Common use of Pool Insurance Policy Clause in Contracts

Pool Insurance Policy. Based solely upon the information provided by the Servicer in its monthly remittance advice, the Master Servicer will include in its monthly reporting with respect to any Distribution Date provided to the Securities Administrator (i) the current amount of claims paid under each Pool Insurance Policy during the preceding Collection Period, (ii) the cumulative amount of such claims paid from the Closing Date and (iii) each of the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance as of such Distribution Date. If any Pool Insurance Policy is terminated for any reason other than the exhaustion of its coverage or if the financial strength rating of any related Pool Insurer is reduced below investment grade, the Master Servicer, in coordination with the Depositor, shall use its best efforts to obtain a comparable policy from an insurer that is acceptable to the Rating Agencies. Such replacement policy shall provide coverage equal to the then remaining coverage of the related Pool Insurance Policy if available. However, if the premium cost of the replacement policy exceeds the premium cost of such Pool Insurance Policy, the coverage amount of the replacement policy will be reduced so that its premium cost will not exceed the premium cost of such Pool Insurance Policy. The Master Servicer, in coordination with the Depositor and the Trustee, at any time, may substitute a surety bond, letter of credit, another mortgage guaranty pool insurance policy or other form of credit enhancement for any Pool Insurance Policy (or any substitute therefor) to the extent permitted by each Rating Agency so as not to result in a downgrading or withdrawal of the respective ratings then assigned to the Certificates, provided that the obligations of the Master Servicer and the Trustee in connection with the maintenance and reporting of such substitute form of credit enhancement are no greater than such obligations with respect to such Pool Insurance Policy or Policies. The Master Servicer shall provide the Trustee with any necessary instructions as to the revised method of reporting for such substitute form of credit enhancement. The Trustee will be reimbursed by the Trust Fund for any out-of-pocket expenses incurred by it in connection with obtaining and maintaining such substitute form of credit enhancement in replacement of a Pool Insurance Policy.

Pool Insurance Policy. The Master Servicer shall cause each applicable Servicer to remit or shall remit on behalf of each applicable Servicer to the Pool Insurer, the Pool Insurance Premium. Based solely upon the information provided by the Servicer in its monthly remittance adviceadvice or by the Pool Insurer, the Master Servicer will include in its monthly reporting with respect to any Distribution Date provided to the Securities Administrator Trustee (i) the current amount of claims paid under each the Pool Insurance Policy during the preceding Collection Period, (ii) the cumulative amount of such claims paid from the Closing Date and (iii) each of the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance as of such Distribution Date. .. If any the Pool Insurance Policy is terminated for any reason other than the exhaustion of its coverage or if the financial strength rating of any related the Pool Insurer is reduced below investment grade, the Master Servicer, in coordination with the Depositor, shall use its best efforts to obtain a comparable policy from an insurer that is acceptable to the Rating Agencies. Such replacement policy shall provide coverage equal to the then remaining coverage of the related Pool Insurance Policy if available. However, if the premium cost of the replacement policy exceeds the premium cost of such Pool Insurance Policy, the coverage amount of the replacement policy will be reduced so that its premium cost will not exceed the premium cost of such Pool Insurance Policy. The Master Servicer, in coordination with the Depositor and the Trustee, at any time, may substitute a surety bond, letter of credit, another mortgage guaranty pool insurance policy or other form of credit enhancement for any the Pool Insurance Policy (or any substitute therefor) to the extent permitted by each Rating Agency so as not to result in a downgrading or withdrawal of the respective ratings then assigned to the Certificates, provided that the obligations of the Master Servicer and the Trustee in connection with the maintenance and reporting of such substitute form of credit enhancement are no greater than such obligations with respect to such Pool Insurance Policy or PoliciesPolicy. The Master Servicer shall provide the Trustee with any necessary instructions as to the revised method of reporting for such substitute form of credit enhancement. The Trustee will be reimbursed by the Trust Fund for any out-of-pocket expenses incurred by it in connection with obtaining and maintaining such substitute form of credit enhancement in replacement of a Pool Insurance Policy. ARTICLE X REMIC ADMINISTRATION

Pool Insurance Policy. Based solely upon the information provided by the Servicer in its monthly remittance advice, the Master Servicer will include in its monthly reporting with respect to any Distribution Date provided to the Securities Administrator Trustee (i) the current amount of claims paid under each the Pool Insurance Policy during the preceding Collection Period, (ii) the cumulative amount of such claims paid from the Closing Date and (iii) each of the Old Republic Undrawn Pool Insurance Policy Balance, the United Guaranty Undrawn Pool Insurance Policy Balance, the Old Republic Covered Balance and the United Guaranty Covered Balance as of such Distribution Date. If any the Pool Insurance Policy is terminated for any reason other than the exhaustion of its coverage or if the financial strength rating of any related the Pool Insurer is reduced below investment grade, the Master Servicer, in coordination with the Depositor, shall use its best efforts to obtain a comparable policy from an insurer that is acceptable to the Rating Agencies. Such replacement policy shall provide coverage equal to the then remaining coverage of the related Pool Insurance Policy if available. However, if the premium cost of the replacement policy exceeds the premium cost of such the Pool Insurance Policy, the coverage amount of the replacement policy will be reduced so that its premium cost will not exceed the premium cost of such the Pool Insurance Policy. The Master Servicer, in coordination with the Depositor and the Trustee, at any time, may substitute a surety bond, letter of credit, another mortgage guaranty pool insurance policy or other form of credit enhancement for any the Pool Insurance Policy (or any substitute therefor) to the extent permitted by each Rating Agency so as not to result in a downgrading or withdrawal of the respective ratings then assigned to the Certificates, provided that the obligations of the Master Servicer and the Trustee in connection with the maintenance and reporting of such substitute form of credit enhancement are no greater than such obligations with respect to such the Pool Insurance Policy or PoliciesPolicy. The Master Servicer shall provide the Trustee with any necessary instructions as to the revised method of reporting for such substitute form of credit enhancement. The Trustee will be reimbursed by the Trust Fund for any out-of-pocket expenses incurred by it in connection with obtaining and maintaining such substitute form of credit enhancement in replacement of a the Pool Insurance Policy.