Common use of Claims Under Policy Clause in Contracts

Claims Under Policy. (a) In the event that the Indenture Trustee has delivered a Deficiency Notice with respect to any Determination Date, if the Policy Claim Amount for the related Payment Date is greater than zero, the Indenture Trustee 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 Policy Claim Amount. Amounts paid by the Insurer under the Policy shall be deposited by the Indenture Trustee into the Note Distribution Account on the Business Day immediately preceding the Payment Date for payment to Noteholders on the related Payment Date. The "Policy Claim Amount" for any Payment Date shall equal the lesser of (i) the sum of the Noteholders' Interest Distributable Amount and the Noteholders' Principal Distributable Amount for such Payment Date and (ii) the excess, if any, of the amount required to be distributed pursuant to clauses (i) through (iv) of Section 5.6(b) over the Distribution Amount for such Payment Date.

Claims Under Policy. (a) In the event that the Indenture Trustee has delivered a Deficiency Notice with respect to any Determination Date, if the Policy Claim Amount for the related Payment Date is greater than zero, the Indenture Trustee 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 Deficiency Claim Date a completed Notice of Claim in the amount of the Policy Claim Amount. Amounts paid by the Insurer under the Policy shall be deposited by the Indenture Trustee into the Note Distribution Account on the Business Day immediately preceding the Payment Date for payment to Noteholders on the related Payment Date. The "Policy Claim Amount" for any Payment Date shall equal the lesser of (i) the sum of the Noteholders' Interest Distributable Amount and the Noteholders' Principal Distributable Amount for such Payment Date and (ii) the excess, if any, of the amount required to be distributed pursuant to clauses (i) through (iv) of Section 5.6(b) over the Distribution Amount for such Payment Date.

Claims Under Policy. (a) In the event that the Indenture Trustee has delivered a Deficiency Notice with respect to any Determination Date, if the Policy Claim Amount for the related Payment Date is greater than zero, the Indenture Trustee 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 Deficiency Claim Date a completed Notice of Claim in the amount of the Policy Claim Amount. Amounts paid by the Insurer under the Policy shall be deposited by the Indenture Trustee into the Note Distribution Account on the Business Day immediately preceding the Payment Date for payment to Noteholders on the related Payment Date. The "Policy Claim Amount" for any Payment Date shall equal the lesser of (i) the sum of the Noteholders' Interest Distributable Amount and the Noteholders' Principal Distributable Amount for such Payment Date and (ii) the excess, if any, of the amount required to be distributed pursuant to clauses (i) through (iv) of Section 5.6(b5.6(a) over the Distribution Amount for such Payment Date.

Claims Under Policy. (a) In the event that the Indenture Trustee has delivered a Deficiency Notice with respect to any Determination Date, if the Policy Claim Amount for the related Payment Date is greater than zero, the Indenture Trustee 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 Deficiency Claim Date a completed Notice of Claim in the amount of the Policy Claim Amount. Amounts paid by the Insurer under the Policy shall be deposited by the Indenture Trustee into the Note Distribution Account on the Business Day immediately preceding the Payment Date for payment to Noteholders on the related Payment Date. The "Policy Claim Amount" for any Payment Date shall equal the lesser of (i) the sum of the Noteholders' Interest Distributable Amount and the Noteholders' Principal Distributable Amount for such Payment Date and (ii) the excess, if any, of the amount required to be distributed pursuant to clauses (i) through (iv) of Section 5.6(b) over the Distribution Amount for such Payment Date.