Common use of DISTRIBUTIONS: PRIORITY OF PAYMENTS Clause in Contracts

DISTRIBUTIONS: PRIORITY OF PAYMENTS. (a) On or before each Delinquency Claim Date with respect to any Series, the Collateral Agent will make the following calculations on the basis of information (including, without limitation, the amount of any Deficiency Claim Amount with respect to any Series) received pursuant to Section 3.17 of the Pooling and Servicing Agreement, with respect to each such Series from the Master Servicer thereunder; provided, however, that if the Collateral Agent receives written notice from Financial Security of the occurrence of an Insurance Agreement Event of Default with respect to any Series, such notice shall be determinative for the purposes of determining the Requisite Amount for such Series: FIRST, determine the amounts to be on deposit in the respective Spread Accounts (taking into account amounts in respect of the respective Credit Enhancement Fees to be deposited into the related Spread Accounts) on the next succeeding Distribution Date which will be available to satisfy any Deficiency Claim Amount. SECOND, determine (i) the amounts, if any, to be distributed from each Spread Account related to each Series with respect to which there exists a Deficiency Claim Amount and (ii) whether, following distribution from the related Spread Accounts to the respective Trustees for deposit into the respective Certificate Account with respect to which there exists a Deficiency Claim Amount, a Deficiency Claim Amount will continue to exist with respect to one or more Series.

DISTRIBUTIONS: PRIORITY OF PAYMENTS. (a) On or before each Delinquency Claim Date with respect to any Series, the Collateral Agent will make the following calculations on the basis of information (including, without limitation, the amount of any Deficiency Claim Amount with respect to any Series) received pursuant to Section 3.17 of the Pooling and Servicing Agreementapplicable Securitization Agreement (or other section referenced in the related Series Supplement), with respect to each such Series from the Master Servicer thereunder; provided, however, that if the Collateral Agent receives written notice from Financial Security of the occurrence of an Insurance Agreement Event of Default with respect to any Series, such notice shall be determinative for the purposes of determining the Requisite Amount for such Series: FIRST, determine the amounts to be on deposit in the respective Spread Accounts (taking into account amounts in respect of the respective Credit Enhancement Fees to be deposited into the related Spread Accounts) on the next succeeding Distribution Date which will be available to satisfy any Deficiency Claim Amount. SECOND, determine (i) the amounts, if any, to be distributed from each Spread Account related to each Series with respect to which there exists a Deficiency Claim Amount Amount, and (ii) whether, following distribution from the related Spread Accounts to the respective Trustees for deposit into the respective Certificate Account with respect to which there exists a Deficiency Claim Amount, a Deficiency Claim Amount will continue to exist with respect to one or more Series.. THIRD, if a Deficiency Claim Amount will continue to exist with respect to one or more Series other than the Series 1996-1 Certificates