Common use of Maintenance of Primary Mortgage Insurance Policy Clause in Contracts

Maintenance of Primary Mortgage Insurance Policy. In accordance with customary and usual standards of practice, the Servicer shall administer the Primary Mortgage Insurance Policy on behalf of the Trustee for the benefit of the Certificateholders, in accordance with the provisions contained therein, which administration shall include, but not be limited to, making claims and receiving payments under the Primary Mortgage Insurance Policy, as necessary, and complying with monthly unpaid principal reporting and monthly default and delinquency reporting requirements. In connection with its activities as Servicer of the applicable covered mortgage loans listed on the mortgage loan schedule attached as Exhibit C hereto (the "PMI Mortgage Loan Schedule"), the Servicer agrees to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under the Primary Mortgage Insurance Policy and, in this regard, to take any reasonable action necessary to permit recovery under the Primary Mortgage Insurance Policy respecting defaulted Mortgage Loans including providing Loan Files (as defined in the Primary Mortgage Insurance Policy) to GSMC and the PMI provider as requested and in accordance with the requirements of the Primary Mortgage Insurance Policy. Any amounts collected by the Servicer under the Primary Mortgage Insurance Policy shall be remitted to the Securities Administrator for deposit in the Distribution Account, other than amounts from claims remitted by the PMI provider to the Servicer. Claims funds, other than premium refunds, shall be retained by the Servicer and applied to the covered mortgage loans as applicable and in accordance with the Servicing Agreement and the Primary Mortgage Insurance Policy. Premium refunds remitted to the Servicer by the PMI provider shall be remitted to the Securities Administrator for deposit in the Distribution Account. The Servicer shall notify and direct the Securities Administrator in writing to remit all applicable premiums and associated premium taxes in accordance with the Primary Mortgage Insurance Policy, and the Securities Administrator, as directed by the Servicer, will be required to remit from trust amounts all premiums and associated premium taxes on the Primary Mortgage Insurance Policy from the Distribution Account. All monies required to be remitted by the Servicer to the Securities Administrator shall be remitted by wire as follows: Bank: Wells Fargo Bank, National Association ABA: 000000021 For credit to: SAS Clearing Account Xxxxxx: 3970771416 Reference: GSAA 2006-16 Policy No. 22800-0000-0, PMI Bulk Deal Xx.: 0000-0842 The Servicer shall bear the responsibility of notifying the Securities Administrator in writing when the Servicer has liquidated a covered mortgage loan and brought the associated UPB to zero, of any changes or revisions to a Loan-Level Premium Rate (as defined in the Primary Mortgage Insurance Policy), of any changes or revisions to the rates of Premium Taxes (as defined in the Primary Mortgage Insurance Policy) or of any other changes or modifications that could reasonably affect the calculation of premiums and associated premium taxes due under the Primary Mortgage Insurance Policy. If, at any time, the Servicer becomes aware of an error which resulted in a premium shortfall, the Servicer shall notify the Securities Administrator in writing confirming such error and directing the Securities Administrator to remit such shortfall amounts from trust amounts in the next Distribution Date. For purposes of this Section, "Primary Mortgage Insurance Policy" shall be defined as set forth below.

Maintenance of Primary Mortgage Insurance Policy. In accordance with customary and usual standards of practice, the Servicer shall administer the Primary Mortgage Insurance Policy on behalf of the Trustee for the benefit of the Certificateholders, in accordance with the provisions contained therein, which administration shall include, but not be limited to, making claims and receiving payments under the Primary Mortgage Insurance Policy, as necessary, and complying with monthly unpaid principal reporting and monthly default and delinquency reporting requirements. In connection with its activities as Servicer of the applicable covered mortgage loans listed on the mortgage loan schedule attached as Exhibit C hereto (the "PMI Mortgage Loan Schedule"), the Servicer agrees to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under the Primary Mortgage Insurance Policy and, in this regard, to take any reasonable action necessary to permit recovery under the Primary Mortgage Insurance Policy respecting defaulted Mortgage Loans including providing Loan Files (as defined in the Primary Mortgage Insurance Policy) to GSMC and the PMI provider as requested and in accordance with the requirements of the Primary Mortgage Insurance Policy. Any amounts collected by the Servicer under the Primary Mortgage Insurance Policy shall be remitted to the Securities Administrator for deposit in the Distribution Account, other than amounts from claims remitted by the PMI provider to the Servicer. Claims funds, other than premium refunds, shall be retained by the Servicer and applied to the covered mortgage loans as applicable and in accordance with the Servicing Agreement and the Primary Mortgage Insurance Policy. Premium refunds remitted to the Servicer by the PMI provider shall be remitted to the Securities Administrator for deposit in the Distribution Account. The Servicer shall notify and direct the Securities Administrator in writing to remit all applicable premiums and associated premium taxes in accordance with the Primary Mortgage Insurance Policy, and the Securities Administrator, as directed by the Servicer, will be required to remit from trust amounts all premiums and associated premium taxes on the Primary Mortgage Insurance Policy from the Distribution Account. All monies required to be remitted by the Servicer to the Securities Administrator shall be remitted by wire as follows: Bank: Wells Fargo JPMorgan Chase Bank, National Association N.A. ABA: 000000021 For credit to021-000-021 Account Name: SAS Clearing PMI Incoming Wire Account XxxxxxXxcout Number: 3970771416 507975049 Reference: GSAA 2006-16 12 Policy No. 2280022803-00000001-0, PMI Bulk Deal XxNo.: 00002006-0842 0000 The Servicer shall bear the responsibility of notifying the Securities Administrator in writing when the Servicer has liquidated a covered mortgage loan and brought the associated UPB to zero, of any changes or revisions to a Loan-Level Premium Rate (as defined in the Primary Mortgage Insurance Policy), of any changes or revisions to the rates of Premium Taxes (as defined in the Primary Mortgage Insurance Policy) or of any other changes or modifications that could reasonably affect the calculation of premiums and associated premium taxes due under the Primary Mortgage Insurance Policy. If, at any time, the Servicer becomes aware of an error which resulted in a premium shortfall, the Servicer shall notify the Securities Administrator in writing confirming such error and directing the Securities Administrator to remit such shortfall amounts from trust amounts in the next Distribution Date. For purposes of this Section, "Primary Mortgage Insurance Policy" shall be defined as set forth below.

Maintenance of Primary Mortgage Insurance Policy. In accordance with customary and usual standards of practice, the Servicer shall administer the Primary Mortgage Insurance Policy on behalf of the Trustee for the benefit of the Certificateholders, in accordance with the provisions contained therein, which administration shall include, but not be limited to, making claims and receiving payments under the Primary Mortgage Insurance Policy, as necessary, and complying with monthly unpaid principal reporting and monthly default and delinquency reporting requirements. In connection with its activities as Servicer of the applicable covered mortgage loans listed on the mortgage loan schedule attached as Exhibit C hereto (the "PMI Mortgage Loan Schedule"), the Servicer agrees to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under the Primary Mortgage Insurance Policy and, in this regard, to take any reasonable action necessary to permit recovery under the Primary Mortgage Insurance Policy respecting defaulted Mortgage Loans including providing Loan Files (as defined in the Primary Mortgage Insurance Policy) to GSMC and the PMI provider as requested and in accordance with the requirements of the Primary Mortgage Insurance Policy. Any amounts collected by the Servicer under the Primary Mortgage Insurance Policy shall be remitted to the Securities Administrator for deposit in the Distribution Account, other than amounts from claims remitted by the PMI provider to the Servicer. Claims funds, other than premium refunds, shall be retained by the Servicer and applied to the covered mortgage loans as applicable and in accordance with the Servicing Agreement and the Primary Mortgage Insurance Policy. Premium refunds remitted to the Servicer by the PMI provider shall be remitted to the Securities Administrator for deposit in the Distribution Account. The Servicer shall notify and direct the Securities Administrator in writing to remit all applicable premiums and associated premium taxes in accordance with the Primary Mortgage Insurance Policy, and the Securities Administrator, as directed by the Servicer, will be required to remit from trust amounts all premiums and associated premium taxes on the Primary Mortgage Insurance Policy from the Distribution Account. All monies required to be remitted by the Servicer to the Securities Administrator shall be remitted by wire as follows: Bank: Wells Fargo Bank, National Association ABA: 000000021 000000248 For credit to: SAS Clearing Account Accounx Xxxxxx: 3970771416 Reference: GSAA 2006-16 Policy No. 22800-0000-0, PMI Bulk Deal XxNo.: 00002006-0842 0000 The Servicer shall bear the responsibility of notifying the Securities Administrator in writing when the Servicer has liquidated a covered mortgage loan and brought the associated UPB to zero, of any changes or revisions to a Loan-Level Premium Rate (as defined in the Primary Mortgage Insurance Policy), of any changes or revisions to the rates of Premium Taxes (as defined in the Primary Mortgage Insurance Policy) or of any other changes or modifications that could reasonably affect the calculation of premiums and associated premium taxes due under the Primary Mortgage Insurance Policy. If, at any time, the Servicer becomes aware of an error which resulted in a premium shortfall, the Servicer shall notify the Securities Administrator in writing confirming such error and directing the Securities Administrator to remit such shortfall amounts from trust amounts in the next Distribution Date. For purposes of this Section, "Primary Mortgage Insurance Policy" shall be defined as set forth below.

Maintenance of Primary Mortgage Insurance Policy. In accordance with customary and usual standards of practice, the Servicer shall administer the Primary Mortgage Insurance Policy on behalf of the Trustee for the benefit of the Certificateholders, in accordance with the provisions contained therein, which administration shall include, but not be limited to, making claims and receiving payments under the Primary Mortgage Insurance Policy, as necessary, and complying with monthly unpaid principal reporting and monthly default and delinquency reporting requirements. In connection with its activities as Servicer of the applicable covered mortgage loans listed on the mortgage loan schedule attached as Exhibit C hereto (the "PMI Mortgage Loan Schedule"), the Servicer agrees to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under the Primary Mortgage Insurance Policy and, in this regard, to take any reasonable action necessary to permit recovery under the Primary Mortgage Insurance Policy respecting defaulted Mortgage Loans including providing Loan Files (as defined in the Primary Mortgage Insurance Policy) to GSMC and the PMI provider as requested and in accordance with the requirements of the Primary Mortgage Insurance Policy. Any amounts collected by the Servicer under the Primary Mortgage Insurance Policy shall be remitted to the Securities Administrator for deposit in the Distribution Account, other than amounts from claims remitted by the PMI provider to the Servicer. Claims funds, other than premium refunds, shall be retained by the Servicer and applied to the covered mortgage loans as applicable and in accordance with the Servicing Agreement and the Primary Mortgage Insurance Policy. Premium refunds remitted to the Servicer by the PMI provider shall be remitted to the Securities Administrator for deposit in the Distribution Account. The Servicer shall notify and direct the Securities Administrator in writing to remit all applicable premiums and associated premium taxes in accordance with the Primary Mortgage Insurance Policy, and the Securities Administrator, as directed by the Servicer, will be required to remit from trust amounts all premiums and associated premium taxes on the Primary Mortgage Insurance Policy from the Distribution Account. All monies required to be remitted by the Servicer to the Securities Administrator shall be remitted by wire as follows: Bank: Wells Fargo Bank, National Association ABA: 000000021 000000248 For credit to: SAS Clearing Account XxxxxxAccxxxx Xxxxer: 3970771416 Reference: GSAA 2006-16 18 Policy No. 22800-0000-0, PMI Bulk Deal XxNo.: 0000-0842 0000 The Servicer shall bear the responsibility of notifying the Securities Administrator in writing when the Servicer has liquidated a covered mortgage loan and brought the associated UPB to zero, of any changes or revisions to a Loan-Level Premium Rate (as defined in the Primary Mortgage Insurance Policy), of any changes or revisions to the rates of Premium Taxes (as defined in the Primary Mortgage Insurance Policy) or of any other changes or modifications that could reasonably affect the calculation of premiums and associated premium taxes due under the Primary Mortgage Insurance Policy. If, at any time, the Servicer becomes aware of an error which resulted in a premium shortfall, the Servicer shall notify the Securities Administrator in writing confirming such error and directing the Securities Administrator to remit such shortfall amounts from trust amounts in the next Distribution Date. For purposes of this Section, "Primary Mortgage Insurance Policy" shall be defined as set forth below.

Maintenance of Primary Mortgage Insurance Policy. In accordance with customary and usual standards of practice, the Servicer shall administer the Primary Mortgage Insurance Policy on behalf of the Trustee for the benefit of the Certificateholders, in accordance with the provisions contained therein, which administration shall include, but not be limited to, making claims and receiving payments under the Primary Mortgage Insurance Policy, as necessary, and complying with monthly unpaid principal reporting and monthly default and delinquency reporting requirements. In connection with its activities as Servicer of the applicable covered mortgage loans listed on the mortgage loan schedule attached as Exhibit C hereto (the "PMI Mortgage Loan Schedule"), the Servicer agrees to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under the Primary Mortgage Insurance Policy and, in this regard, to take any reasonable action necessary to permit recovery under the Primary Mortgage Insurance Policy respecting defaulted Mortgage Loans including providing Loan Files (as defined in the Primary Mortgage Insurance Policy) to GSMC and the PMI provider as requested and in accordance with the requirements of the Primary Mortgage Insurance Policy. Any amounts collected by the Servicer under the Primary Mortgage Insurance Policy shall be remitted to the Securities Administrator for deposit in the Distribution Account, other than amounts from claims remitted by the PMI provider to the Servicer. Claims funds, other than premium refunds, shall be retained by the Servicer and applied to the covered mortgage loans as applicable and in accordance with the Servicing Agreement and the Primary Mortgage Insurance Policy. Premium refunds remitted to the Servicer by the PMI provider shall be remitted to the Securities Administrator for deposit in the Distribution Account. The Servicer shall notify and direct the Securities Administrator in writing to remit all applicable premiums and associated premium taxes in accordance with the Primary Mortgage Insurance Policy, and the Securities Administrator, as directed by the Servicer, will be required to remit from trust amounts all premiums and associated premium taxes on the Primary Mortgage Insurance Policy from the Distribution Account. All monies required to be remitted by the Servicer to the Securities Administrator shall be remitted by wire as follows: Bank: Wells Fargo Bank, National Association ABA: 000000021 For credit to: SAS Clearing Account XxxxxxAcxxxxx Xxxber: 3970771416 507198670 Reference: GSAA 2006-16 14 Policy No. 2280022803-00000002-0, PMI Bulk Deal XxNo.: 00002006-0842 0000 The Servicer shall bear the responsibility of notifying the Securities Administrator in writing when the Servicer has liquidated a covered mortgage loan and brought the associated UPB to zero, of any changes or revisions to a Loan-Level Premium Rate (as defined in the Primary Mortgage Insurance Policy), of any changes or revisions to the rates of Premium Taxes (as defined in the Primary Mortgage Insurance Policy) or of any other changes or modifications that could reasonably affect the calculation of premiums and associated premium taxes due under the Primary Mortgage Insurance Policy. If, at any time, the Servicer becomes aware of an error which resulted in a premium shortfall, the Servicer shall notify the Securities Administrator in writing confirming such error and directing the Securities Administrator to remit such shortfall amounts from trust amounts in the next Distribution Date. For purposes of this Section, "Primary Mortgage Insurance Policy" shall be defined as set forth below.