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

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. (b) The Indenture Trustee shall establish a separate special purpose trust account for the benefit of the Owners of the Notes and the Note Insurer referred to herein as the "Policy Payments Account" over which the Indenture Trustee shall have exclusive control and sole right of withdrawal. The Indenture Trustee shall deposit any amount paid under a Note Insurance Policy in the Policy Payments Account and distribute such amount only for purposes of payment to the Owners of the Notes 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 Servicer, the Seller, the Depositor, the Custodian, the Indenture Trustee or the Trust. Amounts paid under the Note Insurance Policy shall be transferred to the Note Account in accordance with the next succeeding paragraph and disbursed by the Indenture Trustee to Owners of the Notes in accordance with Section 3.03. 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 Notes to be paid from funds transferred from the Policy Payments Account shall be noted as provided in paragraph (c) below in the Register and in the statement to be furnished to Owners of the Notes pursuant to Section 3.

Claims Upon the Policy; Policy Payments Account. (a) In the event that an Insured Payment becomes due pursuant to the terms of the Note a Certificate Insurance Policy, the Indenture Trustee shall submit a Notice (in the form attached to such Note Certificate Insurance Policy) in accordance with the terms of such Note Certificate Insurance Policy. (b) The Indenture Trustee shall establish a separate special purpose trust account for the benefit of the Owners of the Notes Class A Certificates and the Note Certificate Insurer referred to herein as the "Policy Payments Account" over which the Indenture Trustee Trust shall have exclusive control and sole right of withdrawal. The Indenture Trustee shall deposit any amount paid under a Note Certificate Insurance Policy in the Policy Payments Account and distribute such amount only for purposes of payment to the Owners of the Notes related 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 Servicer, the Seller, the Depositor, the Custodian, the Indenture Trustee or the Trust. Amounts paid under the Note related Certificate Insurance Policy shall be transferred to the Note Certificate Account in accordance with the next succeeding paragraph and disbursed by the Indenture Trustee to Owners of the Notes related Class A Certificates in accordance with Section 3.037.03. 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 Notes related Class A Certificates to be paid from funds transferred from the Policy Payments Account shall be noted as provided in paragraph (c) below in the Register and in the statement to be furnished to Owners of the Notes Class A Certificates pursuant to Section 37.

Claims Upon the Policy; Policy Payments Account. (a) In the event that an Insured Payment becomes due pursuant to the terms of the a 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. (b) The Indenture Trustee shall establish a separate special purpose trust account for the benefit of the Owners of the Notes and the Note Insurer referred to herein as the "Policy Payments Account" over which the Indenture Trustee Issuer shall have exclusive control and sole right of withdrawal. The Indenture Trustee shall deposit any amount paid under a Note Insurance Policy in the Policy Payments Account and distribute such amount only for purposes of payment to the Owners of the Notes 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 Servicer, the Seller, the Depositor, the Custodian, the Indenture Trustee or the TrustIssuer. Amounts paid under the related Note Insurance Policy shall be transferred to the Note Account in accordance with the next succeeding paragraph and disbursed by the Indenture Trustee to Owners of the Notes in accordance with Section 3.036.03. 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 Notes to be paid from funds transferred from the Policy Payments Account shall be noted as provided in paragraph (c) below in the Register and in the statement to be furnished to Owners of the Notes pursuant to Section 36.