Policy Matters Sample Clauses

Policy Matters. (a) If, on the second Business Day before any Distribution Date, the Trustee determines that there will be a Class A-2 Distribution Deficiency for such Distribution Date, the Trustee shall determine the amount of such Class A-2 Distribution Deficiency and shall give notice to Ambac 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 Trustee shall establish a separate special purpose trust account in the name of the Trustee for the benefit of Holders of the Class A-2 Certificates referred to herein as the "Policy Payments Account" over which the Trustee shall have exclusive control and sole right of withdrawal. The Trustee 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-2 Certificates of the Class A-2 Distribution Deficiency for which a claim was made and such amounts may not be applied to satisfy any costs, expenses or liabilities of the Trustee or the Trust Estate. Amounts paid under the Policy shall be disbursed by the Trustee to Holders of the Class A-2 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(e). It shall not be necessary for such payments of the Class A-2 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-2 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-2 Certificates and Ambac pursuant to Section 4.04. Funds held in the Policy Payments Account shall not be invested by the Trustee.

Policy Matters. (a) If, on the third Business Day before any Distribution Date, the Trustee determines that the Available Funds for such Distribution Date distributable to the Holders of the Class 1-A-3 Certificates pursuant to Section 4.02 will be insufficient to pay the Required Distributions on such Distribution Date, the Trustee shall determine the amount of any such deficiency and shall give notice to MBIA and the Fiscal Agent (as defined in the Class 1-A-3 Policy), if any, by telephone or telecopy of the amount of such deficiency, confirmed in writing by notice substantially in the form of Exhibit A to the Class 1-A-3 Policy by 12:00 noon, New York City time on such third Business Day. (b) In the event the Trustee receives a certified copy of an order of the appropriate court that any scheduled payment of principal or interest on a Class 1-A-3 Certificate has been voided in whole or in part as a preference payment under applicable bankruptcy law, the Trustee shall (i) promptly notify MBIA and the Fiscal Agent, if any, and (ii) comply with the provisions of the Class 1-A-3 Policy to obtain payment by MBIA of such voided scheduled payment. In addition, the Trustee shall mail notice to all Holders of the Class 1-A-3 Certificates so affected that, in the event that any such Holder's scheduled payment is so recovered, such Holder will be entitled to payment pursuant to the terms of the Class 1-A-3 Policy a copy of which shall be made available to such Holders by the Trustee. The Trustee shall furnish to MBIA and the Fiscal Agent, if any, its records listing the payments on the affected Class 1-A-3 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 1-A-3 Certificates (the "Class 1-A-3 Policy Payments Account") over which the Trustee shall have exclusive control and sole right of withdrawal. The Class 1-A-3 Policy Payments Account shall be an Eligible Account. The Trustee shall deposit any amount paid under the Class 1-A-3 Policy into the Class 1-A-3 Policy Payments Account and distribute such amount only for the purposes of making the payments to Holders of the Class 1-A-3 Certificates in respect of the Required Distribution for which the related cl...

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. 80 ARTICLE V THE CERTIFICATES Section 5.1 The Certificates............................................................................84 Section 5.2 Certificates Issuable in Classes; Distributions of Principal and Interest; Authorized Denominations...............................................................................84 Section 5.3 Registration of Transfer and Exchange of Certificates.......................................84 Section 5.4 Mutilated, Destroyed, Lost or Stolen Certificates...........................................90 Section 5.5 Persons Deemed Owners.......................................................................90

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. 89 SECTION 4.08

Policy Matters. (a) As soon as possible, and in no event later than 11:00 a.m., New York time, on the second 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 fee to paid to the Trustee on such Distribution Date (b) If for any Distribution Date, the Trustee determines that the funds that will be available for such Distribution Date distributable to the Holders of the Class A-1, Class A-2 or Class A-3 Certificates pursuant to Section 4.01 will be insufficient to pay the related Guaranteed Distributions on such Distribution Date, the Trustee shall determine the amount of any such deficiency and shall give notice to FSA and the Fiscal Agent (as defined in the FSA Policy), if any, by telephone or telecopy of the amount of such deficiency, confirmed in writing by notice substantially in the form of Exhibit A to the FSA Policy by 12:00 noon, New York City time, on such second Business Day. The Trustee’s responsibility for delivering the notice to FSA, as provided in the preceding sentence is limited to the availability, timeliness and accuracy of the information provided by the Servicer. The Notice shall constitute a claim for payment pursuant to the FSA Policy. (c) The Trustee shall receive as attorney-in-fact of each Holder of a Class A-1, Class A-2 or Class A-3 Certificate, any Guaranteed Distributions from FSA and disburse the same to each Holder of a Class A-1, Class A-2 or Class A-3 Certificate in accordance with the provisions of this Article IV. Guaranteed Distributions 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-1, Class A-2 or Class A-3 Certificate, and FSA shall become the owner of such unpaid amounts due from the Trust in respect of such Guaranteed Distributions as the deemed assignee of such Holder and shall be entitled to receive the FSA Reimbursement Amount pursuant to Section 4.01. The Trustee hereby agrees on behalf of each Holder of a Class A-1, Class A-2 or Class A-3 Certificate for the benefit of FSA that it and they recognize that to the extent that FSA makes Guaranteed Distributions, either directly or indirectly (as by paying through the Trustee), to the Class A-1, Class A-2 or Class A-3 Certificateholders, FSA will be entitled to receive the FSA Reimbursement Amount pursua...