Common use of Claims Under Note Insurance Policy Clause in Contracts

Claims Under Note Insurance Policy. (a) In the event that the Servicer’s Certificate with respect to any Determination Date states that there is a Deficiency Amount, or in the event that the Indenture Trustee has received a certified copy of a final, nonappealable order of an appropriate court or other body exercising jurisdiction of any Preference Amount, the Indenture Trustee shall furnish to the Note Insurer no later than noon, New York City time, on the first Business Day following the Indenture Trustee’s receipt of such Servicer’s Certificate or certified copy, as applicable, a complete notice substantially in the form of Exhibit A to the Note Insurance Policy (a “Notice”) specifying the amount of the Deficiency Amount, provided, that if such Notice is received after noon, New York City time, on such Business Day, it will be deemed to be received before noon, New York City time, on the following Business Day. If any such Notice is not in proper form or is otherwise insufficient for the purpose of making a claim under the Note Insurance Policy, such Notice will be deemed not to have been received for purposes of making such claim, and the Insurer will promptly so advise the Indenture Trustee in writing and the Indenture Trustee may submit an amended or corrected Notice. If such an amended or corrected Notice is in proper form and is otherwise sufficient for the purpose of making a claim under the Note Insurance Policy, it will be deemed to have been timely received on the Business Day of such resubmission; provided, that if such notice is received after noon, New York City time, it shall be deemed to be received before noon, New York City time, on the following Business Day.

Claims Under Note Insurance Policy. (a) In the event that the Servicer’s Certificate with respect to any Determination Date states that there is a Deficiency Amount, or in the event that the Indenture Trustee has received a certified copy of a final, nonappealable order of an appropriate court or other body exercising jurisdiction of any Preference Amount, the Indenture Trustee shall furnish to the Note Insurer no later than noon, New York City time, on the first Business Day following the Indenture Trustee’s receipt of such Servicer’s Certificate or certified copy, as applicable, a complete notice substantially in the form of Exhibit A or Exhibit B, as applicable, to the Note Insurance Policy (a “Notice”) specifying the amount of the Deficiency Amount, provided, that if such Notice is received after noon, New York City time, on such Business Day, it will be deemed to be received before noon, New York City time, on the following Business Day. If any such Notice is not in proper form or is otherwise insufficient for the purpose of making a claim under the Note Insurance Policy, such Notice will be deemed not to have been received for purposes of making such claim, and the Insurer will promptly so advise the Indenture Trustee in writing and the Indenture Trustee may submit an amended or corrected Notice. If such an amended or corrected Notice is in proper form and is otherwise sufficient for the purpose of making a claim under the Note Insurance Policy, it will be deemed to have been timely received on the Business Day of such resubmission; provided, that if such notice is received after noon, New York City time, it shall be deemed to be received before noon, New York City time, on the following Business Day.

Claims Under Note Insurance Policy. (a) In the event that the Servicer’s Certificate with respect to any Determination Date states that there is a Deficiency Amount, or in the event that the Indenture Trustee has received a certified copy of a final, nonappealable order of an appropriate court or other body exercising jurisdiction of any Preference Amount, the Indenture Trustee shall furnish to the Note Insurer no later than noon, New York City time, on the first Business Day following the Indenture Trustee’s receipt of such Servicer’s Certificate or certified copy, as applicable, a complete notice substantially in the form of Exhibit A A, to the Note Insurance Policy (a “Notice”) specifying the amount of the Deficiency Amount, provided, that if such Notice is received after noon, New York City time, on such Business Day, it will be deemed to be received before noon, New York City time, on the following Business Day. If any such Notice is not in proper form or is otherwise insufficient for the purpose of making a claim under the Note Insurance Policy, such Notice will be deemed not to have been received for purposes of making such claim, and the Insurer will promptly so advise the Indenture Trustee in writing and the Indenture Trustee may submit an amended or corrected Notice. If such an amended or corrected Notice is in proper form and is otherwise sufficient for the purpose of making a claim under the Note Insurance Policy, it will be deemed to have been timely received on the Business Day of such resubmission; provided, that if such notice is received after noon, New York City time, it shall be deemed to be received before noon, New York City time, on the following Business Day.

Claims Under Note Insurance Policy. (a) In the event that the Servicer’s Certificate with respect to any Determination Date states that there is a Deficiency Amount, or in the event that the Indenture Trustee has received a certified copy of a final, nonappealable order of an appropriate court or other body exercising jurisdiction of any Preference Amount, the Indenture Trustee shall furnish to the Note Insurer no later than noon, New York City time, on the first Business Day following the Indenture Trustee’s receipt of such Servicer’s Certificate or certified copy, as applicable, a complete a notice substantially in the form of Exhibit A or Exhibit B, as applicable, to the Note Insurance Policy (a “Notice”) specifying the amount of the Deficiency Amount, provided, that if such Notice is received after noon, New York City time, on such Business Day, it will be deemed to be received before noon, New York City time, on the following Business Day. If any such Notice is not in proper form or is otherwise insufficient for the purpose of making a claim under the Note Insurance Policy, such Notice will be deemed not to have been received for purposes of making such claim, and the Insurer will promptly so advise the Indenture Trustee in writing and the Indenture Trustee may submit an amended or corrected Notice. If such an amended or corrected Notice is in proper form and is otherwise sufficient for the purpose of making a claim under the Note Insurance Policy, it will be deemed to have been timely received on the Business Day of such resubmission; provided, that if such notice is received after noon, New York City time, it shall be deemed to be received before noon, New York City time, on the following Business Day.