Primary First Layer Policy definition
Primary First Layer Policy means the policy or guarantee issued by a mortgage guaranty insurance company approved for insurance of mortgage loans sold to either the Federal National Mortgage Association ("F▇▇▇▇▇ M▇▇”), or the Federal Home Loan Mortgage Corporation ("F▇▇▇▇▇▇ Mac”), which for a Loan provides coverage (a) in at least the coverage percent set forth for such Loan on the applicable Certificate, (b) that is issued under a form of policy issued by such company, approved by F▇▇▇▇▇ M▇▇ or F▇▇▇▇▇▇ Mac and in general use for the mortgage loans sold to F▇▇▇▇▇ Mae or F▇▇▇▇▇▇ Mac, as applicable, and (c ) that is maintained in full force and effect until cancellation thereof is required under applicable law. Upon the Company's request, from time to time, the Insured shall provide to the Company a copy of the form of each Primary First Layer Policy under which it obtains coverage.
Primary First Layer Policy means the policy or guarantee issued by a mortgage guaranty insurance company approved for insurance of mortgage loans sold to either the Federal National Mortgage Association ("▇▇▇▇▇▇ Mae"), or the Federal Home Loan Mortgage Corporation ("▇▇▇▇▇▇▇ Mac"), which provides the minimum coverage required by Section 5.14 hereof, and under a form of policy issued by such company, approved by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac, and in general use for the mortgage loans sold to ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac, as applicable. Upon the Company's request, from time to time, the Insured shall provide to the Company a copy of the form of each Primary First Layer Policy under which it obtains coverage.
Examples of Primary First Layer Policy in a sentence
First Layer Policy - Any portion of any Claim for Loss to the extent the Insured under the related Primary First Layer Policy has not received the amount of the full benefit of the percentage option claim payment under the Primary First Layer Policy (irrespective of the reason or cause, including insolvency of the Primary First Layer Policy insurer or failure of the Insured to maintain the Primary First Layer Policy or to comply with the terms and conditions of the Primary First Layer Policy).