Payments under the Policy. (i) If the Servicing Certificate specifies a Policy Draw Amount for any Payment Date, the Indenture Trustee shall make a draw on the Policy in an amount specified in the Servicing Certificate for such Payment Date or, if no amount is specified, the Indenture Trustee shall make a draw on the Policy in the amount by which the amount on deposit in the Note Payment Account is less than interest due on the Notes on such Payment Date.
(ii) The Indenture Trustee shall deposit or cause to be deposited such Policy Draw Amount into the Note Payment Account on such Payment Date to the extent such amount relates to clause (a) of the definition of "Deficiency Amount" or clause (b) of the definition of "Insured Amount".
(iii) To the extent such amount relates to clause (b) of the definition of "Deficiency Amount", the Indenture Trustee shall (i) during the Revolving Period, deposit such amount into the Funding Account as Principal Collections and (ii) during the Amortization Periods, deposit such amount into the Note Payment Account.
(b) The Indenture Trustee shall submit, if a Policy Draw Amount is specified in any statement to Securityholders prepared pursuant to Section 4.01 of the Servicing Agreement, the Notice (in the form attached as Exhibit A to the Policy) to the Enhancer no later than 12:00 noon, New York City time, on the second (2nd) Business Day prior to the applicable Payment Date.
Payments under the Policy. (i) If the Servicing Certificate specifies a Policy Draw Amount for any Payment Date, the Indenture Trustee shall make a draw on the Policy in an amount specified in the Servicing Certificate for such Payment Date or, if no amount is specified, the Indenture Trustee shall take the action specified in Section 3.28(b)(ii).
(ii) The Indenture Trustee shall deposit or cause to be deposited such Policy Draw Amount into the Note Payment Account on such Payment Date to the extent such amount relates to clause (a) of the definition of "Deficiency Amount" or clause (b) of the definition of "Insured Amount".
(iii) To the extent such amount relates to clause (b) of the definition of "Deficiency Amount", the Indenture Trustee shall (i) during the Revolving Period, deposit such amount into the Funding Account as Principal Collections and (ii) during the Amortization Periods, deposit such amount into the Note Payment Account.
(i) The Indenture Trustee shall submit, if a Policy Draw Amount is specified in any statement to Securityholders prepared pursuant to Section 4.01 of the Servicing Agreement, the Notice (in the form attached as Exhibit A to the Policy) to the Enhancer no later than 12:00 noon, New York City time, on the second (2nd) Business Day prior to the applicable Payment Date.
(ii) If no Deficiency Amount is specified in the Servicing Certificate, then on the Business Day preceding the Payment Date, the Indenture Trustee shall check the amount on deposit in the Note Payment Account after remittance by the Servicer, and shall determine whether the amounts on deposit therein are sufficient to make all payments required pursuant to the Servicing Certificate. If the Indenture Trustee determines that such amounts are not sufficient to make all such payments, the Indenture Trustee shall immediately notify the Servicer and the Servicer shall recalculate the amounts indicated on the Servicing Certificate and determine whether there is in fact a Deficiency Amount for such Payment Date. The Servicer shall notify the Indenture Trustee in writing of such recalculated amount, even if such amount is zero, and if a Deficiency Amount exists, the Indenture Trustee shall make a draw on the Policy for the amount of such Deficiency Amount and shall remit such amounts to the Noteholders upon receipt thereof from the Enhancer.
Payments under the Policy. (a) (i) If the Servicing Certificate specifies a Policy Draw Amount for any Payment Date, the Indenture Trustee shall make a draw on the Policy in an amount specified in the Servicing Certificate for such Payment Date or, if no amount is specified, the Indenture Trustee shall make a draw on the Policy in the amount by which the amount on deposit in the Note Payment Account is less than interest due on the Notes on such Payment Date.
Payments under the Policy. (a) If the Servicing Certificate specifies an Insured Amount for any Payment Date, the Indenture Trustee shall make a draw on the Policy in an amount, if any, equal to the Insured Amount for such Payment Date. The Indenture Trustee shall deposit or cause to be deposited such Insured Amount into the Note Payment Account on such Payment Date. For purposes of the foregoing, the amount on deposit in the Note Payment Account (after taking into account amounts withdrawn from the Capitalized Interest Account) and available to be distributed as interest on any Payment Date shall include all amounts on deposit in such account with respect to such Payment Date, other than the Principal Collection Distribution Amount and the Liquidation Loss Distribution Amount (if any) to be distributed on such Payment Date.
(b) The Indenture Trustee shall submit, if an Insured Amount is specified in any statement to Securityholders prepared pursuant to Section 4.01 of the Servicing Agreement, the Notice of Nonpayment and Demand for Payment of Insured Amounts (in the form attached as Exhibit A to the Policy) to the Enhancer no later than 12:00 noon, New York City time, on the second (2nd) Business Day prior to the applicable Payment Date.
Payments under the Policy. (a) If on the close of business on the third Business Day immediately prior to any Payment Date, the sum of (i) the funds on deposit in the Investment Account and available to be distributed on such Payment Date pursuant to Section ------- 4.08(b), and (ii) the Available Amount, are not sufficient (after taking into ------- account the payments required to be made on such Payment Date pursuant to Sections 4.08(b)(i) through (vi)) to make the payment of amounts of accrued -------------------------------- interest on the Class A Certificates on such Payment Date in accordance with Section 4.08(b)(vii), Trustee shall, no later than 12:00 noon, New York time, on -------------------- the second Business Day immediately preceding the Payment Date next occurring, make a claim under the Policy in an amount equal to such insufficiency. In addition, if on the close of business on the third Business Day immediately prior to the Stated Maturity, the sum of (A) the funds on deposit in the Investment Account and available to be distributed on such Payment Date pursuant to Section 4.08(b), and (B) the Available Amount, are not sufficient --------------- (after taking into account the payments required to be made on such Payment Date pursuant to Sections 4.08(b)(i) through (vii)) to pay in full the Class A --------------------------------- Certificate Investor Interest, Trustee shall, not later than 12:00 noon, New York time, on the second Business Day immediately preceding such Payment Date, make a claim under the Policy in an amount equal to such insufficiency. Proceeds of claims on the Policy shall be deposited in the Class A Certificate Account and shall be used solely to pay (1) amounts due in respect of interest on the Class A Certificates on each Payment Date, and (2) amounts due in respect of principal of the Class A Certificates at the Stated Maturity.
(b) In addition, on any day that Trustee has actual knowledge or receives notice that any amount previously paid to a Class A Certificateholder has been subsequently recovered by a trustee in bankruptcy from such Class A Certificateholder pursuant to a final nonappealable order of a court of competent jurisdiction that such payment constitutes a voidable preference within the meaning of the United States Bankruptcy Code (11 U.S.C.), as amended from time to time, to such Class A Certificateholder (each, a "Preference Claim" ---------------- and, collectively, the "Preference Claims"), Trustee shall, within three ---...
Payments under the Policy. (a) If the Servicing Certificate specifies a Policy Draw Amount for any Payment Date, the Indenture Trustee shall make a draw on the Policy in an amount, if any, equal to the Policy Draw Amount for such Payment Date. The Indenture Trustee shall deposit or cause to be deposited such Policy Draw Amount into the Note Payment Account on such Payment Date. For purposes of the foregoing, the amount on deposit in the Note Payment Account and available to be distributed as interest on any Payment Date shall include all amounts on deposit in such account with respect to such Payment Date, other than the Principal Collection Distribution Amount to be distributed on such Payment Date.
(b) The Indenture Trustee shall submit, if a Policy Draw Amount is specified in any statement to Securityholders prepared pursuant to Section 4.01 of the Servicing Agreement, the Notice of Nonpayment and Demand for Payment of Insured Amounts (in the form attached as Exhibit A to the Policy) to the Credit Enhancer no later than 12:00 noon, New York City time, on the second (2nd) Business Day prior to the applicable Payment Date.
Payments under the Policy. If the Servicing Certificate specifies an Insured Amount for any Payment Date, the Indenture Trustee shall make a draw on the Policy in an amount, if any, equal to the Insured Amount for such Payment Date. The Indenture Trustee shall deposit or cause to be deposited such Insured Amount into the Note Payment Account on such Payment Date. For purposes of the foregoing, the amount on deposit in the Note Payment Account and available to be distributed as interest on any Payment Date shall include all amounts on deposit in such account with respect to such Payment Date, other than the Principal Collection Distribution Amount and the Liquidation Loss Distribution Amount (if any) to be distributed on such Payment Date.
Payments under the Policy. (a) The Indenture Trustee shall establish a separate Eligible Account for the benefit of Holders of the Notes and the Enhancer, referred to herein as the "Policy Payments Account," over which the Indenture Trustee shall have exclusive control and sole right of withdrawal. The Indenture Trustee shall deposit upon receipt any amount paid under the Policy in the Policy Payments Account and distribute such amount only for purposes of payment to the Noteholders of any Policy Payment and such amount may not be applied to satisfy any costs, expenses or liabilities of the Servicer, the Indenture Trustee or the Trust Fund. Policy Payments on deposit in the Policy Payments Account shall be transferred to the Note Payment Account on the related Payment Date and disbursed by the Indenture Trustee to the Noteholders in accordance with Section 3.05. 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 other distributions to the Noteholders with other funds available to make such payment. However, the amount of any payment of principal or of interest on the Notes to be paid from funds transferred from the Policy Payments Account shall be noted in the Note Register and in the statement to be furnished to Holders of such Notes pursuant to Section 3.
Payments under the Policy. (a) On any Payment Date, the Indenture Trustee shall make a draw on the Policy in an amount, if any, equal to the Policy Draw Amount. The Indenture Trustee shall deposit or cause to be deposited such Policy Draw Amount into the Note Payment Account on such Payment Date.
(b) The Indenture Trustee shall submit, if a Policy Draw Amount is specified in any statement to Securityholders prepared pursuant to Section 4.01 of the Sale and Servicing Agreement, the Notice of Nonpayment and Demand for Payment of Insured Amounts (in the form attached as Exhibit A to the Policy) to the Enhancer no later than 3:00 p.m., New York City time, on the second Business Day prior to the applicable Payment Date (the "Notice and Demand Date").
Payments under the Policy. (a) On or prior to 12:00 noon New York City time on the second Business Day before any Payment Date, the Indenture Trustee shall make a draw on the Policy, in an amount, if any, equal to the Deficiency Amount with respect to the Notes. For purposes of the foregoing, amounts in the Payment Account available for interest distributions on the Notes on any Payment Date shall be deemed to include all amounts distributed on the Home Equity Loans for such Payment Date, other than the Principal Collection Distribution Amount distributed thereon. In addition, on the Final Scheduled Payment Date, the Indenture Trustee shall make a draw on the Policy in the amount by which the Security Balances on the Notes exceeds the payments otherwise available to be made to the Holders thereof on the Final Scheduled Payment Date.
(b) The Indenture Trustee shall submit, if any Deficiency Amount is specified in any statement to Holders of the Notes prepared by the Master Servicer pursuant to Section 4.01 of the Servicing Agreement and timely delivered to the Indenture Trustee, the notice (in the form attached as Exhibit A to the Policy) in the amount of the Deficiency Amount to the Credit Enhancer no later than 12:00 noon, New York City time, on the second Business Day prior to the applicable Payment Date. Upon receipt of such Deficiency Amount in accordance with the terms of the Policy, the Indenture Trustee shall deposit such Deficiency Amount in the Payment Account for distribution to the Noteholders pursuant to Section 3.05.
