Common use of Claims Under Policy Clause in Contracts

Claims Under Policy. (a) On each Determination Date, the Trustee shall determine from the related Servicer Report with respect to the immediately following Payment Date the Deficiency Amount, if any. If the Trustee determines that a Deficiency Amount would exist, the Trustee shall complete a Notice in the form of Exhibit A to the Policy and submit such Notice to the Insurer no later than 12:00 noon New York City time on the third Business Day preceding such Payment Date as a claim for payment in an amount equal to the Deficiency Amount. Amounts paid by the Insurer pursuant to a claim submitted under this Section 4.01, shall be deposited by the Trustee into the Collection Account for payment to Noteholders on the related Payment Date pursuant to Section 3.03(b).

Claims Under Policy. (a) On each Determination Date, the Trustee shall determine from the related Servicer Report with respect to the immediately following Payment Date the Deficiency Amount, if any. If the Trustee determines that a Deficiency Amount would exist, the Trustee shall complete a Notice in the form of Exhibit A to the Policy and submit such Notice to the Insurer no later than 12:00 noon New York City time on the third Business Day preceding such Payment Date as a claim for payment in an amount equal to the Deficiency Amount. Amounts paid by the Insurer pursuant to a claim submitted under this Section 4.01, 4.01 shall be deposited by the Trustee into the Collection Account for payment to Noteholders on the related Payment Date pursuant to Section 3.03(b).