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

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Insurance Policy, to the extent required to pay the related Insured Distribution Amount on such Payment Date shall be withdrawn from the Policy Payments Account and deposited in the related Distribution Account and applied by the Trustee, together with the other funds to be withdrawn from the related Distribution Account pursuant to this Agreement, directly to the payment in full of the related Insured Distribution Amount due on the related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 liabilities of the Master Servicer, the Trustee or the Trust Fund. Any funds remaining in the Policy Payments Account on the first Business Day following a Payment Date shall be remitted to the Certificate Insurer, pursuant to the instructions of the Certificate Insurer, by the end of such Business Day.

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 7.37.5. 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 7.67.8. Funds held in the Policy Payments Account shall not be invested by the Trustee. On any Payment Distribution 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 Remittance 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 Class A 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 liabilities of the Master Servicer, the Trustee or the Trust Fund. Any funds remaining in the Policy Payments Account on the first Business Day following a Payment Distribution Date shall be remitted to the Certificate Insurer, pursuant to the instructions of the Certificate Insurer, by the end of such Business Day.

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 163 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 liabilities of the Master Servicer, the Trustee or the Trust Fund. Any funds remaining in the Policy Payments Account on the first Business Day following a Payment Date shall be remitted to the Certificate Insurer, pursuant to the instructions of the Certificate Insurer, by the end of such Business Day.

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 Certificate Account in accordance with the next succeeding paragraph and disbursed by the Trustee to Owners of Class A Certificates in accordance with Section 7.37.5. 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 7.67.8. Funds held in the Policy Payments Account shall not be invested by the Trustee. On any Payment Distribution 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 Distribution 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 Certificate 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 liabilities of the Master Servicer, the Trustee or the Trust Fund. Any funds remaining in the Policy Payments Account on the first Business Day following a Payment Distribution Date shall 127 be remitted to the Certificate Insurer, pursuant to the instructions of the Certificate Insurer, by the end of such Business Day.

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 154 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 liabilities of the Master Servicer, the Trustee or the Trust Fund. Any funds remaining in the Policy Payments Account on the first Business Day following a Payment Date shall be remitted to the Certificate Insurer, pursuant to the instructions of the Certificate Insurer, by the end of such Business Day.

Claims Upon the Policy; Policy Payments Account. (a) If on the third Business Day prior to a Distribution Date, the Total Distribution Amount on deposit or to be deposited in the Collection Account for the related Collection Period (after giving effect to all transfers thereto of any amounts from the Spread Account and to the payment of all amounts required to be paid pursuant to clauses (1) and (2) of Section 5.06(b)) is insufficient to pay the Guaranteed Payment on the related Distribution Date, then the Indenture Trustee shall give notice to the Security Insurer by telephone or telecopy of the amount of such deficiency. Such notice shall be confirmed in writing by the Indenture Trustee in the form set forth as Exhibit A to the Endorsement of the Policy, to the Security Insurer and the Fiscal Agent, if any, at or before 12:00 noon, New York City time, on the second Business Day prior to such Distribution Date. Following receipt by the Security Insurer of such notice in such form, the Security 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 City time, on the second Business Day following such receipt and (ii) 12:00 noon, New York City time, on the Distribution Date to which such deficiency relates, as provided in the Endorsement to the Policy. (b) The Indenture 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 Noteholders (the "Policy Payments Account" over which the "). The Indenture Trustee shall have exclusive control over the Policy Payments Account and sole right of withdrawal. The Indenture 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 pay to Noteholders the Insured Payments Guaranteed Payment for which a claim was made has been made, and such amount may not be applied to satisfy any costs, expenses or liabilities of the Master Servicer, the Indenture Trustee or the TrustOwner Trustee. Amounts paid under the Certificate Insurance Policy shall be transferred to the related Class A Distribution Collection Account in accordance with the next succeeding paragraph and disbursed by the Indenture Trustee to Owners of Class A Certificates Noteholders in accordance with Section 7.35.06. It shall not be necessary for such any payments under the Policy to be made by checks or wire transfers separate from the checks or wire transfers used to pay the Insured Payments with Guaranteed Payment from other funds available to make such payment. However, the amount of any payment of principal of or interest on the Class A Certificates Notes to be paid from funds transferred from the Policy Payments Account shall be noted as provided in paragraph (bc) below in the Note Register and in the statement to be furnished to Owners of the Certificates Noteholders pursuant to Section 7.65.11. Funds held in the Policy Payments Account shall not be invested by the Indenture Trustee. On any Payment Distribution Date with respect to which a claim has been made under the Certificate Insurance Policy, the amount of any funds received by the Indenture Trustee as a result of any claim under the Certificate Insurance Policy, to the extent required to pay make the related Insured Distribution Amount Guaranteed Payment on such Payment Date Distribution Date, shall be withdrawn from the Policy Payments Account and deposited in the related Distribution Collection Account and applied by the Indenture Trustee, together with the other funds to be withdrawn distributed from the related Distribution Collection Account pursuant to this AgreementSection 5.06, directly to the payment in full of the related Insured Distribution Amount Guaranteed Payment 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 with respect to the Owners of the Class A Certificates and may not be applied to satisfy any costs, expenses or liabilities of the Master Servicer, the Trustee or the Trust FundNotes. Any funds remaining in the Policy Payments Account on the first Business Day following a Payment Distribution Date shall be remitted to the Certificate Security Insurer, pursuant to the instructions of the Certificate Security Insurer, by the end of such Business Day. (c) The Indenture Trustee shall keep a complete and accurate record of the amount of interest and principal paid in respect of any Notes from moneys received under the Policy. The Security Insurer shall have the right to inspect such records at reasonable times during normal business hours upon one Business Day's prior notice to the Indenture Trustee at the expense of the Security Insurer. SECTION 5.08. Notices to the Security Insurer. All notices, statements, reports, notes, or opinions required by this Agreement to be sent to any other party hereto or to the Noteholders at any time when the Security Insurer is the Controlling Party shall also be sent to the Security Insurer. SECTION 5.09.