Preference Claims; Direction of Proceedings. (a) In the event that the Trust Collateral Agent has received a certified copy of an order of the appropriate court that any Scheduled Payment paid on a Class A Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trust Collateral Agent shall so notify the Note Insurer, shall comply with the provisions of the Policy to obtain payment by the Note Insurer of such avoided payment, and shall, at the time it provides notice to the Note Insurer, comply with the provisions of the Policy to obtain payment by the Note Insurer, notify Holders of the Class A Notes by mail that, in the event that any Class A Noteholder's payment is so recoverable, such Class A Noteholder will be entitled to payment pursuant to the terms of the Policy. Pursuant to the terms of the Policy, the Note Insurer will make such payment on behalf of the Class A Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in the Policy) and not to the Trust Collateral Agent or any Class A Noteholder directly (unless a Class A Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Note Insurer will make such payment to the Trust Collateral Agent for payment, in accordance with the instructions to be provided by the Note Insurer, to such Class A Noteholder upon proof of such payment reasonably satisfactory to the Note Insurer).
Preference Claims; Direction of Proceedings. (a) In the event that the Trustee has received a certified copy of an order of the appropriate court that any Scheduled Payment paid on a Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Trustee shall so notify the Note Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Note Insurer of such avoided payment, and shall, at the time it provides notice to the Note Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder's payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. Pursuant to the terms of the Note Policy, the Note Insurer will make such payment on behalf of the Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Final Order (as defined in the Note Policy) and not to the Trustee or any Noteholder directly (unless a Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Final Order, in which case the Note Insurer will make such payment to the Trustee for payment, in accordance with the instructions to be provided by the Note Insurer, to such Noteholder upon proof of such payment reasonably satisfactory to the Note Insurer).
Preference Claims; Direction of Proceedings. (a) In the event that the Owner Trustee has received a certified copy of an order of the appropriate court that any Certificateholders' Interest Distributable Amount or Certificateholders' Principal Distributable Amount paid on a Certificate has been avoided in whole or in part as a preference payment under applicable bankruptcy law, the Owner Trustee shall so notify the Insurer, shall comply with the provisions of the Certificate Policy to obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Certificates by mail that, in the event that any Certificateholder's payment is so recoverable, such Certificateholder will be entitled to payment pursuant to the terms of the Certificate Policy. Pursuant to the terms of the Certificate Policy, the Insurer will make such payment on behalf of the Certificateholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order (as defined in the Certificate Policy) and not to the Owner Trustee or any Certificateholder directly (unless a Certificateholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Insurer will make such payment to the Owner Trustee for distribution to such Certificateholder upon proof of such payment reasonably satisfactory to the Insurer).
Preference Claims; Direction of Proceedings. (a) In the event that the Owner Trustee has received a certified copy of a final non-appealable order of the court of applicable jurisdiction that any Certificateholders' Interest Distributable Amount or Certificateholders' Principal Distributable Amount paid on a Certificate has been avoided in whole or in part as a preference payment under the United States Bankruptcy Code (11 U.S.C.) (a "Certificate Preference Amount"), the Owner Trustee shall so notify the Security Insurer, shall comply with the provisions of the Certificate Policy to obtain payment by the Security Insurer of such Certificate Preference Amount, and shall, at the time it provides notice to the Security Insurer, notify Holders of the Certificates by mail that, in the event that any Certificateholder's payment is so recoverable, such Certificateholder will be entitled to payment pursuant to the terms of the Certificate Policy. Pursuant to the terms of the Certificate Policy, the Security Insurer will make such payment on behalf of the Certificateholder in the manner set forth in the Certificate Policy.
Preference Claims; Direction of Proceedings. 63 Section 8.06. Surrender of Policy.............................................................. 64 ARTICLE 9 AMENDMENTS.............................................................................. 64 Section 9.01. Amendments Without Consent of Noteholders........................................ 64 Section 9.02. Amendments and Modifications to Agreement with Consent of Noteholders............ 65 Section 9.03.
Preference Claims; Direction of Proceedings. . . 47 Section 6.6.
