Claims Under Note Policy. (a) In the event that the Trustee has delivered a Deficiency Notice with respect to any Determination Date pursuant to Section 5.4 of the Sale and Servicing Agreement, the Trustee shall on the related Draw Date determine the Note Insured Payment (as defined below), if any, for the related Payment Date. If the Note Insured Payment, if any, for such Payment Date is greater than zero, the Trustee shall furnish to the Security Insurer on the related Draw Date a completed notice form set forth as Exhibit A to the Note Policy in accordance with the terms of the Note Policy in the amount of the Note Insured Payment, if any. Amounts paid by the Security Insurer pursuant to a claim submitted under this Section 5.18(a) shall be deposited by the Trustee into the Note Distribution Account for payment to Noteholders on the related Payment Date. The "Note Insured Payment" shall have the meaning as set forth in the Note Policy.
Appears in 3 contracts
Samples: Indenture (TMS Auto Holdings Inc), Indenture (TMS Auto Holdings Inc), Indenture (FCC Receivables Corp)