Pool Business definition
Pool Business means a collection of mortgages with similar rates and terms which are often securitized by dividing the pool into bonds backed by the payments of principal and interest into the pool by borrowers. Pool insurance typically covers the loss on a defaulted mortgage loan included in the pool, which is in excess of the loan’s primary coverage, as well as the total loss on a defaulted mortgage which does not require primary coverage. Pool insurance may have a stated aggregate loss limit for a pool of loans or a deductible under which no loss is paid by the insurer until the deductible is exceeded.
Pool Business has the meaning set forth in the second recital.
Examples of Pool Business in a sentence
If Party B's group conducts the asset pool business with Party A, the Asset Pool Financing Credit Line of the pool leader and member companies shall be calculated, allocated, and swept in accordance with the Asset Pool Business Cooperation Agreement.
Party A and Party B carry out the Asset Pool Financing (as defined below) business in accordance with the Asset Pool Business Cooperation Agreement (No.: see Article 15.1).