Common use of Payments under the Policy Clause in Contracts

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, provided, however, that if the Indenture Trustee receives part or all of such draw as a payment pursuant to the Limited Reimbursement Agreement, the Indenture Trustee shall not make a draw on the Policy to the extent of such payment. 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 and the Liquidation Loss Distribution Amount (if any) to be distributed on such Payment Date. Notwithstanding the foregoing, if and to the extent a court of competent jurisdiction orders the repayment by the Indenture Trustee to any party to the Limited Reimbursement Agreement of the amount paid by such party to the Indenture Trustee, the Indenture Trustee shall make a draw on the Policy pursuant to the terms hereof as if such counterparty had not made any payment to the Indenture Trustee.

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, provided, however, that if the Indenture Trustee receives part or all of such draw as a payment pursuant to the Limited Reimbursement Agreement, the Indenture Trustee shall not make a draw on the Policy to the extent of such payment. The Indenture Trustee shall deposit or cause to be deposited such payment pursuant to the Limited Reimbursement Agreement and 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 and the Liquidation Loss Distribution Amount (if any) to be distributed on such Payment Date. Notwithstanding the foregoing, if and to the extent a court of competent jurisdiction orders the repayment by the Indenture Trustee to any party to the Limited Reimbursement Agreement of the amount paid by such party to the Indenture Trustee, the Indenture Trustee shall make a draw on the Policy pursuant to the terms hereof as if such counterparty had not made any payment to the Indenture Trustee.

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, providedPROVIDED, howeverHOWEVER, that if the Indenture Trustee receives part or all of such draw as a payment pursuant to the Limited Reimbursement Agreement, the Indenture Trustee shall not make a draw on the Policy to the extent of such payment. 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 and the Liquidation Loss Distribution Amount (if any) to be distributed on such Payment Date. Notwithstanding the foregoing, if and to the extent a court of competent jurisdiction orders the repayment by the Indenture Trustee to any party to the Limited Reimbursement Agreement of the amount paid by such party to the Indenture Trustee, the Indenture Trustee shall make a draw on the Policy pursuant to the terms hereof as if such counterparty had not made any payment to the Indenture Trustee.