Common use of Payments Under the Note Guaranty Insurance Policy Clause in Contracts

Payments Under the Note Guaranty Insurance Policy. (a) If the Indenture Trustee has actual knowledge that any Class A Noteholders have been required to disgorge any payment of interest or principal on Class A Notes to the Owner Trustee or to the trustee in bankruptcy for creditors or others pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes a voidable preference to such Class A Noteholders within the meaning of any applicable bankruptcy laws, then the Indenture Trustee shall notify the Note Insurer or its designee of such fact by telephone, facsimile or telegraphic notice, confirmed in writing by registered or certified mail.

Payments Under the Note Guaranty Insurance Policy. (a) If the Indenture Trustee has actual knowledge that any Class A Noteholders have been required to disgorge any payment of interest or principal on Class A Notes to the Owner Trustee Issuer or to the trustee in bankruptcy for creditors or others pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes a voidable preference to such Class A Noteholders within the meaning of any applicable bankruptcy laws, then the Indenture Trustee shall notify the Note Insurer or its designee of such fact by telephone, facsimile or telegraphic notice, confirmed in writing by registered or certified mail.. 117 2003-A Indenture