Policy Matters. (a) If, on the third Business Day before any Distribution Date, the Trustee determines that there will be a Deficiency Amount for such Distribution Date, the Trustee shall determine the amount of such Deficiency Amount and shall give notice to MBIA by telephone or telecopy of the amount of such deficiency confirmed in writing by the Notice of Nonpayment by 12:00 noon, New York City time on such third Business Day.
Appears in 14 contracts
Samples: Pooling and Servicing Agreement (Banc of America Mortgage Securities Pass Thru Cert 2003-6), Pooling and Servicing Agreement (Banc of America MTG Sec Inc Mort Pass THR Certs Ser 2003-9), Pooling and Servicing Agreement (Banc of America Mortgage Securities Mortgage Pass-Through Certificates Series 2004-4)
