Policy Matters Clause Samples

Policy Matters. (a) The Indenture Trustee hereby agrees on behalf of the Noteholders (and each Noteholder, by its acceptance of its Notes, hereby agrees) for the benefit of the Insurer that the Indenture Trustee shall recognize that to the extent the Insurer makes a payment under the Policy, either directly or indirectly (as by paying through the Indenture Trustee), to the Noteholders, the Insurer will be entitled to be subrogated to the rights of the Noteholders to the extent of such payment made under the Policy. Any rights of subrogation acquired by the Insurer as a result of any payment made under the Policy shall, in all respects, be subordinate and junior in right of payment to the prior indefeasible payment in full of all amounts due under the Notes. (b) The Owner Trustee hereby agrees on behalf of the Certificateholders (and each Certificateholder, by its acceptance of its Certificates, hereby agrees) for the benefit of the Insurer that the Indenture Trustee shall recognize that to the extent the Insurer makes a payment under the Policy, either directly or indirectly (as by paying through the Indenture Trustee), to the Certificateholders, the Insurer will be entitled to be subrogated to the rights of the Certificateholders to the extent of such payment made under the Policy. Any rights of subrogation acquired by the Insurer as a result of any payment made under the Policy shall, in all respects, be subordinate and junior in right of payment to the prior indefeasible payment in full of all amounts due under the Certificates. (c) The Indenture Trustee, for itself and on behalf of the Noteholders, hereby agrees that the Insurer may at any time during the continuation of any proceeding relating to a Final Order direct all matters relating to such Final Order, including the direction of any appeal of any order relating to such Final Order and the posting of any surety, supersedeas or performance bond pending any such appeal. In addition and without limitation of the foregoing, the Insurer shall be subrogated, to the extent of any payments made under the Policy, to the rights of the Depositor, the Seller, the Servicer, the Trust, the Indenture Trustee and the Noteholders in the conduct of any preference claim, including all rights of any party to any adversarial proceeding or action with respect to any court order issued in connection with any such preference claim. (d) The Owner Trustee, for itself and on behalf of the Certificateholders, hereby agrees that the Insurer...

Policy Matters. Calculation of Amounts; Binding Effect of Interpretations and Actions of Master Servicer............

Policy Matters. IV-11 SECTION 4.06. Monthly Statements to Certificateholders.............................................IV-14 SECTION 4.07. Determination of Pass-Through Rates for COFI Certificates............................IV-16 SECTION 4.08. Determination of Pass-Through Rates for LIBOR Certificates...........................IV-17 SECTION 4.09. Distributions for the Corridor Contract Reserve Fund.................................IV-10 ARTICLE V THE CERTIFICATES SECTION 5.01. The Certificates.......................................................................V-1 SECTION 5.02. Certificate Register; Registration of Transfer and Exchange of Certificates............V-1 SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates......................................V-5 SECTION 5.04. Persons Deemed Owners..................................................................V-6 SECTION 5.05. Access to List of Certificateholders' Names and Addresses..............................V-6 SECTION 5.06. Maintenance of Office or Agency........................................................V-6

Policy Matters. 74 ARTICLE V THE CERTIFICATES......................................................................77 Section 5.1 The Certificates......................................................................77 Section 5.2 Certificates Issuable in Classes; Distributions of Principal and Interest; Authorized Denominations..............................................................83 Section 5.3 Registration of Transfer and Exchange of Certificates.................................83 Section 5.4 Mutilated, Destroyed, Lost or Stolen Certificates.....................................84 Section 5.5 Persons Deemed Owners.................................................................84 Section 5.6 Temporary Certificates................................................................84 Section 5.7 Book-Entry for Book-Entry Certificates................................................85 Section 5.8 Notices to Clearing Agency............................................................86 Section 5.9 Definitive Certificates...............................................................86 Section 5.10 Office for Transfer of Certificates...................................................87

Policy Matters. Where a policy matter which is not a grievance concerning the interpretation, administration or alleged violation of this agreement arises, the matter can be referred to the Low-Rise Residential Grievance Board by either Party.

Policy Matters. (a) As soon as possible, and in no event later than 11:00 a.m., New York time, on the third Business Day immediately preceding each Distribution Date, the Trustee shall determine the amount of funds available for such Distribution Date minus the amount of any FSA Premium, any GEMICO Premium and any Trustee Fee to be paid on such Distribution Date. If for any Distribution Date the Trustee determines that the funds available for distribution to the Holders of the Class A-2 Certificates pursuant to Section 4.02 will be insufficient to pay the Guaranteed Distribution, the Trustee shall complete a notice in the form set forth as Exhibit A to the FSA Policy (the "Notice") and shall submit such Notice to the Fiscal Agent no later than 12:00 noon, New York time, on the third Business Day preceding such Distribution Date. The Notice shall constitute a claim for an Insured Payment pursuant to the FSA Policy. Upon receipt of the Insured Payment, at or prior to the latest time payments of the Insured Payment are to be made by the FSA pursuant to the FSA Policy, on behalf of the Holders of the Class A-2 Certificates, the Trustee shall deposit such Insured Payments in the Distribution Account and shall distribute such Insured Payments only in accordance with Section 4.02, if applicable.

Policy Matters. (a) As soon as possible, and in no event later than 11:00 a.m., New York time, on the third Business Day immediately preceding each Distribution Date, based solely on the information provided to the Trustee by the Servicers on or before the related Determination Date, the Trustee shall determine the amount of funds available for such Distribution Date minus the amount of any FSA Premium, the Credit Risk Manager Fee and any Trustee Fee to be paid on such Distribution Date.

Policy Matters. 105 SECTION 4.04 Monthly Statements to Certificateholders...............................................110 SECTION 4.05 Servicer to Cooperate..................................................................112 SECTION 4.06 Cross-Collateralization; Adjustments to Available Funds................................112 SECTION 4.07 Distributions in Reduction of the Class I-A-10 OR CLASS I-A-11 Certificates............113

Policy Matters. 108 ARTICLE VI THE CERTIFICATES