Common use of Presentation of Notice of Non-Payment and Demand Clause in Contracts

Presentation of Notice of Non-Payment and Demand. (a) Notwithstanding any other provision of this Policy but subject to Section 8 hereof with respect to Preference Amounts, the Insurer will pay any Insured Amounts payable hereunder other than with respect to Preference Amounts to, or at the direction of, the Indenture Trustee no later than 12:00 noon, New York City time, on the later of (i) the Distribution Date on which the related Insured Amount is due for payment under the Indenture or the Sale and Servicing Agreement, as applicable, or (ii) the second Business Day following actual receipt in New York, New York on a Business Day by the Insurer of a Notice in the form attached as Exhibit A, appropriately completed and executed by the Indenture Trustee; provided that, if such Notice is received after 12:00 noon, New York City time, on such Business Day, it will be deemed to be received before 12:00 noon on the following Business Day. (b) If any such Notice is not in proper form or is otherwise insufficient for the purpose of making a claim under this Policy, it shall be deemed not to have been received by the Insurer for purposes of this Policy, and the Insurer shall promptly so advise the Indenture Trustee in writing and the Indenture Trustee may submit an amended or corrected Notice. If such an amended or corrected Notice is in proper form and is otherwise sufficient for the purpose of making a claim under this Policy, it shall be deemed to have been timely received on the Business Day of such resubmission subject to the proviso in (a) above.

Presentation of Notice of Non-Payment and Demand. (a) Notwithstanding any other provision of this Policy but subject to Section 8 hereof with respect to Preference AmountsPolicy, the Insurer will pay any Insured Amounts payable hereunder other than with respect to Preference Amounts to, or at the direction of, the Indenture Trustee no later than 12:00 noon, New York City time, on the later of (ii)(x) in the Distribution case of the Interest Payment Deficiency Amount, the applicable Payment Date or the Draw Date, as the case may be, on which the related Insured such Interest Payment Deficiency Amount is due for payment under and (y) in the Indenture or case of the Sale Series 2005-1 Note Principal Deficiency Amount, the Draw Date, and Servicing Agreement, as applicable, or (ii) the second third Business Day following actual receipt by the Insurer, at the Insurer’s principal office in New York, New York on a Business Day by the Insurer Day, of a Notice in the form attached as Exhibit A, appropriately completed and executed by the Indenture TrusteeNotice; provided that, if such Notice is received by the Insurer after 12:00 noon, New York City time, on such Business Day, it will be deemed to be received before 12:00 noon on the following Business Day. (b) If any such Notice is not in proper form or is otherwise insufficient for the purpose of making a claim under this Policy, it shall be deemed not to have been received by the Insurer for purposes of this Policy, and the Insurer shall promptly so advise the Indenture Trustee in writing and the Indenture Trustee may submit an amended or corrected Notice. If such an amended or corrected Notice is in proper form and is otherwise sufficient for the purpose of making a claim under this Policy, it shall be deemed to have been timely received on the Business Day of such resubmission subject to the proviso in paragraph (a) above.

Presentation of Notice of Non-Payment and Demand. (a) Notwithstanding any other provision of this Policy but subject to Section 8 hereof with respect to Preference AmountsPolicy, the Insurer will pay any Insured Amounts payable hereunder other than with respect to Preference Amounts to, or at the direction of, the Indenture Trustee no later than 12:00 noon, New York City time, on the later of (ii)(x) in the Distribution case of the Interest Payment Deficiency Amount, the applicable Payment Date or the Draw Date, as the case may be, on which the related Insured such Interest Payment Deficiency Amount is due for payment under and (y) in the Indenture or case of the Sale Series 2005-2 Note Principal Deficiency Amount, the Draw Date, and Servicing Agreement, as applicable, or (ii) the second third Business Day following actual receipt by the Insurer, at the Insurer’s principal office in New York, New York on a Business Day by the Insurer Day, of a Notice in the form attached as Exhibit A, appropriately completed and executed by the Indenture TrusteeNotice; provided that, if such Notice is received by the Insurer after 12:00 noon, New York City time, on such Business Day, it will be deemed to be received before 12:00 noon on the following Business Day. (b) If any such Notice is not in proper form or is otherwise insufficient for the purpose of making a claim under this Policy, it shall be deemed not to have been received by the Insurer for purposes of this Policy, and the Insurer shall promptly so advise the Indenture Trustee in writing and the Indenture Trustee may submit an amended or corrected Notice. If such an amended or corrected Notice is in proper form and is otherwise sufficient for the purpose of making a claim under this Policy, it shall be deemed to have been timely received on the Business Day of such resubmission subject to the proviso in paragraph (a) above.