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

Fidelity Bond and Errors and Omissions. Insurance Policy Maintained by the Trustee and the Certificate Administrator. Each of the Trustee and the Certificate Administrator, at its own respective expense, shall maintain in effect a Fidelity Bond and a Errors and Omissions Insurance Policy. The Errors and Omissions Insurance Policy and Fidelity Bond shall be issued by a Qualified Insurer in form and in amount customary for trustees or Certificate Administrators in similar transactions (unless the Trustee or the Certificate Administrator, as the case may be, self-insures as provided below). If any such Errors and Omissions Insurance Policy or Fidelity Bond ceases to be in effect, the Trustee or the Certificate Administrator, as the case may be, shall obtain a comparable replacement policy or bond from an insurer or issuer meeting the requirements set forth above as of the date of such replacement. So long as the long-term debt rating of the Trustee or the Certificate Administrator, as the case may be, is not less than “A3” as rated by Mxxxx’x and “A (low)” by DBRS (or, if not rated by DBRS, an equivalent rating such as that listed above for Mxxxx’x by at least two other NRSRO’s (which may include S&P, Fitch and/or Mxxxx’x)), the Trustee or the Certificate Administrator, as the case may be, may self-insure for the Fidelity Bond and the Errors and Omissions Insurance Policy.

Fidelity Bond and Errors and Omissions. Insurance Policy Maintained by the Trustee and the Certificate Administrator. Each of the Trustee and the Certificate Administrator, at its own respective expense, shall maintain in effect a Fidelity Bond and a Errors and Omissions Insurance Policy. The Errors and Omissions Insurance Policy and Fidelity Bond shall be issued by a Qualified Insurer in form and in amount customary for trustees or Certificate Administrators certificate administrators in similar transactions (unless the Trustee or the Certificate Administrator, as the case may be, self-insures as provided below). If any such Errors and Omissions Insurance Policy or Fidelity Bond ceases to be in effect, the Trustee or the Certificate Administrator, as the case may be, shall obtain a comparable replacement policy or bond from an insurer or issuer meeting the requirements set forth above as of the date of such replacement. So long as the long-term debt rating of the Trustee or the Certificate Administrator, as the case may be, is not less than “A-” as rated by Fitch and “A3” as rated by Mxxxx’x and “A (low)” by DBRS (or, if not rated by DBRS, an equivalent rating such as that listed above for Mxxxx’x by at least two other NRSRO’s (which may include S&P, Fitch and/or Mxxxx’x)), the Trustee or the Certificate Administrator, as the case may be, may self-insure for the Fidelity Bond and the Errors and Omissions Insurance Policy.