Common use of Preference Claims Clause in Contracts

Preference Claims. (a) In the event that the Owner Trustee has received a certified copy of an order of the appropriate court that any Certificateholders' Distributable Amount paid on a Certificate has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Owner Trustee shall so notify the Security Insurer, shall comply with the provisions of the Certificate Policy to obtain payment by the Security Insurer of such avoided payment, and shall, at the time it provides notice to the Security Insurer, notify Holders of the Certificates by mail that, in the event that any Certificateholder's payment is so recoverable, such Certificateholder will be entitled to payment pursuant to the terms of the Certificate Policy. Pursuant to the terms of the Certificate Policy, the Security Insurer will make such payment on behalf of the Certificateholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in the Certificate Policy) and not to the Owner Trustee or any Certificateholder directly (unless a Certificateholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Security Insurer will make such payment to the Owner Trustee for distribution to such Certificateholder upon proof of such payment reasonably satisfactory to the Security Insurer).

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

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

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

Preference Claims. (a) In the event that the Owner Trustee has received a certified copy of an order of the appropriate court that any CertificateholdersNoteholders' Interest Distributable Amount or Noteholders' Principal Distributable Amount paid on a Certificate Note (including in the computation of such Noteholders' Principal Distributable Amount for the purpose of this Section 616, if the Security Insurer shall have received the items described in clauses (A), (B) and (C) of Section 3 of the Note Policy, any distribution in respect of principal on the Notes prior to the Final Maturity Date that was subsequently avoided as a preference payment under applicable bankruptcy, insolvency, receivership or similar law to the extent any such amount remains unpaid on such date) has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Owner Trustee shall so notify the Security Insurer, shall comply with the provisions of the Certificate Note Policy to obtain payment by the Security Insurer of such avoided payment, and shall, at the time it provides notice to the Security Insurer, notify Holders of the Certificates Notes by mail that, in the event that any CertificateholderNoteholder's payment is so recoverable, such Certificateholder Noteholder will be entitled to payment pursuant to the terms of the Certificate Note Policy. Pursuant to the terms of the Certificate Note Policy, the Security Insurer will make such payment on behalf of the Certificateholder Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order order (as defined in the Certificate Note Policy) and not to the Owner Trustee or any Certificateholder Noteholder directly (unless a Certificateholder Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Security Insurer will make such payment to the Owner Trustee for distribution to such Certificateholder Noteholder upon proof of such payment reasonably satisfactory to the Security Insurer).

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

Preference Claims. (a) In the event that the Owner Trustee has received a certified copy of an a final, non-appealable order of the appropriate court that any Certificateholders' Distributable Amount Scheduled Payment paid on a Certificate Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Owner Trustee shall so notify the Security Insurer, shall comply with the provisions of the Certificate Note Policy to obtain payment by the Security Insurer of such avoided payment, and shall, at the time it provides notice to the Security Insurer, comply with the provisions of the Note Policy to obtain payment by the Insurer, notify Holders of the Certificates Notes by mail that, in the event that any CertificateholderNoteholder's payment is so recoverable, such Certificateholder Noteholder will be entitled to payment pursuant to the terms of the Certificate Note Policy. The 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 41 Indenture Notes, if any, which have been made by the Trustee and subsequently recovered from Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Certificate Note Policy, the Security Insurer will make such payment on behalf of the Certificateholder Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in the Certificate Note Policy) and not to the Owner Trustee or any Certificateholder Noteholder directly (unless a Certificateholder Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Security Insurer will make such payment to the Owner Trustee for distribution payment, in accordance with the instructions to be provided by the Insurer, to such Certificateholder Noteholder upon proof of such payment reasonably satisfactory to the Security Insurer).

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

Preference Claims. (a) In the event that the Owner Trustee Collateral Agent has received a certified copy of an a final, non-appealable order of the appropriate court that any Certificateholders' Distributable Amount Covered Payment (as such term is defined in the Policy) paid on a Certificate Secured Obligation has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Owner Trustee Collateral Agent shall so notify the Security Insurer, shall comply with the provisions of the Certificate Policy to obtain payment by the Security Insurer of such avoided payment, and shall, at the time it provides notice to the Security Insurer, comply with the provisions of the Policy to obtain payment by the Insurer, notify Holders of the Certificates by mail Lender that, in the event that any Certificateholder's such payment is so recoverable, such Certificateholder the Lender will be entitled to payment pursuant to the terms of the Certificate Policy. Upon written request, the Collateral Agent shall furnish to the Insurer its records evidencing the Covered Payments in respect of Secured Obligations, if any, which have been made by the Collateral Agent and subsequently recovered from the Lender, and the dates on which such payments were made. Pursuant to the terms of the Certificate Policy, the Security Insurer will make such payment on behalf of the Certificateholder Lender to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Final Order (as defined in the Certificate Policy) and not to the Owner Trustee Collateral Agent or any Certificateholder the Lender directly (unless a Certificateholder the Lender has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Security Insurer will make such payment to the Owner Trustee for distribution to such Certificateholder Lender upon proof of such payment reasonably satisfactory to the Security Insurer).