Termination of the Mortgage Insurance Policy Sample Clauses

Termination of the Mortgage Insurance Policy. If on any given date the rating of Mortgage Guarantee Insurance Corporation's claims-paying ability from S&P is downgraded below and remains below "AA-" from S&P or "Aa3" from Xxxxx'x, the Master Servicer may direct the Co-Trustee to terminate the Mortgage Insurance Policy and the Co-Trustee shall act in accordance with such direction. The Master Servicer hereby covenants and agrees that it will not direct the Co-Trustee to exercise its right to terminate the Mortgage Insurance Policy unless the Co-Trustee obtains a mortgage insurance policy that meets the following conditions (any such mortgage insurance policy that meets the following conditions, the "Replacement Mortgage Insurance Policy," and the issuer of such policy, the "Replacement Mortgage Insurer"): (i) such mortgage insurance policy must be issued by a mortgage insurer that has a rating with respect to its claims-paying ability at or above "AA-" from S&P or "Aa3" from Xxxxx'x and (ii) such mortgage insurance policy must cover the Covered Mortgage Loans outstanding as of such date.
Sample 1
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Termination of the Mortgage Insurance Policy. If during the period which the Depositor is required to file Exchange Act Reports with respect to the Trust Fund, the Mortgage 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 Master Servicer and the applicable Servicer shall act at the written direction of the Depositor as to whether to terminate the Mortgage Insurance Policy (either by the Master Servicer not paying the renewal premium or by the applicable Servicer terminating the Mortgage Insurance Policy in accordance with its terms); provided, however, that the Depositor shall not direct the Master Servicer or such Servicer to terminate the Mortgage Insurance Policy until the Depositor has procured one or more replacement mortgage insurance policies covering the then-outstanding Covered Loans from an insurer under a policy or policies acceptable to the Rating Agencies and such mortgage insurance policy must cover the Covered Loans outstanding as of such date, if available.
Sample 1
Termination of the Mortgage Insurance Policy. If during the period which the Depositor is required to file Exchange Act Reports with respect to the Trust Fund, United Guaranty Mortgage Indemnity Company shall fail to provide to CHL any information reasonably requested by CHL for the purposes of compliance with Item 1114 of Regulation AB, then the Co-Trustee shall act at the written direction of the Depositor as to whether to terminate the Mortgage Insurance Policy; provided, however, that the Co-Trustee shall provide written notice to each Rating Agency of any such termination. Upon the termination of the Mortgage Insurance Policy under the circumstances contemplated by this paragraph, CHL shall assist the Co-Trustee in procuring a replacement mortgage insurance policy that meets the criteria for a replacement mortgage insurance policy specified in the preceding paragraph.
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Termination of the Mortgage Insurance Policy. If on any given date the rating of the Mortgage Insurer's claims-paying ability is downgraded to or below "A+" from S&P or "A1" from Moody's, the Master Servicer may xxxxxx the Co-Trustee to terminate the Mortgage Insurance Policy (either by not paying the renewal premium or by terminating the Mortgage Insurance Policy in accordance with its terms) and the Co-Trustee shall act in accordance with such direction. In the event that the Master Servicer directs the Co-Trustee to terminate the Mortgage Insurance Policy or if the Mortgage Insurance Policy is terminated for any other reason other than exhaustion of its coverage, the Master Servicer shall use its best efforts to obtain a comparable policy from an insurer that is acceptable to the Certificate Insurer and the Rating Agencies and such mortgage insurance policy must cover the Covered Mortgage Loans outstanding as of such date, if available. If the premium cost of a replacement policy exceeds the premium cost of the Mortgage Insurance Policy, the Master Servicer, at the direction of the Certificate Insurer, will either (i) obtain a replacement policy with reduced coverage so that its premium cost will not exceed the premium cost of the Mortgage 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 Mortgage Insurance Policy had it not been terminated, which amounts will be available to make payments on the Class 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 Mortgage 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 Co-Trustee shall act at the written direction of the Depositor as to whether to terminate the Mortgage Insurance Policy (either by not paying the renewal premium or by terminating the Mortgage Insurance Policy in accordance with its terms); provided, however, that the Depositor shall not direct the Co-Trustee to terminate the Mortgage Insurance Policy until it has procured one or more replacement mortgage insu...
Sample 1
Termination of the Mortgage Insurance Policy. In addition, if during the period which the Depositor is required to file Exchange Act Reports with respect to the Trust Fund, there exist grounds for termination of the Mortgage Insurance Policy under that certain Item 1114 Agreement, dated March 29, 2006, among CHL, the Depositor, CWMBS, Inc., CWALT, Inc., CWHEQ, Inc. and PMI Mortgage Insurance Co., then the Co-Trustee shall act at the written direction of the Depositor as to whether to terminate the Mortgage Insurance Policy; provided, however, that any such termination shall not be effective unless (i) a replacement mortgage insurance policy covering the then-outstanding Covered Mortgage Loans is obtained from a mortgage insurance provider acceptable to the Rating Agencies or (ii) the Depositor obtains written confirmation from each Rating Agency that 121 the termination of the Mortgage Insurance Policy will not result in the qualification, downgrade or withdrawal of any rating then assigned by that Rating Agency to any Class of Certificates.
Sample 1
Termination of the Mortgage Insurance Policy. If on any given date the rating of Mortgage Guaranty Insurance Corporation's claims-paying ability is downgraded below and remains below "AA-" from S&P or "Aa3" from Moody's, the Master Servicer may direct the Co-Trustee to terminate xxx Xxrtgage Insurance Policy and the Co-Trustee shall act in accordance with such direction. The Master Servicer hereby covenants and agrees that it will not direct the Co-Trustee to exercise its right to terminate the Mortgage Insurance Policy unless the Co-Trustee obtains a mortgage insurance policy that meets the following conditions: (i) such mortgage insurance policy must be issued by a mortgage insurer that has a rating with respect to its claims-paying ability at or above "AA-" from S&P or "Aa3" from Moody's and (ii) such mortgage insurance policy must cover the Covexxx Xxxtgage Loans outstanding as of such date.
Sample 1

Related to Termination of the Mortgage Insurance Policy

  • Insurance Policy insurance policies and insurance contracts of any kind that immediately prior to the Effective Time are or have been owned or maintained by, or provide a benefit in favor of, any member of either Group or any of its predecessors, including, without limitation, workers compensation/employers liability (including self-insured workers compensation in the State of Indiana), commercial general liability (including product liability), auto liability, excess/umbrella liability, property/business interruption, marine cargo, blanket crime/fidelity, aviation including airport liability, international liability and Executive Liability Policies. The term “Insurance Policies” expressly excludes any insurance policies relating to Plans to the extent such insurance policies are addressed under the Employee Matters Agreement, other than the above referenced Executive Liability Policies and workers compensation/employers liability policies (including self-insured workers compensation in the State of Indiana).

  • Mortgage Insurance Except as indicated for pledged asset loans, if a Mortgage Loan has an LTV greater than 80%, the Mortgage Loan has mortgage insurance in accordance with the terms of the Fxxxxx Mae Guide or the Fxxxxxx Mac Guide and is insured as to payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified Insurer. All provisions of such Primary Mortgage Insurance Policy have been and are being complied with, such policy is in full force and effect and all premiums due thereunder have been paid. No action, inaction or event has occurred and no state of facts exists that has, or will result in the exclusion from, denial of, or defense to coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance Policy obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance Policy and to pay all premiums and charges in connection therewith. To the extent a Mortgage Loan is insured under an LPMI policy, the Mortgage Interest Rate for the Mortgage Loan as set forth on the related Mortgage Loan Schedule is net of any such premium.

  • Life Insurance Policy In addition to the insurance coverage contemplated by Section 4(e), during the Employment Term the Company shall maintain in effect term life insurance coverage for the Executive with a death benefit of at least Five Hundred Thousand Dollars ($500,000), subject to the Executive's insurability at standard rates and with the beneficiary or beneficiaries, thereof designated by the Executive. Notwithstanding Section 9 of this Agreement, such life insurance policy or policies may be assigned to a trust for the benefit of any beneficiary designated by the Executive.

  • 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.

  • Maintenance of Mortgage Impairment Insurance Policy In the event that the Servicer shall obtain and maintain a blanket policy issued by an insurer that has a general policy rating of B:VI or better in Best's Key Rating Guide insuring against hazard losses on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 3.10 and otherwise complies with all other requirements of Section 3.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 3.10, it being understood and agreed that such policy may contain a deductible clause, in which case the Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy complying with Section 3.10, and there shall have been a loss which would have been covered by such policy, deliver to the Trustee for deposit in the Distribution Account the amount not otherwise payable under the blanket policy because of such deductible clause, which amount shall not be reimbursable to the Servicer from the Trust Fund. In connection with its activities as servicer of the Mortgage Loans, the Servicer agrees to prepare and present, on behalf of the Trustee, claims under any such blanket policy in a timely fashion in accordance with the terms of such policy. Upon request of the Trustee, the Servicer shall cause to be delivered to the Trustee a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without thirty days prior written notice to the Trustee.

  • Maintenance of the Primary Mortgage Insurance Policies (a) The Master Servicer shall not take, or knowingly permit any Servicer (consistent with the applicable Servicing Agreement) to take, any action that would result in non-coverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of such Master Servicer or Servicer, would have been covered thereunder. To the extent that coverage is available, the Master Servicer shall use its best reasonable efforts to keep in force and effect, or to cause each Servicer to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), primary mortgage insurance applicable to each Mortgage Loan in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable. The Master Servicer shall not, and shall not permit any Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in effect at the date of the initial issuance of the Certificates and is required to be kept in force hereunder except as required by applicable law or in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable.

  • Life Insurance Policies If any Debtor, now or any time hereafter, is the beneficiary of a “key man life insurance policy”, it shall promptly notify the Agent thereof, provide the Agent with a true and correct list of the Persons insured, the name and address of the insurance company providing the coverage, the amount of such insurance and the policy number, and, unless otherwise waived by the Agent in writing, take such actions as Agent may deem necessary or the Agent shall deem reasonably desirable to collaterally assign policy to the Agent for the benefit of the Lenders.

  • R&W Insurance Policy In the event Parent or any of its Affiliates obtains a representations and warranties insurance policy in respect of the representations and warranties contained in this Agreement or in any certificate or other instrument contemplated by or delivered in connection with this Agreement (such policy, a “R&W Insurance Policy”), then (a) the payment of the premium (inclusive of commissions, surplus lines or premium taxes) and underwriting fees required by the R&W Insurance Policy to be paid (the “R&W Policy Premium”) shall be paid by Parent at or following Closing in connection with the issuance of the R&W Insurance Policy, with fifty percent (50%) of the R&W Policy Premium being borne by the Company as a Transaction Expense, and, for the avoidance of doubt, any other costs incurred or due following the Effective Time relating to the R&W Insurance Policy shall be borne solely by Parent and its Affiliates (including the Surviving Company after the Mergers); (b) such R&W Insurance Policy shall not provide for any “seller retention” (as such phrase is commonly used in the representations and warranties insurance policy industry); (c) such R&W Insurance Policy shall expressly waive any claims of subrogation, contribution, assignment, or otherwise, against the Stockholder or its Affiliates (or any direct or indirect past or present shareholder, member, partner, stockholder, employee, director or officer (or the functional equivalent of any such position) of the Stockholder or its Affiliates) (except in the case of Fraud); (d) the Stockholder shall, and shall cause the Company to, use commercially reasonable efforts to cooperate with Parent and its Affiliates and provide assistance as reasonably required to obtain such R&W Insurance Policy prior to Closing and (e) the subrogation waiver described in clause (c) of this Section 6.10 may not be amended or otherwise modified in any manner adverse to the Stockholder or any of the other persons listed in clause (c) of this Section 6.10, without Stockholder’s prior written consent (which consent may be withheld in its sole discretion).

  • Primary Mortgage Insurance CitiMortgage will exercise its best reasonable efforts to maintain each primary mortgage insurance policy in full force. CitiMortgage will present claims to the insurer, and take any other reasonable action that may be necessary to permit recovery, under any primary mortgage insurance policy for a defaulted mortgage loan. CitiMortgage may substitute for any primary mortgage insurance policy another substantially equivalent policy issued by another insurer, provided that no such substitution will be made unless (i) CitiMortgage is advised by each rating agency that the substitution will not negatively affect the rating agency’s then-current rating of the certificates (for any insured class certificates, without regard to any certificate insurance policy) or (ii) the claims-paying ability of the substitute primary mortgage insurer is, at the time of substitution, rated at least “AA” or its equivalent by each rating agency rating the certificates.

  • Title Insurance Policy Lender shall have received (i) a Title Insurance Policy for each Individual Property or a marked-up commitment (in form and substance satisfactory to Lender) from Title Insurer to issue a Title Insurance Policy for each Individual Property and (ii) a fully executed copy of the Title Instruction Letter from the Title Insurer.

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