Common use of Payments on the Certificate Insurance Policy Clause in Contracts

Payments on the Certificate Insurance Policy. (a) The Trustee will establish and maintain the Policy Payments Account, a separate special purpose trust account for the benefit of the Offered Certificateholders and the Certificate Insurer. The Trustee shall deposit or cause to be deposited any Insured Payments paid under the Certificate Insurance Policy and received by the Trustee in the Policy Payments Account and distribute such amounts only for the purpose of payment to the related Offered Certificateholders of the related Insured Payments and such amounts may not be used to satisfy any costs, expenses or liabilities of the Servicer, the Trustee or the Trust. Insured Payments deposited in the Policy Payments Account shall not be invested in Permitted Investments or otherwise, and shall be transferred to the Certificate Account on the related Distribution Date and disbursed by the Trustee to the related Offered Certificateholders in accordance with Section 5.01. As soon as possible, and in no event later than 9:00 a.m. (Los Angeles time) on the fourth Business Day immediately preceding the related Distribution Date, the Trustee shall determine whether a Deficiency Amount is required to be paid under the Certificate Insurance Policy with respect to such Distribution Date and, if so, shall immediately notify the Servicer by telephone, which notice shall be confirmed in writing by facsimile transmission, of the Trustee's intention so to file the applicable Notice of Claim. If by the close of business in Los Angeles on such date a Deficiency Amount is still required to be paid under the Certificate Insurance Policy with respect to such Distribution Date, the Trustee shall furnish the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing) with a completed Notice of Claim in respect of such Deficiency Amount by 12:00 noon New York City time on the next succeeding Business Day and shall provide a copy thereof to the Servicer at or prior to the time such Notice of Claim is received by the Certificate Insurer. The Notice of Claim shall constitute a claim therefor pursuant to the Certificate Insurance Policy. In the event any funds are received by the Trustee from the Servicer prior to the close of business in Los Angeles on the Business Day following the transmission of a Notice of Claim to the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing), and such funds reduce the amount of the Deficiency Amount to which such Notice of Claim relates, the Deficiency Amount to which such Notice of Claim relates shall be reduced by a corresponding amount, and the Notice of Claim shall be deemed to have been rescinded to the extent of the reduction of the Deficiency Amount. Notification of any such reduction in the Insured Payment shall be given to the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing) by the Trustee by no later than 9:00 A.M., New York time, on the related Distribution Date. The Certificate Insurer shall pay amounts due pursuant to the Certificate Insurance Policy in accordance with the terms of the Certificate Insurance Policy.

Payments on the Certificate Insurance Policy. (a) The Trustee will establish and maintain the Policy Payments Account, a separate special purpose trust account for the benefit of the Offered Class A Certificateholders and the Certificate Insurer. The Trustee shall deposit or cause to be deposited any Insured Payments paid under the Certificate Insurance Policy and received by the Trustee in the Policy Payments Account and distribute such amounts only for the purpose of payment to the related Offered Class A Certificateholders of the related Insured Payments and such amounts may not be used to satisfy any costs, expenses or liabilities of the Servicer, the Trustee or the Trust. Insured Payments deposited in the Policy Payments Account shall not be invested in Permitted Investments or otherwise, and shall be transferred to the Certificate Account on the related Distribution Date and disbursed by the Trustee to the related Offered Class A Certificateholders in accordance with Section 5.01. As soon as possible, and in no event later than 9:00 a.m. (Los Angeles time) on the fourth Business Day immediately preceding the related Distribution Date, the Trustee shall determine whether a Deficiency Amount is required to be paid under the Certificate Insurance Policy with respect to such Distribution Date and, if so, shall immediately notify the Servicer by telephone, which notice shall be confirmed in writing by facsimile transmission, of the Trustee's intention so to file the applicable Notice of Claim. If by the close of business in Los Angeles on such date a Deficiency Amount is still required to be paid under the Certificate Insurance Policy with respect to such Distribution Date, the Trustee shall furnish the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing) with a completed Notice of Claim in respect of such Deficiency Amount by 12:00 noon New York City time on the next succeeding Business Day and shall provide a copy thereof to the Servicer at or prior to the time such Notice of Claim is received by the Certificate Insurer. The Notice of Claim shall constitute a claim therefor pursuant to the Certificate Insurance Policy. In the event any funds are received by the Trustee from the Servicer prior to the close of business in Los Angeles on the Business Day following the transmission of a Notice of Claim to the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing), and such funds reduce the amount of the Deficiency Amount to which such Notice of Claim relates, the Deficiency Amount to which such Notice of Claim relates shall be reduced by a corresponding amount, and the Notice of Claim shall be deemed to have been rescinded to the extent of the reduction of the Deficiency Amount. Notification of any such reduction in the Insured Payment Amount shall be given to the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing) by the Trustee by no later than 9:00 A.M., New York time, on the related Distribution Date. The Certificate Insurer shall pay amounts due pursuant to the Certificate Insurance Policy in accordance with the terms of the Certificate Insurance Policy.

Payments on the Certificate Insurance Policy. (a) The On behalf of the Trust Fund the Trustee will shall establish and maintain maintain, or cause to be established and maintained, one or more accounts (such account or accounts, the "Policy Payments Account"), a separate special purpose held in trust account for the benefit of the Offered Certificateholders Trustee, the Certificateholders, the Guarantor and the Certificate Insurer. The On behalf of the Trust Fund, the Trustee shall deposit or cause to be deposited any Insured Payments paid under the Certificate Insurance Policy and received by the Trustee in the Policy Payments Account and distribute such amounts only for the purpose of payment to the Holders of the related Offered Certificateholders Insured Certificates of the related Insured Payments and such amounts may not be used to satisfy any costs, expenses or liabilities of the Master Servicer, the Trustee Trustee, the Guarantor, the NIMS Insurer or the Trust. Insured Payments deposited in the Policy Payments Account shall not be invested in Permitted Investments or otherwise, and shall be transferred to the Certificate Account on the related Distribution Date and disbursed by the Trustee to the Holders of the related Offered Certificateholders Insured Certificates in accordance with Section 5.014.01(c). As soon as possible, and in no event later than 9:00 a.m. (Los Angeles Santa Ana, California time) on the fourth Business Day (as defined in the Insurance Agreement) immediately preceding the related Distribution Date, the Trustee shall determine whether a Certificate Insurer Deficiency Amount is required to be paid under the Certificate Insurance Policy with respect to such Distribution Date and, if so, shall immediately notify the Master Servicer by telephone, which notice shall be confirmed in writing by facsimile transmission, of the Trustee's intention so to file the applicable Notice of Claim. If by the close of business in Los Angeles Santa Ana, California on such date a Certificate Insurer Deficiency Amount is still required to be paid under the Certificate Insurance Policy with respect to such Distribution Date, the Trustee shall furnish the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing) with a completed Notice of Claim in respect of such Certificate Insurer Deficiency Amount by 12:00 noon New York City time on the next succeeding Business Day (as defined in the Insurance Agreement) and shall provide a copy thereof to the Master Servicer at or prior to the time such Notice of Claim is received by the Certificate Insurer. The Notice of Claim shall constitute a claim therefor pursuant to the Certificate Insurance Policy. In the event any funds are received by the Trustee from the Master Servicer prior to the close of business in Los Angeles Santa Ana, California on the Business Day (as defined in the Insurance Agreement) following the transmission of a Notice of Claim to the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing), and such funds reduce the amount of the Certificate Insurer Deficiency Amount to which such Notice of Claim relates, the Certificate Insurer Deficiency Amount to which such Notice of Claim relates shall be reduced by a corresponding amount, and the Notice of Claim shall be deemed to have been rescinded to the extent of the reduction of the Certificate Insurer Deficiency Amount. Notification of any such reduction in the Insured Payment shall be given to the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing) by the Trustee by no later than 9:00 A.M.12:00 p.m., New York time, on the related Distribution Date. The Certificate Insurer shall pay amounts due pursuant to the Certificate Insurance Policy in accordance with the terms of the Certificate Insurance Policy.

Payments on the Certificate Insurance Policy. (a) The Trustee will establish and maintain the Policy Payments Account, a separate special purpose trust account for the benefit of the Offered Class A Certificateholders and the Certificate Insurer. The Trustee shall deposit or cause to be deposited any Insured Payments Amounts paid under the Certificate Insurance Policy and received by the Trustee in the Policy Payments Account Accounts and distribute such amounts only for the purpose of payment to the related Offered Class A Certificateholders of the related Insured Payments Amounts and such amounts may not be used to satisfy any costs, expenses or liabilities of the Servicer, the Trustee or the Trust. Insured Payments Amounts deposited in the Policy Payments Account shall not be invested in Permitted Investments or otherwise, and shall be transferred to the Certificate Account on the related Distribution Date and disbursed by the Trustee to the related Offered Class A Certificateholders in accordance with Section 5.015.01 (A) or (B), as applicable. As soon as possible, and in no event later than 9:00 a.m. (Los Angeles time) on the fourth third Business Day immediately preceding the related Distribution Date, the Trustee shall determine whether a Deficiency an Insured Amount is required to be paid under the Certificate Insurance Policy with respect to such Distribution Date and, if so, shall immediately notify the Servicer by telephone, which notice shall be confirmed in writing by facsimile transmission, of the Trustee's intention so to file the applicable Notice of Claim. If by the close of business in Los Angeles on such date a Deficiency an Insured Amount is still required to be paid under the Certificate Insurance Policy with respect to such Distribution Date, the Trustee shall furnish the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing) with a completed Notice of Claim in respect of such Deficiency Insured Amount by 12:00 noon New York City time on the next succeeding Business Day and shall provide a copy thereof to the Servicer at or prior to the time such Notice of Claim is received by the Certificate Insurer. The Notice of Claim shall constitute a claim therefor pursuant to the Certificate Insurance Policy. In the event any funds are received by the Trustee from the Servicer prior to the close of business in Los Angeles on the Business Day following the transmission of a Notice of Claim to the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing)Insurer, and such funds reduce the amount of the Deficiency Insured Amount to which such Notice of Claim relates, the Deficiency Insured Amount to which such Notice of Claim relates shall be reduced by a corresponding amount, and the Notice of Claim shall be deemed to have been rescinded to the extent of the reduction of the Deficiency Insured Amount. Notification of any such reduction in the Insured Payment Amount shall be given to the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing) by the Trustee by no later than 9:00 8:00 A.M., New York Los Angeles time, on the related Distribution Date. The Certificate Insurer shall pay amounts due shall, pursuant to the Certificate Insurance Policy in accordance with Policy, pay to the terms of Trustee the Certificate Insurance Policy.Insured Amount

Payments on the Certificate Insurance Policy. (a) The Trustee will establish and maintain the Policy Payments Account, a separate special purpose trust account for the benefit of the Offered Class A Certificateholders and the Certificate Insurer. The Trustee shall deposit or cause to be deposited any Insured Payments Amounts paid under the Certificate Insurance Policy and received by the Trustee in the Policy Payments Account Accounts and distribute such amounts only for the purpose of payment to the related Offered Class A Certificateholders of the related Insured Payments Amounts and such amounts may not be used to satisfy any costs, expenses or liabilities of the Servicer, the Trustee or the Trust. Insured Payments Amounts deposited in the Policy Payments Account shall not be invested in Permitted Investments or otherwise, and shall be transferred to the Certificate Account on the related Distribution Date and disbursed by the Trustee to the related Offered Class A Certificateholders in accordance with Section 5.015.01 (A) or (B), as applicable. As soon as possible, and in no event later than 9:00 a.m. (Los Angeles time) on the fourth third Business Day immediately preceding the related Distribution Date, the Trustee shall determine whether a Deficiency an Insured Amount is required to be paid under the Certificate Insurance Policy with respect to such Distribution Date and, if so, shall immediately notify the Servicer by telephone, which notice shall be confirmed in writing by facsimile transmission, of the Trustee's intention so to file the applicable Notice of Claim. If by the close of business in Los Angeles on such date a Deficiency an Insured Amount is still required to be paid under the Certificate Insurance Policy with respect to such Distribution Date, the Trustee shall furnish the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing) with a completed Notice of Claim in respect of such Deficiency Insured Amount by 12:00 noon New York City time on the next succeeding Business Day and shall provide a copy thereof to the Servicer at or prior to the time such Notice of Claim is received by the Certificate Insurer. The Notice of Claim shall constitute a claim therefor pursuant to the Certificate Insurance Policy. In the event any funds are received by the Trustee from the Servicer prior to the close of business in Los Angeles on the Business Day following the transmission of a Notice of Claim to the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing), and such funds reduce the amount of the Deficiency Amount to which such Notice of Claim relates, the Deficiency Amount to which such Notice of Claim relates shall be reduced by a corresponding amount, and the Notice of Claim shall be deemed to have been rescinded to the extent of the reduction of the Deficiency Amount. Notification of any such reduction in the Insured Payment shall be given to the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing) by the Trustee by no later than 9:00 A.M., New York time, on the related Distribution Date. The Certificate Insurer shall pay amounts due pursuant to the Certificate Insurance Policy in accordance with the terms of the Certificate Insurance Policy.the

Payments on the Certificate Insurance Policy. (a) The Trustee will establish and maintain the Policy Payments Account, Account as a separate special purpose trust account for the benefit of the Offered Certificateholders and the Certificate Insurer. The Trustee shall deposit or cause to be deposited any Insured Payments paid under the Certificate Insurance Policy and received by the Trustee in the Policy Payments Account and distribute such amounts only for the purpose of payment to the related Offered Certificateholders of the related Insured Payments and such amounts may not be used to satisfy any costs, expenses or liabilities of the Master Servicer, the Trustee or the TrustTrust Fund. Insured Payments deposited in the Policy Payments Account shall not be invested in Permitted Investments or otherwise, and shall be transferred to the Certificate Distribution Account on the related Distribution Date and disbursed by the Trustee to the related Offered Certificateholders in accordance with Section 5.014.04. As soon as possible, and in no event later than 9:00 a.m. (Los Angeles time) on the fourth third Business Day immediately preceding the related Distribution Date, the Trustee shall determine whether a Deficiency Amount is required to be paid under the Certificate Insurance Policy with respect to such Distribution Date and, if so, shall immediately notify the Master Servicer and the Certificate Insurer by telephone, which notice shall be confirmed in writing by facsimile transmission, of the Trustee's intention so to file the applicable Notice of Claim. If by the close of business in Los Angeles on such date a Deficiency Amount is still required to be paid under the Certificate Insurance Policy with respect to such Distribution Date, the Trustee shall furnish the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing) with a completed Notice of Claim in respect of such Deficiency Amount by 12:00 noon New York City time on the next succeeding Business Day and shall provide a copy thereof to the Master Servicer at or prior to the time such Notice of Claim is received by the Certificate Insurer. The Notice of Claim shall constitute a claim therefor pursuant to the Certificate Insurance Policy. In the event any funds are received by the Trustee from the Master Servicer prior to the close of business in Los Angeles on the Business Day following the transmission of a Notice of Claim to the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing), and such funds reduce the amount of the Deficiency Amount to which such Notice of Claim relates, the Deficiency Amount to which such Notice of Claim relates shall be reduced by a corresponding amount, and the Notice of Claim shall be deemed to have been rescinded to the extent of the reduction of the Deficiency Amount. Notification of any such reduction in the Insured Payment shall be given to the Certificate Insurer (or an agent of the Certificate Insurer designated to the Trustee in writing) by the Trustee by no later than 9:00 A.M., New York time, on the related Distribution Date. The Certificate Insurer shall pay amounts due pursuant to the Certificate Insurance Policy in accordance with the terms of the Certificate Insurance Policy.