Common use of Termination of the Credit Insurance Policy Clause in Contracts

Termination of the Credit Insurance Policy. If the Credit Insurance Policy is terminated for any reason other than the exhaustion of its coverage, or if the claims-paying ability rating of Credit Insurer is reduced to "A+" or below by S&P or "A1" or below by Moody's or if the Credit Insurer fails to make any payment due under xxx Xxedit Insurance Policy, the Master Servicer shall use its best efforts to obtain a comparable policy in form and substance acceptable to the Certificate Insurer from an insurer that is acceptable to the Rating Agencies and to the Certificate Insurer. The replacement policy shall provide coverage equal to the then remaining coverage of the Credit Insurance Policy if available. However, if the premium cost of a replacement policy exceeds the premium 116 cost of the Credit Insurance Policy, the Master Servicer, at the written direction of the Certificate Insurer, will either (i) obtain a replacement credit insurance policy with reduced coverage so that its premium cost will not exceed the premium cost of the Credit Insurance Policy or (ii) from interest collections on the Mortgage Loans for each Due Period, deposit into the Premium Account the amounts that would have been paid as premium on the Credit Insurance Policy had it not been terminated, which amounts will be available to make payments as provided in Section 4.04(k) prior to making any draws on the Certificate Insurance Policy. The amount remaining in the Premium Account after the payment in full of the Class A Certificates and amounts owing to the Certificate Insurer will be paid to the Class C Certificates. In addition, if during the period which the Depositor is required to file Exchange Act Reports with respect to the Trust Fund, the Credit Insurer shall fail to provide to the Depositor with any information required to comply with the Depositor's reporting obligations under the related Exchange Act Reports, within 5 days of the Depositor's request therefor, then the Trustee shall act at the written direction of the Depositor as to whether to terminate the Credit Insurance Policy (either by not paying the renewal premium or by terminating the Credit Insurance Policy in accordance with its terms); provided, however, that the Depositor shall not direct the Trustee to terminate the Credit Insurance Policy until it has procured one or more replacement credit insurance policies in form and substance acceptable to the Certificate Insurer covering the then-outstanding Covered Loans from an insurer under a policy or policies acceptable to the Certificate Insurer and the Rating Agencies and such credit insurance policy must cover the Covered Loans outstanding as of such date, if available. The Credit Insurance Policy will not be amended in any manner that materially and adversely affects the coverage provided thereby without the prior written consent of the Certificate Insurer.

Termination of the Credit Insurance Policy. If on any given date the rating of the Credit Insurer's claims-paying ability is downgraded to or below "A+" from S&P or "A1" from Moody's, the Master Servicer may direct the Trustee to terminate txx Xxxxit Insurance Policy (either by not paying the renewal premium or by terminating the Credit Insurance Policy in accordance with its terms) and the Trustee shall act in accordance with such direction. In the event that the Master Servicer directs the Trustee to terminate the Credit Insurance Policy or if the Credit Insurance Policy is terminated for any other reason other than the exhaustion of its coverage, or if the claims-paying ability rating of Credit Insurer is reduced to "A+" or below by S&P or "A1" or below by Moody's or if the Credit Insurer fails to make any payment due under xxx Xxedit Insurance Policy, the Master Servicer shall use its best efforts to obtain a comparable policy in form and substance acceptable to the Certificate Insurer from an insurer that is acceptable to the Certificate Insurer and the Rating Agencies and to such credit insurance policy must cover the Certificate Insurer. The replacement policy shall provide coverage equal to the then remaining coverage Covered Loans outstanding as of the Credit Insurance Policy such date, if available. However, if If the premium cost of a replacement policy exceeds the premium 116 cost of the Credit Insurance Policy, the Master Servicer, at the written direction of the Certificate Insurer, will either (i) obtain a replacement credit insurance policy with reduced coverage so that its premium cost will not exceed the premium cost of the Credit Insurance Policy or (ii) from interest collections on the Mortgage Loans for each Due Period, deposit into the Premium Account the amounts that would have been paid as premium on the Credit Insurance Policy had it not been terminated, which amounts will be available to make payments as provided in Section 4.04(k) prior to making any draws on the Certificate Insurance PolicyClass A Certificates. The amount remaining in the Premium Account after the payment in full of the Class A Certificates and amounts owing to the Certificate Insurer will be paid to the Class C Certificates. In addition, if during the period which the Depositor is required to file Exchange Act Reports with respect to the Trust Fund, the Credit Insurer shall fail to provide to the Depositor with any information required to comply with the Depositor's reporting obligations under the related Exchange Act Reports, within 5 days of the Depositor's request therefor, then the Trustee shall act at the written direction of the Depositor as to whether to terminate the Credit Insurance Policy (either by not paying the renewal premium or by terminating the Credit Insurance Policy in accordance with its terms); provided, however, that the Depositor shall not direct the Trustee to terminate the Credit Insurance Policy until it has procured one or more replacement credit insurance policies in form and substance acceptable to the Certificate Insurer covering the then-outstanding Covered Loans from an insurer under a policy or policies acceptable to the Certificate Insurer and the Rating Agencies and such credit insurance policy must cover the Covered Loans outstanding as of such date, if available. The Credit Insurance Policy will not be amended in any manner that materially and adversely affects the coverage provided thereby without the prior written consent of the Certificate Insurer.

Termination of the Credit Insurance Policy. If the Credit Insurance Policy is terminated for any reason other than the exhaustion of its coverage, or if the claims-paying ability rating of Credit Insurer is reduced to "A+" or below by S&P or "A1" or below by Moody's or if the Credit Insurer fails to fxxxx xx make any payment due under xxx Xxedit the Credit Insurance Policy, the Master Servicer shall use its best efforts to obtain a comparable policy in form and substance acceptable to the Certificate Insurer from an insurer that is acceptable to the Rating Agencies and to the Certificate Insurer. The replacement policy shall provide coverage equal to the then remaining coverage of the Credit Insurance Policy if available. However, if the premium cost of a replacement policy exceeds the premium 116 cost of the Credit Insurance Policy, the Master Servicer, at the written direction of the Certificate Insurer, will either (i) obtain a replacement credit insurance policy with reduced coverage so that its premium cost will not exceed the premium cost of the Credit Insurance Policy or (ii) from interest collections on the Mortgage Loans for each Due Period, deposit into the Premium Account the amounts that would have been paid as premium on the Credit Insurance Policy had it not been terminated, which amounts will be available to make payments as provided in Section 4.04(k4.04(j) prior to making any draws on the Certificate Insurance Policy. The amount remaining in the Premium Account after the payment in full of the Class A Certificates and amounts owing to the Certificate Insurer will be paid to the Class C Certificates. In addition, if during the period which the Depositor is required to file Exchange Act Reports with respect to the Trust Fund, the Credit Insurer shall fail to provide to the Depositor with any information required to comply with the Depositor's reporting obligations under the related Exchange Act Reports, within 5 days of the Depositor's request therefor, then the Trustee shall act at the written direction of the Depositor as to whether to terminate the Credit Insurance Policy (either by not paying the renewal premium or by terminating the Credit Insurance Policy in accordance with its terms); provided, however, that the Depositor shall not direct the Trustee to terminate the Credit Insurance Policy until it has procured one or more replacement credit insurance policies in form and substance acceptable to the Certificate Insurer covering the then-outstanding Covered Loans from an insurer under a policy or policies 112 acceptable to the Certificate Insurer and the Rating Agencies and such credit insurance policy must cover the Covered Loans outstanding as of such date, if available. The Credit Insurance Policy will not be amended in any manner that materially and adversely affects the coverage provided thereby without the prior written consent of the Certificate Insurer.

Termination of the Credit Insurance Policy. If the Credit Insurance Policy is terminated for any reason other than the exhaustion of its coverage, or if the claims-paying ability rating of Credit Insurer is reduced to "A+" or below by S&P or "A1" or below by Moody's or if the Credit Insurer fails to make any payment due under undex xxx Xxedit Xredit Insurance Policy, the Master Servicer shall use its best efforts to obtain a comparable policy in form and substance acceptable to the Certificate Insurer from an insurer that is acceptable to the Rating Agencies and to the Certificate Insurer. The replacement policy shall provide coverage equal to the then remaining coverage of the Credit Insurance Policy if available. However, if the premium cost of a replacement policy exceeds the premium 116 cost of the Credit Insurance Policy, the Master Servicer, at the written direction of the Certificate Insurer, will either (i) obtain a replacement credit insurance policy with reduced coverage so that its premium cost will not exceed the premium cost of the Credit Insurance Policy or (ii) from interest collections on the Mortgage Loans for each Due Period, deposit into the Premium Account the amounts that would have been paid as premium on the Credit Insurance Policy had it not been terminated, which amounts will be available to make payments as provided in Section 4.04(k) prior to making any draws on the Certificate Insurance Policy. The amount remaining in the Premium Account after the payment in full of the Class A Certificates and amounts owing to the Certificate Insurer will be paid to the Class C Certificates. In addition, if during the period which the Depositor is required to file Exchange Act Reports with respect to the Trust Fund, the Credit Insurer shall fail to provide to the Depositor with any information required to comply with the Depositor's reporting obligations under the related Exchange Act Reports, within 5 days of the Depositor's request therefor, then the Trustee shall act at the written direction of the Depositor as to whether to terminate the Credit Insurance Policy (either by not paying the renewal premium or by terminating the Credit Insurance Policy in accordance with its terms); provided, however, that the Depositor shall not direct the Trustee to terminate the Credit Insurance Policy until it has procured one or more replacement credit insurance policies in form and substance acceptable to the Certificate Insurer covering the then-outstanding Covered Loans from an insurer under a policy or policies 118 acceptable to the Certificate Insurer and the Rating Agencies and such credit insurance policy must cover the Covered Loans outstanding as of such date, if available. The Credit Insurance Policy will not be amended in any manner that materially and adversely affects the coverage provided thereby without the prior written consent of the Certificate Insurer.