Primary Mortgage Insurance Policy definition

Primary Mortgage Insurance Policy. Any primary mortgage guaranty insurance policy issued in connection with a Mortgage Loan which provides compensation to a Mortgage Note holder in the event of default by the obligor under such Mortgage Note or the related Security Instrument, if any or any replacement policy therefor through the related Interest Accrual Period for such Class relating to a Distribution Date.

Primary Mortgage Insurance Policy. Each policy of primary mortgage guaranty insurance or any replacement policy therefor with respect to any Mortgage Loan.

Primary Mortgage Insurance Policy. Mortgage guaranty insurance, if any, on an individual Mortgage Loan, as evidenced by a policy or certificate.

Examples of Primary Mortgage Insurance Policy in a sentence

• 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.

• If such Primary Mortgage Insurance Policy is terminated as a result of such assumption or substitution of liability, the Servicer shall obtain a replacement Primary Mortgage Insurance Policy as provided above.

• The Master Servicer shall not, and shall not permit any Servicer (to the extent required under the related Servicing Agreement) 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 Mortgage Note and is required to be kept in force hereunder except in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable.

• 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.

• The Master Servicer shall not, and shall not knowingly 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 in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable.

More Definitions of Primary Mortgage Insurance Policy

Primary Mortgage Insurance Policy. Any mortgage guaranty insurance, if any, on an individual Mortgage Loan, including any Bulk PMI Policy or any LPMI Policy, as evidenced by a policy or certificate, whether such policy is obtained by the originator, the lender, the borrower or the Seller on behalf of the Trust Fund.

Primary Mortgage Insurance Policy. Each primary policy of mortgage insurance, or any replacement policy therefor obtained by the Servicer pursuant to Section 4.08.

Primary Mortgage Insurance Policy. A policy of primary mortgage guaranty insurance.

Primary Mortgage Insurance Policy. With respect to each Mortgage Loan, the policy of primary mortgage insurance (including all endorsements thereto) issued with respect to such Mortgage Loan, if any, or any replacement policy.

Primary Mortgage Insurance Policy. Each primary mortgage insurance policy required to be maintained pursuant to Section 3.13.

Primary Mortgage Insurance Policy. A policy of mortgage guaranty insurance, if any, or any replacement policy therefor, as evidenced by a policy or certificate, providing coverage as required by clause (xi) of Exhibit 3 to each Mortgage Loan Purchase Agreement.

Primary Mortgage Insurance Policy. Each policy of primary mortgage insurance represented to be in effect pursuant to Section 3.02(cc), or any replacement policy therefor obtained by the Servicer pursuant to Section 4.08.