Common use of PMI Policy; Claims Under the PMI Policy Clause in Contracts

PMI Policy; Claims Under the PMI Policy. Notwithstanding anything to the contrary elsewhere in this Article III, the Master Servicer shall not agree to any modification or assumption of a PMI Mortgage Loan or take any other action with respect to a PMI Mortgage Loan that could result in denial of coverage under the PMI Policy. The Master Servicer shall notify the PMI Insurer that the Trustee, on behalf of the Certificateholders, is the Insured, as that term is defined in the PMI Policy, of each PMI Mortgage Loan. The Master Servicer shall, on behalf of the Trustee, prepare and file on a timely basis with the PMI Insurer, with a copy to the Trustee, all claims which may be made under the PMI Policy with respect to the PMI Mortgage Loans. Consistent with all rights and obligations hereunder, the Master Servicer shall service each PMI Mortgage Loan in accordance with the terms of the PMI Policy, including, but not limited to taking 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 into the Collection Account in accordance with Section 3.04(b). Furthermore, upon the receipt of written direction from the Guarantor, the Trustee shall replace the PMI Insurer with the insurer included in such written direction, in the event that (i) both S&P or Moody's downgrade the xxxxxx paying ability of the PMI Insurer below "BBB-," in the case of S&P and "Baa3," in the case of Moody's, (ii) (A) S&P xxxxxxxdes the claims paying ability of the PMI Insurer below "BBB-," and Moody's downgrades the xxxxxx paying ability of the PMI Insurer below "A3" or (B) Moody's downgrades the xxxxxx paying ability of the PMI Insurer below "Baa3" and S&P downgrades the claims paying ability of the PMI Insurer below "A-" or (iii) the PMI Insurer assigns its obligations under the PMI Policy without the consent of the Guarantor. Upon such replacement, the Trustee shall notify each party hereto and the NIMS Insurer of the identity of the new PMI Insurer. If the PMI Insurer fails to make a payment under the PMI Policy as a result of a breach of the Master Servicer's obligations under this Section 3.24, the Master Servicer shall deposit an amount into the Collection Account equal to the portion of the claim not paid by the PMI Insurer from the Servicer's own funds without any right of reimbursement.

PMI Policy; Claims Under the PMI Policy. Notwithstanding anything to the contrary elsewhere in this Article IIISection 3.30, the Master Servicer shall not agree to any modification or assumption of a PMI Mortgage Loan or take any other action with respect to a PMI Mortgage Loan that could result in denial of coverage under the PMI Policy. The Master Servicer shall notify the PMI Insurer that the Trustee, on behalf of the Certificateholders, is the Insured, as that the term is defined in the PMI Policy, of each PMI Mortgage Loan. The Master Servicer shall, on behalf of the TrusteeTrust, prepare and file on a timely basis with the PMI Insurer, with a copy to the Trustee, all claims which may be made under the PMI Policy with respect to the PMI Mortgage Loans. Consistent with all rights and obligations hereunder, the Master Servicer shall service each PMI Mortgage Loan in accordance with the terms of the PMI Policy, including, but not limited to taking 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 into the Collection Account Account, no later than one Business Day following deposit thereof in accordance with Section 3.04(b)the Payment Clearing Account. Furthermore, upon the receipt of written direction from the Guarantor, the Trustee Servicer shall replace the PMI Insurer with the insurer included in such written direction, in the event that (i) both S&P or Moody's Xxxxx’x downgrade the xxxxxx paying ability of the PMI Insurer below "BBB-," in the case of S&P and "Baa3," in the case of Moody's, (ii) (A) S&P xxxxxxxdes the claims paying ability of the PMI Insurer below "“BBB-," ” in the case of S&P and Moody's “Baa3,” in the case of Xxxxx’x, (ii) (A) S&P downgrades the xxxxxx claims paying ability of the PMI Insurer below "A3" or (B) Moody's “BBB-,” and Xxxxx’x downgrades the xxxxxx claims paying ability of the PMI Insurer below "“A3” or (B) Xxxxx’x downgrades the claims paying ability of the PMI Insurer below “Baa3" ” and S&P downgrades the claims paying ability of the PMI Insurer below "“A-" “ or (iii) the PMI Insurer assigns its obligations under the PMI Policy without the consent of to any insurer not on the Guarantor’s approved mortgage insurer list as published in the Xxxxxxx Mac Seller/Servicer Guide, as amended from time to time. Upon such replacement, the Trustee shall notify each party hereto and the NIMS Insurer of the identity of the new PMI Insurer. If the PMI Insurer fails to make a payment under the PMI Policy as a result of a breach of the Master Servicer's obligations under this Section 3.24, the Master Servicer shall deposit an amount into the Collection Account equal to the portion of the claim not paid by the PMI Insurer from the Servicer's own funds without any right of reimbursement.

PMI Policy; Claims Under the PMI Policy. Notwithstanding anything to the contrary elsewhere in this Article IIIAgreement, the Master Servicer shall not agree to any modification or assumption of a PMI Mortgage Loan or take any other action with respect to a PMI Mortgage Loan that could result in a limitation, qualification or denial of coverage under the PMI Policy with respect to any PMI Mortgage Loan. The Servicer shall not agree to any modification of a PMI Mortgage Loan without the PMI Insurer's prior written consent. The Servicer covenants and agrees to exercise its best reasonable efforts to maintain and keep the PMI Policy in full force and effect throughout the term of this Agreement. In the performance of its duties hereunder, the Servicer shall comply with the terms of the PMI Policy. The Master Servicer shall notify the PMI Insurer that the Trustee, on behalf of the Certificateholders, is the "Insured", as that term is defined in the PMI Policy, of each PMI Mortgage Loan. The Master Servicer shall, on behalf of the Trustee, prepare and file on a timely basis with the PMI Insurer, with a copy to the Trustee, all claims which may be made under the PMI Policy with respect to the related PMI Mortgage Loans. Consistent with all rights and obligations hereunder, the Master Servicer shall service each PMI Mortgage Loan in accordance with the terms of the PMI Policy, including, but not limited to taking 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 Servicer, no later than two Business Days following receipt thereof, into the Collection Account Account. On each Distribution Date, prior to distributions being made on the Certificates in accordance with the priorities set forth in Section 3.04(b). Furthermore4.02, upon the receipt of written direction Servicer shall withdraw from the Guarantor, the Trustee shall replace Collection Account and remit to the PMI Insurer with the insurer included in such written direction, in the event that (i) both S&P on or Moody's downgrade the xxxxxx paying ability of prior to 12:00 PM (EST), the PMI Insurer below "BBB-," in the case of S&P Fee due on such Distribution Date and "Baa3," in the case of Moody's, (ii) (A) S&P xxxxxxxdes the claims paying ability of promptly when due, any other amount owed to the PMI Insurer below "BBB-," and Moody's downgrades the xxxxxx paying ability of the PMI Insurer below "A3" or (B) Moody's downgrades the xxxxxx paying ability of the PMI Insurer below "Baa3" and S&P downgrades the claims paying ability of the PMI Insurer below "A-" or (iii) the PMI Insurer assigns its obligations under the PMI Policy without or this Agreement. With respect to any PMI Mortgage Loan insured by the consent of the Guarantor. Upon such replacement, the Trustee shall notify each party hereto and the NIMS Insurer of the identity of the new PMI Insurer. If the PMI Insurer fails to make a payment under , coverage with respect thereto shall be terminated in accordance with the PMI Policy as a result of a breach on the first date upon which termination is permitted pursuant to the terms of the Master Servicer's obligations under this Section 3.24, the Master Servicer shall deposit an amount into the Collection Account equal to the portion of the claim not paid by the PMI Insurer from the Servicer's own funds without any right of reimbursementPolicy.

PMI Policy; Claims Under the PMI Policy. Notwithstanding anything to the contrary elsewhere in this Article IIIAgreement, the Master Servicer shall not agree to any modification or assumption of a PMI Mortgage Loan or take any other action with respect to a PMI Mortgage Loan that could result in denial of coverage under the PMI Policy. The Master Servicer shall enforce the related Servicer's obligations under the applicable Servicing Agreement to notify the PMI Insurer that the Trustee, Trust Administrator on behalf of the Trustee and the Certificateholders, is the Insured, as that term is defined in the PMI Policy, of each PMI Mortgage Loan. The Master Servicer shallServicer, on behalf of the Trustee, shall enforce the related Servicer's obligations under the applicable Servicing Agreement to prepare and file on a timely basis with the PMI Insurer, with a copy to the TrusteeTrustee and Trust Administrator, all claims which may be made under the PMI Policy with respect to the PMI Mortgage Loans. Consistent with all rights and obligations hereunder, the Master Servicer shall service each PMI Mortgage Loan in accordance with enforce the terms of related Servicer's obligations under the PMI Policy, including, but not limited applicable Servicing Agreement to taking 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 related Servicer into the Collection applicable Custodial Account in accordance with Section 3.04(b)3.19. Furthermore, upon the receipt of written direction The Trust Administrator shall withdraw from the Guarantor, the Trustee shall replace Distribution Account on each Distribution Date and pay to the PMI Insurer the PMI Insurer Fee in accordance with the insurer included in such written direction, in the event that (i) both S&P or Moody's downgrade the xxxxxx paying ability terms of the PMI Insurer below "BBB-," in the case of S&P and "Baa3," in the case of Moody's, (ii) (A) S&P xxxxxxxdes the claims paying ability of the PMI Insurer below "BBB-," and Moody's downgrades the xxxxxx paying ability of the PMI Insurer below "A3" or (B) Moody's downgrades the xxxxxx paying ability of the PMI Insurer below "Baa3" and S&P downgrades the claims paying ability of the PMI Insurer below "A-" or (iii) the PMI Insurer assigns its obligations under the PMI Policy without the consent of the Guarantor. Upon such replacement, the Trustee shall notify each party hereto and the NIMS Insurer of the identity of the new PMI Insurer. If the PMI Insurer fails to make a payment under the PMI Policy as a result of a breach of the Master Servicer's obligations under this Section 3.24, the Master Servicer shall deposit an amount into the Collection Account equal to the portion of the claim not paid by the PMI Insurer from the Servicer's own funds without any right of reimbursementPolicy.