Special Hazard Insurance Policy definition

Special Hazard Insurance Policy. An insurance policy covering a Contract or Mortgage Loan against loss by reason of fire, lightning, explosion, smoke, windstorm, hail, riot, strike and civil commotion.

Special Hazard Insurance Policy. An insurance policy covering a Mortgage Loan against (i) loss by reason of damage to Mortgaged Premises caused by certain hazards not covered by any hazard insurance and (ii) partial loss from damage to the Mortgaged Premises caused by reason of the application of the coinsurance clause contained in any Hazard Insurance policy.

Special Hazard Insurance Policy. An insurance policy covering a Contract or Mortgage Loan against Special Hazard Loss.

Examples of Special Hazard Insurance Policy in a sentence

• Pursuant to Section 3.08 hereof, any amounts collected by the Master Servicer under the Special Hazard Insurance Policy that are in the nature of Insurance Proceeds shall be deposited in the Certificate Account, subject to withdrawal pursuant to Section 3.12 hereof.

• Prior to obtaining any replacement Special Hazard Insurance Policy, the Master Servicer shall notify the Depositor of the replacement Special Hazard Insurance Policy the Master Servicer intends to obtain and, if the Depositor so directs, obtain a replacement Special Hazard Insurance Policy approved by the Depositor.

• Any proceeds disbursed to the Master Servicer in respect of such policies or bonds shall be promptly deposited in the Master Custodial P & I Account upon receipt, except for any amounts realized under the Special Hazard Insurance Policy that are to be applied to the repair or restoration of the related property as a condition requisite to the presentation of claims on the related Mortgage Loan to the insurer under any applicable Mortgage Insurance Policy.

• The Master Servicer agrees to exercise commercially reasonable efforts to maintain and keep the Special Hazard Insurance Policy in full force and effect throughout the term of this Agreement, unless coverage thereunder has been exhausted through the payment of claims; provided, however, that in no case shall the Master Servicer be required to (i) expend its own funds to maintain such policy or (ii) make a Nonrecoverable Advance.

• In connection with its activities hereunder, the Master Servicer agrees to present, on behalf of the Trustee and Certificateholders, claims to the Special Hazard Insurer under the Special Hazard Insurance Policy, and, in this regard, to take such commercially reasonable action (other than the making of Nonrecoverable Advances) as shall be necessary to permit recovery under the Special Hazard Insurance Policy.

More Definitions of Special Hazard Insurance Policy

Special Hazard Insurance Policy. The policy of special hazard insurance, naming the Trustee as loss payee, a specimen of which is attached as Exhibit ___ to this Agreement or any replacement policy obtained pursuant to Section [3.14].

Special Hazard Insurance Policy. A casualty insurance policy, in form and substance satisfactory to the Issuing Entity and the Trustee, insuring the Trustee against loss sustained by damage or destruction to Mortgaged Premises, which loss is not insured by a Hazard Insurance Policy or Flood Insurance Policy (if any).

Special Hazard Insurance Policy. If so specified in the Reference Agreement, credit support which is provided by a Special Hazard Insurance Policy [, a specimen of which is attached as an Exhibit to the Reference Agreement, or any replacement policy obtained pursuant to Section 3.14 hereof].

Special Hazard Insurance Policy. The special hazard insurance policy, a form of which is attached as Exhibit R to this Agreement, or any replacement insurance policy obtained by the Master Servicer pursuant to Section 3.23, in the total initial amount of $4,000,000. The initial Special Hazard Insurance Policy shall be issued by Travelers.

Special Hazard Insurance Policy. The Special Hazard Insurance Policy issued by the Special Hazard Insurer insuring the Mortgage Loans and all amendments or endorsements thereto, or any replacement policy obtained by the Master Servicer pursuant to Section 3.20 hereof.

Special Hazard Insurance Policy. With respect to a Series, the Special Hazard Insurance Policy to be issued by the Special Hazard Insurer named in the related Series Supplement or any replacement policy obtained by the Master Servicer for such Series pursuant to the Servicing Agreement for such Series.

Special Hazard Insurance Policy. [Not Applicable]