Special Hazard Insurer definition

Special Hazard Insurer. Initially, Travelers, or any successor thereto or the named insurer in any replacement policy obtained by the Master Servicer pursuant to Section 3.17.
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Special Hazard Insurer. The insurer named in Article I or the named insurer in any replacement policy obtained pursuant to Section [3.14].
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Special Hazard Insurer. With respect to a Series of Certificates for which credit support is provided by a Special Hazard Insurance Policy, the insurer named in the related Reference Agreement, or any successor thereto, or the named insurer in any replacement policy obtained pursuant to Section 3.14 hereof.
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Examples of Special Hazard Insurer in a sentence

  • 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.

  • In connection with its activities as administrator and servicer of the Contracts, the Master Servicer agrees to present, on behalf of itself, the Depositor, the Trustee and the Certificateholders, claims to the Special Hazard Insurer under the Special Hazard Insurance Policy and, in this regard, to take such reasonable action as shall be necessary to permit recovery under the Special Hazard Insurance Policy defaulted Contracts.

  • The Special Hazard Insurer is _______________________, a ____________ corporation.

  • In connection with its activities as administrator and servicer of the Mortgage Loans, the Master Servicer agrees to present, on behalf of itself, the Depositor, the Trustee and the Certificateholders, claims to the Special Hazard Insurer under the Special Hazard Insurance Policy and, in this regard, to take such reasonable action as shall be necessary to permit recovery under the Special Hazard Insurance Policy with respect to defaulted Mortgage Loans.

  • The Trustee shall pay on a timely basis the Special Hazard Insurer Fee from amounts on deposit by the Trustee in the Certificate Account in accordance with the terms of the Special Hazard Insurance Policy.

  • The Special Hazard Insurer is ____________________, a _____________ corporation.

  • In addition, on or prior to the Closing Date, the Depositor shall (i) cause the Certificate Insurer to deliver the Certificate Insurance Policy to the Trustee, (ii) cause the Mortgage Pool Insurer to deliver the Pool Insurance Policy to the Trustee and (iii) cause the Special Hazard Insurer to deliver the Special Hazard Insurance Policy to the Trustee.

  • The Special Hazard Insurer is _____________________, a ________________corporation.

  • The calculation of the Trustee Fee, the Servicing Fee, the Pool Insurer Fee, the Special Hazard Insurer Fee, the Loss Mitigation Fee, the Certificate Insurer Premium and interest on the Group I, Class II-A-IO and Class II-X Certificates and on the related Uncertificated Interests shall be made on the basis of a 360-day year consisting of twelve 30-day months.

  • In addition, on or prior to the Closing Date, the Depositor shall (i) cause the Certificate Insurer to deliver the Certificate Insurance Policy to the Trustee, (ii) cause the Pool Insurer to deliver the Pool Insurance Policy to the Trustee and (iii) cause the Special Hazard Insurer to deliver the Special Hazard Insurance Policy to the Trustee.


More Definitions of Special Hazard Insurer

Special Hazard Insurer. With respect to a Series, the issuer of the Special Hazard Insurance Policy named in the related Series Supplement, or any successor thereto, or the named Insurer in any replacement policy obtained by the Master Servicer for such Series.
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Special Hazard Insurer. [Not Applicable]
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Special Hazard Insurer. With respect to a Series of Certificates for ---------------------- which credit support is provided by a Special Hazard Insurance Policy, the insurer named in the related Reference Agreement, or any successor thereto, or the named insurer in any replacement policy obtained pursuant to Section 3.14 hereof.
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Special Hazard Insurer a ___________ property and casualty insurance company, or any successor thereto, or the named insurer in any replacement policy obtained pursuant to the related Warranty and Servicing Agreement.
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Related to Special Hazard Insurer

  • Standard Hazard Insurance Policy means a fire and casualty extended coverage insurance policy in such amount and with such coverage as required by this Agreement.

  • Hazard Insurance A fire and casualty extended coverage insurance policy insuring against loss or damage from fire and other perils covered within the scope of standard extended hazard coverage naming the Servicer, its successors and assigns, as a mortgagee under a standard mortgagee clause, together with all riders and endorsements thereto.

  • Hazard Insurance Policy means, with respect to each Contract, the policy of fire and extended coverage insurance (and federal flood insurance, if the Manufactured Home is secured by an FHA/VA Contract and such Manufactured Home is located in a federally designated special flood area) required to be maintained for the related Manufactured Home, as provided in Section 5.09, and which, as provided in said Section 5.09, may be a blanket mortgage impairment policy maintained by the Servicer in accordance with the terms and conditions of said Section 5.09.

  • Special Hazard Mortgage Loan A Liquidated Mortgage Loan as to which a Special Hazard Loss has occurred.

  • Special Hazard Amount As of any Distribution Date, an amount equal to $2,721,144 minus the sum of (i) the aggregate amount of Special Hazard Losses allocated solely to one or more specific Classes of Certificates in accordance with Section 4.05 of this Series Supplement and (ii) the Adjustment Amount (as defined below) as most recently calculated. For each anniversary of the Cut-off Date, the Adjustment Amount shall be equal to the amount, if any, by which the amount calculated in accordance with the preceding sentence (without giving effect to the deduction of the Adjustment Amount for such anniversary) exceeds the greater of (A) the greatest of (i) twice the outstanding principal balance of the Mortgage Loan in the Trust Fund which has the largest outstanding principal balance on the Distribution Date immediately preceding such anniversary, (ii) the product of 1.00% multiplied by the outstanding principal balance of all Mortgage Loans on the Distribution Date immediately preceding such anniversary and (iii) the aggregate outstanding principal balance (as of the immediately preceding Distribution Date) of the Mortgage Loans in any single five-digit California zip code area with the largest amount of Mortgage Loans by aggregate principal balance as of such anniversary and (B) the greater of (i) the product of 0.50% multiplied by the outstanding principal balance of all Mortgage Loans on the Distribution Date immediately preceding such anniversary multiplied by a fraction, the numerator of which is equal to the aggregate outstanding principal balance (as of the immediately preceding Distribution Date) of all of the Mortgage Loans secured by Mortgaged Properties located in the State of California divided by the aggregate outstanding principal balance (as of the immediately preceding Distribution Date) of all of the Mortgage Loans, expressed as a percentage, and the denominator of which is equal to 38.56% (which percentage is equal to the percentage of Mortgage Loans initially secured by Mortgaged Properties located in the State of California) and (ii) the aggregate outstanding principal balance (as of the immediately preceding Distribution Date) of the largest Mortgage Loan secured by a Mortgaged Property located in the State of California. The Special Hazard Amount may be further reduced by the Master Servicer (including accelerating the manner in which coverage is reduced) provided that prior to any such reduction, the Master Servicer shall (i) obtain written confirmation from each Rating Agency that such reduction shall not reduce the rating assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency and (ii) provide a copy of such written confirmation to the Trustee.

  • Special Hazard Coverage The Special Hazard Coverage on the most recent anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) or, if prior to the first such anniversary, $4,614,259, in each case reduced by Special Hazard Losses allocated to the Certificates since the most recent anniversary of the Cut-Off Date (or, if prior to the first such anniversary, since the Cut-Off Date). On each anniversary of the Cut-Off Date, the Special Hazard Coverage shall be reduced, but not increased, to an amount equal to the lesser of (1) the greatest of (a) the aggregate principal balance of the Mortgage Loans located in the single California zip code area containing the largest aggregate principal balance of Mortgage Loans, (b) 1.0% of the aggregate unpaid principal balance of the Mortgage Loans and (c) twice the unpaid principal balance of the largest single Mortgage Loan, in each case calculated as of the Due Date in the immediately preceding month, and (2) $4,614,259 as reduced by the Special Hazard Losses allocated to the Certificates since the Cut-Off Date. The Special Hazard Coverage may be reduced upon written confirmation from the Rating Agencies that such reduction will not adversely affect the then current ratings assigned to the Certificates by the Rating Agencies (determined in the case of the Insured Certificates, without giving effect to the Certificate Insurance Policy).

  • Special Hazard Loss Any Realized Loss suffered by a Mortgaged Property on account of direct physical loss, but not including (i) any loss of a type covered by a hazard insurance policy or a flood insurance policy required to be maintained with respect to such Mortgaged Property pursuant to Section 3.10 to the extent of the amount of such loss covered thereby, or (ii) any loss caused by or resulting from:

  • Special Flood Hazard Area means an area that FEMA’s current flood maps indicate has at least a one percent (1%) chance of a flood equal to or exceeding the base flood elevation (a 100-year flood) in any given year.

  • Special Hazard Percentage As of each anniversary of the Cut-off Date, the greater of (i) 1.0% and (ii) the largest percentage obtained by dividing the aggregate outstanding principal balance (as of immediately preceding Distribution Date) of the Mortgage Loans secured by Mortgaged Properties located in a single, five-digit zip code area in the State of California by the outstanding principal balance of all the Mortgage Loans as of the immediately preceding Distribution Date.

  • Insurer means a person who insures or guarantees for the benefit of the mortgagee all or any portion of the risk of loss upon borrower default on any of the mortgage loans originated, purchased or serviced by the Company or any of its Subsidiaries, including the Federal Housing Administration, the United States Department of Veterans’ Affairs, the Rural Housing Service of the U.S. Department of Agriculture and any private mortgage insurer, and providers of hazard, title or other insurance with respect to such mortgage loans or the related collateral.

  • Certificate Insurance Policy The Certificate Guaranty Insurance Policy No. AB1094BE, dated the Closing Date, including any endorsements thereto issued by the Certificate Insurer to the Trustee for the benefit of the Holders of the Insured Certificates, a form of which is attached as Exhibit L hereto.

  • Special Hazard Loss Amount As of any Distribution Date, an amount equal to $5,477,967.00 minus the sum of (i) the aggregate amount of Special Hazard Losses allocated solely to the Class B Certificates in accordance with Section 4.02(a) and (ii) the Special Hazard Adjustment Amount (as defined below) as most recently calculated. For each anniversary of the Cut-Off Date, the Special Hazard Adjustment Amount shall be calculated and shall be equal to the amount, if any, by which the amount calculated in accordance with the preceding sentence (without giving effect to the deduction of the Special Hazard Adjustment Amount for such anniversary) exceeds the greater of (A) the product of the Special Hazard Percentage for such anniversary multiplied by the outstanding principal balance of all the Mortgage Loans on the Distribution Date immediately preceding such anniversary, (B) twice the outstanding principal balance of the Mortgage Loan in the Trust Estate which has the largest outstanding principal balance on the Distribution Date immediately preceding such anniversary and (C) that which is necessary to maintain the original ratings on the Certificates as evidenced by letters to that effect delivered by Rating Agencies to the Master Servicer and the Trust Administrator. On and after the Cross-Over Date, the Special Hazard Loss Amount shall be zero.

  • Flood hazard area means any area subject to inundation by the base flood or risk from channel migration including, but not limited to, an aquatic area, wetland, or closed depression.

  • 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.

  • Flood Hazard Property means any Mortgaged Property that is in an area designated by the Federal Emergency Management Agency as having special flood or mudslide hazards.

  • Flood Insurance Rate Map means the most recent flood hazard map published by the Federal Emergency Management Agency under the National Flood Insurance Act of 1968 (42 U.S.C. Section 4001 et seq.).

  • Flood Insurance means the insurance coverage provided under the National Flood Insurance Program.

  • Qualified Insurer A mortgage guaranty insurance company duly authorized and licensed where required by law to transact mortgage guaranty insurance business and approved as an insurer by Xxxxxx Xxx or Xxxxxxx Mac.

  • Approved Insurer Each insurance policy shall be issued by insurance companies authorized to do business in the State of Nevada or eligible surplus lines insurers under federal and Nevada law and having agents in Nevada upon whom service of process may be made, and currently rated by A.M. Best as “A-VII” or better.