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

Claims Upon the MBIA Policy; MBIA Policy Payments Account. (a) If, on the Business Day next succeeding the Determination Date, the Servicer notifies the Trustee pursuant to Section 4.04(a) that (i) the funds that will be on deposit in the Payment Account on the related Payment Account Deposit Date, to the extent distributable to the Insured Certificateholders pursuant to Section 4.02(a)(i), are insufficient to pay the full amount of interest for the related Interest Accrual Period on the Certificate Principal Balance of the Insured Certificates at the related Pass-Through Rate (net of any (1) Prepayment Interest Shortfalls allocated to the Insured Certificates to the extent covered by amounts due from the Servicer or from funds on deposit in the Insured Reserve Fund and (2) Relief Act Shortfalls allocated to the Insured Certificates) on such Distribution Date, (ii) the principal portion of any Realized Loss is allocated to the Insured Certificates on such Distribution Date or (iii) the funds available in connection with the Scheduled Final Distribution Date will be insufficient to reduce the Certificate Principal Balances of the Insured Certificates to zero after taking into account all distributions to be made on such date, the Trustee shall give notice by telephone or telecopy of the aggregate amount of such deficiency, confirmed in writing in the form set forth as Exhibit A to the MBIA Policy, to MBIA, at or before 12:00 noon, New York City time, on the third Business Day prior to such Distribution Date. If, subsequent to such notice, and prior to payment by MBIA pursuant to such notice, additional amounts are deposited in the Payment Account, the Trustee shall reasonably promptly notify MBIA and withdraw the notice or reduce the amount claimed, as appropriate.

Claims Upon the MBIA Policy; MBIA Policy Payments Account. (a) If, on the Business Day next succeeding the Determination Date, the Servicer notifies the Trustee pursuant to Section 4.04(a) that (i) the funds that will be on deposit in the Payment Account on the related Payment Account Deposit Date, to the extent distributable to the Insured Certificateholders pursuant to Section 4.02(a)(i), are insufficient to pay the full amount of interest for the related Interest Accrual Period on the Certificate Principal Balance of the Insured Certificates at the related Pass-Pass Through Rate (net of any (1) Prepayment Interest Shortfalls allocated to the Insured Certificates to the extent covered by amounts due from the Servicer or from funds on deposit in the Insured Reserve Fund and (2) Relief Act Shortfalls allocated to the Insured Certificates) on such Distribution Date, (ii) the principal portion of any Realized Loss is allocated to the Insured Certificates on such Distribution Date or (iii) the funds available in connection with the Scheduled Final Distribution Date will be insufficient to reduce the Certificate Principal Balances of the Insured Certificates to zero after taking into account all distributions to be made on such date, the Trustee shall give notice by telephone or telecopy of the aggregate amount of such deficiency, confirmed in writing in the form set forth as Exhibit A to the MBIA Policy, to MBIA, at or before 12:00 noon, New York City time, on the third Business Day prior to such Distribution Date. If, subsequent to such notice, and prior to payment by MBIA pursuant to such notice, additional amounts are deposited in the Payment Account, the Trustee shall reasonably promptly notify MBIA and withdraw the notice or reduce the amount claimed, as appropriate.

Claims Upon the MBIA Policy; MBIA Policy Payments Account. (a) If, on the Business Day next succeeding the Determination Date, the Servicer notifies the Trustee pursuant to Section 4.04(a) that (i) the funds that will be on deposit in the Payment Account on the related Payment Account Deposit Date, to the extent distributable to the Insured Certificateholders pursuant to Section 4.02(a)(i), are insufficient to pay the full amount of interest for the related Interest Accrual Period on the Certificate Principal Balance of the Insured Certificates at the related Pass-Through Rate (net of any (1) Prepayment Interest Shortfalls allocated to the Insured Certificates to the extent covered by amounts due from the Servicer or from funds on deposit in the Insured Reserve Fund and (2) Relief Act Shortfalls allocated to the Insured Certificates) on such Distribution Date, (ii) the principal portion of any Realized Loss is allocated to the Insured Certificates on such Distribution Date or (iii) the funds available in connection with the Scheduled Final Distribution Date will be insufficient to reduce the Certificate Principal Balances of the Insured Certificates to zero after taking into account all distributions to be made on such date, the Trustee shall give notice by telephone or telecopy of the aggregate amount of such deficiency, confirmed in writing in the form set forth as Exhibit A to the MBIA Policy, to MBIA, at or before 12:00 noon, New York City time, on the third Business Day prior to such Distribution Date. If, subsequent to such notice, and prior to payment by MBIA pursuant to such notice, additional amounts are deposited in the Payment Account, the Trustee shall reasonably promptly notify MBIA and withdraw the notice or reduce the amount claimed, as appropriate.

Claims Upon the MBIA Policy; MBIA Policy Payments Account. (a) If, on the Business Day next succeeding the Determination Date, the Servicer notifies the Trustee pursuant to Section 4.04(a) that (i) the funds that will be on deposit in the Payment Account on the related Payment Account Deposit Date, to the extent distributable to the Insured Certificateholders pursuant to Section 4.02(a)(i), are insufficient to pay the full amount of interest for the related Interest Accrual Period on the Certificate Principal Balance of the Insured Certificates at the related Pass-Through Rate (net of any (1) Prepayment Interest Shortfalls allocated to the Insured Certificates to the extent covered by amounts due from the Servicer or from funds on deposit in the Insured Reserve Fund and (2) Relief Act Shortfalls allocated to the Insured Certificates) on such Distribution Date, (ii) the principal portion of any Realized Loss is allocated to the Insured Certificates on such Distribution Date or (iii) the funds available in connection with the Scheduled Final Distribution Date will be insufficient to reduce the Certificate Principal Balances of the Insured Certificates to zero after taking into account all distributions to be made on such date, the Trustee shall give notice by telephone or telecopy of the aggregate amount of such deficiency, confirmed in writing in the form set forth as Exhibit A to the MBIA Policy, to MBIA, at or before 12:00 noon, New York City time, on the third Business Day prior to such Distribution Date. If, subsequent to such notice, and prior to payment by MBIA pursuant to such notice, additional amounts are deposited in the Payment Account, the Trustee shall reasonably promptly notify MBIA and withdraw the notice or reduce the amount claimed, as appropriate.