Common use of The Note Guaranty Insurance Policy Clause in Contracts

The Note Guaranty Insurance Policy. (a) No later than three (3) Business Days prior to each Payment Date, the Indenture Trustee shall determine whether a Deficiency Amount (as defined in the Note Policy) exists. If the Indenture Trustee determines that a Deficiency Amount exists, the Indenture Trustee shall complete a notice in the form of Exhibit A to the Note Policy (the "Notice") and submit the Notice to the Note Insurer or its agent no later than 12:00 noon, New York City time, on the second Business Day preceding such Payment Date, as a claim for an Insured Payment (as defined in the Note Policy) in an amount equal to such Deficiency Amount. The Indenture Trustee shall, as necessary, make a claim on the Note Policy in respect of Preference Amounts (as defined in the Note Policy) in accordance with the terms of the Note Policy. (b) The Indenture Trustee shall establish and maintain an Eligible Account for the benefit of the Class A Noteholders for the exclusive use as an account into which to deposit any proceeds of the Note Policy (the "Insurance Account"). Upon receipt of an Insured Payment from the Insurer, the Indenture Trustee shall deposit such Insured Payment in the Insurance Account. All amounts on deposit in the Insurance Account shall remain uninvested. On each Payment Date, the Indenture Trustee shall (i) transfer any Deficiency Amount then on deposit in the Insurance Account to the Revenue Fund and (ii) return any money in the Insurance Account which does not constitute an Insured Payment (as defined in the Note Policy) to the Note Insurer. The Indenture Trustee shall distribute on each Payment Date, to the Class A Noteholders, the Deficiency Amount for such Payment Date from the Revenue Fund in accordance with the priorities set forth in Sections 5.05(c) hereof. (c) The Indenture Trustee shall (i) receive as attorney-in-fact of each Class A Noteholder any Insured Payment from the Note Insurer and (ii) distribute such Insured Payment as set forth in subsection (b) above. Insured payments disbursed by the Indenture Trustee from the proceeds of the Note Policy shall not be considered payment by the Owner Trustee with respect to the Class A Notes, nor shall such disbursement of such Insured Payments discharge the obligations of the Owner Trustee with respect to the amounts thereof, and the Insurer shall become the owner of such amounts as the deemed assignee and subrogee of such Class A Noteholder. The Indenture Trustee hereby agrees on behalf of each Class A Noteholder (and each Class A Noteholder, by its acceptance of its Class A Notes, hereby agrees) for the benefit of the Note Insurer that the Indenture Trustee shall recognize that to the extent the Note Insurer makes Insured Payments, either directly or indirectly (as by paying through the Indenture Trustee), to the Class A Noteholders, the Note Insurer will be entitled to receive the reimbursements in accordance with the priority set forth in Section 5.05(c) hereof.

The Note Guaranty Insurance Policy. (a) No later than three (3) Business Days prior to each Payment Date, the Indenture Trustee shall determine whether a Deficiency Amount (as defined in the Note Policy) exists. If the Indenture Trustee determines that a Deficiency Amount exists, the Indenture Trustee shall complete a notice in the form of Exhibit A to the Note Guaranty Insurance Policy (the "Notice") 77 and submit the Notice to the Note Insurer or its agent no later than 12:00 noon, New York City time, on the second Business Day preceding such Payment Date, as a claim for an Insured Payment (as defined in the Note Policy) in an amount equal to such Deficiency Amount. The Indenture Trustee shall, as necessary, make a claim on the Note Policy in respect of Preference Amounts (as defined in the Note Policy) in accordance with the terms of the Note Policy. (b) The Indenture Trustee shall establish and maintain an Eligible Account for the benefit of the Class A Noteholders for the exclusive use as an account into which to deposit any proceeds of the Note Policy (the "Insurance Account"). Upon receipt of an Insured Payment from the Insurer, the Indenture Trustee shall deposit such Insured Payment in the Insurance Account. All amounts on deposit in the Insurance Account shall remain uninvested. On each Payment Date, the Indenture Trustee shall (i) transfer any Deficiency Amount then on deposit in the Insurance Account to the Revenue Fund and (ii) return any money in the Insurance Account which does not constitute an Insured Payment (as defined in the Note Policy) to the Note Insurer. The Indenture Trustee shall distribute on each Payment Date, to the Class A Noteholders, the Deficiency Amount for such Payment Date from the Revenue Fund in accordance with the priorities set forth in Sections 5.05(c) hereof. (c) The Indenture Trustee shall (i) receive as attorney-in-fact of each Class A Noteholder any Insured Payment from the Note Insurer and (ii) distribute such Insured Payment as set forth in subsection (b) above. Insured payments disbursed by the Indenture Trustee from the proceeds of the Note Policy shall not be considered payment by the Owner Trustee with respect to the Class A Notes, nor shall such disbursement of such Insured Payments discharge the obligations of the Owner Trustee with respect to the amounts thereof, and the Insurer shall become the owner of such amounts as the deemed assignee and subrogee of such Class A Noteholder. The Indenture Trustee hereby agrees on behalf of each Class A Noteholder (and each Class A Noteholder, by its acceptance of its Class A Notes, hereby agrees) for the benefit of the Note Insurer that the Indenture Trustee shall recognize that to the extent the Note Insurer makes Insured Payments, either directly or indirectly (as by paying through the Indenture Trustee), to the Class A Noteholders, the Note Insurer will be entitled to receive the reimbursements in accordance with the priority set forth in Section 5.05(c) hereof.

The Note Guaranty Insurance Policy. (a) No later than three (3) Business Days prior to each Payment Date, the Indenture Trustee shall determine whether a Deficiency Amount (as defined in the Note Policy) exists. If the Indenture Trustee determines that a Deficiency Amount exists, the Indenture Trustee shall complete a notice in the form of Exhibit A to the Note Guaranty Insurance Policy (the "Notice") and submit the Notice to the Note Insurer or its agent no later than 12:00 noon, New York City time, on the second Business Day preceding such Payment Date, as a claim for an Insured Payment (as defined in the Note Policy) in an amount equal to such Deficiency Amount. The Indenture Trustee shall, as necessary, make a claim on the Note Policy in respect of Preference Amounts (as defined in the Note Policy) in accordance with the terms of the Note Policy. (b) The Indenture Trustee shall establish and maintain an Eligible Account for the benefit of the Class A Noteholders for the exclusive use as an account into which to deposit any proceeds of the Note Policy (the "Insurance Account"). Upon receipt of an Insured Payment from the Insurer, the Indenture Trustee shall deposit such Insured Payment in the Insurance Account. All amounts on deposit in the Insurance Account shall remain uninvested. On each Payment Date, the Indenture Trustee shall (i) transfer any Deficiency Amount then on deposit in the Insurance Account to the Revenue Fund and (ii) return any money in the Insurance Account which does not constitute an Insured Payment (as defined in the Note Policy) to the Note Insurer. The Indenture Trustee shall distribute on each Payment Date, to the Class A Noteholders, the Deficiency Amount for such Payment Date from the Revenue Fund in accordance with the priorities set forth in Sections 5.05(c) hereof. (c) The Indenture Trustee shall (i) receive as attorney-in-fact of each Class A Noteholder any Insured Payment from the Note Insurer and (ii) distribute such Insured Payment as set forth in subsection (b) above. Insured payments disbursed by the Indenture Trustee from the proceeds of the Note Policy shall not be considered payment by the Owner Trustee with respect to the Class A Notes, nor shall such disbursement of such Insured Payments discharge the obligations of the Owner Trustee with respect to the amounts thereof, and the Insurer shall become the owner of such amounts as the deemed assignee and subrogee of such Class A Noteholder. The Indenture Trustee hereby agrees on behalf of each Class A Noteholder (and each Class A Noteholder, by its acceptance of its Class A Notes, hereby agrees) for the benefit of the Note Insurer that the Indenture Trustee shall recognize that to the extent the Note Insurer makes Insured Payments, either directly or indirectly (as by paying through the Indenture Trustee), to the Class A Noteholders, the Note Insurer will be entitled to receive the reimbursements in accordance with the priority set forth in Section 5.05(c) hereof.Indenture

The Note Guaranty Insurance Policy. (a) No later than three (3) Business Days prior to each Payment Date, the Indenture Trustee shall determine whether a Deficiency Amount (as defined in the Note Policy) exists. If the Indenture Trustee determines that a Deficiency Amount exists, the Indenture Trustee shall complete a notice in the form of Exhibit A to the Note Guaranty Insurance Policy (the "Notice") and submit the Notice to the Note Insurer or its agent no later than 12:00 noon, New York City time, on the second Business Day preceding such Payment Date, as a claim for an Insured Payment (as defined in the Note Policy) in an amount equal to such Deficiency Amount. The Indenture Trustee shall, as necessary, make a claim on the Note Policy in respect of Preference Amounts (as defined in the Note Policy) in accordance with the terms of the Note Policy. (b) The Indenture Trustee shall establish and maintain an Eligible Account for the benefit of the Class A Noteholders for the exclusive use as an account into which to deposit any proceeds of the Note Policy (the "Insurance Account"). Upon receipt of an Insured Payment from the Insurer, the Indenture Trustee shall deposit such Insured Payment in the Insurance Account. All amounts on deposit in the Insurance Account shall remain uninvested. On each Payment Date, the Indenture Trustee shall (i) transfer any Deficiency Amount then on deposit in the Insurance Account to the Revenue Fund and (ii) return any money in the Insurance Account which does not constitute an Insured Payment (as defined in the Note Policy) to the Note Insurer. The Indenture Trustee shall distribute on each Payment Date, to the Class A Noteholders, the Deficiency Amount for such Payment Date from the Revenue Fund in accordance with the priorities set forth in Sections 5.05(c) hereof. (c) The Indenture Trustee shall (i) receive as attorney-in-fact of each Class A Noteholder any Insured Payment from the Note Insurer and (ii) distribute such Insured Payment as set forth in subsection (b) above. Insured payments disbursed by the Indenture Trustee from the proceeds of the Note Policy shall not be considered payment by the Owner Trustee with respect to the Class A Notes, nor shall such disbursement of such Insured Payments discharge the obligations of the Owner Trustee with respect to the amounts thereof, and the Insurer shall become the owner of such amounts as the deemed assignee and subrogee of such Class A Noteholder. The Indenture Trustee hereby agrees on behalf of each Class A Noteholder (and each Class A Noteholder, by its acceptance of its Class A Notes, hereby agrees) for the benefit of the Note Insurer that the Indenture Trustee shall recognize that to the extent the Note Insurer makes Insured Payments, either directly or indirectly (as by paying through the Indenture Trustee), to the Class A Noteholders, the Note Insurer will be entitled to receive the reimbursements in accordance with the priority set forth in Section 5.05(c) hereof.