Policy Matters. (a) If, on the second Business Day before any Distribution Date, the Trust Administrator determines that there will be a Class A-12 Distribution Deficiency for such Distribution Date, the Trust Administrator shall determine the amount of such Class A-12 Distribution Deficiency and shall give notice to Financial Security by telephone or telecopy of the amount of such deficiency confirmed in writing by the Notice of Nonpayment by 12:00 noon, New York City time on such second Business Day.
(b) At the time of the execution and delivery of this Agreement, the Trust Administrator shall establish a separate special purpose trust account in the name of the Trust Administrator for the benefit of Holders of the Class A-12 Certificates referred to herein as the "Policy Payments Account" over which the Trust Administrator shall have exclusive control and sole right of withdrawal. The Trust Administrator shall deposit any amounts paid under the Policy into the Policy Payments Account and distribute such amounts only for purposes of payment to Holders of the Class A-12 Certificates of the Class A-12 Distribution Deficiency for which a claim was made and such amounts may not be applied to satisfy any costs, expenses or liabilities of the Trust Administrator or the Trust Estate. Amounts paid under the Policy shall be disbursed by the Trust Administrator to Holders of the Class A-12 Certificates in the same manner as distributions in reduction of the principal balance of and interest on the Certificates of such Class are made under Section 4.01(f). It shall not be necessary for such payments of the Class A-12 Distribution Deficiency to be made by checks or wire transfers separate from the check or wire transfer used to pay distributions in reduction of the principal balance of and interest on the Class A-12 Certificates with funds available to make such distributions. However, the amount of any distribution to be paid from funds transferred from the Policy Payments Account shall be noted as provided in (c) below and in the statement to be furnished to Holders of the Class A-12 Certificates and Financial Security pursuant to Section 4.04. Funds held in the Policy Payments Account shall not be invested by the Trust Administrator.
Policy Matters. (a) If, on the third Business Day before any Distribution Date, the Trustee determines that a Deficiency Amount exists on such Distribution Date, the Trustee shall give notice to the Certificate Insurer and the Fiscal Agent (as defined in the Class II-A Policy), if any, by telephone or telecopy of the amount of such Deficiency Amount, confirmed in writing by notice substantially in the form of Exhibit A to the Class II-A Policy by 12:00 noon, New York City time on such third Business Day. The Trustee's responsibility for delivering the notice to the Certificate Insurer as provided in the preceding sentence is contingent upon its receipt of available, timely and accurate information from the Master Servicer.
(b) In the event the Trustee receives a certified copy of an order of the appropriate court regarding any Avoided Payment (as defined in the Class II-A Policy), the Trustee shall (i) promptly notify the Certificate Insurer and the Fiscal Agent, if any, and (ii) comply with the provisions of the Class II-A Policy to obtain payment by the Certificate Insurer of such Avoided Payment. In addition, the Trustee shall mail notice to all Holders of the Class II-A Certificates so affected that, in the event that any such Holder's scheduled payment is an Avoided Payment, such Holder will be entitled to payment pursuant to the terms of the Class II-A Policy, a copy of which shall be made available to such Holders by the Trustee. The Trustee shall furnish to the Certificate Insurer and the Fiscal Agent, if any, its records listing the payments on the affected Class II-A Certificates, if any, that have been made by the Trustee and subsequently recovered from the affected Holders, and the dates on which such payments were made by the Trustee.
(c) At the time of the execution hereof, and for the purposes hereof, the Trustee shall establish a separate special purpose trust account in the name of the Trustee for the benefit of Holders of the Class II-A Certificates (the "Class II-A Policy Payments Account") over which the Trustee shall have exclusive control and sole right of withdrawal. The Class II-A Policy Payments Account shall be an Eligible Account. The Trustee shall deposit any amount paid under the Class II-A Policy into the Class II-A Policy Payments Account and distribute such amount only for the purposes of making the payments to Holders of the Class II-A Certificates in respect of the Insured Payment for which the related claim was made under the Class II-A ...
Policy Matters. (a) The Indenture Trustee hereby agrees on behalf of the Noteholders (and each Noteholder, by its acceptance of its Notes, hereby agrees) for the benefit of the Insurer that the Indenture Trustee shall recognize that to the extent the Insurer makes a payment under the Policy, either directly or indirectly (as by paying through the Indenture Trustee), to the Noteholders, the Insurer will be entitled to be subrogated to the rights of the Noteholders to the extent of such payment made under the Policy. Any rights of subrogation acquired by the Insurer as a result of any payment made under the Policy shall, in all respects, be subordinate and junior in right of payment to the prior indefeasible payment in full of all amounts due under the Notes.
(b) The Owner Trustee hereby agrees on behalf of the Certificateholders (and each Certificateholder, by its acceptance of its Certificates, hereby agrees) for the benefit of the Insurer that the Indenture Trustee shall recognize that to the extent the Insurer makes a payment under the Policy, either directly or indirectly (as by paying through the Indenture Trustee), to the Certificateholders, the Insurer will be entitled to be subrogated to the rights of the Certificateholders to the extent of such payment made under the Policy. Any rights of subrogation acquired by the Insurer as a result of any payment made under the Policy shall, in all respects, be subordinate and junior in right of payment to the prior indefeasible payment in full of all amounts due under the Certificates.
(c) The Indenture Trustee, for itself and on behalf of the Noteholders, hereby agrees that the Insurer may at any time during the continuation of any proceeding relating to a Final Order direct all matters relating to such Final Order, including the direction of any appeal of any order relating to such Final Order and the posting of any surety, supersedeas or performance bond pending any such appeal. In addition and without limitation of the foregoing, the Insurer shall be subrogated, to the extent of any payments made under the Policy, to the rights of the Depositor, the Seller, the Servicer, the Trust, the Indenture Trustee and the Noteholders in the conduct of any preference claim, including all rights of any party to any adversarial proceeding or action with respect to any court order issued in connection with any such preference claim.
(d) The Owner Trustee, for itself and on behalf of the Certificateholders, hereby agrees that the Insurer...
Policy Matters. Calculation of Amounts; Binding Effect of Interpretations and Actions of Master Servicer..............................
Policy Matters. IV-11 SECTION 4.06. Monthly Statements to Certificateholders.............................................IV-14 SECTION 4.07. Determination of Pass-Through Rates for COFI Certificates............................IV-16 SECTION 4.08. Determination of Pass-Through Rates for LIBOR Certificates...........................IV-17 SECTION 4.09. Distributions for the Corridor Contract Reserve Fund.................................IV-10 ARTICLE V THE CERTIFICATES SECTION 5.01. The Certificates.......................................................................V-1 SECTION 5.02. Certificate Register; Registration of Transfer and Exchange of Certificates............V-1 SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates......................................V-5 SECTION 5.04. Persons Deemed Owners..................................................................V-6 SECTION 5.05. Access to List of Certificateholders' Names and Addresses..............................V-6 SECTION 5.06. Maintenance of Office or Agency........................................................V-6
Policy Matters. (a) As soon as possible, and in no event later than 11:00 a.m., New York time, on the third Business Day immediately preceding each Distribution Date, based solely on the information provided to the Trustee by the Servicers on or before the related Determination Date, the Trustee shall determine the amount of funds available for such Distribution Date minus the amount of any FSA Premium and any Trustee Fee to be paid on such Distribution Date. If for any Distribution Date the Trustee determines that the funds available for distribution to the Holders of the Class A-2 Certificates pursuant to Section 4.02 will be insufficient to pay the Guaranteed Distribution, the Trustee shall complete a notice in the form set forth as Exhibit A to the FSA Policy (the "Notice") and shall submit such Notice to the Fiscal Agent no later than 12:00 noon, New York time, on the third Business Day preceding such Distribution Date. The Notice shall constitute a claim for an Insured Payment pursuant to the FSA Policy. Upon receipt of the Insured Payment, on behalf of the Holders of the Class A-2 Certificates, the Trustee shall deposit such Insured Payment in the Distribution Account and shall distribute such Insured Payment only in accordance with Section 4.02. The Trustee shall receive any Insured Payment from FSA and disburse the same to the Class A-2 Certificates in accordance with the provisions of Section 4.02. Insured Payments disbursed by the Trustee from proceeds of the FSA Policy shall not be considered payment by the Trust nor shall such payments discharge the obligation of the Trust with respect to such Class A-2 Certificates, and FSA shall become the owner of such unpaid amounts due
Policy Matters. 79 ARTICLE V THE CERTIFICATES SECTION 5.01 The Certificates...........................................83 SECTION 5.02 Certificate Register; Registration of Transfer and Exchange of Certificates...............................83 SECTION 5.03 Mutilated, Destroyed, Lost or Stolen Certificates..........88 SECTION 5.04 Persons Deemed Owners......................................88 SECTION 5.05 Access to List of Certificateholders' Names and Addresses..............................................88 SECTION 5.06 Maintenance of Office or Agency............................89 ARTICLE VI THE DEPOSITOR, THE SELLER AND THE SERVICER
Policy Matters. Where a policy matter which is not a grievance concerning the interpretation, administration or alleged violation of this agreement arises, the matter can be referred to the Low-Rise Residential Grievance Board by either Party.
Policy Matters. (a) As soon as possible, and in no event later than 11:00 a.m., New York time, on the third Business Day immediately preceding each Distribution Date, the Trustee shall determine the amount of funds available for such Distribution Date minus the amount of any FSA Premium and any Trustee Fee to be paid on such Distribution Date. If for any Distribution Date the Trustee determines that the funds available for distribution to the Holders of the Class A Certificates pursuant to Section 4.02 will be insufficient to pay the Guaranteed Distribution, the Trustee shall complete a notice in the form set forth as Exhibit A to the FSA Policy (the "Notice") and shall submit such Notice to the Fiscal Agent no later than 12:00 noon, New York time, on the third Business Day preceding such Distribution Date. The Notice shall constitute a claim for an Insured Payment pursuant to the FSA Policy. Upon receipt of the Insured Payment, at or prior to the latest time payments of the Insured Payment are to be made by the FSA pursuant to the FSA Policy, on behalf of the Holders of the Class A Certificates, the Trustee shall deposit such Insured Payments in the Distribution Account and shall distribute such Insured Payments only in accordance with Section 4.02, if applicable.
Policy Matters. 91 Section 6.08
