Common use of Interest Drawings Clause in Contracts

Interest Drawings. If the Cash Manager determines that there is an Interest Shortfall with respect to any Regular Distribution Date (other than the Legal Final Distribution Date and the date of the Final Policy Election) in respect of the Certificates (calculated as provided in Section 3.06(i) hereof), the Cash Manager shall, prior to 12:00 p.m. (New York City time) on the third Business Day prior to such Regular Distribution Date, instruct the Drawing Agent to request and the Drawing Agent shall, no later than 12:00 p.m. (New York City time) on the second Business Day prior to such Regular Distribution Date, request a Policy Drawing under the Policy (for payment into the Certificate Account) in an amount equal to such Interest Shortfall (each, an “Interest Drawing”). Any request received after 12:00 p.m. (New York City time) on any Business Day or any day that is not a Business Day shall be deemed to have been received by the Policy Provider on the next Business Day. Upon receipt of any such request for a Policy Drawing, the Policy Provider or its fiscal agent shall pay, no later than 12:00 p.m. (New York City time) on the later of (i) the applicable Regular Distribution Date and (ii) the second Business Day following the Business Day on which the Policy Provider received the Drawing Agent’s request referred to above, into the Certificate Account, the amount of the Interest Shortfall with respect to such Regular Distribution Date. Upon receipt, the Pass Through Trustee shall direct the payment of the amount in the Certificate Account to the holders of the Certificates in payment of the Interest Shortfall therefor.

Interest Drawings. If the Cash Manager determines that there is an Interest Shortfall with respect to any Regular Distribution Date (other than the Legal Final Distribution Date and the date of the Final Policy Election) in respect of the Certificates (calculated as provided in Section 3.06(i) hereof), the Cash Manager shall, prior to 12:00 p.m. (New York City time) on the third Business Day prior to such Regular Distribution Date, instruct the Drawing Agent to request and the Drawing Agent shall, no later than 12:00 p.m. (New York City time) on the second Business Day prior to such Regular Distribution Date, request a Policy Drawing under the Policy (for payment into the Certificate Account) in an amount equal to such Interest Shortfall (each, an “"Interest Drawing”"). Any request received after 12:00 p.m. (New York City time) on any Business Day or any day that is not a Business Day shall be deemed to have been received by the Policy Provider on the next Business Day. Upon receipt of any such request for a Policy Drawing, the Policy Provider or its fiscal agent shall pay, no later than 12:00 p.m. (New York City time) on the later of (i) the applicable Regular Distribution Date and (ii) the second Business Day following the Business Day on which the Policy Provider received the Drawing Agent’s 's request referred to above, into the Certificate Account, the amount of the Interest Shortfall with respect to such Regular Distribution Date. Upon receipt, the Pass Through Trustee shall direct the payment of the amount in the Certificate Account to the holders of the Certificates in payment of the Interest Shortfall therefor.