Parent Institution Coverage‌ Sample Clauses

Parent Institution Coverage‌. When the parent company of a PFI or Servicer has insurance that meets the MPF Bank's requirements, the MPF Bank will accept that insurance for the PFI or Servicer if: • The parent's insurer(s) names the PFI or Servicer as joint insured with the parent; • The parent’s insurer(s) cannot prescribe, proscribe, or defer the PFI’s Origination Obligations and Servicer’s Servicing Responsibilities; and • The parent’s insurance policy cannot exclude from coverage any of the PFI’s Origination Obligations and/or the Servicer’s Servicing Responsibilities.
Sample 1
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Related to Parent Institution Coverage‌

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