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 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, by the close of business on the third Business Day prior to a Payment Distribution Date, the Indenture Trustee determines that that, based in the Remittance Report, a Deficiency Amount for any Payment Distribution Date is expected to be greater than zero, then the Indenture Trustee shall give notice to the Note 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 Note Certificate Insurer and the Fiscal Agent (as defined in the Policy), if any, at or before 10:00 a.m. a.m., New York time time, on the second Business Day prior to such Payment Distribution Date. Following Receipt (as defined in the Policy) receipt by the Note Certificate Insurer of such notice in such form, the Note Certificate Insurer or the Fiscal Agent will pay any amount payable under the Policy on the later to occur of (i) 12:00 noon noon, New York time time, on the second Business Day following such receipt, receipt and (ii) 12:00 noon noon, New York time time, on the Payment 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 Close of business Business on the third Business Day prior to a Payment Distribution Date, the Indenture Trustee determines that a Deficiency Amount for any Payment Distribution Date is greater than zero, then the Indenture 124 Trustee shall give notice to the Note 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 Note 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 Payment Distribution Date. Following Receipt (as defined in the Policy) by the Note Certificate Insurer of such notice in such form, the Note 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, receipt and (ii) 12:00 noon New York time on the Payment Distribution Date to which such deficiency relates, as provided in the Endorsement to the Policy.