The Loan Insurance Policy Sample Clauses

The Loan Insurance Policy. The Master Servicer shall take whatever action is appropriate to maximize the amounts payable under the Loan Insurance Policy and to service the Mortgage Loans in the manner required by the Loan Insurance Policy. The Master Servicer shall prepare and submit all claims eligible for submission under the Loan Insurance Policy and shall perform all of the obligations of the insured under the Loan Insurance Policy other than those in Section 6.15(a) of the Indenture to be performed by the Co-Trustee. If the Loan Insurance Policy is terminated for any reason other than the exhaustion of its coverage (including with respect to non-compliance under the Item 1114 Agreement as described in the following paragraph), or if the claims-paying ability rating of its issuer is reduced to below investment grade, or, with respect to the initial issuer of such policy, to "A+" or below by Standard & Poor's or "A1" or below by Moody's, the Master Servicer will use its best efforts to obtain a comparable policy from an insurer that is acceptable to the Rating Agencies and consented to by the Credit Enhancer (which consent shall not be unreasonably withheld). The replacement policy will provide coverage equal to the then remaining coverage of the Loan Insurance Policy if available. However, if the premium cost of a replacement policy exceeds the premium cost of the Loan Insurance Policy then the Master Servicer, at the direction of the Credit Enhancer, will either (i) obtain a replacement policy with reduced coverage amount so that the premium cost will not exceed the premium cost of the Loan Insurance Policy or (ii) from Interest Collections on the Mortgage Loans for each Collection Period, deposit into a segregated trust account the amounts that would have been paid as premium on the Loan Insurance Policy had it not been terminated, which amounts will be available to pay Investor Loss Amount with respect to the Mortgage Loans on future Payment Dates and, after the Principal Amount Notes have been repaid, will be paid to the Issuer for payment to the Certificates pursuant to the Trust Agreement. The Master Servicer will withdraw from the Collection Account (to the extent of available funds) and forward to the Co-Trustee (1) on or before 12:00 NOON (New York City time) on the 45th day following the Closing Date, the initial premium due under the Loan Insurance Policy, and (2) on or before 12:00 NOON (New York City time) on each Payment Date, the aggregate monthly premium due unde...
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The Loan Insurance Policy. The Master Servicer shall take whatever action is appropriate to maximize the amounts payable under the Loan Insurance Policy and to service the Mortgage Loans in the manner required by the Loan Insurance Policy. The Master Servicer shall prepare and submit all claims eligible for submission under the Loan Insurance Policy and shall perform all of the obligations of the insured under the Loan Insurance Policy other than those in Section 8.12 hereof to be performed by the Co-Trustee. If the Loan Insurance Policy is terminated for any reason other than the exhaustion of its coverage, or if the claims-paying ability rating of its issuer is reduced to below investment grade, the Master Servicer will use its best efforts to obtain a comparable policy from an insurer that is acceptable to the Rating Agencies. The replacement policy will provide coverage equal to the then remaining coverage of the Loan Insurance Policy if available. However, if the premium cost of a replacement policy exceeds the premium cost of the Loan Insurance Policy, the coverage amount of the replacement policy will be reduced so that its premium cost will not exceed the premium cost of the Loan Insurance Policy. The Master Servicer shall forward to the Loan Insurance Policy Provider in immediately available funds on or before 12:00 noon (New York City time) on January 25, 2005 the initial premium due under the Loan Insurance Policy. The Master Servicer shall withdraw from the Certificate Account and forward to the Co-Trustee in immediately available funds on or before 12:00 noon (New York City time) on each Distribution Date the Loan Insurance Policy Premium due on such Distribution Date, and (iii) promptly when due any other amount owed to the Loan Insurance Policy Provider under the Loan Insurance Policy.
Sample 1
The Loan Insurance Policy. The Master Servicer shall take whatever action is appropriate to maximize the amounts payable under the Loan Insurance Policy and to service the Mortgage Loans in the manner required by the Loan Insurance Policy. The Master Servicer shall prepare and submit all claims eligible for submission under the Loan Insurance Policy and shall perform all of the obligations of the insured under the Loan Insurance Policy other than those in Section 6.15(a) of the Indenture to be performed by the Co-Trustee. If the Loan Insurance Policy is terminated for any reason other than the exhaustion of its coverage, or if the claims-paying ability rating of its issuer is reduced to below investment grade, or, with respect to the initial issuer of such policy, to "[A+]" or below by Standard & Poor's or "[A1]" or below by Moody's, the Master Servicer will use its best efforts to obtain a comparable policy from an insurer that is acceptable to the Rating Agencies and consented to by the Credit Enhancer (which consent shall not be unreasonably withheld). The replacement policy will provide coverage equal to the then remaining coverage of the Loan Insurance Policy if available. However, if the premium cost of a replacement policy exceeds the premium cost of the Loan Insurance Policy, the coverage amount of the replacement policy will be reduced so that its premium cost will not exceed the premium cost of the Loan Insurance Policy. The Master Servicer will withdraw from the Collection Account (to the extent of available funds) and forward to the Co-Trustee (1) on or before 12:00 NOON (New York City time) on the 45th day following the Closing Date, the initial premium due under the Loan Insurance Policy, (2) on or before 12:00 NOON (New York City time) on each Payment Date, the monthly premium due under the Loan Insurance Policy for that Payment Date, and (3) on the due date therefor, any other amount owed to the Loan Insurance Policy Provider under the Loan Insurance Policy.
Sample 1
The Loan Insurance Policy. The Master Servicer shall take whatever action is appropriate to maximize the amounts payable under the Loan Insurance Policy and to service the Mortgage Loans in the manner required by the Loan Insurance Policy. The Master Servicer shall prepare and submit all claims eligible for submission under the Loan Insurance Policy and shall perform all of the obligations of the insured under the Loan Insurance Policy other than those in Section 6.15(a) of the Indenture to be performed by the Co-Trustee. If the Loan Insurance Policy is terminated for any reason other than the exhaustion of its coverage, or if the claims-paying ability rating of its issuer is reduced to below investment grade, the Master Servicer will use its best efforts to
Sample 1
The Loan Insurance Policy. (x) Xhe Master Servicer shall take whatever action is appropriate to maximize the amounts payable under the Loan Insurance Policy and to service the Mortgage Loans in the manner required by the Loan Insurance Policy. The Master Servicer shall prepare and timely submit all claims eligible for submission under the Loan Insurance Policy and shall perform all of the obligations of the insured under the Loan Insurance Policy other than those in Section 6.15(a) of the Indenture to be performed by the Co-Trustee.
Sample 1

Related to The Loan Insurance Policy

  • R&W Insurance Policy In the event Parent or any of its Affiliates obtains a representations and warranties insurance policy in respect of the representations and warranties contained in this Agreement or in any certificate or other instrument contemplated by or delivered in connection with this Agreement (such policy, a “R&W Insurance Policy”), then (a) the payment of the premium (inclusive of commissions, surplus lines or premium taxes) and underwriting fees required by the R&W Insurance Policy to be paid (the “R&W Policy Premium”) shall be paid by Parent at or following Closing in connection with the issuance of the R&W Insurance Policy, with fifty percent (50%) of the R&W Policy Premium being borne by the Company as a Transaction Expense, and, for the avoidance of doubt, any other costs incurred or due following the Effective Time relating to the R&W Insurance Policy shall be borne solely by Parent and its Affiliates (including the Surviving Company after the Mergers); (b) such R&W Insurance Policy shall not provide for any “seller retention” (as such phrase is commonly used in the representations and warranties insurance policy industry); (c) such R&W Insurance Policy shall expressly waive any claims of subrogation, contribution, assignment, or otherwise, against the Stockholder or its Affiliates (or any direct or indirect past or present shareholder, member, partner, stockholder, employee, director or officer (or the functional equivalent of any such position) of the Stockholder or its Affiliates) (except in the case of Fraud); (d) the Stockholder shall, and shall cause the Company to, use commercially reasonable efforts to cooperate with Parent and its Affiliates and provide assistance as reasonably required to obtain such R&W Insurance Policy prior to Closing and (e) the subrogation waiver described in clause (c) of this Section 6.10 may not be amended or otherwise modified in any manner adverse to the Stockholder or any of the other persons listed in clause (c) of this Section 6.10, without Stockholder’s prior written consent (which consent may be withheld in its sole discretion).

  • Insurance Policy insurance policies and insurance contracts of any kind that immediately prior to the Effective Time are or have been owned or maintained by, or provide a benefit in favor of, any member of either Group or any of its predecessors, including, without limitation, workers compensation/employers liability (including self-insured workers compensation in the State of Indiana), commercial general liability (including product liability), auto liability, excess/umbrella liability, property/business interruption, marine cargo, blanket crime/fidelity, aviation including airport liability, international liability and Executive Liability Policies. The term “Insurance Policies” expressly excludes any insurance policies relating to Plans to the extent such insurance policies are addressed under the Employee Matters Agreement, other than the above referenced Executive Liability Policies and workers compensation/employers liability policies (including self-insured workers compensation in the State of Indiana).

  • Other Insurance Policies No action, inaction or event has occurred and no state of facts exists or has existed that has resulted or will result in the exclusion from, denial of, or defense to coverage under any applicable special hazard insurance policy, PMI Policy or bankruptcy bond, 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 Seller or by any officer, director, or employee of Seller or any designee of Seller or any corporation in which Seller or any officer, director, or employee had a financial interest at the time of placement of such insurance.

  • Insurance Policies Insurance required herein shall be by companies duly licensed or admitted to transact business in the state where the Premises are located, and maintaining during the policy term a "General Policyholders Rating" of at least B+, V, as set forth in the most current issue of "Best's Insurance Guide", or such other rating as may be required by a Lender. Lessee shall not do or permit to be done anything which invalidates the required insurance policies. Lessee shall, prior to the Start Date, deliver to Lessor certified copies of policies of such insurance or certificates evidencing the existence and amounts of the required insurance. No such policy shall be cancelable or subject to modification except after thirty (30) days prior written notice to Lessor. Lessee shall, at least thirty (30) days prior to the expiration of such policies, furnish Lessor with evidence of renewals or "insurance binders" evidencing renewal thereof, or Lessor may order such insurance and charge the cost thereof to Lessee, which amount shall be payable by Lessee to Lessor upon demand. Such policies shall be for a term of at least one year, or the length of the remaining term of this Lease, whichever is less. If either Party shall fail to procure and maintain the insurance required to be carried by it, the other Party may, but shall not be required to, procure and maintain the same.

  • Title Insurance Policy Lender shall have received (i) a Title Insurance Policy for each Individual Property or a marked-up commitment (in form and substance satisfactory to Lender) from Title Insurer to issue a Title Insurance Policy for each Individual Property and (ii) a fully executed copy of the Title Instruction Letter from the Title Insurer.

  • Life Insurance Policy In addition to the insurance coverage contemplated by Section 4(e), during the Employment Term the Company shall maintain in effect term life insurance coverage for the Executive with a death benefit of at least Five Hundred Thousand Dollars ($500,000), subject to the Executive's insurability at standard rates and with the beneficiary or beneficiaries, thereof designated by the Executive. Notwithstanding Section 9 of this Agreement, such life insurance policy or policies may be assigned to a trust for the benefit of any beneficiary designated by the Executive.

  • Life Insurance Policies If any Debtor, now or any time hereafter, is the beneficiary of a “key man life insurance policy”, it shall promptly notify the Agent thereof, provide the Agent with a true and correct list of the Persons insured, the name and address of the insurance company providing the coverage, the amount of such insurance and the policy number, and, unless otherwise waived by the Agent in writing, take such actions as Agent may deem necessary or the Agent shall deem reasonably desirable to collaterally assign policy to the Agent for the benefit of the Lenders.

  • Title Insurance Policies The Borrower will deliver to the Administrative Agent a policy of title insurance (or marked-up title insurance commitment or title proforma having the effect of a policy of title insurance) (a “Title Policy”) insuring the Lien of such Mortgage as a valid first mortgage or deed of trust Lien on the Mortgaged Property described therein in an amount not less than the estimated fair market value of such Mortgaged Property as reasonably determined by the Borrower, which Title Policy shall (A) be issued by a nationally-recognized title insurance company reasonably acceptable to the Administrative Agent (the “Title Company”), (B) include such reinsurance arrangements (with provisions for direct access, if necessary) as shall be reasonably acceptable to the Administrative Agent, (C) be supplemented by a “tie-in” or “aggregation” endorsement, if available under applicable law, and such other endorsements as may reasonably be requested by the Administrative Agent (including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, zoning, contiguity, revolving credit, doing business, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates and (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretion;

  • Maintenance of the Primary Mortgage Insurance Policies (a) The Master Servicer shall not take, or knowingly permit any Servicer (consistent with the applicable Servicing Agreement) to take, any action that would result in non-coverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of such Master Servicer or Servicer, would have been covered thereunder. To the extent that coverage is available, the Master Servicer shall use its best reasonable efforts to keep in force and effect, or to cause each Servicer to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), primary mortgage insurance applicable to each Mortgage Loan in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable. The Master Servicer shall not, and shall not permit any Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in effect at the date of the initial issuance of the Certificates and is required to be kept in force hereunder except as required by applicable law or in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable.

  • Standard Hazard Insurance and Flood Insurance Policies (a) For each Mortgage Loan, the Master Servicer shall enforce any obligation of the Servicers under the related Servicing Agreements to maintain or cause to be maintained standard fire and casualty insurance and, where applicable, flood insurance, all in accordance with the provisions of the related Servicing Agreements. It is understood and agreed that such insurance shall be with insurers meeting the eligibility requirements set forth in the applicable Servicing Agreement and that no earthquake or other additional insurance is to be required of any Mortgagor or to be maintained on property acquired in respect of a defaulted loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance.

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