Definition of Policy Claim Amount

  1. 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, without duplication of: (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, the Spread Account and any other Trust Accounts 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 Note Policy exceed the Maximum Insured Amount as defined in the Insurance Agreement.

Examples of Policy Claim Amount in a sentence

  1. The Notes are entitled to the benefits of a note guaranty insurance policy (the Note Policy) issued by MBIA Insurance Corporation (the Insurer), pursuant to which the Insurer has unconditionally guaranteed payments of Note Policy Claim Amount on each Payment Date, all as more fully set forth in the Indenture.

Definition of Policy Claim Amount in Servicing Agreement

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, without duplication of: (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, the Spread Account and any other Trust Accounts 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 Note Policy exceed the Maximum Insured Amount as defined in the Insurance Agreement.