Common use of AND OMISSIONS INSURANCE Clause in Contracts

AND OMISSIONS INSURANCE. Purchaser shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage on all officers, employees or other persons acting in any capacity requiring such persons to handle funds, money, documents or papers relating to the Mortgage Loans ("Purchaser Employees"). Any such fidelity bond and errors and omissions insurance shall protect and insure Purchaser against losses, including forgery, theft, embezzlement, fraud, errors and omissions, failure to maintain any insurance policies required pursuant to this Exhibit, and negligent acts of such Purchaser Employees. Such fidelity bond shall also protect and insure Purchaser against losses in connection with the release or satisfaction of a Mortgage Loan without having obtained payment in full of the indebtedness secured thereby. No provision of this Exhibit requiring such fidelity bond and errors and omissions insurance shall diminish or relieve Purchaser from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond and insurance policy shall be at least equal to the corresponding amounts required by Xxxxxx Mae in the Xxxxxx Xxx Servicing Guide or by Xxxxxxx Mac in the Xxxxxxx Mac Seller's and Servicers' Guide or in an amount permitted to Purchaser by express waiver of Xxxxxx Mae or Xxxxxxx Mac. Upon request Purchaser shall deliver to Seller a certified true copy of the fidelity bond and insurance policy and a statement from the surety and the insurer that such fidelity bond or insurance policy shall in no event be terminated or materially modified without thirty days' prior written notice to Seller.