Common use of Claims Upon the PMI Policy Clause in Contracts

Claims Upon the PMI Policy. The Servicer shall, on behalf of the Trust, prepare and file in a timely basis with the PMI Insurer, with a copy to the Trustee and the Certificate Insurer, all claims that may be made under the PMI Policy with respect to PMI Mortgage Loans. Consistent with its rights and obligations hereunder, the Servicer shall take all actions required under the PMI Policy as a condition to the payment of any such claim. Any amount received from the PMI Insurer with respect to any PMI Mortgage Loan shall be deposited by the Servicer, not later than the Business Day following receipt thereof, into the Certificate Account for distribution on the related Distribution Date as part of Liquidation Proceeds for the related Mortgage Loan Group.

Claims Upon the PMI Policy. The Master Servicer shall, on behalf of the Trust, prepare and file in a timely basis with the PMI Insurer, with a copy to the Trustee and the Certificate Insurer, all claims that which may be made under the PMI Policy with respect to PMI Mortgage Loans. Consistent with its rights and obligations hereunder, the Master Servicer shall take all actions required under the PMI Policy as a condition to the payment of any such claim. Any amount received from the PMI Insurer with respect to any such PMI Mortgage Loan shall be deposited by the Master Servicer, not later than the Business Day following receipt thereof, into the Certificate Distribution Account for distribution on the related Distribution Date as part of Liquidation Proceeds for the related Mortgage Loan Group.