Common use of Maintenance of the Primary Mortgage Insurance Policies Clause in Contracts

Maintenance of the Primary Mortgage Insurance Policies. The Master Servicer shall not take, or permit any Servicer (to the extent such action is prohibited under the applicable Servicing Agreement) to take, any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of such Master Servicer or Servicer, would have been covered thereunder. The Master Servicer shall use its best reasonable efforts to cause each Servicer (to the extent required under the related Servicing Agreement) to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), primary mortgage insurance applicable to each Mortgage Loan in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable. The Master Servicer shall not, and shall not permit any Servicer (to the extent required under the related Servicing Agreement) to, cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in effect at the date of the initial issuance of the Mortgage Note and is required to be kept in force hereunder except in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable. The Master Servicer agrees to present, or to cause each Servicer (to the extent required under the related Servicing Agreement) to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policies and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Section 4.01 and 4.02, any amounts collected by the Master Servicer or any Servicer under any Primary Mortgage Insurance Policies shall be deposited in the Master Servicer Collection Account, subject to withdrawal pursuant to Section 4.03.

Appears in 10 contracts

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Bear Stearns Trust Mortgage Pass-Through Certs Ser 2004), Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 04 10)

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Maintenance of the Primary Mortgage Insurance Policies. The Master Servicer shall not take, or (to the extent within its control) permit any a Servicer (to the extent such action is prohibited under this Agreement or the applicable Servicing Agreement, as applicable) to take, any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of primary mortgage insurance policy or any loss which, but for the actions of such Master Servicer or the related Servicer, would have been covered thereunder. The Master Servicer shall use its best reasonable efforts to cause each Servicer (to the extent required under the related Servicing Agreement) Servicer to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), primary mortgage insurance applicable to each Mortgage Loan in accordance with the provisions of this Agreement and or the related Servicing Agreement, as applicable. The Master Servicer shall not, and shall not permit any Servicer (to the extent required under within its control) shall not permit the related Servicing Agreement) Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance Policy primary mortgage insurance policy that is in effect at the date of the initial issuance of the Mortgage Note and is required to be kept in force hereunder except in accordance with the provisions of this Agreement and or the related Servicing Agreement, as applicable. The Master Servicer agrees to present, or to cause each Servicer (to the extent required under the related Servicing Agreement) Servicer to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policies primary mortgage insurance policies and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policies primary mortgage insurance policies respecting defaulted Mortgage Loans. Pursuant to Section 4.01 and 4.023.31 of this Agreement or pursuant to the Servicing Agreement, as applicable, any amounts collected by the related Master Servicer or any the Servicer under any Primary Mortgage Insurance Policies primary mortgage insurance policies shall be deposited in by the Servicer or by the Master Servicer Collection in the Distribution Account, subject to withdrawal pursuant to Section 4.033.32.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Ar3), Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Ar4), Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-1)

Maintenance of the Primary Mortgage Insurance Policies. The Master Servicer shall not take, or (to the extent within its control) permit any the Servicer (to the extent such action is prohibited under the applicable Servicing Agreement) to take, any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of primary mortgage insurance policy or any loss which, but for the actions of such Master Servicer or the Servicer, would have been covered thereunder. The Master Servicer shall use its best reasonable efforts to cause each Servicer enforce Servicer’s obligation (to the extent required under the related Servicing Agreement) to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), primary mortgage insurance applicable to each Mortgage Loan in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable. The Master Servicer shall not, and (to the extent within its control) shall not permit any the Servicer (to the extent required under provided in the related Servicing Agreement) to, cancel or refuse to renew any such Primary Mortgage Insurance Policy primary mortgage insurance policy that is in effect at the date of the initial issuance of the Mortgage Note and is required to be kept in force hereunder except in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable. The Master Servicer agrees to present, or to cause each Servicer enforce the Servicer’s obligation (to the extent required under the related Servicing Agreement) to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policies primary mortgage insurance policies and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policies primary mortgage insurance policies respecting defaulted Mortgage Loans. Pursuant to Section 4.01 and 4.023.31, any amounts collected by the Master Servicer or any the Servicer under any Primary Mortgage Insurance Policies primary mortgage insurance policies shall be deposited in by the Servicer or by the Master Servicer Collection in the Distribution Account, subject to withdrawal pursuant to Section 4.033.32.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Wf1), Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Wf1)

Maintenance of the Primary Mortgage Insurance Policies. The Master Servicer shall not take, or (to the extent within its control) permit any a Servicer (to the extent such action is prohibited under this Agreement or the applicable Servicing Agreement, as applicable) to take, any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of primary mortgage insurance policy or any loss which, but for the actions of such the Master Servicer or such Servicer, would have been covered thereunder. The Master Servicer shall use its best reasonable efforts to cause enforce each Servicer (to the extent required under the related Servicing Agreement) Servicer’s obligation to keep in force and effect (to the extent that the related Mortgage Loan requires the Mortgagor to maintain such insurance), primary mortgage insurance applicable to each Mortgage Loan in accordance with the provisions of this Agreement and or the related Servicing Agreement, as applicable. The Master Servicer shall not, and shall not permit any Servicer (to the extent required under the related Servicing Agreementwithin its control) shall not permit a Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance Policy primary mortgage insurance policy that is in effect at the date of the initial issuance of the Mortgage Note and is required to be kept in force hereunder except in accordance with the provisions of this Agreement and or the related Servicing Agreement, as applicable. The Master Servicer agrees to present, or to cause enforce each Servicer (to the extent required under the related Servicing Agreement) Servicer’s obligation to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policies primary mortgage insurance policies and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policies primary mortgage insurance policies respecting defaulted Mortgage Loans. Pursuant to Section 4.01 and 4.023.31 of this Agreement or pursuant to the Servicing Agreement, as applicable, any amounts collected by the Master Servicer or any the related Servicer under any Primary Mortgage Insurance Policies primary mortgage insurance policies shall be deposited in by the related Servicer or by the Master Servicer Collection in the Distribution Account, subject to withdrawal pursuant to Section 4.033.32.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-2), Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-3)

Maintenance of the Primary Mortgage Insurance Policies. The Master Servicer shall not take, or permit any the Servicer (to the extent such action is prohibited under the applicable GreenPoint Servicing Agreement) to take, any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of such Master Servicer or Servicer, would have been covered thereunder. The Master Servicer shall use its best reasonable efforts to cause each the Servicer (to the extent required under the related GreenPoint Servicing Agreement) to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), primary mortgage insurance applicable to each Mortgage Loan in accordance with the provisions of this Agreement and the related GreenPoint Servicing Agreement, as applicable. The Master Servicer shall not, and shall not permit any the Servicer (to the extent required under the related GreenPoint Servicing Agreement) to, cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in effect at the date of the initial issuance of the Mortgage Note and is required to be kept in force hereunder except in accordance with the provisions of this Agreement and the related GreenPoint Servicing Agreement, as applicable. The Master Servicer agrees to present, or to cause each the Servicer (to the extent required under the related GreenPoint Servicing Agreement) to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policies and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Section 4.01 and 4.02, any amounts collected by the Master Servicer or any the Servicer under any Primary Mortgage Insurance Policies shall be deposited in the Master Servicer Collection Account, subject to withdrawal pursuant to Section 4.03.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns BSALTA 2005-1), Pooling and Servicing Agreement (Bear Stearns BSALTA 2004-13)

Maintenance of the Primary Mortgage Insurance Policies. The Master Servicer shall not take, or (to the extent within its control) permit any a Servicer (to the extent such action is prohibited under this Agreement or the applicable Servicing Agreement, as applicable) to take, any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of primary mortgage insurance policy or any loss which, but for the actions of such Master Servicer or the related Servicer, would have been covered thereunder. The Master Servicer shall use its best reasonable efforts to cause each Servicer (to the extent required under the related Servicing Agreement) Servicer to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), primary mortgage insurance applicable to each Mortgage Loan in accordance with the provisions of this Agreement and or the related Servicing Agreement, as applicable. The Master Servicer shall not, and shall not permit any Servicer (to the extent required under within its control) shall not permit the related Servicing Agreement) Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance Policy primary mortgage insurance policy that is in effect at the date of the initial issuance of the Mortgage Note and is required to be kept in force hereunder except in accordance with the provisions of this Agreement and or the related Servicing Agreement, as applicable. The Master Servicer agrees to present, or to cause each Servicer (to the extent required under the related Servicing Agreement) Servicer to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policies primary mortgage insurance policies and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policies primary mortgage insurance policies respecting defaulted Mortgage Loans. Pursuant to Section 4.01 and 4.023.31 of this Agreement or pursuant to the Servicing Agreement, as applicable, any amounts collected by the related Master Servicer or any the related Servicer under any Primary Mortgage Insurance Policies primary mortgage insurance policies shall be deposited in by the related Servicer or by the Master Servicer Collection in the Distribution Account, subject to withdrawal pursuant to Section 4.033.32.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-Af1)

Maintenance of the Primary Mortgage Insurance Policies. The Master Servicer shall not take, or permit any Servicer (to the Servicer(to the extent such action is prohibited under the applicable Servicing Agreement) to take, any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of such Master Servicer or Servicer, would have been covered thereunder. The Master Servicer shall use its best reasonable efforts to cause each the Servicer (to the extent required under the related Servicing Agreement) to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), primary mortgage insurance applicable to each Mortgage Loan in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable. The Master Servicer shall not, and shall not permit any Servicer (to the Servicer(to the extent required under the related Servicing Agreement) to, cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in effect at the date of the initial issuance of the Mortgage Note and is required to be kept in force hereunder except in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable. The Master Servicer agrees to present, or to cause each the Servicer (to the extent required under the related Servicing Agreement) to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policies and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Section 4.01 and 4.02, any amounts collected by the Master Servicer or any Servicer under the Servicerunder any Primary Mortgage Insurance Policies shall be deposited remitted to the Trustee for deposit in the Master Servicer Collection Distribution Account, subject to withdrawal pursuant to Section 4.02 or 4.03.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Maintenance of the Primary Mortgage Insurance Policies. The Master Servicer shall not take, or (to the extent within its control) permit any a Servicer (to the extent such action is prohibited under this Agreement or the applicable Servicing Agreement, as applicable) to take, any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of primary mortgage insurance policy or any loss which, but for the actions of such Master Servicer or the related Servicer, would have been covered thereunder. The Master Servicer shall use its best reasonable efforts to cause each Servicer (to the extent required under the related Servicing Agreement) Servicer to keep in force and effect (to the extent that the a Mortgage Loan requires the Mortgagor to maintain such insurance), primary mortgage insurance applicable to each Mortgage Loan in accordance with the provisions of this Agreement and or the related Servicing Agreement, as applicable. The Master Servicer shall not, and shall not permit any Servicer (to the extent required under within its control) shall not permit the related Servicing Agreement) Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance Policy primary mortgage insurance policy that is in effect at the date of the initial issuance of the Mortgage Note and is required to be kept in force hereunder except in accordance with the provisions of this Agreement and or the related Servicing Agreement, as applicable. The Master Servicer agrees to present, or to cause each Servicer (to the extent required under the related Servicing Agreement) Servicer to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policies primary mortgage insurance policies and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policies primary mortgage insurance policies respecting defaulted Mortgage Loans. Pursuant to Section 4.01 and 4.023.31 of this Agreement or pursuant to the Servicing Agreement, as applicable, any amounts collected by the related Master Servicer or any the Servicer under any Primary Mortgage Insurance Policies primary mortgage insurance policies shall be deposited in by the Servicer or by the Master Servicer Collection in the Distribution Account, subject to withdrawal pursuant to Section 4.033.32.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-2)

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Maintenance of the Primary Mortgage Insurance Policies. The Master Servicer shall not take, or (to the extent within its control) permit any Servicer the Servicers (to the extent such action is prohibited under this Agreement or the applicable related Servicing Agreement, as applicable) to take, any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of primary mortgage insurance policy or any loss which, but for the actions of such Master Servicer or Servicerthe Servicers, would have been covered thereunder. The Master Servicer shall use its best reasonable efforts to cause each Servicer (to the extent required under the related Servicing Agreement) Servicers to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), primary mortgage insurance applicable to each Mortgage Loan in accordance with the provisions of this Agreement and or the related Servicing Agreement, as applicable. The Master Servicer shall not, and shall not permit any Servicer (to the extent required under within its control) shall not permit the related Servicing Agreement) Servicers to, cancel or refuse to renew any such Primary Mortgage Insurance Policy primary mortgage insurance policy that is in effect at the date of the initial issuance of the Mortgage Note and is required to be kept in force hereunder except in accordance with the provisions of this Agreement and or the related Servicing Agreement, as applicable. The Master Servicer agrees to present, or to cause each Servicer (to the extent required under the related Servicing Agreement) Servicers to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policies primary mortgage insurance policies and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policies primary mortgage insurance policies respecting defaulted Mortgage Loans. Pursuant to Section 4.01 and 4.023.31, any amounts collected by the Master Servicer or any Servicer the Servicers under any Primary Mortgage Insurance Policies primary mortgage insurance policies shall be deposited in by the Servicers or by the Master Servicer Collection in the Distribution Account, subject to withdrawal pursuant to Section 4.033.32.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nomura Asset Acceptance Corp. Alternate Loan Trust, Series 2005-Ap3)

Maintenance of the Primary Mortgage Insurance Policies. (a) The Master Servicer shall remit to the providers of the Bulk PMI Policies, the applicable PMI Insurance Premiums. The Master Servicer shall cause Xxxxx Fargo Bank, N.A. to remit insurance premiums relating to existing lender-paid Primary Mortgage Insurance Policies acquired by Xxxxx Fargo Bank, N.A. prior to the Closing Date. The Master Servicer shall not take, or knowingly permit any the Servicer (to consistent with the extent such action is prohibited under the applicable Servicing Agreement) to take, any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of such Master Servicer or the Servicer, would have been covered thereunderthereunder provided, that any successor servicer other than Xxxxx Fargo Bank, N.A. shall not be responsible for the payment of any PMI Insurance Premiums, unless such successor servicer agrees to assume such obligation. The Master Servicer shall use its best reasonable efforts to cause each Servicer In the event of a servicing transfer, Xxxxx Fargo Bank, N.A. will pay any premiums on existing lender-paid Primary Mortgage Insurance Policies (which may include a one-time lump sum to the extent required under the related Servicing Agreement) to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), relevant primary mortgage insurance applicable provider to each Mortgage Loan in accordance with the provisions of this Agreement and continue the related Servicing Agreement, existing lender-paid Primary Mortgage Insurance Policies) for so long as applicablesuch policies are in effect. The Master Servicer shall not, and shall not knowingly permit any the Servicer (to the extent required under the related Servicing Agreement) to, cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in effect at the date of the initial issuance of the Mortgage Note Certificates and is required to be kept in force hereunder except in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable. The Master Servicer agrees to present, or to cause each Servicer (to the extent required under the related Servicing Agreement) to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policies and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Section 4.01 and 4.02, any amounts collected by the Master Servicer or any Servicer under any Primary Mortgage Insurance Policies shall be deposited in the Master Servicer Collection Account, subject to withdrawal pursuant to Section 4.03.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Securities Corp 2005-Wf4)

Maintenance of the Primary Mortgage Insurance Policies. (a) The Master Servicer shall not take, or permit any Servicer (to the extent such action is prohibited under the applicable Servicing Agreement) to take, take any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of such the Master Servicer or Servicer, would have been covered thereunder. The Master Servicer shall use its best reasonable efforts to cause each Servicer (to the extent required under the related Servicing Agreement) to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), primary mortgage insurance Primary Mortgage Insurance applicable to each Mortgage Loan in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicableLoan. The Master Servicer shall not, and shall not permit any Servicer (to the extent required under the related Servicing Agreement) to, cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in effect at the date of the initial issuance of the Mortgage Note and is required to be kept in force hereunder except in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicablehereunder. (b) The Master Servicer agrees to present, or to cause each Servicer (to the extent required under the related Servicing Agreement) to present, present on behalf of the Trustee and Trustee, the Certificateholders, Certificateholders claims to the insurer under any Primary Mortgage Insurance Policies and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Section 4.01 and 4.024.01, any amounts collected by the Master Servicer or any Servicer under any Primary Mortgage Insurance Policies shall be deposited in the Master Servicer Collection Protected Account, subject to withdrawal pursuant to Section 4.034.02 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC Trust 2006-Ec2)

Maintenance of the Primary Mortgage Insurance Policies. The Master Servicer shall not take, or (to the extent within its control) permit any the Servicer (to the extent such action is prohibited under the applicable Servicing Agreement) to take, any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of primary mortgage insurance policy or any loss which, but for the actions of such the Master Servicer or the Servicer, would have been covered thereunder. The Master Servicer shall use its best reasonable efforts to cause each Servicer enforce the Servicer’s obligation (to the extent required under the related Servicing Agreement) to keep in force and effect (to the extent that the related Mortgage Loan requires the Mortgagor to maintain such insurance), primary mortgage insurance applicable to each Mortgage Loan in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable. The Master Servicer shall not, and (to the extent within its control) shall not permit any the Servicer (to the extent required under the related Servicing Agreement) to, cancel or refuse to renew any such Primary Mortgage Insurance Policy primary mortgage insurance policy that is in effect at the date of the initial issuance of the Mortgage Note and is required to be kept in force hereunder except in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable. The Master Servicer agrees to present, or to cause each Servicer enforce the Servicer’s obligation (to the extent required under the related Servicing Agreement) to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policies primary mortgage insurance policies and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policies primary mortgage insurance policies respecting defaulted Mortgage Loans. Pursuant to Section 4.01 and 4.023.31, any amounts collected by the Master Servicer or any the Servicer under any Primary Mortgage Insurance Policies primary mortgage insurance policies shall be deposited in by the Servicer or by the Master Servicer Collection in the Distribution Account, subject to withdrawal pursuant to Section 4.033.32.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-Wf1)

Maintenance of the Primary Mortgage Insurance Policies. (a) The Master Servicer shall not take, or permit any WF Servicer (to the extent such action is prohibited under the applicable Servicing Agreement) to take or permit any Sub-Master Servicer (to the extent such action is prohibited under the applicable Sub-Master Servicing Agreement) to take, any action that would result in noncoverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of the Master Servicer, such Sub-Master Servicer or such Servicer, would have been covered thereunder. The Master Servicer shall use its best reasonable efforts to cause each WF Servicer (to the extent required under the related Servicing Agreement) and to cause each Sub-Master Servicer (to the extent required under the related Sub-Master Servicing Agreement) to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), primary mortgage insurance applicable to each Mortgage Loan in accordance with the provisions of this Agreement, the related Sub-Master Servicing Agreement and the related Servicing Agreement, as applicable. The Master Servicer shall not, and shall not permit any WF Servicer (to the extent required under the related Servicing Agreement) to, and shall not permit the Sub-Master Servicer (to the extent required under the related Sub-Master Servicing Agreement) to, cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in effect at the date of the initial issuance of the Mortgage Note and is required to be kept in force hereunder except in accordance with the provisions of this Agreement, the related Sub-Master Servicing Agreement and the related Servicing Agreement, as applicable. The Master Servicer agrees to present, or to cause each Servicer (to the extent required under the related Servicing Agreement) to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Mortgage Insurance Policies and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Section 4.01 and 4.02, any amounts collected by the Master Servicer or any Servicer under any Primary Mortgage Insurance Policies shall be deposited in the Master Servicer Collection Account, subject to withdrawal pursuant to Section 4.03.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Mort Invest Inc Mort Pas THR Cert Se 03 Cl1)

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