Common use of The Note Policy Clause in Contracts

The Note Policy. (a) On or before each Determination Date the Indenture Trustee shall determine with respect to the immediately following Payment Date, the Deficiency Amount, if any. (b) If the Indenture Trustee determines pursuant to paragraph (a) above that a Deficiency Amount would exist, the Indenture Trustee shall complete a Notice in the form of Exhibit A to the Note Policy and submit such notice to the Note Insurer no later than 12:00 p.m., New York City time on the third Business Day preceding such Payment Date as a claim for a payment in an amount equal to the Deficiency Amount. (c) Upon receipt of payments made pursuant to the Note Policy from the Note Insurer on behalf of Noteholders, the Indenture Trustee shall deposit such payments in the Note Account and shall distribute such payments, or the proceeds thereof, in accordance with Section 8.7(b) hereof to the Noteholders. (d) The Indenture Trustee shall (i) receive payments made pursuant to the Note Policy as attorney-in-fact of each Noteholder receiving any Insured Payment from the Note Insurer and (ii) disburse such Insured Payment to the Noteholders as set forth in Section 8.7(b) hereof. The Note Insurer shall be entitled to receive the related Reimbursement Amount pursuant to Section 8.7(b)(viii) hereof with respect to each Insured Payment made by the Note Insurer. The Indenture Trustee hereby agrees on behalf of each Noteholder and the Trust for the benefit of the Note Insurer that it recognizes that to the extent the Note Insurer makes payments pursuant to the Note Policy, either directly or indirectly (as by paying through the Indenture Trustee), to the Noteholders, the Note Insurer will be entitled to receive such related Reimbursement Amount.