respect to the Certificates by or on behalf of the Insurer, the Trust Collateral Agent shall assign to the Insurer all rights to the payment of in...