Common use of Preference Claims Clause in Contracts

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent has received a certified copy of an order of the appropriate court that any Noteholders' Interest Distributable Amount or Noteholders' Principal Distributable Amount paid on a Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent shall so notify the Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder's payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent shall furnish to the Insurer its records evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trust Collateral Agent and subsequently recovered from Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such payment on behalf of the Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in the Note Policy) and not to the Trust Collateral Agent or any Noteholder directly (unless a Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Insurer will make such payment to the Trust Collateral Agent for distribution to such Noteholder upon proof of such payment reasonably satisfactory to the Insurer).

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent Trustee has received a certified copy of an order of the appropriate court that any Noteholders' Interest Distributable Amount or Noteholders' Principal Distributable Amount Scheduled Payment (as defined in the Note Policy) paid on a Class A Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent Trustee shall so notify the Note Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Note Insurer of such avoided payment, and shall, at the time it provides notice to the Note Insurer, notify Holders of the Class A Notes by mail that, in the event that any Class A Noteholder's payment is so recoverable, such Class A Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent Trustee shall furnish to the Note Insurer its records evidencing the payments of principal of and interest on Class A Notes, if any, which have been made by the Trust Collateral Agent Trustee and subsequently recovered from Class A Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Note Insurer will make such payment on behalf of the Class A Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order order (as defined in the Note Policy) and not to the Trust Collateral Agent Trustee or any Class A Noteholder directly (unless a Class A Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Note Insurer will make such payment to the Trust Collateral Agent Trustee for distribution to such Class A Noteholder upon proof of such payment reasonably satisfactory to the Note Insurer).

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent Indenture Trustee has received a certified copy of an order of the appropriate court that any Noteholders' Interest Distributable Payment Amount or Noteholders' Principal Distributable Payment Amount paid on a Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent Indenture Trustee shall so notify the Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder's payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent Indenture Trustee shall furnish to the Insurer its records evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trust Collateral Agent Indenture Trustee and subsequently recovered from Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such payment on behalf of the Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in the Note Policy) and not to the Trust Collateral Agent Indenture Trustee or any Noteholder directly (unless a Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Insurer will make such payment to the Trust Collateral Agent Indenture Trustee for distribution to such Noteholder upon proof of such payment reasonably satisfactory to the Insurer).

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent Trustee has received a certified copy of an a final, non-appealable order of the appropriate court that any Noteholders' the Noteholder's Interest Distributable Amount or Noteholders' Noteholder's Principal Distributable Amount paid on a Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent Trustee shall so notify the Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Notes Agent by mail that, in the event that any the Noteholder's payment is so recoverable, such the Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent Trustee shall furnish to the Insurer at its written request, the requested records it holds in its possession evidencing the payments of principal of and interest on Notesthe Note, if any, which have been made by the Trust Collateral Agent Trustee and subsequently recovered from Noteholdersthe Noteholder, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such payment on behalf of the Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in the Note Policy) and not to the Trust Collateral Agent Trustee or any the Noteholder directly (unless a Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Insurer will make such payment to the Trust Collateral Agent Trustee for distribution to such the Noteholder upon proof of such payment reasonably satisfactory to the Insurer).

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent Indenture Trustee has received a certified copy of an order of the appropriate court that any Noteholders' Interest Distributable Amount or Noteholders' Principal Distributable Amount paid payment of principal and interest on a Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent Indenture Trustee shall so notify the InsurerCredit Enhancer, shall comply with the provisions of the Note Policy Credit Enhancement Instrument to obtain payment by the Insurer Credit Enhancer of such avoided payment, and shall, at the time it provides notice to the InsurerCredit Enhancer, notify Holders of the Notes by mail that, in the event that any Noteholder's payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note PolicyCredit Enhancement Instrument. The Trust Collateral Agent Indenture Trustee shall furnish to the Insurer Credit Enhancer at its written request, the requested records it holds in its possession evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trust Collateral Agent Indenture Trustee and subsequently recovered from Noteholders, Noteholders and the dates on which such payments were made. Pursuant to the terms of the Note PolicyCredit Enhancement Instrument, the Insurer Credit Enhancer will make such payment on behalf of the related Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in final order of the Note Policy) court exercising jurisdiction on behalf of the Noteholders and not to the Trust Collateral Agent or Indenture Trustee, any Noteholder directly (unless a such Noteholder has previously returned principal or interest paid on the Notes to such payment to the receiver, conservator, debtor-in-possession receiver or trustee in bankruptcy, in which case the Insurer will Credit Enhancer shall make such payment to the Trust Collateral Agent Indenture Trustee for distribution payment to such Noteholder upon proof in accordance with the terms of such payment reasonably satisfactory to the InsurerCredit Enhancement Instrument).

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent Indenture Trustee has received a certified copy of an order of the appropriate court that any Noteholders' Interest Distributable Amount or Noteholders' Principal Distributable Amount paid payment of principal and interest on a Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent Indenture Trustee shall so notify the Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder's ’s payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent Indenture Trustee shall furnish to the Insurer at its written request, the requested records it holds in its possession evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trust Collateral Agent Indenture Trustee and subsequently recovered from Noteholders, Noteholders and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such payment on behalf of the related Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in final order of the Note Policy) court exercising jurisdiction on behalf of the Noteholders and not to the Trust Collateral Agent or Indenture Trustee, any Noteholder directly (unless a such Noteholder has previously returned principal or interest paid on the Notes to such payment to the receiver, conservator, debtor-in-possession receiver or trustee in bankruptcy, in which case the Insurer will shall make such payment to the Trust Collateral Agent Indenture Trustee for distribution payment to such Noteholder upon proof in accordance with the terms of such payment reasonably satisfactory to the InsurerPolicy).

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent Indenture Trustee has received a certified copy of an order of the appropriate court that any Noteholders' Interest Distributable Amount or Noteholders' Principal Distributable Amount paid payment of principal and interest on a Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent Indenture Trustee shall so notify the Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder's payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent Indenture Trustee shall furnish to the Insurer at its written request, the requested records it holds in its possession evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trust Collateral Agent Indenture Trustee and subsequently recovered from Noteholders, Noteholders and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such payment on behalf of the related Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in final order of the Note Policy) court exercising jurisdiction on behalf of the Noteholders and not to the Trust Collateral Agent or Indenture Trustee, any Noteholder directly (unless a such Noteholder has previously returned principal or interest paid on the Notes to such payment to the receiver, conservator, debtor-in-possession receiver or trustee in bankruptcy, in which case the Insurer will shall make such payment to the Trust Collateral Agent Indenture Trustee for distribution payment to such Noteholder upon proof in accordance with the terms of such payment reasonably satisfactory to the InsurerPolicy).

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent Indenture Trustee has received a certified copy of an order of the appropriate court that any Noteholders' Class A Interest Distributable Payment Amount or Noteholders' Class A Principal Distributable Payment Amount paid on a Class A Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent Indenture Trustee shall so notify the Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Class A Notes by mail that, in the event that any Class A Noteholder's payment is so recoverable, such Class A Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent Indenture Trustee shall furnish to the Insurer at its written request, the requested records it holds in its possession evidencing the payments of principal of and interest on the Class A Notes, if any, which have been made by the Trust Collateral Agent Indenture Trustee and subsequently recovered from the Class A Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such payment on behalf of the Class A Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in the Note Policy) and not to the Trust Collateral Agent Indenture Trustee or any Class A Noteholder directly (unless a Class A Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Insurer will make such payment to the Trust Collateral Agent Indenture Trustee for distribution to such Class A Noteholder upon proof of such payment reasonably satisfactory to the Insurer).

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent has received a certified copy of an order of the appropriate court that any Noteholders' Interest Distributable Amount or Noteholders' Principal Distributable Amount paid on a Scheduled Payment (as defined in the Class A Note Policy) has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent shall so notify the Insurer, shall comply with the provisions of the Class A Note Policy to obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Class A Notes by mail that, in the event that any Class A Noteholder's payment is so recoverable, such Class A Noteholder will be entitled to payment pursuant to the terms of the Class A Note Policy. The Trust Collateral Agent shall furnish to the Insurer its records evidencing the payments of principal of and interest on Class A Notes, if any, which have been made by the Trust Collateral Agent and subsequently recovered from the Class A Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Class A Note Policy, the Insurer will make such payment on behalf of the Class A Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in the Class A Note Policy) and not to the Trust Collateral Agent or any Noteholder directly (unless a Class A Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Insurer will make such payment to the Trust Collateral Agent for distribution to such Class A Noteholder upon proof of such payment reasonably satisfactory to the Insurer).

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent Indenture Trustee has received a certified copy of an order of the appropriate court that any Noteholders' Interest Distributable Amount or Noteholders' Principal Distributable Amount paid payment of principal and interest on a Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent Indenture Trustee shall so notify the InsurerInsurers, shall comply with the provisions of the Note each Policy to obtain payment by the Insurer Insurers of such avoided paymentpayments, and shall, at the time it provides notice to the InsurerInsurers, notify Holders of the related Class of Notes by mail that, in the event that any Noteholder's ’s payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note applicable Policy. The Trust Collateral Agent Indenture Trustee shall furnish to each Insurer at its written request, the Insurer requested records it holds in its records possession evidencing the payments of principal of and interest on the related Class of Notes, if any, which have been made by the Trust Collateral Agent Indenture Trustee and subsequently recovered from Noteholders, Noteholders and the dates on which such payments were made. Pursuant to the terms of the Note PolicyPolicies, the related Insurer will make such payment payments on behalf of the related Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in final order of the Note Policy) court exercising jurisdiction on behalf of the Noteholders and not to the Trust Collateral Agent Indenture Trustee or any Noteholder directly (unless a such Noteholder has previously returned principal or interest paid on the Notes to such payment to the receiver, conservator, debtor-in-possession receiver or trustee in bankruptcy, in which case the applicable Insurer will shall make such payment to the Trust Collateral Agent Indenture Trustee for distribution payment to such Noteholder upon proof in accordance with the terms of such payment reasonably satisfactory to the Insurerits respective Policy).

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent Indenture Trustee has received a certified copy of an order of the appropriate court that any Noteholders' Interest Distributable Amount or Noteholders' Principal Distributable Amount paid payment of principal and interest on a Class A Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent Indenture Trustee shall so notify the Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Class A Notes by mail that, in the event that any Noteholder's ’s payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent Indenture Trustee shall furnish to the Insurer at its written request, the requested records it holds in its possession evidencing the payments of principal of and interest on Class A Notes, if any, which have been made by the Trust Collateral Agent Indenture Trustee and subsequently recovered from Noteholders, Noteholders and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such payment on behalf of the related Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in final order of the Note Policy) court exercising jurisdiction on behalf of the Noteholders and not to the Trust Collateral Agent Indenture Trustee or any Noteholder directly (unless a such Noteholder has previously returned principal or interest paid on the Class A Notes to such payment to the receiver, conservator, debtor-in-possession receiver or trustee in bankruptcy, in which case the Insurer will shall make such payment to the Trust Collateral Agent Indenture Trustee for distribution payment to such Noteholder upon proof in accordance with the terms of such payment reasonably satisfactory to the InsurerPolicy).

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent Indenture Trustee has received a certified copy of an order of the appropriate court that any Noteholders' Interest Distributable Amount or Noteholders' Principal Distributable Amount paid payment of principal and interest on a Class A Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent Indenture Trustee shall so notify the Insurer, shall comply with the provisions of the Note Policy to 31 IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-H2 Indenture obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Class A Notes by mail that, in the event that any Noteholder's ’s payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent Indenture Trustee shall furnish to the Insurer at its written request, the requested records it holds in its possession evidencing the payments of principal of and interest on Class A Notes, if any, which have been made by the Trust Collateral Agent Indenture Trustee and subsequently recovered from Noteholders, Noteholders and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such payment on behalf of the related Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in final order of the Note Policy) court exercising jurisdiction on behalf of the Noteholders and not to the Trust Collateral Agent Indenture Trustee or any Noteholder directly (unless a such Noteholder has previously returned principal or interest paid on the Class A Notes to such payment to the receiver, conservator, debtor-in-possession receiver or trustee in bankruptcy, in which case the Insurer will shall make such payment to the Trust Collateral Agent Indenture Trustee for distribution payment to such Noteholder upon proof in accordance with the terms of such payment reasonably satisfactory to the InsurerPolicy).

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent Indenture Trustee has received a certified copy of an order of the appropriate court that any Noteholders' Interest Distributable Insured Amount or Noteholders' Principal Distributable Amount paid on a Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent Indenture Trustee shall so notify the Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder's payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent Indenture Trustee shall furnish to the Insurer at its written request, the requested records it holds in its possession evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trust Collateral Agent Indenture Trustee and subsequently recovered from Noteholders, Noteholders and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such payment on behalf of the related Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in final order of the Note Policy) court exercising jurisdiction on behalf of the Noteholders and not to the Trust Collateral Agent or Indenture Trustee, any Noteholder directly (unless a such Noteholder has previously returned principal or interest paid on the Notes to such payment to the receiver, conservator, debtor-in-possession receiver or trustee in bankruptcy, in which case the Insurer will shall make such payment to the Trust Collateral Agent Indenture Trustee for distribution payment to such Noteholder upon proof in accordance with the terms of such payment reasonably satisfactory to the InsurerPolicy).

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent has received a certified copy of an order of the appropriate court that any Noteholders' Interest Distributable Amount or Noteholders' Principal Distributable Amount Scheduled Payment (as defined in the Note Policy) paid on a Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent shall so notify the Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder's payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent shall furnish to the Insurer its records evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trust Collateral Agent and subsequently recovered from Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such payment on behalf of the Noteholder to the receiver, conservator, debtor-in-in- possession or trustee in bankruptcy named in the Order (as defined in the Note Policy) and not to the Trust Collateral Agent or any Noteholder directly (unless a Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Insurer will make such payment to the Trust Collateral Agent for distribution to such Noteholder upon proof of such payment reasonably satisfactory to the Insurer).

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent Trustee has received a certified copy of an order of the appropriate court that any Noteholders' Interest Distributable Amount or Noteholders' Principal Distributable Amount paid on amount previously distributed to a Note Owner (as defined in the Indenture) in respect of a Note has been avoided in whole or in part as a preference payment under applicable bankruptcy lawlaw pursuant to a final nonappealable order of a court having competent jurisdiction, the Trust Collateral Agent Trustee shall so notify the Note Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Note Insurer of such avoided payment, and shall, at the time it provides notice to the Note Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder's payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent Trustee shall furnish to the Note Insurer its records evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trust Collateral Agent Trustee and subsequently recovered from Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Note Insurer will make such payment on behalf of the Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in the Note Policy) order and not to the Trust Collateral Agent Trustee or any Noteholder directly (unless a Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Note Insurer will make such payment to the Trust Collateral Agent Trustee for distribution to such Noteholder upon proof of such payment reasonably satisfactory to the Note Insurer).

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent Indenture Trustee has received a certified copy of an order of the appropriate court that any Noteholders' Interest Distributable Payment Amount or Noteholders' Principal Distributable Payment Amount paid on a Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent Indenture Trustee shall so notify the Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder's payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent Indenture Trustee shall furnish to the Insurer at its written request, the requested records it holds in its possession evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trust Collateral Agent Indenture Trustee and subsequently recovered from Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such payment on behalf of the Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in the Note Policy) and not to the Trust Collateral Agent Indenture Trustee or any Noteholder directly (unless a Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Insurer will make such payment to the Trust Collateral Agent Indenture Trustee for distribution to such Noteholder upon proof of such payment reasonably satisfactory to the Insurer).

Preference Claims. (a) In the event that the Trust ----------------- Collateral Agent Indenture Trustee has received a certified copy of an order of the appropriate court that any Noteholders' Class A Interest Distributable Payment Amount or Noteholders' Class A Principal Distributable Payment Amount paid on a Class A Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent Indenture Trustee shall so notify the Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Class A Notes by mail that, in the event that any Class A Noteholder's payment is so recoverable, such Class A Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent Indenture Trustee shall furnish to the Insurer its records evidencing the payments of principal of and interest on Class A Notes, if any, which have been made by the Trust Collateral Agent Indenture Trustee and subsequently recovered from Class A Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such payment on behalf of the Class A Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in the Note Policy) and not to the Trust Collateral Agent Indenture Trustee or any Class A Noteholder directly (unless a Class A Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Insurer will make such payment to the Trust Collateral Agent Indenture Trustee for distribution to such Class A Noteholder upon proof of such payment reasonably satisfactory to the Insurer).