Common use of 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, as 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. 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, no later than two Business Days following receipt thereof, into the Collection Account. On each Distribution Date, the Trustee shall pay to the PMI Insurer the PMI Insurer Fee for such Distribution Date from the amounts on deposit in the Distribution Account prior to making any distributions to the Certificateholders.

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, as trustee on behalf of the CertificateholdersTrust, 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 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. 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, no later than two Business Days following receipt thereof, into the Collection Account. On each Distribution Date, the Trustee shall pay to the PMI Insurer the PMI Insurer Fee for such Distribution Date from the amounts on deposit in the Distribution Account prior to making any distributions to the Certificateholders.

PMI Policy. Claims Under The Master Servicer agrees to exercise commercially reasonable efforts to maintain and keep the PMI Policy Notwithstanding anything in full force and effect throughout the term of this Agreement and on each Distribution Date shall remit the PMI Insurer Fee for such Distribution Date to the contrary elsewhere PMI Insurer in this Article IIIaccordance with the terms of the PMI Policy; provided, however, that in no case shall the Master Servicer be required to (i) expend its own funds to maintain such policy or (ii) make a Nonrecoverable Advance to maintain such policy. In the event that (i) the claims paying ability rating of the PMI Insurer is reduced below the level of the rating originally given and, consequently, the Ratings are reduced below the level of the Ratings originally given, (ii) the PMI Insurer ceases to be a qualified mortgage insurer duly qualified as such under applicable laws or (iii) the PMI Policy is cancelled for any reason, the Master Servicer acting on behalf of the Trustee shall exercise commercially reasonable efforts to obtain from another insurer acceptable to the Rating Agencies a replacement policy comparable to the initial PMI Policy; provided, however, that if the cost of any such replacement policy shall be greater than the cost of the initial PMI Policy, the amount of coverage of such replacement policy shall be reduced to a level such that the premium rate therefor shall not agree exceed 100% of the PMI Insurer Fee Rate. In connection with its activities hereunder, the Master Servicer agrees to any modification or assumption present, on behalf of a the Trustee and Certificateholders, claims to the PMI Mortgage Loan or Insurer under the PMI Policy, and, in this regard, to take any such commercially reasonable action (other action with respect than the making of Nonrecoverable Advances) as shall be necessary to a PMI Mortgage Loan that could result in denial of coverage permit recovery under the PMI Policy. The Master Servicer shall notify the PMI Insurer that the Trustee, as 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 collect all amounts relating to the Trustee, all claims which may be made Certificates under the PMI Policy with respect to the PMI Mortgage Loans. The Master Servicer and shall take all actions required under the PMI Policy as a condition to the payment of any deposit such claim. Any amount received from the PMI Insurer with respect to any such PMI Mortgage Loan shall be deposited by the Master Servicer, no later than two Business Days following receipt thereof, into the Collection Account. On each Distribution Date, the Trustee shall pay to the PMI Insurer the PMI Insurer Fee for such Distribution Date from the amounts on deposit in the Distribution related Custodial Account prior to making any distributions to for P&I or in the CertificateholdersCertificate Account until distributed in accordance with Section 4.01 or withdrawn in accordance with Section 3.03 or Section 3.05 of this Agreement.

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, as trustee on behalf of the CertificateholdersCertificateholders and the Certificate Insurer, 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. 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, no later than two Business Days following receipt thereof, into the Collection Account. On each Distribution Date, the Trustee shall pay to the PMI Insurer the PMI Insurer Fee for such Distribution Date from the amounts on deposit in the Distribution Account prior to making any distributions to the Certificateholders.

PMI Policy. Claims Under under the PMI Policy 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, as trustee on behalf of the Certificateholders, is the insuredInsured, 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. The Consistent with all 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, no later than two Business Days following receipt thereof, Servicer into the Collection Account. On each Distribution Date, the Trustee shall pay to the PMI Insurer the PMI Insurer Fee for such Distribution Date from the amounts on deposit Account in the Distribution Account prior to making any distributions to the Certificateholdersaccordance with Section 3.10.