Pool Policy; Claims Under the Pool Policy Sample Clauses

Pool Policy; Claims Under the Pool Policy. (a) The Servicer shall, on behalf of the Trustee, prepare and file on a timely basis with the Pool Insurer, with a copy to the Trust Administrator, all claims which may be made under the Pool Policy with respect to the Covered Mortgage Loans. Consistent with all rights and obligations hereunder, the Servicer shall take all actions required under the Pool Policy as a condition to the payment of any such claim. Within thirty (30) days after the Servicer receives notice or otherwise becomes aware that: (i) a borrower is Three (3) Months in Default, or; (ii) proceedings to acquire title to a borrower’s property have been commenced, whichever event occurs first, notice thereof shall be given to the Pool Insurer by the Servicer upon the form furnished by the Pool Insurer, provided, however, that failure of the Pool Insurer to furnish forms shall not relieve the Servicer of the obligation to give notice in any reasonable form within the required time. Thereafter, the Servicer shall report monthly to the Pool Insurer in summary form the status of the borrower’s account, until a claim is submitted to the Pool Insurer or until such borrower is less than Three (3) Months in Default. Any amount received from the Pool Insurer with respect to any such Covered Mortgage Loan shall be remitted by the Servicer to the Master Servicer.
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Pool Policy; Claims Under the Pool Policy. (a) The Servicer, on behalf of the Trustee, shall prepare and file on a timely basis with the Pool Insurer, with a copy to the Trustee, the Certificate Insurer and Trust Administrator, all claims which may be made under the Pool Policy with respect to the Covered Mortgage Loans. Consistent with all rights and obligations hereunder, the Servicer shall take all actions required under the Pool Policy as a condition to the payment of any such claim. Notwithstanding anything to the contrary under the Pool Policy, the Servicer (and not the Trustee) will be responsible for all the obligations of the Trust and will take all actions required of the Trust under the Pool Policy. Within ten (10) days after the Servicer receives notice or otherwise becomes aware that: (i) a borrower is Three (3) Months in Default, or (ii) proceedings to acquire title to a borrower’s property have been commenced, whichever event occurs first, notice thereof shall be given to the Pool Insurer by the Trust Administrator upon the form furnished by the Pool Insurer; provided, however, that failure of the Pool Insurer to furnish forms shall not relieve the Servicer of the obligation to give notice in any reasonable form within the required time. Thereafter, the Servicer shall report monthly to the Pool Insurer in summary form the status of the borrower’s account, until a claim is submitted to the Pool Insurer or until such borrower is less than Three (3) Months in Default. When a borrower becomes less than thirty (30) days in default, a final monthly report must be provided indicating that the default has been cured. Failure by the Servicer to give any notice or file any report required under the Pool Policy, within the time period specified, shall not constitute failure to comply with a material condition of the Pool Policy provided that such failure is remedied within fifteen (15) days of receipt of notice thereof from the Pool Insurer. Any amount received from the Pool Insurer with respect to any such Mortgage Loan shall be deposited by the Servicer into the Collection Account in accordance with Section 3.10. The Servicer shall indemnify the Trust Fund, the Trustee, the Trust Administrator, the Master Servicer and the Certificate Insurer for any costs, expenses or liabilities incurred by any of them if a claim made under the Pool Policy is denied as a result of an action or inaction on the part of the Servicer.
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Pool Policy; Claims Under the Pool Policy. The Master Servicer shall, on behalf of the Trustee, prepare and file on a timely basis with the Pool Insurer, with a copy to the Trustee, all claims which may be made under the Pool Policy with respect to the Covered Mortgage Loans. Consistent with all rights and obligations hereunder, the Master Servicer shall take all actions required under the Pool Policy as a condition to the payment of any such claim. Within ten (10) days after the Master Servicer receives notice or otherwise becomes aware that:
Sample 1
Pool Policy; Claims Under the Pool Policy. The Servicer, on behalf of the Trustee, shall prepare and file on a timely basis with the Pool Insurer, with a copy to the Trustee, all claims which may be made under the Pool Policy with respect to the Mortgage Loans. Consistent with all rights and obligations hereunder, the Servicer shall take all actions required under the Pool Policy as a condition to the payment of any such claim. Notwithstanding anything to the contrary under the Pool Policy, the Servicer (and not the Trustee) will be responsible for all the obligations of the Trust and will take all actions required of the Trust under the Pool Policy. Within fifteen (15) days after the Servicer receives notice or otherwise becomes aware that:
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Related to Pool Policy; Claims Under the Pool Policy

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  • Alcohol Policy Where contractually bound, the employer will apply the Drug and Alcohol Management Program (DAMP) as contained at Appendix M.

  • Master Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance Policy (a) The Master Servicer, at its expense, shall maintain in effect a Fidelity Bond and an Errors and Omissions Insurance Policy, affording coverage with respect to all directors, officers, employees and other Persons acting on such Master Servicer’s behalf, and covering errors and omissions in the performance of the Master Servicer’s obligations hereunder. The Errors and Omissions Insurance Policy and the Fidelity Bond shall be in such form and amount that would meet the requirements of FNMA or FHLMC if it were the purchaser of the Mortgage Loans. The Master Servicer shall (i) require each Servicer to maintain an Errors and Omissions Insurance Policy and a Fidelity Bond in accordance with the provisions of the applicable Servicing Agreement, (ii) cause each Servicer to provide to the Master Servicer certificates evidencing that such policy and bond is in effect and to furnish to the Master Servicer any notice of cancellation, non-renewal or modification of the policy or bond received by it, as and to the extent provided in the applicable Servicing Agreement, and (iii) furnish copies of the certificates and notices referred to in clause (ii) to the Trustee upon its request. The Fidelity Bond and Errors and Omissions Insurance Policy may be obtained and maintained in blanket form. (b) The Master Servicer shall promptly report to the Trustee any material changes that may occur in the Master Servicer Fidelity Bond or the Master Servicer Errors and Omissions Insurance Policy and shall furnish to the Trustee, on request, certificates evidencing that such bond and insurance policy are in full force and effect. The Master Servicer shall promptly report to the Trustee all cases of embezzlement or fraud, if such events involve funds relating to the Mortgage Loans. The total losses, regardless of whether claims are filed with the applicable insurer or surety, shall be disclosed in such reports together with the amount of such losses covered by insurance. If a bond or insurance claim report is filed with any of such bonding companies or insurers, the Master Servicer shall promptly furnish a copy of such report to the Trustee. Any amounts relating to the Mortgage Loans collected by the Master Servicer under any such bond or policy shall be promptly remitted by the Master Servicer to the Trustee for deposit into the Certificate Account. Any amounts relating to the Mortgage Loans collected by any Servicer under any such bond or policy shall be remitted to the Master Servicer to the extent provided in the applicable Servicing Agreement.

  • Actions Taken Under the Program The actions taken by the Recipient under the Program include the following:

  • Maintenance of PMI Policy and/or LPMI Policy; Claims The Servicer shall comply with all provisions of applicable state and federal law relating to the cancellation of, or collection of premiums with respect to, PMI Policies, including, but not limited to, the provisions of the Homeowners Protection Act of 1998, and all regulations promulgated thereunder, as amended from time to time. With respect to each Mortgage Loan (other than LPMI Loans) with a loan to value ratio at origination in excess of 80%, the Servicer shall maintain or cause the Mortgagor to maintain (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance) in full force and effect a PMI Policy, and shall pay or shall cause the Mortgagor to pay the premium thereon on a timely basis, until the LTV of such Mortgage Loan is reduced to 80%. In the event that such PMI Policy shall be terminated, the Servicer shall obtain from another Qualified Insurer a comparable replacement policy, with a total coverage equal to the remaining coverage of such terminated PMI Policy, at substantially the same fee level. The Servicer shall not take any action which would result in noncoverage under any applicable PMI Policy of any loss which, but for the actions of the Servicer would have been covered thereunder. In connection with any assumption or substitution agreements entered into or to be entered into with respect to a Mortgage Loan, the Servicer shall promptly notify the insurer under the related PMI Policy, if any, of such assumption or substitution of liability in accordance with the terms of such PMI Policy and shall take all actions which may be required by such insurer as a condition to the continuation of coverage under such PMI Policy. If such PMI Policy is terminated as a result of such assumption or substitution of liability, the Servicer shall obtain a replacement PMI Policy as provided above. The Servicer shall take all such actions as are necessary to service, maintain and administer the LPMI Loans in accordance with the LPMI Policy and to perform and enforce the rights of the insured under such LPMI Policy. Except as expressly set forth herein, the Servicer shall have full authority on behalf of the Trust Fund to do anything it reasonably deems appropriate or desirable in connection with the servicing, maintenance and administration of the LPMI Policy. The Servicer shall not modify or assume a Mortgage Loan covered by the LPMI Policy or take any other action with respect to such Mortgage Loan which would result in non-coverage under the LPMI Policy of any loss which, but for the actions of the Servicer, would have been covered thereunder. If the LPMI Insurer fails to pay a claim under the LPMI Policy as a result of breach by the Servicer of its obligations hereunder or under the LPMI Policy, the Servicer shall be required to deposit in the Custodial Account on or prior to the next succeeding Remittance Date an amount equal to such unpaid claim from its own funds without any right to reimbursement from the Trust Fund. The Servicer shall cooperate with the LPMI Insurer and the Master Servicer and shall use its best efforts to furnish all reasonable aid, evidence and information in the possession of the Servicer to which the Servicer has access with respect to any LPMI Loan; provided, however, notwithstanding anything to the contrary contained in any LPMI Policy, the Servicer shall not be required to submit any reports to the LPMI Insurer until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information from the Seller, the Master Servicer or the LPMI Insurer to appropriately code its servicing system in accordance with the LPMI Insurer’s requirements. In connection with its activities as servicer, the Servicer agrees to prepare and present, on behalf of itself and the Trustee, claims to the insurer under any PMI Policy or LPMI Policy in a timely fashion in accordance with the terms of such PMI Policy or LPMI Policy and, in this regard, to take such action as shall be necessary to permit recovery under any PMI Policy or LPMI Policy respecting a defaulted Mortgage Loan. Any amounts collected by the Servicer under any PMI Policy or LPMI Policy shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 3.04.

  • IMPLICATIONS UNDER THE LISTING RULES As the relevant percentage ratios (as defined under the Listing Rules) in respect of the maximum amount of financial assistance granted to the Borrowers or their associates pursuant to the Loan Agreement exceed 5% but are under 25%, the transaction contemplated thereunder constitutes a discloseable transaction of the Company and is therefore subject to the announcement requirement but exempt from obtaining Shareholders’ approval under Chapter 14 of the Listing Rules.

  • Procurement Project not financed with EU Funds The procurement is covered by the Government Procurement Agreement (GPA): yes

  • Maintenance of Primary Mortgage Insurance Policy; Claims With respect to each Mortgage Loan with a LTV in excess of 80%, the Seller shall promptly, without any cost to the Purchaser, maintain or cause the Mortgagor to maintain in full force and effect a Primary Mortgage Insurance Policy issued by a Qualified Insurer insuring the portion over 78% (or such other percentage in conformance with then current Fxxxxx Mae requirements) until terminated pursuant to the Homeowners Protection Act of 1988, 12 USC § 4901, et seq. or any other applicable federal, state or local law or regulation. In the event that such Primary Mortgage Insurance Policy shall be terminated other than as required by law, the Seller shall obtain from another Qualified Insurer a comparable replacement policy, with a total coverage equal to the remaining coverage of such terminated Primary Mortgage Insurance Policy. If the insurer shall cease to be a Qualified Insurer, the Seller shall obtain from another Qualified Insurer a replacement Primary Mortgage Insurance Policy. The Servicer shall not take any action which would result in noncoverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of the Servicer would have been covered thereunder. In connection with any assumption or substitution agreement entered into or to be entered into pursuant to Subsection 11.18, the Seller shall promptly notify the insurer under the related Primary Mortgage Insurance Policy, if any, of such assumption or substitution of liability in accordance with the terms of such Primary Mortgage Insurance Policy and shall take all actions which may be required by such insurer as a condition to the continuation of coverage under such Primary Mortgage Insurance Policy. If such Primary Mortgage Insurance Policy is terminated as a result of such assumption or substitution of liability, the Seller shall obtain a replacement Primary Mortgage Insurance Policy as provided above. In connection with its activities as interim servicer, the Seller agrees to prepare and present or to assist the Purchaser in preparing and presenting, on behalf of itself and the Purchaser, claims to the insurer under any Primary Mortgage Insurance Policy in a timely fashion in accordance with the terms of such Primary Mortgage Insurance Policy and, in this regard, to take such action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policy respecting a defaulted Mortgage Loan. Pursuant to Subsection 11.04, any amounts collected by the Seller under any Primary Mortgage Insurance Policy shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05.

  • NAV Error Policy Definitions

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