Definition of Policy Payments Account


Policy Payments Account means the account designated as such, established and maintained pursuant to Section 5.1(b) of the Sale and Servicing Agreement.]

Examples of Policy Payments Account in a sentence

Funds held in the Policy Payments Account shall not be invested by the Trustee.
Any funds remaining in the Policy Payments Account on the first Business Day following a Distribution Date shall be remitted to the Certificate Insurer, pursuant to the instructions of the Certificate Insurer, by the end of such Business Day.
Funds held in the MBIA Policy Payments Account shall not be invested by the Trustee.
The Trustee shall deposit any amount paid under the MBIA Policy into the MBIA Policy Payments Account and distribute such amount only for the purpose of making the payments to Holders of the Insured Retail Certificates in respect of the Insured Payment for which the related claim was made under the MBIA Policy.
However, any payments made on the Insured Retail Certificates from funds in the MBIA Policy Payments Account shall be noted as provided in subsection (e) below.