Common use of Special Hazard Insurance Policy Clause in Contracts

Special Hazard Insurance Policy. The Master Servicer agrees to exercise commercially reasonable efforts to maintain and keep the Special Hazard Insurance Policy in full force and effect throughout the term of this Agreement, unless coverage thereunder has been exhausted through the payment of claims; 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. In the event that (i) the claims paying ability rating of the Special Hazard Insurer, and consequently, each of the Ratings are reduced below the level of the Ratings originally given to the Certificates, (ii) the Special Hazard Insurer ceases to be a qualified mortgage insurer duly qualified as such under applicable laws or (iii) the Special Hazard Insurance Policy is cancelled for any reason other than the exhaustion of coverage thereunder, 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 Special Hazard Insurance Policy; provided, however, that if the cost of any such replacement policy shall be greater than the cost of the initial Special Hazard Insurance Policy, the amount of coverage of such replacement policy shall be reduced to a level such that the premium rate therefor shall not exceed 100% of the premium rate on the initial Special Hazard Insurance Policy. In connection with its activities hereunder, the Master Servicer agrees to present, on behalf of the Trustee and Certificateholders, claims to the Special Hazard Insurer under the Special Hazard Insurance Policy, and, in this regard, to take such commercially reasonable action (other than the making of Nonrecoverable Advances) as shall be necessary to permit recovery under the Special Hazard Insurance Policy. The Master Servicer shall collect all amounts relating to the Certificates under the Special Hazard Insurance Policy and shall deposit such amounts in the related Custodial Account for P&I or in the Certificate Account until distributed in accordance with Section 4.01 or Section 4.04 or withdrawn in accordance with Section 3.03 or Section 3.05 of this Agreement.

Special Hazard Insurance Policy. The Master Servicer agrees to exercise commercially reasonable efforts to maintain and keep the Special Hazard Insurance Policy in full force and effect throughout the term of this Agreement, unless coverage thereunder has been exhausted through the payment of claims; 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. In the event that (i) the claims paying ability rating of the Special Hazard Insurer, and consequently, each of the Ratings are reduced below the level of the Ratings originally given to the Certificates, (ii) the Special Hazard Insurer ceases to be a qualified mortgage insurer duly qualified as such under applicable laws or (iii) the Special Hazard Insurance Policy is cancelled for any reason other than the exhaustion of coverage thereunder, 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 Special Hazard Insurance Policy; provided, however, that if the cost of any such replacement policy shall be greater than the cost of the initial Special Hazard Insurance Policy, the amount of coverage of such replacement policy shall be reduced to a level such that the premium rate therefor shall not exceed 100% of the premium rate on the initial Special Hazard Insurance Policy. In connection with its activities hereunder, the Master Servicer agrees to present, on behalf of the Trustee and Certificateholders, claims to the Special Hazard Insurer under the Special Hazard Insurance Policy, and, in this regard, to take such commercially reasonable action (other than the making of Nonrecoverable Advances) as shall be necessary to permit recovery under the Special Hazard Insurance Policy. The Master Servicer shall collect all amounts relating to the Certificates under the Special Hazard Insurance Policy and shall deposit such amounts in the related Custodial Account for P&I or in the Certificate Account until distributed in accordance with Section 4.01 or Section 4.04 or withdrawn in accordance with Section 3.03 or Section 3.05 of this Agreement.

Special Hazard Insurance Policy. The Master Servicer agrees to exercise commercially reasonable efforts to maintain and keep the Special Hazard Insurance Policy in full force and effect throughout the term of this Agreement, unless coverage thereunder has been exhausted through the payment of claims; 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. In the event that (i) the claims paying ability rating of the Special Hazard Insurer, and consequently, each of Insurer is reduced to such a level that the Ratings are reduced below the level of the Ratings originally given to the Certificatesgiven, (ii) the Special Hazard Insurer ceases to be a qualified mortgage property and casualty insurer duly qualified as such under applicable laws or (iii) the Special Hazard Insurance Policy is cancelled for any reason other than the exhaustion of coverage thereunder, 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 Special Hazard Insurance Policy; provided, however, that if the cost of any such replacement policy shall be greater than the cost of the initial Special Hazard Insurance Policy, the amount of coverage of such replacement policy shall be reduced to a level such that the premium rate therefor shall not exceed 100% of the premium rate on the initial Special Hazard Insurance Policy. In connection with its activities hereunder, the Master Servicer agrees to present, on behalf of the Trustee and Certificateholders, claims to the Special Hazard Insurer under the Special Hazard Insurance Policy, and, in this regard, to take such commercially reasonable action (other than the making of Nonrecoverable Advances) as shall be necessary to permit recovery under the Special Hazard Insurance Policy. The Master Servicer shall collect all amounts relating to the Certificates under the Special Hazard Insurance Policy and shall deposit such amounts in the related Custodial Account for P&I or in the Certificate Account until distributed in accordance with Section 4.01 or Section 4.04 or withdrawn in accordance with Section 3.03 or Section 3.05 of this Agreement.