Common use of Other Insurance Policies Clause in Contracts

Other Insurance Policies. No Defense to Coverage. No action, inaction or event has occurred and no state of facts exists or has existed on or prior to the Servicing Transfer Date and, to the knowledge of WMC Mortgage Corp. and its Affiliates, on or prior to the Closing Date that has resulted or will result in the exclusion from, denial of, or defense to coverage under any applicable hazard insurance policy, primary mortgage insurance policy or bankruptcy bond (including, without limitation, any exclusions, denials or defenses which would limit or reduce the availability of the timely payment of the full amount of the loss otherwise due thereunder to the insured), irrespective of the cause of such failure of coverage. In connection with the placement of any such insurance, no commission, fee, or other compensation has been or will be received by WMC Mortgage Corp. or by any officer, director, or employee of WMC Mortgage Corp. or any designee of WMC Mortgage Corp. or any corporation in which WMC Mortgage Corp. or any officer, director, or employee had a financial interest at the time of placement of such insurance;