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

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) If, by the close of business on the third Business Day prior to a Distribution Date, the sum of the funds then on deposit in the Collection Account for the related Collection Period which are payable to each Class of Investor Certificates pursuant to Sections 5.01(a) (excluding the amount, if any, payable pursuant to clauses (vii) and (xiii) thereof) and (b) (after giving effect to the distribution of the related Trustee Fee and the related Premium) and the amount, if any, deposited into the Collection Account pursuant to Section 4.05 are insufficient to pay the Guaranteed Distribution for each Class of Investor Certificates on such Distribution Date (after application of Subordinated Transferor Collections, Crossover Amounts and amounts on deposit in the Reserve Fund), then the Trustee shall give notice to the Credit Enhancer by telephone or telecopy of the amount equal to the Credit Enhancement Draw Amount for such Class of Investor Certificates. Such notice of such sum shall be confirmed in writing in the form of Notice of Nonpayment and Demand for Payment of Insured Amounts set forth as Exhibit A to the Policy, to the Credit Enhancer at or before 12:00 p.m.10:00 a.m., New York City 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 Following receipt 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 Credit Enhancer of such notice in such form, the Certificate Insurer Credit Enhancer will pay any amount payable under the Policy with respect to such Class of Investor Certificates as set forth in such form on the later to occur of (i) 12:00 noon noon, New York time City time, on the second Business Day following such receipt and (ii) 12:00 noon noon, New York time City time, on the Distribution Date to which such claims deficiency relates, as provided in the Endorsement to the Policy.

Claims Upon the Policy; Policy Payments Account. (a) If, at or before 12:00 p.m.noon, New York time, on the second Business Day prior to a Distribution Date, the Trust Administrator Trustee determines that the amounts on deposit in funds that will be available for such Distribution Date distributable to the Certificate Account available to be distributed to Holders of the Insured Certificates in accordance with pursuant to Section 4.01 will be insufficient to pay the related Guaranteed Distributions (as defined in the Policy) to the Holders of the Insured Certificates for such Distribution DateDate (a “Guaranteed Distributions Shortfall”) is greater than zero, the Trust Administrator on behalf of then the Trustee shall determine the amount of such Guaranteed Distributions Shortfall and give notice to the Certificate Insurer and the Fiscal Agent (as defined in the Policy) by telephone, electronic mail telephone or telecopy of the amount of such deficiencyGuaranteed Distributions Shortfall. Such notice of such deficiency Guaranteed Distributions Shortfall 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 and the Fiscal Agent (as defined in the Policy), if any, at or before 12:00 p.m. noon, 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 AgentDate. 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 claims Guaranteed Distributions Shortfall relates, as provided in the Endorsement to the Policy.

Claims Upon the Policy; Policy Payments Account. (a) If, at or before 12:00 p.m.noon, 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 Deficiency Amounts (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 Notice of Claim (as defined in the Policy) 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. noon 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 2:00 p.m. New York time on the second Business Day following such receipt and (ii) 12:00 noon 2:00 p.m. 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) If, at or before 12:00 p.m., New York time, on the second Business Day prior to a Distribution Date, the Trust Securities Administrator determines that the amounts on deposit in the Certificate Account available a Deficiency Amount exists with respect 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 Securities Administrator on behalf of the Trustee or 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 Insured Amount shall be confirmed in writing by a notice Notice executed by the Trustee and delivered by the Trust Securities Administrator on behalf of the Trustee or 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 madeDate. The Trust Securities Administrator shall forward a copy of each such notice simultaneously to the Certificate Insurer, the Trustee and the Fiscal Agent. Promptly upon receipt thereof from the Securities Administrator (and in no event later than 2:00 p.m. New York time on the second Business Day prior to the related Distribution Date), the Trustee will execute such notice and transmit such executed notice to the Certificate Insurer (and furnish a copy to the Securities Administrator by electronic mail or telecopy). 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) If, at or before 12:00 p.m., New York time, on the second Business Day prior to a Distribution Date, the Trust Securities Administrator determines that the amounts on deposit in Available Distribution Amount for such Distribution Date distributable to the Certificate Account available to be distributed to Holders of the Insured Certificates in accordance with pursuant to Section 4.01 will be insufficient to pay the Guaranteed Distributions (as defined in the Policy) to the Holders of the Insured Certificates for on such Distribution Date, the Trust Securities Administrator on behalf shall determine the amount of the Trustee 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 Guaranteed Distribution 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 2:00 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 AgentDate. 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) 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 each class 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 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 date 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) 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 each class 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 date 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.