Pool Insurance Policy definition

Pool Insurance Policy means a premium-paid policy of mortgage loan pool insurance issued by an insurance company having a AAA or AA rating from Standard & Poor’s (a division of The XxXxxx-Xxxx Companies, Inc.) or Fitch Ratings, or Aaa or Aa rating from Xxxxx’x Investors Service, Inc. for claims-paying ability, in form and substance satisfactory to the Seller and insuring the holder of a pool of Mortgage Loans against all or a portion of the loss sustained by reason of a default by a Customer in the payment of principal and interest thereon.

Pool Insurance Policy. The policy of pool credit insurance, naming ----- the Trustee as loss payee, a specimen of which is attached hereto as Exhibit ___ or any replacement policy therefor obtained pursuant to Section [3.13].

Pool Insurance Policy. If so specified in the Reference Agreement with respect to a Series of Certificates for which credit support is provided by a Pool Insurance Policy, the policy of contract pool guaranty insurance obtained pursuant to Section 3.13 [, a form of which is attached as an Exhibit to such Reference Agreement,] or any replacement insurance policy obtained pursuant to Section 3.13 hereof.

Examples of Pool Insurance Policy in a sentence

• The Servicer must ensure that any action taken with respect to the sale of a REO does not jeopardize the maximum benefits available under the related Pool Insurance Policy, if any, with respect to the related Mortgage Loan.

• From time to time as is appropriate for the servicing or foreclosures of any Mortgage Loan, including, for this purpose, collection under any Primary Insurance Policy or any Mortgage Pool Insurance Policy, the Master Servicer shall deliver to the Custodian a Request for Release certifying as to the reason for such release.

• The Trustee will be reimbursed by the Trust Fund for any out-of-pocket expenses incurred by it in connection with obtaining and maintaining such substitute form of credit enhancement in replacement of a Pool Insurance Policy.

• However, if the premium cost of the replacement policy exceeds the premium cost of such Pool Insurance Policy, the coverage amount of the replacement policy will be reduced so that its premium cost will not exceed the premium cost of such Pool Insurance Policy.

• The Master Servicer may, subject to applicable law, direct any Servicer to renew any Primary Mortgage Insurance Policy on any Mortgage Loan not insured by the Mortgage Insurer that issued the Pool Insurance Policy which covered such Mortgage Loan with a Primary Mortgage Insurance Policy issued by the Mortgage Insurer which issued the Pool Insurance Policy relating to such Mortgage Loan.

More Definitions of Pool Insurance Policy

Pool Insurance Policy. The mortgage pool insurance policy provided by the Pool Insurer having an initial amount of coverage equal to $23,902,847.90 and including any and all endorsements, a copy of which is attached hereto, as Exhibit T, or any replacement obtained by the Servicer pursuant to Section 3.21 hereof.

Pool Insurance Policy means any pool insurance policy from time to time taken out in favour of the Trustee in its capacity as trustee of the Fund.

Pool Insurance Policy. Either of the Old Republic Pool Insurance Policy or the United Guaranty Pool Insurance Policy, copies of which are attached as Exhibits S-1and S2.

Pool Insurance Policy. The mortgage pool insurance policy (policy number #05-048033) dated the Closing Date and issued by the Pool Insurer.

Pool Insurance Policy means any pool insurance policy from time to time taken out in favour of the Trustee.

Pool Insurance Policy. With respect to a Series, any blanket mortgage insurance policy that may be provided for in the related Series Supplement as an addition to or in place of the Primary Mortgage Insurance Policies for the Mortgage Loans securing such Series, or any replacement policy.

Pool Insurance Policy. Each of the Old Republic Pool Insurance Policy and the United Guaranty Pool Insurance Policies.