Common use of NOTE SURETY BONDS Clause in Contracts

NOTE SURETY BONDS. (a) If for any Note Distribution Date for a Class of Notes, a Note Surety Bond Payment is required to be made under the terms of the related Note Surety Bond, the Indenture Trustee shall submit the notice in the form of Attachment I to the applicable Note Surety Bond in accordance with the terms and conditions of such Note Surety Bond in the amount of such Note Surety Bond Payment to the Surety Provider and, if one has been designated, to the fiscal agent for the Surety Provider no later than 12:00 noon, New York City time, on the Business Day prior to such Note Distribution Date. Upon receipt of payment from the Surety Provider in accordance with the terms of the applicable Note Surety Bond, the Indenture Trustee shall deposit such amount into the Note Distribution Account for distribution solely to Noteholders of the applicable Class. (b) If for any Certificate Distribution Date for a Class of Certificates, a Certificate Surety Bond Payment is required to be made under the terms of the related Certificate Surety Bond, the Eligible Lender Trustee shall submit the notice in the form of Attachment I to the applicable Certificate Surety Bond in accordance with the terms and conditions of such Certificate Surety Bond in the amount of such Certificate Surety Bond Payment to the Surety Provider and, if one has been designated, to the fiscal agent for the Surety Provider no later than 12:00 noon, New York City time, on the Business Day prior to such Certificate Distribution Date. Upon receipt of payment from the Surety Provider in accordance with the terms of the applicable Certificate Surety Bond, the Eligible Lender Trustee shall deposit such amount into the Certificate Distribution Account for distribution solely to Certificateholders of the applicable Class.