Common use of The Pool Policy Clause in Contracts

The Pool Policy. The Servicer shall prepare and file on a timely basis with the Pool Insurer, all claims which may be made under the Pool Policy with respect to the Covered Mortgage Loans. Within fifteen (15) days of the end of each calendar month (or such other day mutually agreed to by the Servicer and the Pool Insurer), the Servicer shall provide written notice to the Pool Insurer of (i) any Covered Loan that is two (2) months in Default (as defined under the Pool Policy) or (ii) each Covered Loan with respect to which the Trustee (or the Servicer acting on its behalf) becomes aware of any proceedings which affect the Covered Loan or the Mortgaged Property or the Trust Fund’s interest therein have been started. The Servicer shall file a claim under the Pool Policy when any Covered Loans becomes four (4) months in Default (as defined in the Pool Policy). The Servicer shall take all actions required under the Pool Policy as a condition to the payment of any such claim and shall service the Covered Loans in accordance with the requirements of the Pool Policy, including, but not limited to, the obligations of the Servicer to comply with all reporting, notice, inspection and access requirements set forth in the Pool Policy, obtaining the Pool Insurer’s advance written approval of modifications to any Covered Loan as set forth in the Pool Policy and submitting to the Pool Insurer for prior approval any change to the Servicing Guidelines. The Servicer shall indemnify the Trust Fund, the Trustee and the Certificate Insurer for any costs, expenses or liabilities incurred by either of them if a claim made under the Pool Policy is denied as a result of an action or inaction on the part of the Servicer. The Trustee agrees to hold the Pool Policy.

The Pool Policy. The Servicer shall prepare and file on a timely basis with the Pool Insurer, all claims which may be made under the Pool Policy with respect to the Covered Mortgage Loans. Within fifteen (15) days of the end of each calendar month (or such other day mutually agreed to by the Servicer and the Pool Insurer), the Servicer shall provide written notice to the Pool Insurer of (i) any Covered Mortgage Loan that is two (2) months in Default (as defined under the Pool Policy) or (ii) each Covered Mortgage Loan with respect to which the Trustee (or the Servicer acting on its behalf) becomes aware of any proceedings which affect the Covered Mortgage Loan or the Mortgaged Property or the Trust Fund’s interest therein have been started. The Servicer shall file a claim under the Pool Policy when any Covered Mortgage Loans becomes four (4) months in Default (as defined in the Pool Policy). The Servicer shall take all actions required under the Pool Policy as a condition to the payment of any such claim and shall service the Covered Mortgage Loans in accordance with the requirements of the Pool Policy, including, but not limited to, the obligations of the Servicer to comply with all reporting, notice, inspection and access requirements set forth in the Pool Policy, obtaining the Pool Insurer’s advance written approval of modifications to any Covered Mortgage Loan as set forth in the Pool Policy and submitting to the Pool Insurer for prior approval any change to the Servicing Guidelines. The Servicer shall remit to the Seller such amounts received under the Pool Policy and reimbursable to the Seller pursuant to Section 2.03(c). The Servicer shall indemnify the Trust Fund, the Trustee Trustee, the Seller and the Certificate Insurer for any costs, expenses or liabilities incurred by either of them if a claim made under the Pool Policy is denied as a result of an action or inaction on the part of the Servicer. The Trustee agrees to hold the Pool Policy.