Certificate Insurer Default. If, as of any Payment Date, the Certificate Insurer fails to make an Insured Payment, the amount available for distribution to Fixed Rate Certificateholders and Adjustable Rate Certificateholders pursuant to Section 6.05(d) shall be distributed among holders of each Class of Class A Certificateholders in the priority set forth in Section 6.05(d) in proportion to the percentage interests set forth on each such Certificate; provided that, if as of such Payment Date there are no amounts on deposit in the Spread Account, the amount available for distribution to the Class A Certificateholders pursuant to Section 6.05(d) shall be distributed among the holders of the Class A Certificates on a pro rata basis, based on the respective Principal Balances for each such Class of Class A Certificates.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Eqcc Asset Backed Corp), Pooling and Servicing Agreement (Eqcc Asset Backed Corp), Pooling and Servicing Agreement (Eqcc Asset Backed Corp)