Mortgage Insurance Credit Amount. With respect to each Payment Date and any Credit Event Reference Obligation, the amount that Freddie Mac reports is payable under any effective mortgage insurance policy relating to such Credit Event Reference Obligation; provided, that such Mortgage Insurance Credit Amount will be limited to the amount that would be necessary to reduce to zero any Credit Event Net Gain and Credit Event Net Loss (in each case as calculated after taking into account any subsequent losses on such Credit Event Reference Obligation as contemplated under clause (c) of the definition of Principal Loss Amount and any subsequent recoveries on such Credit Event Reference Obligation as contemplated under clause (b) of the definition of Principal Recovery Amount) that would otherwise result for such Credit Event Reference Obligation on such Payment Date. If it is subsequently determined that the Mortgage Insurance Credit Amount with respect to any previous Payment Date should have been a different amount based upon additional information received by Freddie Mac after such Payment Date, such difference will be treated as a subsequent loss under clause (c) of the definition of Principal Loss Amount (if the amount should have been lower) or a subsequent recovery under clause (b) of the definition of Principal Recovery Amount (if the amount should have been higher or if the Mortgage Insurance Credit Amount was limited pursuant to the proviso of the immediately preceding sentence and the amount actually received by Freddie Mac pursuant to the related mortgage insurance policy was greater than such limited amount, such difference will be so treated as a subsequent recovery). Any Mortgage Insurance Credit Amount reported by Freddie Mac will be included as a component of Net Liquidation Proceeds irrespective of Freddie Mac’s receipt of such amounts from the related mortgage insurance company. The Mortgage Insurance Credit Amount will not be reduced or otherwise affected irrespective of (i) any insolvency of the related mortgage insurance company or (ii) any settlement or agreement between Freddie Mac and the related mortgage insurance company resulting in the reduction in a claim payment or the commutation or cancellation of coverage under the related mortgage insurance policy. For the avoidance of doubt, clause (ii) in the immediately preceding sentence excludes settlements or agreements related to the transfer of a Mortgage Note to a third party. The Mortgage Insurance Credit Amount with r...

Mortgage Insurance Credit Amount means, with respect to any Credit Event Reference Obligation the full amount, if any, that may be claimed as contractual proceeds of any mortgage insurance covering such Reference Obligation at the time such Reference Obligation became a Credit Event Reference Obligation, without regard to whether such amount or any portion thereof is actually received by or reimbursed to Fannie Mae from the applicable mortgage insurer, servicer or any other source. For the avoidance of doubt, the "Mortgage Insurance Credit Amount" will not include amounts that otherwise may have been claimed to the extent the related mortgage insurance coverage has been rescinded or has been denied or curtailed due to origination or servicing breaches.

Mortgage Insurance Credit Amount means with respect to each Premium Payment Date and any Credit Event Reference Obligation, the amount that the Insured reports is payable under any effective mortgage insurance policy (or, if the related servicer has assumed the obligation of the related mortgage insurance company after an inappropriate cancellation of the related policy, the amount payable by such servicer) relating to such Credit Event Reference Obligation; provided, that such Mortgage Insurance Credit Amount will be limited to the amount that would be necessary to reduce to zero any Credit Event Net Gain and Credit Event Net Loss (in each case as calculated after taking into account any subsequent losses in the related Reporting Period on such Credit Event Reference Obligation as contemplated under clause (iii) of the definition of Principal Loss Amount and any subsequent recoveries in the related Reporting Period on such Credit Event Reference Obligation as contemplated under clause (ii) of the definition of Principal Recovery Amount) that would otherwise result for such Credit Event Reference Obligation on such Premium Payment Date. If it is subsequently determined that the Mortgage Insurance Credit Amount with respect to any previous Premium Payment Date should have been a different amount based upon additional information received by the Insured after such Premium Payment Date, such difference will be treated as a subsequent loss in the related Reporting Period under clause (iii) of the definition of Principal Loss Amount (if the amount should have been lower) or a subsequent recovery in the related Reporting Period under clause (ii) of the definition of Principal Recovery Amount (if the amount should have been higher or if the Mortgage Insurance Credit Amount was limited pursuant to the proviso of the immediately preceding sentence and the amount actually received by the Insured pursuant to the related mortgage insurance policy was greater than such limited amount, such difference will be treated as a subsequent recovery in the related Reporting Period, and allocated as described under Article VI(B)(5)). Any Mortgage Insurance Credit Amount reported by the Insured will be included as a component of Net Liquidation Proceeds irrespective of the Insured's receipt of such amounts from the related mortgage insurance company. The Mortgage Insurance Credit Amount will not be reduced or otherwise affected irrespective of (i) any insolvency of the related mortgage insurance company or (ii) ...

Examples of Mortgage Insurance Credit Amount in a sentence

The "Mortgage Insurance Credit Amount" with respect to any Credit Event Reference Obligation is the full amount, if any, that may be claimed as contractual proceeds of any mortgage insurance covering such Reference Obligation at the time such Reference Obligation became a Credit Event Reference Obligation, without regard to whether such amount or any portion thereof is actually received by or reimbursed to Fannie Mae from the applicable mortgage insurer, servicer or any other source.
For the avoidance of doubt, the "Mortgage Insurance Credit Amount" will not include amounts that otherwise may have been claimed to the extent the related mortgage insurance coverage has been rescinded, has been denied or curtailed due to origination or servicing breaches.
The Mortgage Insurance Credit Amount will not be reduced or otherwise affected irrespective of (i) any insolvency of the related mortgage insurance company or (ii) any settlement or agreement between the Insured and the related mortgage insurance company resulting in the reduction in a claim payment or the commutation or cancellation of coverage under the related mortgage insurance policy.
Any Mortgage Insurance Credit Amount reported by the Insured will be included as a component of Net Liquidation Proceeds irrespective of the Insured's receipt of such amounts from the related mortgage insurance company.
The Mortgage Insurance Credit Amount will not be reduced or otherwise affected irrespective of (i) any insolvency of the related mortgage insurance company or (ii) any settlement or agreement between Freddie Mac and the related mortgage insurance company resulting in the reduction in a claim payment or the commutation or cancellation of coverage under the related mortgage insurance policy.

More Definitions of Mortgage Insurance Credit Amount

Mortgage Insurance Credit Amount means, with respect to any Credit Event Reference Obligation, the full amount, if any, that may be claimed as contractual proceeds of any mortgage insurance covering such Reference Obligation at the time such Reference Obligation became a Credit Event Reference Obligation, without regard to whether such amount or any portion thereof is actually received by or reimbursed to Xxxxxx Xxx from the applicable mortgage insurer, servicer or any other source. For the avoidance of doubt, the "Mortgage Insurance Credit Amount" will not include amounts that otherwise may have been claimed to the extent the related mortgage insurance coverage has been rescinded, has been denied or curtailed due to origination or servicing breaches.

Mortgage Insurance Credit Amount means with respect to each Payment Date and any Credit Event Reference Obligation, the amount that Freddie Mac reports is payable under any effective mortgage insurance policy relating to such Credit Event Reference Obligation. If it is subsequently determined that the Mortgage Insurance Credit Amount with respect to any previous Payment Date should have been a different amount based upon additional information received by Freddie Mac after such Payment Date, such difference will be treated as a subsequent loss under clause (c) of the definition of Principal Loss Amount (if the amount should have been lower) or a subsequent recovery under clause (b) of the definition of Principal Recovery Amount (if the amount should have been higher), as described under “— Allocation of Tranche Write-up Amounts”. Any Mortgage Insurance Credit Amount reported by Freddie Mac will be included as a component of Net Liquidation Proceeds irrespective of Freddie Mac’s receipt of such amounts from the related mortgage insurance company. The Mortgage Insurance Credit Amount will not be reduced or otherwise affected irrespective of (i) any insolvency of the related mortgage insurance company or (ii) any settlement between Freddie Mac and the related mortgage insurance company resulting in the commutation or cancellation of coverage under the related mortgage insurance policy. For the avoidance of doubt, clause (ii) in the immediately preceding sentence excludes settlements related to the transfer of a Mortgage Note to a third-party. The Mortgage Insurance Credit Amount with respect to any Reference Obligation will be deemed to be zero in the event that the related Mortgage Note is transferred to a third party. In such event, any proceeds received from the related mortgage insurance company in connection with the commutation or cancellation of mortgage insurance for any related Mortgage Note with an effective mortgage insurance policy will be included as a component of Liquidation Proceeds.

Mortgage Insurance Credit Amount means with respect to each Premium Payment Date (or with respect to the Loan Acquisition Period, for purposes of calculating the Loan Acquisition Period Loss Amount) and any Credit Event Covered Obligation, the amount that the Insured reports is payable under any effective mortgage insurance policy (or, if the related servicer has assumed the obligation of the related mortgage insurance company after an inappropriate cancellation of the related policy, the amount payable by such servicer) relating to such Credit Event Covered Obligation; provided, that such Mortgage Insurance Credit Amount will be limited to the amount that would be necessary to reduce to zero any Credit Event Net Gain and Credit Event Net Loss (in each case as calculated after taking into account any subsequent losses in the related Reporting Period on such Credit Event Covered Obligation as contemplated under clause (c) of the definition of Principal Loss Amount and any subsequent recoveries in the related Reporting Period on such Credit Event Covered Obligation as contemplated under clause (b) of the definition of Principal Recovery Amount) that would otherwise result for such Credit Event Covered Obligation on such Payment Date. If it is subsequently determined that the Mortgage Insurance Credit Amount with respect to any previous Premium Payment Date should have been a different amount based upon additional information received by the Insured after such Premium Payment Date, such difference will be treated as a subsequent loss in the related Reporting Period under clause (c) of the definition

Mortgage Insurance Credit Amount means, with respect to any Credit Event Reference Obligation, (x) the amount collected under any effective mortgage insurance policy relating to such Credit Event Reference Obligation (it being understood, that if the initially collected amount is determined in any subsequent Reporting Period to have been incorrect based on additional information, the difference between the initially reported amount and the subsequently determined amount will be treated as either a subsequent loss for inclusion in the Principal Loss Amount or a subsequent recovery for inclusion in the Principal Recovery Amount, as applicable, for such Reporting Period) or (y) in the event the related mortgage insurance policy is ineffective due to the insolvency of the related mortgage insurance company, the full amount that would, but for such insolvency, have been claimable as contractual proceeds of the mortgage insurance policy at the time such Reference Obligation became a Credit Event Reference Obligation. For the avoidance of doubt, there will be no Mortgage Insurance Credit Amount for any Reference Obligation with respect to which the related mortgage note is transferred to a third party; provided, however, that any proceeds received from the related mortgage insurance company in connection with the commutation or cancellation of mortgage insurance with respect to such Reference Obligation will be included in Liquidation Proceeds at the time such Reference Obligation becomes a Credit Event Reference Obligation. Furthermore, the Mortgage Insurance Credit Amount for a Credit Event Reference Obligation will not include amounts that otherwise may have been claimed to the extent the related mortgage insurance coverage has been rescinded or has been successfully denied or curtailed due to origination or servicing breaches. Any amounts received by Fannie Mae from the related servicer or any other source in respect of any such rescission, denial or curtailment of the related mortgage insurance coverage will be included in the Liquidation Proceeds for such Credit Event Reference Obligation.

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