Common use of Primary Mortgage Insurance Clause in Contracts

Primary Mortgage Insurance. The Servicer must maintain a Primary Mortgage Insurance Policy in full force and effect on each Mortgage Loan, if any, which is identified in the related Sales Agreement as being covered by a Primary Mortgage Insurance Policy. Any such Primary Mortgage Insurance Policy must insure the portion of the Unpaid Principal Balance of the related Mortgage Loan that exceeds 75% of the value of the related Mortgaged Property (as set forth in the appraisal obtained in connection with origination of the Mortgage Loan) (the Mortgaged Property's "Initial Value") unless such Primary Mortgage Insurance coverage has been waived in writing by the Company at the time it purchases the Mortgage Loan or such Primary Mortgage Insurance is canceled under the circumstances described below. If a covered Mortgage Loan provides for negative amortization or the potential for negative amortization, the Primary Mortgage Insurance Policy must also insure any increase in the Unpaid Principal Balance of the Mortgage Loan from the original principal balance of the related Mortgage Note. In the event that the rating assigned by any Rating Agency for any of the related Certificates to the claims-paying ability of any related Mortgage Insurer is reduced subsequent to the issuance of the related Certificates, the Servicer will use its best efforts to replace each Primary Mortgage Insurance Policy issued by the downgraded Mortgage Insurer with a new Primary Mortgage Insurance Policy issued by an insurer whose claims-paying ability is acceptable to the Company. The premium for any replacement policy shall not exceed the premium for any replaced policy. The Servicer may cancel the Primary Mortgage Insurance Policy maintained with respect to any Mortgage Loan at the related Mortgagor's request if the following conditions are met: (1) The current Mortgage Loan-to-Value Ratio of the Mortgage Loan must be 80% or less. The current Mortgage Loan-to-Value Ratio must be calculated by dividing the Unpaid Principal Balance of the Mortgage Loan by the Initial Value of the related Mortgaged Property; or (2) After the policy has been in effect for more than two years, if the Mortgage Loan-to-Value Ratio of such Mortgage Loan is 75% or less based upon the current fair market value of the related Mortgaged Property. The Servicer must take all steps necessary to ensure the payment by each Mortgage Insurer of the maximum benefits available under the terms of the related Primary Mortgage Insurance Policy. The Servicer must work diligently with the Mortgage Insurer to determine whether such insurer will settle a claim under a Primary Mortgage Insurance Policy by taking title to the related Mortgaged Property or in some other manner. Upon receipt of any proceeds of a Primary Mortgage Insurance Policy, the Servicer must deposit such proceeds into the applicable Certificate Account in accordance with Sections 3.05 and 3.06 above.

Primary Mortgage Insurance. The Servicer must maintain a Primary Mortgage Insurance Policy in full force and effect on each Mortgage Loan, if any, which is identified in the related Sales Agreement as being covered by a Primary Mortgage Insurance Policy. Any such Primary Mortgage Insurance Policy must insure the portion of the Unpaid Principal Balance of the related Mortgage Loan that exceeds 75% of the value of the related Mortgaged Property (as set forth in the appraisal obtained in connection with origination of the Mortgage Loan) (the Mortgaged Property's "Initial Value") unless such Primary Mortgage Insurance coverage has been waived in writing by the Company OMI at the time it purchases the Mortgage Loan or such Primary Mortgage Insurance is canceled under the circumstances described below. If a covered Mortgage Loan provides for negative amortization or the potential for negative amortization, the Primary Mortgage Insurance Policy must also insure any increase in the Unpaid Principal Balance of the Mortgage Loan from the original principal balance of the related Mortgage Note. In the event that the rating assigned by any Rating Agency for any of the related Certificates to the claims-paying ability of any related Mortgage Insurer is reduced subsequent to the issuance of the related Certificates, the Servicer will use its best efforts to replace each Primary Mortgage Insurance Policy issued by the downgraded Mortgage Insurer with a new Primary Mortgage Insurance Policy issued by an insurer whose claims-paying ability is acceptable to the CompanyOMI. The premium for any replacement policy shall not exceed the premium for any replaced policy. The Servicer may cancel the Primary Mortgage Insurance Policy maintained with respect to any Mortgage Loan at the related Mortgagor's request if the following conditions are met: (1) The current Mortgage Loan-to-Value Ratio of the Mortgage mortgage Loan must be 80% or less. The current Mortgage Loan-to-Value Ratio must be calculated by dividing the Unpaid Principal Balance of the Mortgage Loan by the Initial Value of the related Mortgaged Property; or; (2) After The Mortgage Loan may not have been 30 days or more delinquent at any time within the policy has preceding twelve months; and (3) There nay not have been in effect for more than two years, if any other default under the terms of the Mortgage Loan-to-Value Ratio of such Mortgage Loan is 75% or less based upon at any time during the current fair market value of the related Mortgaged Propertypreceding twelve months. The Servicer must take all steps necessary to ensure the payment by each Mortgage Insurer of the maximum benefits available under the terms of the related Primary Mortgage Insurance Policy. The Servicer must work diligently with the Mortgage Insurer to determine whether such insurer will settle a claim under a Primary Mortgage Insurance Policy by taking title to the related Mortgaged Property or in some other manner. Upon receipt of any proceeds of a Primary Mortgage Insurance Policy, the Servicer must deposit such proceeds into the applicable Certificate Account in accordance with Sections 3.05 and 3.06 above.

Primary Mortgage Insurance. The Servicer must maintain a Primary Mortgage Insurance Policy in full force and effect on each Mortgage Loan, if any, which is identified in the related Sales Agreement Schedule of Receivables as being covered by a Primary Mortgage Insurance Policy. Any such Primary Mortgage Insurance Policy must insure the portion of the Unpaid Principal Loan Balance of the related Mortgage Loan that exceeds 75% of the value of the related Mortgaged Property (as set forth in the appraisal obtained in connection with origination of the Mortgage Loan) (the Mortgaged Property's "Initial Value") unless such Primary Mortgage Insurance coverage has been waived in writing by the Company Seller at the time it purchases the Mortgage Loan or such Primary Mortgage Insurance is canceled under the circumstances described below. If a covered Mortgage Loan provides for negative amortization or the potential for negative amortization, the Primary Mortgage Insurance Policy must also insure any increase in the Unpaid Principal Loan Balance of the Mortgage Loan from the original principal balance of the related Mortgage Note. In the event that the rating assigned by any Rating Agency for any of the related Certificates to the claims-paying ability of any related Mortgage Insurer is reduced subsequent to the issuance of the related Certificatesreduced, the Servicer will use its best efforts to replace each Primary Mortgage Insurance Policy issued by the downgraded Mortgage Insurer with a new Primary Mortgage Insurance Policy issued by an insurer whose claims-paying ability is acceptable to the CompanyNote Agent. The premium for any replacement policy shall not exceed the premium for any replaced policy. The Servicer may cancel the Primary Mortgage Insurance Policy maintained with respect to any Mortgage Loan at the related Mortgagor's request if (subject to applicable law) the following conditions are met: (1) The current Mortgage Loan-to-Value Ratio of the Mortgage Loan must be 80% or less. ; (2) The current Mortgage Loan-to-Value Ratio must be calculated by dividing Loan may not have been 30 days or more delinquent at any time within the Unpaid Principal Balance preceding twelve months; and (3) There may not have been any other default under the terms of the Mortgage Loan by at any time during the Initial Value of the related Mortgaged Property; or (2) After the policy has been in effect for more than two years, if the Mortgage Loan-to-Value Ratio of such Mortgage Loan is 75% or less based upon the current fair market value of the related Mortgaged Propertypreceding twelve months. The Servicer must take all steps necessary to ensure the payment by each Mortgage Insurer of the maximum benefits available under the terms of the related Primary Mortgage Insurance Policy. The Servicer must work diligently with the Mortgage Insurer to determine whether such insurer will settle a claim under a Primary Mortgage Insurance Policy by taking title to the related Mortgaged Property or in some other manner. Upon receipt of any proceeds of a Primary Mortgage Insurance Policy, the Servicer must deposit such proceeds into the applicable Certificate Note Account in accordance with Sections 3.05 and 3.06 abovewithin two Business Days of receipt.

Primary Mortgage Insurance. The Master Servicer must maintain a Primary Mortgage Insurance Policy in full force and effect on each Mortgage Loan, if any, which is identified in the related Sales Agreement as being covered by a Primary Mortgage Insurance Policy. Any such Primary Mortgage Insurance Policy must insure the portion of the Unpaid Principal Balance of the related Mortgage Loan that exceeds 75% of the value of the related Mortgaged Property (as set forth in the appraisal obtained in connection with origination of the Mortgage Loan) (the Mortgaged Property's "Initial Value") unless such Primary Mortgage Insurance coverage has been waived in writing by the Company Depositor at the time it purchases the Mortgage Loan or such Primary Mortgage Insurance is canceled under the circumstances described below. If a covered Mortgage Loan provides for negative amortization or the potential for negative amortization, the Primary Mortgage Insurance Policy must also insure any increase in the Unpaid Principal Balance of the Mortgage Loan from the original principal balance of the related Mortgage Note. In the event that the rating assigned by any Rating Agency for any of the related Certificates to the claims-paying ability of any related Mortgage Insurer is reduced subsequent to the issuance of the related Certificates, the Master Servicer will use its best efforts to replace each Primary Mortgage Insurance Policy issued by the downgraded Mortgage Insurer with a new Primary Mortgage Insurance Policy issued by an insurer whose claims-paying ability is acceptable to the CompanyDepositor. The premium for any replacement policy shall not exceed the premium for any replaced policy. The Master Servicer may cancel the Primary Mortgage Insurance Policy maintained with respect to any Mortgage Loan at the related Mortgagor's request if the following conditions are met: (1i) The current Mortgage Loan-to-Value Ratio of the Mortgage mortgage Loan must be 80% or less. The current Mortgage Loan-to-Value Ratio must be calculated by dividing the Unpaid Principal Balance of the Mortgage Loan by the Initial Value of the related Mortgaged Property; or; (2ii) After The Mortgage Loan may not have been 30 days or more delinquent at any time within the policy has preceding twelve months; and (iii) There nay not have been in effect for more than two years, if any other default under the terms of the Mortgage Loan-to-Value Ratio of such Mortgage Loan is 75% or less based upon at any time during the current fair market value of the related Mortgaged Propertypreceding twelve months. The Master Servicer must take all steps necessary to ensure the payment by each Mortgage Insurer of the maximum benefits available under the terms of the related Primary Mortgage Insurance Policy. The Master Servicer must work diligently with the Mortgage Insurer to determine whether such insurer will settle a claim under a Primary Mortgage Insurance Policy by taking title to the related Mortgaged Property or in some other manner. Upon receipt of any proceeds of a Primary Mortgage Insurance Policy, the Master Servicer must deposit such proceeds into the applicable Certificate Account in accordance with Sections 3.05 and 3.06 above.

Primary Mortgage Insurance. The Master Servicer must maintain a Primary Mortgage Insurance Policy in full force and effect on each Mortgage Loan, if any, which is identified in the related Sales Agreement as being covered by a Primary Mortgage Insurance Policy. Any such Primary Mortgage Insurance Policy must insure the portion of the Unpaid Principal Balance of the related Mortgage Loan that exceeds 75% of the value of the related Mortgaged Property (as set forth in the appraisal obtained in connection with origination of the Mortgage Loan) (the Mortgaged Property's "Initial Value") unless such Primary Mortgage Insurance coverage has been waived in writing by the Company Depositor at the time it purchases the Mortgage Loan or such Primary Mortgage Insurance is canceled under the circumstances described below. If a covered Mortgage Loan provides for negative amortization or the potential for negative amortization, the Primary Mortgage Insurance Policy must also insure any increase in the Unpaid Principal Balance of the Mortgage Loan from the original principal balance of the related Mortgage Note. In the event that the rating assigned by any Rating Agency for any of the related Certificates to the claims-paying ability of any related Mortgage Insurer is reduced subsequent to the issuance of the related Certificates, the Master Servicer will use its best efforts to replace each Primary Mortgage Insurance Policy issued by the downgraded Mortgage Insurer with a new Primary Mortgage Insurance Policy issued by an insurer whose claims-paying ability is acceptable to the CompanyDepositor. The premium for any replacement policy shall not exceed the premium for any replaced policy. The Master Servicer may cancel the Primary Mortgage Insurance Policy maintained with respect to any Mortgage Loan at the related Mortgagor's request if the following conditions are met: (1) The current Mortgage Loan-to-Value Ratio of the Mortgage mortgage Loan must be 80% or less. The current Mortgage Loan-to-Value Ratio must be calculated by dividing the Unpaid Principal Balance of the Mortgage Loan by the Initial Value of the related Mortgaged Property; or; (2) After The Mortgage Loan may not have been 30 days or more delinquent at any time within the policy has preceding twelve months; and (3) There nay not have been in effect for more than two years, if any other default under the terms of the Mortgage Loan-to-Value Ratio of such Mortgage Loan is 75% or less based upon at any time during the current fair market value of the related Mortgaged Propertypreceding twelve months. The Master Servicer must take all steps necessary to ensure the payment by each Mortgage Insurer of the maximum benefits available under the terms of the related Primary Mortgage Insurance Policy. The Master Servicer must work diligently with the Mortgage Insurer to determine whether such insurer will settle a claim under a Primary Mortgage Insurance Policy by taking title to the related Mortgaged Property or in some other manner. Upon receipt of any proceeds of a Primary Mortgage Insurance Policy, the Master Servicer must deposit such proceeds into the applicable Certificate Account in accordance with Sections 3.05 and 3.06 above.

Primary Mortgage Insurance. The Master Servicer must maintain a Primary Mortgage Insurance Policy in full force and effect on each Mortgage Loan, if any, which is identified in the related Sales Agreement as being covered by a Primary Mortgage Insurance Policy. Any such Primary Mortgage Insurance Policy must insure the portion of the Unpaid Principal Balance of the related Mortgage Loan that exceeds 75% of the value of the related Mortgaged Property (as set forth in the appraisal obtained in connection with origination of the Mortgage Loan) (the Mortgaged Property's "’s “Initial Value"”) unless such Primary Mortgage Insurance coverage has been waived in writing by the Company Depositor at the time it purchases the Mortgage Loan or such Primary Mortgage Insurance is canceled under the circumstances described below. If a covered Mortgage Loan provides for negative amortization or the potential for negative amortization, the Primary Mortgage Insurance Policy must also insure any increase in the Unpaid Principal Balance of the Mortgage Loan from the original principal balance of the related Mortgage Note. In the event that the rating assigned by any Rating Agency for any of the related Certificates to the claims-paying ability of any related Mortgage Insurer is reduced subsequent to the issuance of the related Certificates, the Master Servicer will use its best efforts to replace each Primary Mortgage Insurance Policy issued by the downgraded Mortgage Insurer with a new Primary Mortgage Insurance Policy issued by an insurer whose claims-paying ability is acceptable to the CompanyDepositor. The premium for any replacement policy shall not exceed the premium for any replaced policy. The Master Servicer may cancel the Primary Mortgage Insurance Policy maintained with respect to any Mortgage Loan at the related Mortgagor's ’s request if the following conditions are met: (1) The current Mortgage Loan-to-Value Ratio of the Mortgage mortgage Loan must be 80% or less. The current Mortgage Loan-to-Value Ratio must be calculated by dividing the Unpaid Principal Balance of the Mortgage Loan by the Initial Value of the related Mortgaged Property; or; (2) After The Mortgage Loan may not have been 30 days or more delinquent at any time within the policy has preceding twelve months; and (3) There nay not have been in effect for more than two years, if any other default under the terms of the Mortgage Loan-to-Value Ratio of such Mortgage Loan is 75% or less based upon at any time during the current fair market value of the related Mortgaged Propertypreceding twelve months. The Master Servicer must take all steps necessary to ensure the payment by each Mortgage Insurer of the maximum benefits available under the terms of the related Primary Mortgage Insurance Policy. The Master Servicer must work diligently with the Mortgage Insurer to determine whether such insurer will settle a claim under a Primary Mortgage Insurance Policy by taking title to the related Mortgaged Property or in some other manner. Upon receipt of any proceeds of a Primary Mortgage Insurance Policy, the Master Servicer must deposit such proceeds into the applicable Certificate Account in accordance with Sections 3.05 and 3.06 above.

Primary Mortgage Insurance. The Servicer must maintain a Primary Mortgage Insurance Policy in full force and effect on each Mortgage Loan, if any, which is identified in the related Sales Agreement as being covered by a Primary Mortgage Insurance Policy. Any such Primary Mortgage Insurance Policy must insure the portion of the Unpaid Principal Balance of the related Mortgage Loan that exceeds 75% of the value of the related Mortgaged Property (as set forth in the appraisal obtained in connection with origination of the Mortgage Loan) (the Mortgaged Property's "Initial Value") unless such Primary Mortgage Insurance coverage has been waived in writing by the Company at the time it purchases the Mortgage Loan or such Primary Mortgage Insurance is canceled under the circumstances described below. If a covered Mortgage Loan provides for negative amortization or the potential for negative amortization, the Primary Mortgage Insurance Policy must also insure any increase in the Unpaid Principal Balance of the Mortgage Loan from the original principal balance of the related Mortgage Note. In the event that the rating assigned by any Rating Agency for any of the related Certificates to the claims-paying ability of any related Mortgage Insurer is reduced subsequent to the issuance of the related Certificates, the Servicer will use its best efforts to replace each Primary Mortgage Insurance Policy issued by the downgraded Mortgage Insurer with a new Primary Mortgage Insurance Policy issued by an insurer whose claims-paying ability is acceptable to the Company. The premium for any replacement policy shall not exceed the premium for any replaced policy. The Servicer may cancel the Primary Mortgage Insurance Policy maintained with respect to any Mortgage Loan at the related Mortgagor's request if the following conditions are met: (1) The current Mortgage Loan-to-Value Ratio of the Mortgage mortgage Loan must be 80% or less. The current Mortgage Loan-to-Value Ratio must be calculated by dividing the Unpaid Principal Balance of the Mortgage Loan by the Initial Value of the related Mortgaged Property; or; (2) After the policy has been in effect for more than two years, if the Mortgage Loan-to-Value Ratio of such The Mortgage Loan is 75% may not have been 30 days or less based upon more delinquent at any time within the current fair market value of the related Mortgaged Property. preceding twelve months; and The Servicer must take all steps necessary to ensure the payment by each Mortgage Insurer of the maximum benefits available under the terms of the related Primary Mortgage Insurance Policy. The Servicer must work diligently with the Mortgage Insurer to determine whether such insurer will settle a claim under a Primary Mortgage Insurance Policy by taking title to the related Mortgaged Property or in some other manner. Upon receipt of any proceeds of a Primary Mortgage Insurance Policy, the Servicer must deposit such proceeds into the applicable Certificate Account in accordance with Sections 3.05 and 3.06 above.

Primary Mortgage Insurance. The Servicer must maintain a Primary -------------------------- Mortgage Insurance Policy in full force and effect on each Mortgage Loan, if any, which is identified in the related Sales Agreement as being covered by a Primary Mortgage Insurance Policy. Any such Primary Mortgage Insurance Policy must insure the portion of the Unpaid Principal Balance of the related Mortgage Loan that exceeds 75% of the value of the related Mortgaged Property (as set forth in the appraisal obtained in connection with origination of the Mortgage Loan) (the Mortgaged Property's "Initial Value") unless such Primary Mortgage Insurance coverage has been waived in writing by the Company OMI at the time it purchases the Mortgage Loan or such Primary Mortgage Insurance is canceled under the circumstances described below. If a covered Mortgage Loan provides for negative amortization or the potential for negative amortization, the Primary Mortgage Insurance Policy must also insure any increase in the Unpaid Principal Balance of the Mortgage Loan from the original principal balance of the related Mortgage Note. In the event that the rating assigned by any Rating Agency for any of the related Certificates to the claims-paying ability of any related Mortgage Insurer is reduced subsequent to the issuance of the related Certificates, the Servicer will use its best efforts to replace each Primary Mortgage Insurance Policy issued by the downgraded Mortgage Insurer with a new Primary Mortgage Insurance Policy issued by an insurer whose claims-paying ability is acceptable to the CompanyOMI. The premium for any replacement policy shall not exceed the premium for any replaced policy. The Servicer may cancel the Primary Mortgage Insurance Policy maintained with respect to any Mortgage Loan at the related Mortgagor's request if the following conditions are met: (1) The current Mortgage Loan-to-Value Ratio of the Mortgage mortgage Loan must be 80% or less. The current Mortgage Loan-to-Value Ratio must be calculated by dividing the Unpaid Principal Balance of the Mortgage Loan by the Initial Value of the related Mortgaged Property; or; (2) After The Mortgage Loan may not have been 30 days or more delinquent at any time within the policy has preceding twelve months; and (3) There nay not have been in effect for more than two years, if any other default under the terms of the Mortgage Loan-to-Value Ratio of such Loan at any time during the preceding twelve months; provided, however, that the Servicer shall cancel or release any Primary Mortgage Insurance Policy maintained with respect to any Mortgage Loan is 75% or less based upon to the current fair market value of the related Mortgaged Propertyextent required under applicable law. The Servicer must take all steps necessary to ensure the payment by each Mortgage Insurer of the maximum benefits available under the terms of the related Primary Mortgage Insurance Policy. The Servicer must work diligently with the Mortgage Insurer to determine whether such insurer will settle a claim under a Primary Mortgage Insurance Policy by taking title to the related Mortgaged Property or in some other manner. Upon receipt of any proceeds of a Primary Mortgage Insurance Policy, the Servicer must deposit such proceeds into the applicable Certificate Account in accordance with Sections 3.05 and 3.06 above.

Primary Mortgage Insurance. The Servicer must maintain a Primary Mortgage Insurance Policy in full force and effect on each Mortgage Loan, if any, which is identified in the related Sales Agreement as being covered by a Primary Mortgage Insurance Policy. Any such Primary Mortgage Insurance Policy must insure the portion of the Unpaid Principal Balance of the related Mortgage Loan that exceeds 75% of the value of the related Mortgaged Property (as set forth in the appraisal obtained in connection with origination of the Mortgage Loan) (the Mortgaged Property's "Initial Value") unless such Primary Mortgage Insurance coverage has been waived in writing by the Company at the time it purchases the Mortgage Loan or such Primary Mortgage Insurance is canceled under the circumstances described below. If a covered Mortgage Loan provides for negative amortization or the potential for negative amortization, the Primary Mortgage Insurance Policy must also insure any increase in the Unpaid Principal Balance of the Mortgage Loan from the original principal balance of the related Mortgage Note. In the event that the rating assigned by any Rating Agency for any of the related Certificates to the claims-paying ability of any related Mortgage Insurer is reduced subsequent to the issuance of the related Certificates, the Servicer will use its best efforts to replace each Primary Mortgage Insurance Policy issued by the downgraded Mortgage Insurer with a new Primary Mortgage Insurance Policy issued by an insurer whose claims-paying ability is acceptable to the Company. The premium for any replacement policy shall not exceed the premium for any replaced policy. The Servicer may cancel the Primary Mortgage Insurance Policy maintained with respect to any Mortgage Loan at the related Mortgagor's request if the following conditions are met: (1) The current Mortgage Loan-to-Value Ratio of the Mortgage Loan must be 80% or less. The current Mortgage Loan-to-Value Ratio must be calculated by dividing the Unpaid Principal Balance of the Mortgage Loan by the Initial Value of the related Mortgaged Property; or (2) After the policy has been in effect for more than two years, if the Mortgage Loan-to-Value Ratio of such Mortgage Loan is 75% or less based upon the current fair market value of the related Mortgaged Property. The Servicer must take all steps necessary to ensure the payment by each Mortgage Insurer of the maximum benefits available under the terms of the related Primary Mortgage Insurance Policy. The Servicer must work diligently with the Mortgage Insurer to determine whether such insurer will settle a claim under a Primary Mortgage Insurance Policy by taking title to the related Mortgaged Property or in some other manner. Upon receipt of any proceeds of a Primary Mortgage Insurance Policy, the Servicer must deposit such proceeds into the applicable Certificate Account in accordance with Sections 3.05 and 3.06 above.

Primary Mortgage Insurance. The Servicer must maintain a Primary Mortgage Insurance Policy in full force and effect on each Mortgage Loan, if any, which is identified in the related Sales Agreement as being covered by a Primary Mortgage Insurance Policy. Any such Primary Mortgage Insurance Policy must insure the portion of the Unpaid Principal Balance of the related Mortgage Loan that exceeds 75% of the value of the related Mortgaged Property (as set forth in the appraisal obtained in connection with origination of the Mortgage Loan) (the Mortgaged Property's "Initial Value") unless such Primary Mortgage Insurance coverage has been waived in writing by the Company at the time it purchases the Mortgage Loan or such Primary Mortgage Insurance is canceled under the circumstances described below. If a covered Mortgage Loan provides for negative amortization or the potential for negative amortization, the Primary Mortgage Insurance Policy must also insure any increase in the Unpaid Principal Balance of the Mortgage Loan from the original principal balance of the related Mortgage Note. In the event that the rating assigned by any Rating Agency for any of the related Certificates to the claims-paying ability of any related Mortgage Insurer is reduced subsequent to the issuance of the related Certificates, the Servicer will use its best efforts to replace each Primary Mortgage Insurance Policy issued by the downgraded Mortgage Insurer with a new Primary Mortgage Insurance Policy issued by an insurer whose claims-paying ability is acceptable to the Company. The premium for any replacement policy shall not exceed the premium for any replaced policy. The Servicer may cancel the Primary Mortgage Insurance Policy maintained with respect to any Mortgage Loan at the related Mortgagor's request if the following conditions are met: (1) The current Mortgage Loan-to-Value Ratio of the Mortgage Loan must be 80% or less. The current Mortgage Loan-to-Value Ratio must be calculated by dividing the Unpaid Principal Balance of the Mortgage Loan by the Initial Value of the related Mortgaged Property; or (2) After the policy has been in effect for more than two years, if the Mortgage Loan-to-Value Ratio of such Mortgage Loan is 75% or less based upon the current fair market value of the related Mortgaged Property. The Servicer must take all steps necessary to ensure the payment by each Mortgage Insurer of the maximum benefits available under the terms of the related Primary Mortgage Insurance Policy. The Servicer must work diligently with the Mortgage Insurer to determine whether such insurer will settle a claim under a Primary Mortgage Insurance Policy by taking title to the related Mortgaged Property or in some other manner. Upon receipt of any proceeds of a Primary Mortgage Insurance Policy, the Servicer must deposit such proceeds into the applicable Certificate Account in accordance with Sections 3.05 and 3.06 above.Mortgage

Primary Mortgage Insurance. The Servicer must maintain a Primary Mortgage Insurance Policy in full force and effect on each Mortgage Loan, if any, which is identified in the related Sales Agreement as being covered by a Primary Mortgage Insurance Policy. Any such Primary Mortgage Insurance Policy must insure the portion of the Unpaid Principal Balance of the related Mortgage Loan that exceeds 75% of the value of the related Mortgaged Property (as set forth in the appraisal obtained in connection with origination of the Mortgage Loan) (the Mortgaged Property's "Initial Value") unless such Primary Mortgage Insurance coverage has been waived in writing by the Company at the time it purchases the Mortgage Loan or such Primary Mortgage Insurance is canceled under the circumstances described below. If a covered Mortgage Loan provides for negative amortization or the potential for negative amortization, the Primary Mortgage Insurance Policy must also insure any increase in the Unpaid Principal Balance of the Mortgage Loan from the original principal balance of the related Mortgage Note. In the event that the rating assigned by any Rating Agency for any of the related Certificates to the claims-paying ability of any related Mortgage Insurer is reduced subsequent to the issuance of the related Certificates, the Servicer will use its best efforts to replace each Primary Mortgage Insurance Policy issued by the downgraded Mortgage Insurer with a new Primary Mortgage Insurance Policy issued by an insurer whose claims-claims- paying ability is acceptable to the Company. The premium for any replacement policy shall not exceed the premium for any replaced policy. The Servicer may cancel the Primary Mortgage Insurance Policy maintained with respect to any Mortgage Loan at the related Mortgagor's request if the following conditions are met: (1) The current Mortgage Loan-to-Value Ratio of the Mortgage Loan must be 80% or less. The current Mortgage Loan-to-Value Ratio must be calculated by dividing the Unpaid Principal Balance of the Mortgage Loan by the Initial Value of the related Mortgaged Property; or (2) After the policy has been in effect for more than two years, if the Mortgage Loan-to-Value Ratio of such Mortgage Loan is 75% or less based upon the current fair market value of the related Mortgaged Property. The Servicer must take all steps necessary to ensure the payment by each Mortgage Insurer of the maximum benefits available under the terms of the related Primary Mortgage Insurance Policy. The Servicer must work diligently with the Mortgage Insurer to determine whether such insurer will settle a claim under a Primary Mortgage Insurance Policy by taking title to the related Mortgaged Property or in some other manner. Upon receipt of any proceeds of a Primary Mortgage Insurance Policy, the Servicer must deposit such proceeds into the applicable Certificate Account in accordance with Sections 3.05 and 3.06 above.

Primary Mortgage Insurance. The Servicer must maintain a Primary Mortgage Insurance Policy in full force and effect on each Mortgage Loan, if any, which is identified in the related Sales Agreement as being covered by a Primary Mortgage Insurance Policy. Any such Primary -50- Mortgage Insurance Policy must insure the portion of the Unpaid Principal Balance of the related Mortgage Loan that exceeds 75% of the value of the related Mortgaged Property (as set forth in the appraisal obtained in connection with origination of the Mortgage Loan) (the Mortgaged Property's "Initial Value") unless such Primary Mortgage Insurance coverage has been waived in writing by the Company at the time it purchases the Mortgage Loan or such Primary Mortgage Insurance is canceled under the circumstances described below. If a covered Mortgage Loan provides for negative amortization or the potential for negative amortization, the Primary Mortgage Insurance Policy must also insure any increase in the Unpaid Principal Balance of the Mortgage Loan from the original principal balance of the related Mortgage Note. In the event that the rating assigned by any Rating Agency for any of the related Certificates to the claims-paying ability of any related Mortgage Insurer is reduced subsequent to the issuance of the related Certificates, the Servicer will use its best efforts to replace each Primary Mortgage Insurance Policy issued by the downgraded Mortgage Insurer with a new Primary Mortgage Insurance Policy issued by an insurer whose claims-paying ability is acceptable to the Company. The premium for any replacement policy shall not exceed the premium for any replaced policy. The Servicer may cancel the Primary Mortgage Insurance Policy maintained with respect to any Mortgage Loan at the related Mortgagor's request if the following conditions are met: (1) The current Mortgage Loan-to-Value Ratio of the Mortgage mortgage Loan must be 80% or less. The current Mortgage Loan-to-Value Ratio must be calculated by dividing the Unpaid Principal Balance of the Mortgage Loan by the Initial Value of the related Mortgaged Property; or; (2) After The Mortgage Loan may not have been 30 days or more delinquent at any time within the policy has preceding twelve months; and (3) There nay not have been in effect for more than two years, if any other default under the terms of the Mortgage Loan-to-Value Ratio of such Mortgage Loan is 75% or less based upon at any time during the current fair market value of the related Mortgaged Propertypreceding twelve months. The Servicer must take all steps necessary to ensure the payment by each Mortgage Insurer of the maximum benefits available under the terms of the related Primary Mortgage Insurance Policy. The Servicer must work diligently with the Mortgage Insurer to determine whether such insurer will settle a claim under a Primary Mortgage Insurance Policy by taking title to the related Mortgaged Property or in some other manner. Upon receipt of any proceeds of a Primary Mortgage Insurance Policy, the Servicer must deposit such proceeds into the applicable Certificate Account in accordance with Sections 3.05 and 3.06 above.

Primary Mortgage Insurance. The Servicer must maintain a Primary Mortgage Insurance Policy in full force and effect on each Mortgage Loan, if any, which is identified in the related Sales Agreement as being covered by a Primary Mortgage Insurance Policy. Any such Primary Mortgage Insurance Policy must insure the portion of the Unpaid Principal Balance of the related Mortgage Loan that exceeds 75% of the value of the related Mortgaged Property (as set forth in the appraisal obtained in connection with origination of the Mortgage Loan) (the Mortgaged Property's "Initial Value") unless such Primary Mortgage Insurance coverage has been waived in writing by the Company at the time it purchases the Mortgage Loan or such Primary Mortgage Insurance is canceled under the circumstances described below. If a covered Mortgage Loan provides for negative amortization or the potential for negative amortization, the Primary Mortgage Insurance Policy must also insure any increase in the Unpaid Principal Balance of the Mortgage Loan from the original principal balance of the related Mortgage Note. In the event that the rating assigned by any Rating Agency for any of the related Certificates to the claims-paying ability of any related Mortgage Insurer is reduced subsequent to the issuance of the related Certificates, the Servicer will use its best efforts to replace each Primary Mortgage Insurance Policy issued by the downgraded Mortgage Insurer with a new Primary Mortgage Insurance Policy issued by an insurer whose claims-paying ability is acceptable to the Company. The premium for any replacement policy shall not exceed the premium for any replaced policy. The Servicer may cancel the Primary Mortgage Insurance Policy maintained with respect to any Mortgage Loan at the related Mortgagor's request if the following conditions are met: (1) The current Mortgage Loan-to-Value Ratio of the Mortgage mortgage Loan must be 80% or less. The current Mortgage Loan-to-Value Ratio must be calculated by dividing the Unpaid Principal Balance of the Mortgage Loan by the Initial Value of the related Mortgaged Property; or; (2) After The Mortgage Loan may not have been 30 days or more delinquent at any time within the policy has preceding twelve months; and (3) There nay not have been in effect for more than two years, if any other default under the terms of the Mortgage Loan-to-Value Ratio of such Mortgage Loan is 75% or less based upon at any time during the current fair market value of the related Mortgaged Propertypreceding twelve months. The Servicer must take all steps necessary to ensure the payment by each Mortgage Insurer of the maximum benefits available under the terms of the related Primary Mortgage Insurance Policy. The Servicer must work diligently with the Mortgage Insurer to determine whether such insurer will settle a claim under a Primary Mortgage Insurance Policy by taking title to the related Mortgaged Property or in some other manner. Upon receipt of any proceeds of a Primary Mortgage Insurance Policy, the Servicer must deposit such proceeds into the applicable Certificate Account in accordance with Sections 3.05 and 3.06 above.