Common use of Fidelity Bond and Insurance Clause in Contracts

Fidelity Bond and Insurance. Such Servicer shall maintain with a responsible company, at its own expense, a blanket fidelity bond in a minimum amount of $1,000,000 and an errors and omissions insurance policy with coverage in an amount deemed reasonable by such Servicer with 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 Loans ("Servicer Employees"). Any such fidelity bond and errors and omissions insurance shall protect and insure the Trust Estate and the Trustee, as Trustee for the Noteholders, its officers, employees and agents against losses, including losses resulting from forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such Servicer Employees. No provision of this Section 2.4 requiring such fidelity bond and errors and omissions insurance shall diminish or relieve such Servicer from its duties and obligations as set forth in this Agreement. Upon the request of the Trustee, the Servicer shall cause to be delivered to the Trustee a certified true copy of such fidelity bond and insurance policy. Coverage of such Servicer under a policy or bond obtained by an Affiliate of such Servicer and providing the coverage required by this Section shall satisfy the requirements of this Section.

Appears in 1 contract

Samples: Servicing Agreement (PMC Capital Inc)

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Fidelity Bond and Insurance. Such The Servicer shall maintain with a responsible company, at its own expense, a blanket fidelity bond in a minimum amount of $1,000,000 and an errors and omissions insurance policy with coverage in an amount deemed reasonable by such Servicer the Servicer, with 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 Loans ("Servicer Employees"). Any such fidelity bond and errors and omissions insurance shall protect and insure the Trust Estate and the Trustee, as Trustee for the Noteholders, its officers, employees and agents against losses, including losses resulting from forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such Servicer Employees. No provision of this Section 2.4 requiring such fidelity bond and errors and omissions insurance shall diminish or relieve such the Servicer from its duties and obligations as set forth in this Agreement. Upon the request of the Trustee, the Servicer shall cause to be delivered to the Trustee a certified true copy of such fidelity bond and insurance policy. Coverage of such the Servicer under a policy or bond obtained by an Affiliate of such the Servicer and providing the coverage required by this Section shall satisfy the requirements of this Section.

Appears in 1 contract

Samples: Servicing Agreement (PMC Capital Inc)

Fidelity Bond and Insurance. Such The Servicer shall maintain with a responsible company, at its own expense, a blanket fidelity bond in a minimum amount of $1,000,000 and an errors and omissions insurance policy with coverage in an amount deemed reasonable by such the Servicer but in no event less than $2,000,000, with 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 Loans ("Servicer Employees"). Any such fidelity bond and errors and omissions insurance shall protect and insure the Trust Estate and the Trustee, as Trustee for the Noteholders, its officers, employees and agents against losses, including losses resulting from forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such Servicer Employees. No provision of this Section 2.4 requiring such fidelity bond and errors and omissions insurance shall diminish or relieve such the Servicer from its duties and obligations as set forth in this Agreement. Upon the request of the Trustee, the Servicer shall cause to be delivered to the Trustee a certified true copy of such fidelity bond and insurance policy. Coverage of such the Servicer under a policy or bond obtained by an Affiliate of such the Servicer and providing the coverage required by this Section shall satisfy the requirements of this Section.

Appears in 1 contract

Samples: Servicing Agreement (PMC Capital Inc)

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Fidelity Bond and Insurance. Such Each Servicer shall maintain with a responsible company, at its own expense, a blanket fidelity bond in a minimum amount of $1,000,000 (the "FIDELITY BOND") and an errors and omissions insurance policy with coverage in an amount deemed reasonable by such Servicer with 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 Loans ("Servicer EmployeesSERVICER EMPLOYEES"). Any such fidelity bond and errors and omissions insurance shall protect and insure the Trust Estate and the Trustee, as Trustee for the Noteholders, its officers, employees and agents against losses, including losses resulting from forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such Servicer Employees. Such fidelity bond shall name the Trustee, for the benefit of the Noteholders, as a loss payee and shall provide that such bond cannot be cancelled without 30 days' prior notice to the Trustee. No provision of this Section 2.4 requiring such fidelity bond and errors and omissions insurance shall diminish or relieve such Servicer from its duties and obligations as set forth in this Agreement. Upon the request of the Trustee, the Servicer shall cause to be delivered to the Trustee a certified true copy of such fidelity bond and insurance policy. Coverage of such Servicer under a policy or bond obtained by an Affiliate of such Servicer and providing the coverage required by this Section shall satisfy the requirements of this Section.

Appears in 1 contract

Samples: Servicing Agreement (PMC Capital Inc)

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