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

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 Distribution Date, the Servicer notifies the Trustee that on such Distribution Date the sum of (i) the funds that will be then on deposit in the Collection Account for the related Collection Period which are payable to the Investor Certificateholders pursuant to Sections 5.01(a) (excluding the amount, if any, payable pursuant to clause (vii) thereof) 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 amount, if any, deposited into the Spread Collection Account will be pursuant to Section 4.05 are 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 of Notice for payment 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 as set forth in such form on the later to occur of (i) 12:00 noon, New York City time, on the second Business Day next succeeding presentation to the Fiscal Agent 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 Policy.

Claims Upon the Policy; Policy Payments Account. (a) If, by the close of business If on the third Business Day prior to a Distribution Date, the Servicer notifies the Trustee that on such Total Distribution Date the sum of (i) the funds that will be Amount on deposit or to be deposited 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 all transfers thereto of any amounts from the distribution Spread Account and to the payment of the Trustee Fee and the Premiumall amounts required to be paid pursuant to clauses (1) and (ii2) the amount that will be on deposit in the Spread Account will be of Section 5.06(b)) is insufficient to pay the Guaranteed Distribution Payment on such the related Distribution Date, then the Indenture Trustee shall give notice to the Credit Enhancer Note Insurer by telephone or telecopy of the amount equal to the Credit Enhancement Draw Amountof such deficiency. Such notice of such sum 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 Credit Enhancer Note Insurer and the Fiscal Agent, if any, at or before 10:00 a.m.12:00 noon, New York City time, on the second Business Day prior to such Distribution Date. Following receipt by the Credit Enhancer Note Insurer of such notice in such form, the Credit Enhancer 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 City time, on the second Business Day next succeeding presentation to the Fiscal Agent 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.

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 then on deposit in the Collection Account for the related Collection Period which are payable to the Investor Certificateholders pursuant to Sections 5.01(a) (excluding the amount, if any, payable pursuant to clause (vii) thereof) 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 amount, if any, deposited into the Spread Collection Account will be pursuant to Section 4.05 are insufficient to pay the Guaranteed Distribution on such Distribution DateDate (after application of Subordinated Transferor Collections), 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 of Notice of Nonpayment and Demand for Payment of Insured Amounts 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 as set forth in such form on the later to occur of (i) 12:00 noon, New York City time, on the second Business Day next succeeding presentation to the Fiscal Agent 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 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 then on deposit in the Collection Account for the related Collection Period which are payable to the Investor Certificateholders pursuant to Sections 5.01(a) (excluding the amount, if any, payable pursuant to clause (vii) thereof), (b) and (bf) (after giving effect to the distribution of the Trustee Fee and the Premium) and (ii) ), the amount that will be amounts on deposit in the Spread Account will be and the amount, if any, deposited into the Collection Account pursuant to Section 4.05 are 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 Endorsement of 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 second Business Day next succeeding presentation to the Fiscal Agent 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.

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 that 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 applicable Credit Enhancement Draw Amount. Such notice of such sum shall be confirmed in writing by the Servicer to the Credit Enhancer and the Fiscal Agent, if any, 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 Pursuant to the Policy, 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.