Examples of WMAC in a sentence
The Corporate and Other segment includes other income and related operating expenses of PMI Mortgage Services Co.’s investment income, change in fair value of certain debt instruments, interest expense, intercompany eliminations and corporate expenses of the Company; the results of Commercial Loan Insurance Corporation, WMAC Credit Insurance Corporation and equity in earnings (losses) from certain limited partnerships.
WMAC wrote mortgage insurance on first mortgages collateralized by one-to-four-family residences until February 28, 1985.
Any distribution or allocation to be made hereunder shall be made as if neither BH Finance nor WMAC had any Affiliated Members, shall be made as BH Finance or WMAC directs to one Member as agent for all BH Finance or WMAC Affiliated Members, as applicable, and thereafter BH Finance or WMAC, as applicable, shall be responsible for apportioning such distribution among their respective Affiliated Members, if any, according to their respective Interests.
The guaranties or indemnification undertakings given by Madison, CLIC and/or WMAC Credit referenced in the definition of Contingent Obligation are obligations of Madison, CLIC or WMAC Credit, as the case may be, without recourse to the Company.
In September 1996, the Company signed an agreement with Wisconsin Mortgage Assurance Corporation ("WMAC") and a WMAC reinsurer to assume all of the reinsurer's interest in WMAC mortgage insurance writings, which had been previously ceded to that reinsurer.
The Company received approximately $40 million as payment for its assumption of existing loss and unearned premium reserves related to the insurance in force being assumed from WMAC.
No amendment or modification of any provision of this Agreement shall in any event be effective without the written concurrence of Agency and WMAC.
Nothing in this Agreement shall impose any obligation on WMAC to provide reinsurance of any Products.
WMAC further agrees to authorize the issuance of warrants to purchase up to 600,000 shares of WMAC common stock, such warrants to be issued by WMAC at the direction of the Agency to the employees of and designated by the Agency, on such terms and conditions that are set forth in that certain warrant form attached hereto as Exhibit A, and by this reference made a part hereof, and such other terms and conditions, if any, to which the Agency and WMAC may hereafter agree.
Nothing in this Agreement shall obligate WMAC to offer for sale any shares of its capital stock at a price or on terms and conditions less favorable than WMAC could otherwise realize or obtain in an underwritten offering of its capital stock.