Common use of Fidelity Bond and Errors and Omissions Insurance Clause in Contracts

Fidelity Bond and Errors and Omissions Insurance. POLICY (a) (a) The Primary Servicer, at its own expense, shall maintain in effect a fidelity bond (the "Primary Servicer Fidelity Bond") and an errors and omissions policy (the "Primary Servicer Errors and Omissions Insurance Policy") with a Qualified Insurer, naming the Master Servicer as loss payee, affording coverage for all directors, officers and employees. The Primary Servicer Errors and Omissions Insurance Policy and Primary Servicer Fidelity Bond shall be in such form and amount that would satisfy the same requirements for such policies as the Master Servicer must satisfy as set forth in Section 8.2 of the Pooling and Servicing Agreement. Notwithstanding any other provisions of this Agreement, the Primary Servicer shall be permitted to self-insure with respect to its obligations to maintain the Primary Servicer Fidelity Bond and a Primary Servicer Errors and Omissions Policy to the extent the Master Servicer is permitted under Section 8.2 of the Pooling and Servicing Agreement (construed as if the references therein to the Master Servicer were instead references to the Primary Servicer). The Primary Servicer shall furnish to the Master Servicer, not later than thirty (30) days after the Closing Date, evidence of the Primary Servicer's compliance with this Section 5.3(a). (b) The Primary Servicer shall promptly report in writing to the Master Servicer any material adverse changes that may occur in the Primary Servicer Fidelity Bond or the Primary Servicer Errors and Omissions Insurance Policy and shall furnish to the Master Servicer upon written request copies of all binders and policies or certificates evidencing that such bond and insurance policy are in full force and effect. The Primary Servicer shall promptly report in writing to the Master Servicer all cases of embezzlement or fraud or irregularities of operation relating to the servicing of the Mortgage Loans and of the A/B Mortgage Loan by the Primary Servicer and its employees, officers, directors, agents and representatives if such events involve funds relating to the Mortgage Loans and the A/B Mortgage Loan. The total of such losses, regardless of whether claims are filed with the applicable insurer or surety, shall be disclosed in such reports together with the amount of such losses covered by insurance. If a bond or insurance claim report is filed with any of the Primary Servicer's bonding companies or insurers relating to the Mortgage Loans or the A/B Mortgage Loans or the servicing thereof, a copy of such report (which report may omit any references to individuals suspected of such embezzlement, fraud or irregularities of operation) shall be promptly furnished to the Master Servicer.

Fidelity Bond and Errors and Omissions Insurance. POLICY (a) (a) The Primary Servicer, at its own expense, shall maintain in effect a fidelity bond (the "Primary Servicer Fidelity Bond") and an errors and omissions policy (the "Primary Servicer Errors and Omissions Insurance Policy") with a Qualified Insurer, naming the Master Servicer as loss payee, affording coverage for all directors, officers and employees. The Primary Servicer Errors and Omissions Insurance Policy and Primary Servicer Fidelity Bond shall be in such form and amount that would satisfy the same requirements for such policies as the Master Servicer must satisfy as set forth in Section 8.2 3.07 of the Pooling and Servicing Agreement. Notwithstanding any other provisions of this Agreement, the Primary Servicer shall be permitted to self-insure with respect to its obligations to maintain the Primary Servicer Fidelity Bond and a Primary Servicer Errors and Omissions Policy to the extent the Master Servicer is permitted under Section 8.2 3.07 of the Pooling and Servicing Agreement (construed as if the references therein to the Master Servicer were instead references to the Primary Servicer). The Primary Servicer shall furnish to the Master Servicer, not later than thirty (30) days after the Closing Date, evidence of the Primary Servicer's compliance with this Section 5.3(a). (b) The Primary Servicer shall promptly report in writing to the Master Servicer any material adverse changes that may occur in the Primary Servicer Fidelity Bond or the Primary Servicer Errors and Omissions Insurance Policy and shall furnish to the Master Servicer upon written request copies of all binders and policies or certificates evidencing that such bond and insurance policy are in full force and effect. The Primary Servicer shall promptly report in writing to the Master Servicer all cases of embezzlement or fraud or irregularities of operation relating to the servicing of the Mortgage Loans and of the A/B Mortgage Loan by the Primary Servicer and its employees, officers, directors, agents and representatives if such events involve funds relating to the Mortgage Loans and the A/B Mortgage Loan. The total of such losses, regardless of whether claims are filed with the applicable insurer or surety, shall be disclosed in such reports together with the amount of such losses covered by insurance. If a bond or insurance claim report is filed with any of the Primary Servicer's bonding companies or insurers relating to the Mortgage Loans or the A/B Mortgage Loans or the servicing thereof, a copy of such report (which report may omit any references to individuals suspected of such embezzlement, fraud or irregularities of operation) shall be promptly furnished to the Master Servicer.

Fidelity Bond and Errors and Omissions Insurance. POLICY (a) (a) The Primary ServicerServicer shall maintain, at its own expense, shall maintain in effect a fidelity bond (the "Primary Servicer Fidelity Bond"i) and an errors and omissions insurance policy and (ii) a blanket fidelity bond (but only to the "Primary extent any subservicer appointed by the Servicer Errors to perform collection activities and Omissions Insurance Policy") related services pursuant to paragraph III.B.10 hereof does not maintain a blanket fidelity bond with respect to such servicing functions to be performed hereunder; provided if the Servicer does participate in performing any such functions, it shall maintain a Qualified Insurerblanket fidelity bond), naming in each case with broad coverage with responsible companies on all officers, employees or other persons acting on behalf of the Master Servicer as loss payeein any capacity with regard to the Receivables to handle funds, affording coverage for all directorsmoney, officers documents and employeespapers relating to the Receivables. The Primary Any such fidelity bond and errors and omissions insurance shall protect and insure the Servicer Errors against losses, including forgery, theft, embezzlement, fraud, errors and Omissions Insurance Policy omissions and Primary Servicer Fidelity Bond negligent acts of such persons and shall be maintained in such a form and amount that would satisfy meet the same requirements for of prudent institutional motor vehicle installment sales contract servicers. No provision of this paragraph IV.P. requiring such policies as fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer must satisfy from its duties and obligations as set forth in Section 8.2 of the Pooling and this Servicing Agreement. Notwithstanding any other provisions of this Agreement, the Primary The Servicer shall be permitted deemed to self-insure have complied with respect this provision if one of its respective Affiliates has such fidelity bond and errors and omissions policy coverage and, by the terms of such fidelity bond and errors and omission policy, the coverage afforded thereunder extends to its obligations the Servicer. The Servicer shall cause each and every subservicer for it to maintain the Primary Servicer Fidelity Bond a policy of insurance covering errors and omissions and a Primary fidelity bond which would meet such requirements. Upon request of the Trustee, the Servicer Errors and Omissions Policy shall cause to be delivered to the extent the Master Servicer is permitted Trustee a certification evidencing coverage under Section 8.2 of the Pooling and Servicing Agreement (construed as if the references therein to the Master Servicer were instead references to the Primary Servicer). The Primary Servicer shall furnish to the Master Servicer, not later than thirty (30) days after the Closing Date, evidence of the Primary Servicer's compliance with this Section 5.3(a). (b) The Primary Servicer shall promptly report in writing to the Master Servicer any material adverse changes that may occur in the Primary Servicer Fidelity Bond or the Primary Servicer Errors and Omissions Insurance Policy and shall furnish to the Master Servicer upon written request copies of all binders and policies or certificates evidencing that such fidelity bond and insurance policy are in full force and effectpolicy. The Primary Servicer shall promptly report in writing to the Master Servicer all cases of embezzlement or fraud or irregularities of operation relating to the servicing of the Mortgage Loans and of the A/B Mortgage Loan by the Primary Servicer and its employees, officers, directors, agents and representatives if Any such events involve funds relating to the Mortgage Loans and the A/B Mortgage Loan. The total of such losses, regardless of whether claims are filed with the applicable insurer or surety, shall be disclosed in such reports together with the amount of such losses covered by insurance. If a fidelity bond or insurance claim report is filed with any of the Primary Servicer's bonding companies policy shall not be cancelled or insurers relating modified in a materially adverse manner without ten days' prior written notice to the Mortgage Loans or Trustee and the A/B Mortgage Loans or the servicing thereof, a copy of such report (which report may omit any references to individuals suspected of such embezzlement, fraud or irregularities of operation) shall be promptly furnished to the Master ServicerCertificateholders.

Fidelity Bond and Errors and Omissions Insurance. POLICY (a) (a) The Primary Servicer, at its own expense, shall maintain in effect a fidelity bond (the "Primary Servicer Fidelity Bond") and an errors and omissions policy (the "Primary Servicer Errors and Omissions Insurance Policy") with a Qualified Insurer, naming the Master Servicer as loss payee, affording coverage for all directors, officers and employees. The Primary Servicer Errors and Omissions Insurance Policy and Primary Servicer Fidelity Bond shall be in such form and amount that would satisfy the same requirements for such policies as the Master Servicer must satisfy as set forth in Section 8.2 3.07 of the Pooling and Servicing Agreement. Notwithstanding any other provisions of this Agreement, the Primary Servicer shall be permitted to self-insure with respect to its obligations to maintain the Primary Servicer Fidelity Bond and a Primary Servicer Errors and Omissions Policy to the extent the Master Servicer is permitted under Section 8.2 3.07 of the Pooling and Servicing Agreement (construed as if the references therein to the Master Servicer were instead references to the Primary Servicer). The Primary Servicer shall furnish to the Master Servicer, not later than thirty (30) days after the Closing Date, evidence of the Primary Servicer's compliance with this Section 5.3(a). (b) The Primary Servicer shall promptly report in writing to the Master Servicer any material adverse changes that may occur in the Primary Servicer Fidelity Bond or the Primary Servicer Errors and Omissions Insurance Policy and shall furnish to the Master Servicer upon written request copies of all binders and policies or certificates evidencing that such bond and insurance policy are in full force and effect. The Primary Servicer shall promptly report in writing to the Master Servicer all cases of embezzlement or fraud or irregularities of operation relating to the servicing of the Mortgage Loans and of the A/B Mortgage Loan Loans by the Primary Servicer and its employees, officers, directors, agents and representatives if such events involve funds relating to the Mortgage Loans and the A/B Mortgage LoanLoans. The total of such losses, regardless of whether claims are filed with the applicable insurer or surety, shall be disclosed in such reports together with the amount of such losses covered by insurance. If a bond or insurance claim report is filed with any of the Primary Servicer's bonding companies or insurers relating to the Mortgage Loans or the A/B Mortgage Loans or the servicing thereof, a copy of such report (which report may omit any references to individuals suspected of such embezzlement, fraud or irregularities of operation) shall be promptly furnished to the Master Servicer.

Fidelity Bond and Errors and Omissions Insurance. POLICY (a) (a) The Primary ServicerServicer shall maintain with responsible companies, at its own expense, shall maintain in effect a fidelity bond (the "Primary Servicer blanket Fidelity Bond") Bond and an errors and omissions policy (the "Primary Servicer Errors and Omissions Insurance Policy") , with a Qualified Insurerbroad coverage on all officers, naming employees or other persons acting in any capacity requiring such persons to handle funds, money, documents or papers relating to the Master Mortgage Loans (“Servicer as loss payee, affording coverage for all directors, officers Employees”). Any such Fidelity Bond and employees. The Primary Servicer Errors and Omissions Insurance Policy and Primary Servicer Fidelity Bond shall be in such the form and amount that would satisfy the same requirements for such policies as the Master Servicer must satisfy as set forth in Section 8.2 of the Pooling Mortgage Banker’s Blanket Bond and Servicing Agreementshall protect and insure the Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such Servicer Employees. Notwithstanding any other provisions of this Agreement, the Primary Servicer shall be permitted to self-insure with respect to its obligations to maintain the Primary Servicer Such Fidelity Bond and a Primary Servicer Errors and Omissions Policy to the extent the Master Servicer is permitted under Section 8.2 of the Pooling and Servicing Agreement (construed as if the references therein to the Master Servicer were instead references to the Primary Servicer). The Primary Servicer shall furnish to the Master Servicer, not later than thirty (30) days after the Closing Date, evidence of the Primary Servicer's compliance with this Section 5.3(a). (b) The Primary Servicer shall promptly report in writing to the Master Servicer any material adverse changes that may occur in the Primary Servicer Fidelity Bond or the Primary Servicer Errors and Omissions Insurance Policy also shall protect and insure the Servicer 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 Section 3.08 requiring such Fidelity Bond and Errors and Omissions Insurance Policy shall furnish to diminish or relieve the Master Servicer upon written request copies of all binders from its duties and policies or certificates evidencing that obligations as set forth in this Agreement. The minimum coverage under any such bond and insurance policy are shall be at least equal to the corresponding amounts required by the Xxxxxx Xxx Guides or by Xxxxxxx Mac in full force and effectthe Xxxxxxx Xxx Xxxxxxx’ & Servicers’ Guide. The Primary Upon the request of the Master Servicer or the NIMS Insurer, the Servicer shall promptly report cause to be delivered to such party a certified true copy of such fidelity bond and insurance policy and a statement from the surety and the insurer that such fidelity bond and insurance policy shall in writing no event be terminated or materially modified without 30 days’ prior written notice to the Master Servicer all cases of embezzlement or fraud or irregularities of operation relating to the servicing of the Mortgage Loans and of the A/B Mortgage Loan by the Primary Servicer and its employees, officers, directors, agents and representatives if such events involve funds relating to the Mortgage Loans and the A/B Mortgage Loan. The total of such losses, regardless of whether claims are filed with the applicable insurer or surety, shall be disclosed in such reports together with the amount of such losses covered by insurance. If a bond or insurance claim report is filed with any of the Primary Servicer's bonding companies or insurers relating to the Mortgage Loans or the A/B Mortgage Loans or the servicing thereof, a copy of such report (which report may omit any references to individuals suspected of such embezzlement, fraud or irregularities of operation) shall be promptly furnished to the Master ServicerNIMS Insurer.

Fidelity Bond and Errors and Omissions Insurance. POLICY (a) (a) The Primary ServicerServicer shall maintain, at its own expense, shall maintain in effect a fidelity bond (the "Primary Servicer Fidelity Bond"i) and an errors and omissions insurance policy and (ii) a blanket fidelity bond (but only to the "Primary extent ALFI or any other subservicer appointed by the Servicer Errors to perform the collection activities and Omissions Insurance Policy") related services specified to be performed by ALFI in paragraph III. B. 10 hereof does not maintain a blanket fidelity bond with respect to such servicing functions to be performed hereunder; provided if the Servicer does participate in performing any such functions, it shall maintain a Qualified Insurerblanket fidelity bond), naming in each case with broad coverage with responsible companies on all officers, employees or other persons acting on behalf of the Master Servicer as loss payeein any capacity with regard to the Receivables to handle funds, affording coverage for all directorsmoney, officers documents and employeespapers relating to the Receivables. The Primary Any such fidelity bond and errors and omissions insurance shall protect and insure the Servicer Errors against losses, including forgery, theft, embezzlement, fraud, errors and Omissions Insurance Policy omissions and Primary Servicer Fidelity Bond negligent acts of such persons and shall be maintained in such a form and amount that would satisfy meet the same requirements for of prudent institutional motor vehicle installment sales contract servicers. No provision of this paragraph IV.P. requiring such policies as fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer must satisfy from its duties and obligations as set forth in Section 8.2 of the Pooling and Servicing this Agreement. Notwithstanding any other provisions of this Agreement, the Primary The Servicer shall be permitted deemed to self-insure have complied with respect this provision if one of its respective Affiliates has such fidelity bond and errors and omissions policy coverage and, by the terms of such fidelity bond and errors and omission policy, the coverage afforded thereunder extends to its obligations the Servicer. The Servicer shall cause each and every subservicer for it to maintain the Primary Servicer Fidelity Bond a policy of insurance covering errors and omissions and a Primary fidelity bond which would meet such requirements. Upon request of the Trustee, the Servicer Errors and Omissions Policy shall cause to be delivered to the extent the Master Servicer is permitted Trustee a certification evidencing coverage under Section 8.2 of the Pooling and Servicing Agreement (construed as if the references therein to the Master Servicer were instead references to the Primary Servicer). The Primary Servicer shall furnish to the Master Servicer, not later than thirty (30) days after the Closing Date, evidence of the Primary Servicer's compliance with this Section 5.3(a). (b) The Primary Servicer shall promptly report in writing to the Master Servicer any material adverse changes that may occur in the Primary Servicer Fidelity Bond or the Primary Servicer Errors and Omissions Insurance Policy and shall furnish to the Master Servicer upon written request copies of all binders and policies or certificates evidencing that such fidelity bond and insurance policy are in full force and effectpolicy. The Primary Servicer shall promptly report in writing to the Master Servicer all cases of embezzlement or fraud or irregularities of operation relating to the servicing of the Mortgage Loans and of the A/B Mortgage Loan by the Primary Servicer and its employees, officers, directors, agents and representatives if Any such events involve funds relating to the Mortgage Loans and the A/B Mortgage Loan. The total of such losses, regardless of whether claims are filed with the applicable insurer or surety, shall be disclosed in such reports together with the amount of such losses covered by insurance. If a fidelity bond or insurance claim report is filed with any of the Primary Servicer's bonding companies policy shall not be cancelled or insurers relating modified in a materially adverse manner without ten days' prior written notice to the Mortgage Loans or Trustee, each Rating Agency and the A/B Mortgage Loans or the servicing thereof, a copy of such report (which report may omit any references to individuals suspected of such embezzlement, fraud or irregularities of operation) shall be promptly furnished to the Master ServicerCertificateholders.