The Policy. (a) If pursuant to Section 4.04(a)(iv), the Master Servicer determines and notifies the Trustee that a Deficiency Amount exists for such Distribution Date, the Trustee shall complete the Notice and submit such Notice in accordance with the Policy to the Insurer no later than 12:00 P.M., New York City time, on the Business Day immediately preceding each Distribution Date, as a claim for an Insured Amount (provided that the Trustee shall submit such notice on the second Business Day immediately preceding such Distribution Date if it is able to do so) in an amount equal to such Deficiency Amount.
The Policy. (a) If the Trustee determines that an Insured Amount to be covered by the Policy will exist for the related Distribution Date, the Trustee shall complete the notice in the form of Exhibit A to the Policy (the “Notice”) and submit such Notice in accordance with the Policy to the Certificate Insurer no later than 12:00 P.M., New York City time, on the second Business Day immediately preceding such Distribution Date, as a claim for the amount of such Insured Amount.
The Policy. (a) The Transferor hereby represents that (i) it has obtained the Policy in the name of the Trustee and solely for the benefit of the Series 1998-3 Securityholders, (ii) that it has entered into the Insurance Agreement which provides for the issuance of the Policy by the Insurer and (iii) that the Policy permits the Trustee (or the Servicer on its behalf) to draw on the Policy from time to time for the purposes set forth in this Supplement. The Insurer shall not be entitled to reimbursement for any draws, interest or fees with respect to the Policy from the corpus of the Trust, except as specifically provided herein.
The Policy. The Corporation shall purchase and maintain, or cause to be purchased and maintained, while the Indemnified Party remains a director or officer of the Corporation or director, officer or a similar capacity of an Entity at the Corporation’s request, and in accordance with Section 3.6, for a period of six (6) years after the Indemnified Party ceases to be a director or officer of the Corporation, a Policy including Side “A” difference in conditions coverage, for the benefit of the Indemnified Party containing such customary terms and conditions and in such amounts as are available to the Corporation on reasonable commercial terms, having regard to the nature and size of the business and operations of the Corporation and its subsidiaries from time to time. In all such Policies, the Indemnified Party, by reference to the Indemnified Party’s position or otherwise, shall be named as an insured. The Corporation shall thereafter take all necessary or desirable action to cause its insurer to pay, on behalf of the Indemnified Party, all amounts payable as a result of such Claims in accordance with the terms of such policies.
The Policy. This Agreement and this Award is subject to all the terms, conditions, limitations and restrictions contained within the Policy.
The Policy. The Servicer and the Issuer agree, simultaneously with the execution and delivery of this Agreement, to cause the Note Insurer to issue the Policy to the Trustee for the benefit of the Trust in accordance with the terms thereof and the Insurance Agreement.
The Policy. 23 AGE...................................................................... 23
The Policy. The following policy of life insurance on the life of the Insured issued by the Insurer, together with any supplementary contracts issued by the Insurer in conjunction therewith: Policy No. 13907981; Face Amount: $625,000.
The Policy. 35 SECTION 6.1. Policy ....................................................................................35 SECTION 6.2. Claims Under Policy........................................................................35 SECTION 6.3. Preference Claims; Direction of Proceedings................................................36 SECTION 6.4. Surrender of Policy........................................................................37
The Policy. The Insurer agrees to issue the Policy, subject to the conditions hereinafter set forth herein. The Policy shall (i) be issued on the Inception Date, and (ii) be substantially in the form of Exhibit A hereto. The proceeds of any drawing under the Policy shall be used solely to discharge the Fund's obligations in respect of the Guarantee.
