Common use of Maintenance of Mortgage Blanket Insurance Clause in Contracts

Maintenance of Mortgage Blanket Insurance. In the event that the Master Servicer shall obtain and maintain a blanket policy with an insurer having a General Policy Rating of A:V or better in Best’s Key Rating Guide (or such other rating that is comparable to such rating) or that meets the requirements of Fxxxxx Mxx or Fxxxxxx Mac if it were the purchaser of the Mortgage Loans insuring against hazard losses on all of the Mortgage Loans, it shall conclusively be deemed to have satisfied its obligations as set forth in the first two sentences of Section 3.08, it being understood and agreed that such policy may contain a deductible clause, in which case the Master Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy complying with the first two sentences of Section 3.08, and there shall have been one or more losses which would have been covered by such policy, deposit to the Collection Account from its own funds the amount not otherwise payable under the blanket policy because of such deductible clause. In connection with its activities as administrator and servicer of the Mortgage Loans, the Master Servicer agrees to prepare and present, on behalf of itself, the Trustee and the Certificateholders, claims under any such blanket policy in a timely fashion in accordance with the terms of such policy.

Maintenance of Mortgage Blanket Insurance. In the event that the Master Servicer shall obtain and maintain a blanket policy with an insurer having a General Policy Rating of A:V or better in Best’s 's Key Rating Guide (or such other rating that is comparable to such rating, or if Xxxxxx Loan Servicing LP is the successor Master Servicer, a General Policy Rating of B-VI or better) or that meets the requirements of Fxxxxx Mxx or Fxxxxxx Mac if it were the purchaser of the Mortgage Loans insuring against hazard losses on all of the Mortgage Loans, it shall conclusively be deemed to have satisfied its obligations as set forth in the first two sentences of Section 3.08, it being understood and agreed that such policy may contain a deductible clause, in which case the Master Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy complying with the first two sentences of Section 3.08, and there shall have been one or more losses which would have been covered by such policy, deposit to the Collection Account from its own funds the amount not otherwise payable under the blanket policy because of such deductible clause. In connection with its activities as administrator and servicer of the Mortgage Loans, the Master Servicer agrees to prepare and present, on behalf of itself, the Trustee and the Certificateholders, claims under any such blanket policy in a timely fashion in accordance with the terms of such policy.

Maintenance of Mortgage Blanket Insurance. In the event that the Master Servicer shall obtain and maintain a blanket policy with an insurer having a General Policy Rating of A:V or better in Best’s 's Key Rating Guide (or such other rating that is comparable to such rating, or if Litton Loan Servicing LP is txx xxxcessor Master Servicer, a General Policy Rating of B-VI or better) or that meets the requirements of Fxxxxx Mxx or Fxxxxxx Mac if it were the purchaser of the Mortgage Loans insuring against hazard losses on all of the Mortgage Loans, it shall conclusively be deemed to have satisfied its obligations as set forth in the first two sentences of Section 3.08, it being understood and agreed that such policy may contain a deductible clause, in which case the Master Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy complying with the first two sentences of Section 3.08, and there shall have been one or more losses which would have been covered by such policy, deposit to the Collection Account from its own funds the amount not otherwise payable under the blanket policy because of such deductible clause. In connection with its activities as administrator and servicer of the Mortgage Loans, the Master Servicer agrees to prepare and present, on behalf of itself, the Trustee and the Certificateholders, claims under any such blanket policy in a timely fashion in accordance with the terms of such policy.