Common use of Payments under the Policy Clause in Contracts

Payments under the Policy. (a) If the Servicing Certificate specifies an Insured Amount for any Payment Date, the Indenture Trustee shall make a draw on the Policy in an amount, if any, equal to the Insured Amount for such Payment Date. The Indenture Trustee shall deposit or cause to be deposited such Insured Amount into the Note Payment Account on such Payment Date. For purposes of the foregoing, the amount on deposit in the Note Payment Account (after taking into account amounts withdrawn from the Capitalized Interest Account) and available to be distributed as interest on any Payment Date shall include all amounts on deposit in such account with respect to such Payment Date, other than the Principal Collection Distribution Amount and the Liquidation Loss Distribution Amount (if any) to be distributed on such Payment Date. (b) The Indenture Trustee shall submit, if an Insured Amount is specified in any statement to Securityholders prepared pursuant to Section 4.01 of the Servicing Agreement, the Notice of Nonpayment and Demand for Payment of Insured Amounts (in the form attached as Exhibit A to the Policy) to the Enhancer no later than 12:00 noon, New York City time, on the second (2nd) Business Day prior to the applicable Payment Date.