Claims Upon the Policy; Policy Payments Account. (a) If, by the close of business on the third Business Day prior to a Distribution Date, the Trust Administrator determines that a Deficiency Amount for any Distribution Date is greater than zero, then the Trust Administrator shall give notice to the Certificate Insurer by telephone or telecopy of the amount of such Deficiency Amount. Such notice of such Deficiency Amount shall be confirmed in writing in the form set forth as Exhibit A to the Endorsement of the Policy, to the Certificate Insurer and the Fiscal Agent (as defined in the Policy), if any, at or before 10:00 a.m. New York time on the second Business Day prior to such Distribution Date. Following Receipt (as defined in the Policy) by the Certificate Insurer of such notice in such form, the Certificate Insurer or the Fiscal Agent will pay any amount payable under the Policy on the later to occur of (i) 12:00 noon New York time on the second Business Day following such receipt and (ii) 12:00 noon New York time on the Distribution Date to which such deficiency relates, as provided in the Endorsement to the Policy.
Claims Upon the Policy; Policy Payments Account. (a) In the event that an Insured Payment becomes due pursuant to the terms of the Note Insurance Policy, the Indenture Trustee shall submit a Notice (in the form attached to such Note Insurance Policy) in accordance with the terms of such Note Insurance Policy.
Claims Upon the Policy; Policy Payments Account. (a) If, at or before 12:00 p.m., New York time, on the second Business Day prior to a Distribution Date, the Trust Administrator determines that the amounts on deposit in the Certificate Account available to be distributed to the Insured Certificates in accordance with Section 4.01 will be insufficient to pay the Guaranteed Distributions (as defined in the Policy) to the Holders of the Insured Certificates for such Distribution Date, the Trust Administrator on behalf of the Trustee shall give notice to the Certificate Insurer and the Fiscal Agent (as defined in the Policy) by telephone, electronic mail or telecopy of the amount of such deficiency. Such notice of such deficiency shall be confirmed in writing by a notice executed and delivered by the Trust Administrator on behalf of the Trustee in the form set forth as Exhibit A to the Endorsement to the Policy, to the Certificate Insurer at or before 12:00 p.m. New York time on the second Business Day prior to such Distribution Date and will be accompanied by the monthly statement, if available, or such other data as requested, required to be prepared pursuant to the first paragraph of Section 4.04(a) for the Distribution Date for which the claim is made. The Trust Administrator shall forward a copy of each such notice simultaneously to the Certificate Insurer, the Trustee and the Fiscal Agent. Following Receipt (as defined in the Policy) by the Certificate Insurer of such notice in such form, the Certificate Insurer will pay any amount payable under the Policy on the later to occur of (i) 12:00 noon New York time on the second Business Day following such receipt and (ii) 12:00 noon New York time on the Distribution Date to which such claims relates, as provided in the Endorsement to the Policy.
Claims Upon the Policy; Policy Payments Account. (a) The Trustee shall establish a separate special purpose trust account for the benefit of Owners of the Class A Certificates and the Certificate Insurer referred to herein as the "Policy Payments Account" over which the Trustee shall have exclusive control and sole right of withdrawal. The Trustee shall deposit any amount paid under the Certificate Insurance Policy in the Policy Payments Account and distribute such amount only for purposes of payment to Owners of Class A Certificates of the Insured Payments for which a claim was made and such amount may not be applied to satisfy any costs, expenses or liabilities of the Master Servicer, the Trustee or the Trust. Amounts paid under the Certificate Insurance Policy shall be transferred to the related Class A Distribution Account in accordance with the next succeeding paragraph and disbursed by the Trustee to Owners of Class A Certificates in accordance with Section 7.3. It shall not be necessary for such payments to be made by checks or wire transfers separate from the checks or wire transfers used to pay the Insured Payments with other funds available to make such payment. However, the amount of any payment of principal of or interest on the Class A Certificates to be paid from funds transferred from the Policy Payments Account shall be noted as provided in paragraph (b) below in the Register and in the statement to be furnished to Owners of the Certificates pursuant to Section 7.6. Funds held in the Policy Payments Account shall not be invested by the Trustee. On any Payment Date with respect to which a claim has been made under the Certificate Insurance Policy, the amount of any funds received by the Trustee as a result of any claim under the Certificate Insurance Policy, to the extent required to pay the related Insured Distribution Amount on such Payment Date shall be withdrawn from the Policy Payments Account and deposited in the related Distribution Account and applied by the Trustee, together with the other funds to be withdrawn from the related Distribution Account pursuant to this Agreement, directly to the payment in full of the related Insured Distribution Amount due on the related Class A Certificates. Funds received by the Trustee as a result of any claim under the Certificate Insurance Policy shall be deposited by the Trustee in the Policy Payments Account and used solely for payment to the Owners of the Class A Certificates and may not be applied to satisfy any costs, expenses or liabilitie...
Claims Upon the Policy; Policy Payments Account. (a) If, at or before 12:00 p.m., New York time, on the second Business Day prior to a Distribution Date, the Trustee determines that an Insured Amount for such Distribution Date is greater than zero, then the Trustee shall give notice to the Certificate Insurer by telephone or telecopy of the amount of such Insured Amount. Such notice of such Insured Amount shall be confirmed in writing in the form set forth as Exhibit A to the Endorsement to the Policy, to the Certificate Insurer and the fiscal agent, if any, at or before 2:00 p.m. New York time on the second Business Day prior to such Distribution Date. Following Receipt (as defined in the Policy) by the Certificate Insurer of such notice in such form, the Certificate Insurer or the fiscal agent, if any, will pay any amount payable under the Policy on the later to occur of (i) 12:00 noon New York time on the second Business Day following such receipt and (ii) 12:00 noon New York time on the Distribution Date to which such Insured Amount relates, as provided in the Endorsement to the Policy.
Claims Upon the Policy; Policy Payments Account. (a) If, by the close of business on the third Business Day prior to a Distribution Date, the Servicer notifies the Trustee that on such Distribution Date the sum of (i) the funds that will be on deposit in the Collection Account for the related Collection Period which are payable to the Investor Certificateholders pursuant to Sections 5.01(a) and (b) (after giving effect to the distribution of the Trustee Fee and the Premium) and (ii) the amount that will be on deposit in the Spread Account will be insufficient to pay the Guaranteed Distribution on such Distribution Date, then the Trustee shall give notice to the Credit Enhancer by telephone or telecopy of the amount equal to the Credit Enhancement Draw Amount. Such notice of such sum shall be confirmed in writing in the form set forth as Exhibit A to the Policy, to the Credit Enhancer and the Fiscal Agent, if any, at or before 10:00 a.m., New York City time, on the second Business Day prior to such Distribution Date. Following receipt by the Credit Enhancer of such notice in such form, the Credit Enhancer or the Fiscal Agent will pay any amount payable under the Policy on the later to occur of (i) 12:00 noon, New York City time, on the Business Day next succeeding presentation to the Fiscal Agent and (ii) 12:00 noon, New York City time, on the Distribution Date to which such deficiency relates, as provided in the Policy.
Claims Upon the Policy; Policy Payments Account. (a) If, by the close of business on the third Business Day prior to a Payment Date, the Indenture Trustee determines that a Deficiency Amount for any Payment Date is greater than zero, then the Indenture Trustee shall give notice to the Note Insurer by telephone or telecopy of the amount of such Deficiency Amount. Such notice of such Deficiency Amount shall be confirmed in writing in the form set forth as Exhibit A to the Endorsement of the Policy, to the Note Insurer and the Fiscal Agent (as defined in the Policy), if any, at or before 10:00 a.m. New York time on the second Business Day prior to such Payment Date. Following Receipt (as defined in the Policy) by the Note Insurer of such notice in such form, the Note Insurer or the Fiscal Agent will pay any amount payable under the Policy on the later to occur of (i) 12:00 noon New York time on the second Business Day following such receipt, and (ii) 12:00 noon New York time on the Payment Date to which such deficiency relates, as provided in the Endorsement to the Policy.
Claims Upon the Policy; Policy Payments Account. (a) If on the Determination Date, the funds then on deposit in the Certificate Account, are insufficient to pay the Insured Payments on such Payment Date, the Trustee shall give notice to the Certificate Insurer by telephone or telecopy of the amount of such deficiency, confirmed in writing in the form set forth as Exhibit A to the Endorsement of the Certificate Insurance Policy, to the Certificate Insurer and the Fiscal Agent (as defined in the Certificate Insurance Policy), if any, at or before 9:00 a.m., New York City time, on the second Business Day prior to such Payment Date.
Claims Upon the Policy; Policy Payments Account. (a) If, at or before 12:00 p.m., New York time, on the second Business Day prior to a Distribution Date, the Securities Administrator determines that the Available Distribution Amount for such Distribution Date distributable to the Holders of the Insured Certificates pursuant to Section 4.01 will be insufficient to pay the Guaranteed Distributions (as defined in the Policy) for each class of Insured Certificates on such Distribution Date, the Securities Administrator shall determine the amount of any such deficiency and shall give notice to the Certificate Insurer and the Fiscal Agent (as defined in the Policy), if any, by telephone, electronic mail or telecopy of the amount of such deficiency. Such notice of such deficiency shall be confirmed in writing in the form set forth as Exhibit A to the Endorsement to the Policy, to the Certificate Insurer at or before 12:00 p.m. New York time on the second Business Day prior to such Distribution Date. Following Receipt (as defined in the Policy) by the Certificate Insurer of such notice in such form, the Certificate Insurer will pay any amount payable under the Policy on the later to occur of (i) 12:00 noon New York time on the second Business Day following such receipt and (ii) 12:00 noon New York time on the Distribution Date to which such claims relates, as provided in the Endorsement to the Policy.
Claims Upon the Policy; Policy Payments Account. (a) In the event that an Insured Payment becomes due pursuant to the terms of the Certificate Insurance Policy, the Trustee shall submit a Notice (in the form attached to the Certificate Insurance Policy) in accordance with the terms of the Certificate Insurance Policy and in sufficient time that payment will be made under the Certificate Insurance Policy on the related Distribution Date.
