Policy Claim Amount definition

Policy Claim Amount means, with respect to each Distribution Date, the sum of (i) the Deficiency Amount for such Distribution Date and (ii) the Preference Amount for such Distribution Date.

Policy Claim Amount has the meaning set forth in the Note Policy.

Policy Claim Amount means, with respect to each Distribution Date, the amount, if any, by which the Certificate Distribution Amount plus the Servicing Fee for such Distribution Date exceeds the Collection Account Amount Available for such Distribution Date.

Examples of Policy Claim Amount in a sentence

• If the Note Policy Claim Amount for such Insured Distribution Date is greater than zero, the Trust Collateral Agent shall furnish to the Insurer no later than 12:00 noon Eastern time on the related Draw Date a completed Notice of Claim (as defined in (b) below) in the amount of the Note Policy Claim Amount.

• Each Deficiency Notice shall direct the Insurer to remit such Policy Claim Amount to the Indenture Trustee for deposit in the Payment Account.

• In accordance with the provisions of the Note Policy, the Insurer is required to pay to the Trust Collateral Agent the Note Policy Claim Amount properly claimed thereunder by 10:00 a.m., Eastern time, on the later of (i) the third Business Day following receipt on a Business Day of the Notice of Claim, and (ii) the applicable Insured Distribution Date.

• On each Distribution Date, based solely on the Distribution Date Statement, the Indenture Trustee will apply the Net Collections available with respect to the related Collection Period, together with amounts, if any, withdrawn from the Spread Account, the Prefunding Account and the Capitalized Interest Account or representing payment of the Policy Claim Amount, to make the deposits to the Note Distribution Account required pursuant to Section 4.03(a) of the Sale and Servicing Agreement.

• Upon receipt of the Policy Claim Amount, the Indenture Trustee shall apply the portion thereof, if any, representing the Deficiency Amount with respect to a Distribution Date as provided in Section 4.03.

More Definitions of Policy Claim Amount

Policy Claim Amount means, (i) with respect to each Distribution Date, the excess, if any, without duplication, of (a) the Scheduled Payments minus (b) the sum of, without duplication: (w) all amounts of Available Funds for the related Collection Period, (x) Additional Funds Available, if any, for such Distribution Date, (y) all other funds on deposit in the Collection Account, the Note Distribution Account and the Spread Account available for payment of Scheduled Payments on the Notes on such Distribution Date and (z) any other amounts available pursuant to the Basic Documents to pay the Scheduled Payments on such Distribution Date, in each case to the extent available in accordance with the priorities set forth in Indenture and Section 5.7 of this Agreement, and (ii) with respect to any preference payment date, Preference Amounts as defined in the Insurance Agreement; provided, however, that the aggregate amount of all such Preference Amounts will be subject to the limitations in such definition; provided, further, that in no event will the aggregate amount payable by the Insurer under the Policy exceed the Maximum Insured Amount as defined in the Insurance Agreement.

Policy Claim Amount shall have the meaning specified in Section 4.6(b)(ii).

Policy Claim Amount shall have the meaning specified in subsection 11(b) of this Series Supplement.

Policy Claim Amount for any Payment Date shall equal the lesser of (i) the sum of the Noteholders' Interest Distributable Amount and the Noteholders' Principal Distributable Amount for such Payment Date and (ii) the excess, if any, of the amount required to be distributed pursuant to clauses (i) through (iv) of Section 5.6(b) over the Distribution Amount for such Payment Date.

Policy Claim Amount has the meaning assigned to such term in Section 5A.1(a) hereof.

Policy Claim Amount with respect to a Payment Date shall equal the sum of the following amounts:

Policy Claim Amount means, with respect to any Payment Date,