MI Payment Amount definition

MI Payment Amount has the meaning given such term in Section 6(c)(2)(i).
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MI Payment Amount means the full contractual amount of the applicable MI Coverage that, in the absence of an MI Action, would have been paid by the MI Company on the Settlement Mortgage for Losses incurred by ▇▇▇▇▇▇▇ Mac. For the avoidance of doubt, the “full contractual amount of the applicable MI Coverage”, as used in the immediately preceding sentence, means the full amount payable under the applicable original mortgage insurance policy, without regard to any arrangement regarding any deferred payment obligation (herein called a “DPO Obligation”), or any other defense or reduction that might otherwise be applicable to such MI Company (or to its successor or assign).
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Examples of MI Payment Amount in a sentence

  • Seller/Servicer shall pay to ▇▇▇▇▇▇▇ Mac, in accordance with and subject to the provisions set forth below, the MI Payment Amount for each Settlement Mortgage that experiences an MI Origination Defect.

  • In the event ▇▇▇▇▇▇▇ Mac determines that a Settlement Mortgage which experiences an MI Action is also an Excluded Mortgage, ▇▇▇▇▇▇▇ Mac may commence the exercise of its rights under Sections 7, 8 and 9 of this Agreement, regardless of whether an MI Payment Amount has been or will be paid.

  • In such event, ▇▇▇▇▇▇▇ Mac agrees to provide Seller/Servicer with written notice of the MI Payment Amount after such Loss is incurred.

  • If the MI Required Payment Date occurred thirty (30) calendar days or more prior to the Closing Date, the applicable MI Payment Amount shall be paid on the Closing Date.

  • If the MI Required Payment Date occurred within twenty-nine (29) calendar days prior to the Closing Date, the applicable MI Payment Amount shall be paid within thirty (30) calendar days following the Closing Date.

  • Seller/Servicer shall pay the MI Payment Amount no later than the last Business Day of the calendar month following the calendar month in which ▇▇▇▇▇▇▇ Mac provides such notice.

  • In the event the Settlement Mortgage is determined to be an Excluded Mortgage, Seller/Servicer shall pay the repurchase or make-whole amount for Settlement Mortgage, less a credit for any previously-paid MI Payment Amount.

  • Upon receipt of the written request of Seller/Servicer, ▇▇▇▇▇▇▇ Mac will assign, on an “as-is, where-is” basis without representation, warranty or recourse of any kind, any claims (or rights to payment) it may have against an MI Company to Seller/Servicer on account of a Settlement Mortgage to the extent that Seller/Servicer has paid the applicable MI Payment Amount to ▇▇▇▇▇▇▇ Mac.