Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Servicing Practices. The Master Servicer shall deliver to the Trustee a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 54 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2006-Sl2), Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2006-Sl6)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and These policies must insure the Master Servicer Seller against losses, including forgerylosses resulting from fraud, theft, embezzlementerrors, fraudomissions, errors negligence, dishonest or fraudulent acts committed by the Seller’s personnel, any employees of outside firms that provide data processing services for the Seller, and omissions and negligent acts of such personstemporary contract employees or student interns. Such fidelity bond The Fidelity Bond shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 Subsection 11.12 requiring the fidelity bond such Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer Seller from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing Practices. The Master Servicer shall deliver FHA or VA, Fxxxxx Mxx in the Fxxxxx Mae Guides or by Fxxxxxx Mac in the Fxxxxxx Mac Guide, as amended or restated from time to time, as applicable, or in an amount as may be permitted to the Trustee Seller by express waiver of FHA or VA and Fxxxxx Mxx or Fxxxxxx Mac, as applicable. Upon request of the Purchaser, the Seller shall cause to be delivered to the Purchaser a certified true copy of such Fidelity Bond or a certificate from evidencing the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain same with a statement from that the surety and the insurer that such fidelity bond or insurance policy Seller shall in no event be terminated or materially modified without thirty days prior endeavor to provide written notice to the Trustee. The Master Servicer shall notify the Trustee within five business Purchaser thirty (30) days of receipt of notice that such fidelity bond prior to modification or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyany material change.
Appears in 24 contracts
Samples: Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-8), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-6), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-3)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the EMC Mortgage Loans and who handle funds, money, documents and papers relating to the EMC Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a an EMC Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing Practices. The Master Servicer Company shall deliver to the Trustee Master Servicer a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Master Servicer and the Trustee. The Company shall notify the Master Servicer shall notify and the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 22 contracts
Samples: Distribution Instructions (Bear Stearns Asset Backed Securities I Trust 2006-Ac2), Pooling and Servicing Agreement (Asset-Backed Certificates Series 2003-Ac5), Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Asset Bk Cert Ser 03 Ac2)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and These policies must insure the Master Servicer Seller against losses, including forgerylosses resulting from fraud, theft, embezzlementerrors, fraudomissions, errors negligence, dishonest or fraudulent acts committed by the Seller’s personnel, any employees of outside firms that provide data processing services for the Seller, and omissions and negligent acts of such personstemporary contract employees or student interns. Such fidelity bond The Fidelity Bond shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 Subsection 11.12 requiring the fidelity bond such Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer Seller from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing Practices. The Master Servicer shall deliver FHA or VA, Xxxxxx Xxx in the Xxxxxx Mae Guides or by Xxxxxxx Mac in the Xxxxxxx Mac Guide, as amended or restated from time to time, as applicable, or in an amount as may be permitted to the Trustee Seller by express waiver of FHA or VA and Xxxxxx Xxx or Xxxxxxx Mac, as applicable. Upon request of the Purchaser, the Seller shall cause to be delivered to the Purchaser a certified true copy of such Fidelity Bond or a certificate from evidencing the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain same with a statement from that the surety and the insurer that such fidelity bond or insurance policy Seller shall in no event be terminated or materially modified without thirty days prior endeavor to provide written notice to the Trustee. The Master Servicer shall notify the Trustee within five business Purchaser thirty (30) days of receipt of notice that such fidelity bond prior to modification or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyany material change.
Appears in 19 contracts
Samples: Flow Mortgage Loan Purchase and Sale Agreement, Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-7), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-7)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, keep in force during the term of this Agreement a blanket fidelity bond and an policy or policies of insurance covering errors and omissions insurance policyfor failure in the performance of the Master Servicer's obligations under this Agreement, with broad coverage with responsible companies on all officers, employees which policy or other persons acting policies shall be in any capacity with regard to such form and amount that would meet the Mortgage Loans and who handle funds, money, documents and papers relating to requirements of Fannie Mae or Freddie Mxx xx ix xere xxx xxxchaser of the Mortgage Loans, unless the Master Servicer has obtained a waiver of such requirements from Fannie Mae or Freddie Mxx. The Xxe Master Xxxxxxer shall also maintain a fidelity bond and errors and omissions insurance shall be in the form and amount that would meet the requirements of Fannie Mae or Freddie Mxx, xxless the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Xxxxxx Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts has obtained a waiver of such personsrequirements from Fannie Mae or Freddie Mxx. Such fidelity bond Xxe Master Xxxxxxer shall also protect provide the Trustee and insure the Master Servicer against losses in connection NIMS Insurer (upon reasonable request) with the failure to maintain copies of any such insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Servicing Practicesbond. The Master Servicer shall deliver be deemed to the Trustee a certificate from the surety and the insurer as to the existence have complied with this provision if an Affiliate of the fidelity bond and Master Servicer has such errors and omissions and fidelity bond coverage and, by the terms of such insurance policy or fidelity bond, the coverage afforded thereunder extends to the Master Servicer. Any such errors and shall obtain a statement from the surety omissions policy and the insurer that such fidelity bond or insurance policy shall in no event by its terms not be terminated or materially modified cancelable without thirty days days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days also cause each Sub-Servicer to maintain a policy of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the covering errors and omissions policyand a fidelity bond which would meet such requirements.
Appears in 18 contracts
Samples: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asst Back Pas THR Certs Ser 2003-9), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc as Bk Ps THR CRTS Se 02-4), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc Series 2003-6)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of FNMA and FHLMC on all officers, employees or other persons Persons acting in any capacity with regard to the Mortgage Loans and who Loan to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the "Mortgage Banker’s 's Blanket Bond Bond" and shall protect and insure the Master Servicer against losses, including losses arising by virtue of any Mortgage Loan not being satisfied in accordance with the procedures set forth in Section 7.02 and/or losses resulting from or arising in connection with forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of or by such personsPersons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 5.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted FNMA in the FNMA Guide and by FHLMC in the FHLMC Servicing PracticesGuide. The Master Servicer shall deliver cause to be delivered to the Trustee Purchaser on or before the Closing Date: (i) a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain policy; (ii) a written statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty 30 days prior written notice to the Trustee. The Master Servicer shall notify Purchaser; and (iii) written evidence reasonably satisfactory to the Trustee within five business days of receipt of notice Purchaser that such fidelity bond Fidelity Bond or insurance policy will be, provides that the Purchaser is a beneficiary or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policypayee thereunder.
Appears in 16 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-3), Servicing Agreement (Mortgage Pass-Through Certificates Series 2003-37a), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-18a)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Servicing Practices. The Master Servicer shall deliver to the Trustee a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 15 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He2), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC 2004-He4), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He3)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the EMC Mortgage Loans and who handle funds, money, documents and papers relating to the EMC Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a an EMC Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing Practices. The Master Servicer Company shall deliver to the Trustee Master Servicer a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Master Servicer and the Trustee. The Company shall notify the Master Servicer shall notify and the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy. The Company shall provide to the Master Servicer and the Depositor evidence of the authorization of the person signing any certification or statement, copies or other evidence of fidelity bond and errors and omissions insurance, financial information and reports, and such other information related to the Company or any subservicer engaged by it or the Company’s or such subservicer’s performance hereunder or under the related Subservicing Agreement as may be reasonably requested by the Master Servicer or the Depositor.
Appears in 12 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac6)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and These policies must insure the Master Servicer Seller against losses, including forgerylosses resulting from fraud, theft, embezzlementerrors, fraudomissions, errors negligence, dishonest or fraudulent acts committed by the Seller’s personnel, any employees of outside firms that provide data processing services for the Servicer, and omissions and negligent acts of such personstemporary contract employees or student interns. Such fidelity bond The Fidelity Bond shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 Subsection 11.12 requiring the fidelity bond such Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer Seller from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing Practices. The Master Servicer shall deliver FHA or VA, Fxxxxx Mxx in the Fxxxxx Mae Guides or by Fxxxxxx Mac in the Fxxxxxx Mac Guide, as amended or restated from time to time, as applicable, or in an amount as may be permitted to the Trustee Seller by express waiver of FHA or VA and Fxxxxx Mxx or Fxxxxxx Mac, as applicable. Upon request of the Purchaser, the Seller shall cause to be delivered to the Purchaser a certified true copy of such Fidelity Bond or a certificate from evidencing the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain same with a statement from that the surety and the insurer that such fidelity bond or insurance policy Seller shall in no event be terminated or materially modified without thirty days prior endeavor to provide written notice to the Trustee. The Master Servicer shall notify the Trustee within five business Purchaser thirty (30) days of receipt of notice that such fidelity bond prior to modification or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyany material change.
Appears in 8 contracts
Samples: Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-6), Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-4), Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-1)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of Xxxxxx Xxx and Xxxxxxx Mac on all officers, employees or other persons Persons acting in any capacity with regard to the Mortgage Loans and who Loan to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the “Mortgage Banker’s Blanket Bond Bond” and shall protect and insure the Master Servicer against losses, including losses arising by virtue of any Mortgage Loan not being satisfied in accordance with the procedures set forth in Section 7.02 and/or losses resulting from or arising in connection with forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of or by such personsPersons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 5.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Xxxxxx Mae in the Xxxxxx Xxx Guide and by Xxxxxxx Mac in the Xxxxxxx Mac Servicing PracticesGuide. The Master Servicer shall deliver cause to be delivered to the Trustee Purchaser on or before the Funding Date: (i) a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain policy; (ii) a written statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days 30 days’ prior written notice to the Trustee. The Master Servicer shall notify Purchaser; and (iii) written evidence reasonably satisfactory to the Trustee within five business days of receipt of notice Purchaser that such fidelity bond Fidelity Bond or insurance policy will be, provides that the Purchaser is a beneficiary or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policypayee thereunder.
Appears in 8 contracts
Samples: Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar2), Servicing Agreement (GSR Mortgage Loan Trust 2007-3f), Servicing Agreement (GSR Mortgage Loan Trust 2006-9f)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and These policies must insure the Master Servicer against losses, including forgerylosses resulting from fraud, theft, embezzlementerrors, fraudomissions, errors negligence, dishonest or fraudulent acts committed by the Servicer’s personnel, any employees of outside firms that provide data processing services for the Servicer, and omissions and negligent acts of such personstemporary contract employees or student interns. Such fidelity bond The Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 Subsection 11.12 requiring the fidelity bond such Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing PracticesFHA or VA, Fxxxxx Mxx in the Fxxxxx Mae Guides or by Fxxxxxx Mac in the Fxxxxxx Mac Guide, as amended or restated from time to time, as applicable, or in an amount as may be permitted to the Servicer by express waiver of FHA or VA and Fxxxxx Mxx or Fxxxxxx Mac, as applicable. The Master Upon request of the Purchaser, the Servicer shall deliver cause to be delivered to the Trustee Purchaser a certified true copy of such Fidelity Bond or a certificate from evidencing the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain same with a statement from that the surety and the insurer that such fidelity bond or insurance policy Servicer shall in no event be terminated or materially modified without thirty days prior endeavor to provide written notice to the Trustee. The Master Servicer shall notify the Trustee within five business Purchaser thirty (30) days of receipt of notice that such fidelity bond prior to modification or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyany material change.
Appears in 8 contracts
Samples: Flow Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2013-3), Flow Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2013-1), Flow Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2012-4)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of FNMA and FHLMC on all officers, employees or other persons Persons acting in any capacity with regard to the Mortgage Loans and who Loan to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the "Mortgage Banker’s 's Blanket Bond Bond" and shall protect and insure the Master Servicer against losses, including losses arising by virtue of any Mortgage Loan not being satisfied in accordance with the procedures set forth in Section 7.02 and/or losses resulting from or arising in connection with forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of or by such personsPersons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 5.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted FNMA in the FNMA Guide and by FHLMC in the FHLMC Servicing PracticesGuide. The Master Servicer shall deliver cause to be delivered to the Trustee Purchaser on or before the Funding Date: (i) a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain policy; (ii) a written statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days 30 days' prior written notice to the Trustee. The Master Servicer shall notify Purchaser; and (iii) written evidence reasonably satisfactory to the Trustee within five business days of receipt of notice Purchaser that such fidelity bond Fidelity Bond or insurance policy will be, provides that the Purchaser is a beneficiary or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policypayee thereunder.
Appears in 7 contracts
Samples: Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Servicing Agreement (Merrill Lynch Mort Investors Inc Trust Series MLCC 2003-D), Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, with a Qualified Insurer, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies (reasonably acceptable to the Owner) on all officers, employees or and other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond and errors and omissions insurance shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to an amount no less than that which is required under the corresponding amounts required by Accepted Xxxxxx Xxx Servicing PracticesGuide. The Master Servicer shall deliver to the Trustee a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Trustee. The Master Servicer shall notify the Trustee Owner within five business days Business Days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 7 contracts
Samples: Reconstituted Servicing Agreement (Mortgage Loan Pass-Through Certificates Series 2003-1), Master Interim Servicing Agreement (HarborView 2007-3), Reconstituted Servicing Agreement (HarborView Mortgage Loan Trust 2005-15)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of FNMA or FHLMC on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Seller against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 11.13 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Seller 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 Accepted FNMA in the FNMA Servicing PracticesGuide or by FHLMC in the FHLMC Sellers' and Servicers' Guide. The Master Servicer Upon request of the Purchaser, the Seller shall deliver cause to be delivered to the Trustee Purchaser a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond and errors and omissions insurance policy and shall obtain 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 (30) days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyPurchaser.
Appears in 7 contracts
Samples: Purchase and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3), Purchase and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A4), Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar5)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the EMC Mortgage Loans and who handle funds, money, documents and papers relating to the EMC Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a an EMC Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 3.11 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing Practices. The Master Servicer Company shall deliver to the Trustee Master Servicer annually (together with the Company’s Annual Statement of Compliance required under Section 3.16 hereof) a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy (along with a copy of such policy then in effect) and shall obtain 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 the Master Servicer and the Trustee. The Master Servicer Company shall notify the Master Servicer, the Securities Administrator and the Trustee in writing within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement, Custodial Agreement (SACO I Trust 2006-6)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance Fidelity Bond shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Seller against losses, including forgery, theft, embezzlement, fraud, embezzlement and fraud of such persons. The errors and omissions insurance shall protect and insure the Seller against losses arising out of errors and omissions and negligent acts of such persons. Such fidelity bond errors and omissions insurance shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond and Fidelity Bond or errors and omissions insurance shall diminish or relieve the Master Servicer Seller 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 Accepted Servicing PracticesFNMA in the FNMA Guides or by FHLMC in the FHLMC Guides. The Master Servicer Seller shall deliver to the Trustee Purchaser a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days (30) days’ prior written notice to the TrusteePurchaser. The Master Servicer Seller shall notify the Trustee Purchaser within five (5) business days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for Purchaser (or any party having the benefit status of the Certificateholders Purchaser hereunder) and any subsidiary thereof and their successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy. Within thirty (30) days of the initial Closing Date, Seller shall provide Purchaser with an insurance certificate certifying coverage under this Section 4.12, and will provide an update to such certificate upon request, or upon renewal or material modification of coverage.
Appears in 7 contracts
Samples: Purchase, Warranties and Servicing Agreement (STARM Mortgage Loan Trust 2007-3), Warranties and Servicing Agreement (STARM Mortgage Loan Trust 2007-S1), Purchase, Warranties and Servicing Agreement (Starm Mortgage Loan Trust 2007-2)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of FNMA and FHLMC on all officers, employees or other persons Persons acting in any capacity with regard to the Mortgage Loans and who Loan to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the "Mortgage Banker’s 's Blanket Bond Bond" and shall protect and insure the Master Servicer against losses, including losses arising by virtue of any Mortgage Loan not being satisfied in accordance with the procedures set forth in Section 7.02 and/or losses resulting from or arising in connection with forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of or by such personsPersons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 5.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted FNMA in the FNMA Guide and by FHLMC in the FHLMC Servicing PracticesGuide. The Master Servicer shall deliver cause to be delivered to the Trustee Purchaser on or before the Funding Date: (i) a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain policy; (ii) a written statement from the surety and the insurer that such fidelity bond Fidelity Band or insurance policy shall in no event be terminated or materially modified without thirty days 30 days' prior written notice to the Trustee. The Master Servicer shall notify Purchaser; and (iii) written evidence reasonably satisfactory to the Trustee within five business days of receipt of notice Purchaser that such fidelity bond Fidelity Bond or insurance policy will be, provides that the Purchaser is a beneficiary or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policypayee thereunder.
Appears in 6 contracts
Samples: Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-F1), Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3), Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-A8)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who handle in handling funds, money, documents and papers relating to the Mortgage LoansLoan. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Bankera mortgage banker’s Blanket Bond blanket bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 Subsection 11.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing PracticesFNMA in the FNMA Guidelines or by FHLMC in the FHLMC Sellers’ and Servicers’ Guide. The Master Upon request of the Purchaser, the Servicer shall deliver cause to be delivered to the Trustee Purchaser a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall use its best efforts to obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days (30) days’ prior written notice to the TrusteePurchaser. The Master Servicer shall notify the Trustee Purchaser within five (5) business days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for Upon request by the benefit Purchaser, the Servicer shall provide the Purchaser with an insurance certificate certifying coverage under this Subsection 11.12, and will provide an update to such certificate upon request, or upon renewal or material modification of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policycoverage.
Appears in 6 contracts
Samples: Mortgage Loan Purchase and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-3), Mortgage Loan Purchase and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-2), Reconstituted Servicing Agreement (CSMC Mortgage-Backed Trust Series 2006-5)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the EMC Mortgage Loans and who handle funds, money, documents and papers relating to the EMC Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a an EMC Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 3.11 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing Practices. The Master Servicer Company shall deliver to the Trustee Master Servicer a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Master Servicer and the Trustee. The Master Servicer Company shall notify the Master Servicer, the Securities Administrator and the Trustee in writing within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (SACO I Trust 2006-5), Pooling and Servicing Agreement (SACO I Trust 2006-5)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond (the "Fidelity Bond") and an errors and omissions insurance policy, with broad coverage with financially responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 3.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted FNMA in the FNMA MBS Selling and Servicing PracticesGuide or by FHLMC in the FHLMC Servicer's Guide. The Master Upon request of the Trustee, the Servicer shall deliver cause to be delivered to the Trustee a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or Fidelity Bond and errors and omissions insurance policy shall in no event be terminated or materially modified without thirty days days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Funding Corp), Pooling and Servicing Agreement (Residential Asset Funding Corp), Pooling and Servicing Agreement (Asset Backed Funding Corp)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and These policies must insure the Master Servicer against losses, including forgerylosses resulting from fraud, theft, embezzlementerrors, fraudomissions, errors negligence, dishonest or fraudulent acts committed by the Servicer’s personnel, any employees of outside firms that provide data processing services for the Servicer, and omissions and negligent acts of such personstemporary contract employees or student interns. Such fidelity bond The Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 Subsection 11.12 requiring the fidelity bond such Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing PracticesXxxxxx Xxx in the Xxxxxx Mae Guides or by Xxxxxxx Mac in the Xxxxxxx Mac Guide, as amended or restated from time to time, as applicable, or in an amount as may be permitted to the Servicer by express waiver of Xxxxxx Xxx or Xxxxxxx Mac, as applicable. The Master Upon request of the Owner, the Servicer shall deliver cause to be delivered to the Trustee Owner a certified true copy of such Fidelity Bond or a certificate from evidencing the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain same with a statement from that the surety and the insurer that such fidelity bond or insurance policy Servicer shall in no event be terminated or materially modified without thirty days prior endeavor to provide written notice to the Trustee. The Master Servicer shall notify the Trustee within five business Owner thirty (30) days of receipt of notice that such fidelity bond prior to modification or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyany material change.
Appears in 6 contracts
Samples: Flow Mortgage Loan Servicing Agreement (Sequoia Mortgage Trust 2013-7), Flow Mortgage Loan Servicing Agreement (Sequoia Mortgage Trust 2013-3), Flow Mortgage Loan Servicing Agreement (Sequoia Mortgage Trust 2013-1)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of Xxxxxx Xxx or Xxxxxxx Xxx on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Seller against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 11.12 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Seller 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 Accepted Xxxxxx Mae in the Xxxxxx Xxx Servicing PracticesGuide or by Xxxxxxx Mac in the Xxxxxxx Xxx Xxxxxxx' and Servicers' Guide. The Master Servicer Upon request of the Purchaser, the Seller shall deliver cause to be delivered to the Trustee Purchaser a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond and errors and omissions insurance policy and shall obtain 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 days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyPurchaser.
Appears in 6 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Investors Trust, Series 2006-A2), Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A4), Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A1)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies a Qualified Insurer on all officers, employees or other persons Persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such personsPersons. Such fidelity bond Fidelity Bond and errors and omissions insurance policy shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.13 requiring the fidelity bond Fidelity Bond and errors and omissions insurance policy shall diminish or relieve the Master Servicer 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 Accepted Xxxxxx Xxx in the Xxxxxx Mae MBS Selling and Servicing PracticesGuide or by Xxxxxxx Mac in the Xxxxxxx Mac Servicer’s Guide. The Master Upon request of the Owner, the Servicer shall deliver cause to be delivered to the Trustee Owner a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or Fidelity Bond and errors and omissions insurance policy shall in no event be terminated or materially modified without thirty days (30) days’ prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyOwner.
Appears in 6 contracts
Samples: Servicing Agreement (Altisource Residential Corp), Servicing Agreement (Altisource Residential Corp), Servicing Agreement (Altisource Residential Corp)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of FNMA and FHLMC on all officers, employees or other persons Persons acting in any capacity with regard to the Mortgage Loans and who Loan to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the “Mortgage Banker’s Blanket Bond Bond” and shall protect and insure the Master Servicer against losses, including losses arising by virtue of any Mortgage Loan not being satisfied in accordance with the procedures set forth in Section 7.02 and/or losses resulting from or arising in connection with forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of or by such personsPersons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 5.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted FNMA in the FNMA Guide and by FHLMC in the FHLMC Servicing PracticesGuide. The Master Servicer shall deliver cause to be delivered to the Trustee Purchaser on or before the Funding Date: (i) a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain policy; (ii) a written statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days 30 days’ prior written notice to the Trustee. The Master Servicer shall notify Purchaser; and (iii) written evidence reasonably satisfactory to the Trustee within five business days of receipt of notice Purchaser that such fidelity bond Fidelity Bond or insurance policy will be, provides that the Purchaser is a beneficiary or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policypayee thereunder.
Appears in 5 contracts
Samples: Servicing Agreement (Sequoia Mortgage Trust 2007-4), Pooling and Servicing Agreement (Sequoia Mortgage Trust 2007-2), Servicing Agreement (Greenwich Capital Acceptance Thornburg Sec Tr 2003-4)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of Fxxxxx Mae or Fxxxxxx Mac on all officers, employees or other persons Persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage LoansLoans (“Servicer Employees”). The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the “Mortgage Banker’s Blanket Bond Bond” and shall protect and insure the Master Servicer against losses, including losses arising by virtue of any Mortgage Loan not being satisfied in accordance with the procedures set forth in Section 7.02 and losses resulting from or arising in connection with forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of or by such personsServicer Employees. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 5.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted FHA or VA, as applicable, Fxxxxx Mae in the Fxxxxx Mxx Guide or by Fxxxxxx Mac in the Fxxxxxx Mac Servicing PracticesGuide. The Master Servicer shall deliver cause to be delivered to the Trustee Purchaser upon request: (i) a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors insurance policy; and omissions insurance policy and shall obtain (ii) a written statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days 30 days’ prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyPurchaser.
Appears in 5 contracts
Samples: Servicing Agreement (Sequoia Mortgage Trust 2013-1), Servicing Agreement (Sequoia Mortgage Trust 2012-3), Servicing Agreement (Sequoia Mortgage Trust 2012-2)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who Loan to handle funds, money, documents and papers relating to the Mortgage LoansLoan. The fidelity bond and errors and omissions insurance Fidelity Bond shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, embezzlement and fraud of such persons. The errors and omissions insurance shall protect and insure the Company against losses arising out of errors and omissions and negligent acts of such persons. Such fidelity bond errors and omissions insurance shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond and Fidelity Bond or errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing PracticesXxxxxx Xxx in the Xxxxxx Mae Guides. The Master Servicer Upon request by the Purchaser, the Company shall deliver to the Trustee Purchaser a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days (30) days' prior written notice to the TrusteePurchaser. The Master Servicer Company shall notify the Trustee Purchaser within five (5) business days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for Purchaser (or any party having the benefit status of the Certificateholders Purchaser hereunder) and any subsidiary thereof and their successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy. Upon request by Purchaser, Company shall provide Purchaser with an insurance certificate certifying coverage under this Section 4.12, and will provide an update to such certificate upon request, or upon renewal or material modification of coverage.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2007-3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac2), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-2, Mortgage Pass-Through Certificates, Series 2006-2)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond (the "Fidelity Bond") and an errors and omissions insurance policy, with broad coverage with financially responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 3.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Xxxxxx Xxx in the Xxxxxx Mae MBS Selling and Servicing PracticesGuide or by Xxxxxxx Mac in the Xxxxxxx Mac Servicer's Guide. The Master Upon request of the Trustee, the Servicer shall deliver cause to be delivered to the Trustee requesting party a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or Fidelity Bond and errors and omissions insurance policy shall in no event be terminated or materially modified without thirty days days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Abfc Asset-Backed Certificates Series 2003-Wmc1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc C-Bass 2004-Cb6 Trust), Pooling and Servicing Agreement (Abfc Asset Backed Certificates Series 2003-Ahl1)
Fidelity Bond; Errors and Omissions Insurance. The Master EMC Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the EMC Mortgage Loans and who handle funds, money, documents and papers relating to the EMC Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master EMC Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master EMC Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this the Agreement and the release or satisfaction of a an EMC Mortgage Loan which is not serviced in accordance with Accepted Servicing Practicesthe requirements of Section 1.01. No provision of on this Section 3.08 1.19 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master EMC Servicer from its duties and obligations as set forth in this the Agreement. The minimum coverage under any such bond and insurance policy shall be at least equal to the corresponding amounts required coverage acceptable to Xxxxxx Xxx or Xxxxxxx Mac for persons performing servicing for loans purchased by Accepted Servicing PracticesXxxxxx Mae or Xxxxxxx Mac. The Master Servicer shall deliver to the Trustee a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Trustee. The Master EMC Servicer shall notify the Master Servicer and the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees payee on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2003-Sd1), Pooling and Servicing Agreement (Bear Stearns Asset-Backed Certificates Series 2004-Sd1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2003-Sd2)
Fidelity Bond; Errors and Omissions Insurance. The Master EMC Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the EMC Mortgage Loans and who handle funds, money, documents and papers relating to the EMC Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master EMC Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master EMC Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this the Agreement and the release or satisfaction of a an EMC Mortgage Loan which is not serviced in accordance with Accepted Servicing Practicesthe requirements of Section 1.01. No provision of on this Section 3.08 1.19 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master EMC Servicer from its duties and obligations as set forth in this the Agreement. The minimum coverage under any such bond and insurance policy shall be at least equal to the corresponding amounts required coverage acceptable to Xxxxxx Xxx or Xxxxxxx Mac for persons performing servicing for loans purchased by Accepted Servicing PracticesXxxxxx Mae or Xxxxxxx Mac. The Master Servicer shall deliver to the Trustee a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Trustee. The Master EMC Servicer shall notify the Master Servicer and the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees payee on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Back Securities Trust 2003-3), Pooling and Servicing Agreement (Bearn Stearns Asset Backed Securities Trust 2004-Sd4), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2003-Sd3)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the EMC Mortgage Loans and who handle funds, money, documents and papers relating to the EMC Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a an EMC Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 3.11 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing Practices. The Master Servicer Company shall deliver to the Trustee Master Servicer annually (together with the Company’s Annual Statement of Compliance required under Section 3.16 hereof) a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy (along with a copy of such policy then in effect) and shall obtain 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 the Master Servicer and the Trustee. The Master Servicer Company shall notify the Master Servicer, the Securities Administrator and the Trustee in writing within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy. The Company shall provide to the Master Servicer and the Depositor evidence of the authorization of the person signing any certification or statement, copies or other evidence of fidelity bond and errors and omissions insurance, financial information and reports, and such other information related to the Company or any subservicer engaged by it or the Company’s or such subservicer’s performance hereunder or under the related Subservicing Agreement as may be reasonably requested by the Master Servicer or the Depositor.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement, Pooling and Servicing Agreement (SACO I Trust 2007-2)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Servicing Practices. The Master Servicer shall deliver to the Trustee a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders and the Certificate Insurer must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-Fr2), Custodial Agreement (Asset-Backed Certificates Series 2004-He1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-Fr3)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Countrywide shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policypolicy with responsible companies, with broad coverage with responsible companies on of all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and Loan who handle funds, money, documents and or papers relating to the Mortgage LoansLoan. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Countrywide against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such personsits officers, employees and agents. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer Countrywide against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 requiring the fidelity bond and errors and omissions insurance 4.12 shall diminish or relieve the Master Servicer Countrywide from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and errors and omissions insurance policy shall be at least equal to the corresponding amounts required by an Agency for an approved seller/servicer. The minimum coverage under any such Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Xxxxxx Mae in the Xxxxxx Xxx Servicing PracticesGuide, as amended or restated from time to time, or in an amount as may be permitted to Countrywide by waiver of Xxxxxx Mae. The Master Servicer Upon request of the Purchaser, Countrywide shall deliver cause to be delivered to the Trustee Purchaser a certified true copy of such Fidelity Bond or a certificate from evidencing the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain same with a statement from the surety and the insurer that such fidelity bond or insurance policy Countrywide shall in no event be terminated or materially modified without thirty days prior endeavor to provide written notice to the Trustee. The Master Servicer shall notify the Trustee within five business Purchaser 30 days of receipt of notice that such fidelity bond prior to modification or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyany material change.
Appears in 4 contracts
Samples: Purchase and Servicing Agreement, Servicing Agreement (J.P. Morgan Mortgage Trust 2006-A1), Master Mortgage Loan Purchase and Servicing Agreement (Jpmac 2006-Cw1)
Fidelity Bond; Errors and Omissions Insurance. The Master EMC Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the EMC Mortgage Loans and who handle funds, money, documents and papers relating to the EMC Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master EMC Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master EMC Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this the Agreement and the release or satisfaction of a an EMC Mortgage Loan which is not serviced in accordance with Accepted Servicing Practicesthe requirements of Section 1.01. No provision of on this Section 3.08 1.19 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master EMC Servicer from its duties and obligations as set forth in this the Agreement. The minimum coverage under any such bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing Practicescoverage acceptable to Fannie Mae or Freddie Mac for persons performing servicing for loaxx xxxcxxxed bx Xxxxxe Mae or Freddie Mac. The Master Servicer shall deliver to the Trustee a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Trustee. The Master EMC Servicer shall notify the Trustee Mastex Xxxxicer and xxx Xxustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees payee on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Bears Stearns Asset Backed Securities Trust 2005-Sd2), Pooling and Servicing Agreement (Bsabs 20005-Sd1), Pooling and Servicing Agreement (Bears Stearns Asset Backed Securities Trust 2005-Sd2)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and These policies must insure the Master Servicer against losses, including forgerylosses resulting from fraud, theft, embezzlementerrors, fraudomissions, errors negligence, dishonest or fraudulent acts committed by the Servicer's personnel, any employees of outside firms that provide data processing services for the Servicer, and omissions and negligent acts of such personstemporary contract employees or student interns. Such fidelity bond The Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 Subsection 11.12 requiring the fidelity bond such Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Xxxxxx Xxx in the Xxxxxx Mae Servicing PracticesGuide or by Xxxxxxx Mac in the Xxxxxxx Xxx Xxxxxxx' & Servicers' Guide, as amended or restated from time to time, or in an amount as may be permitted to the Servicer by express waiver of Xxxxxx Xxx or Xxxxxxx Mac. The Master Upon request of the Purchaser, the Servicer shall deliver cause to be delivered to the Trustee Purchaser a certified true copy of such Fidelity Bond or a certificate from evidencing the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain same with a statement from that the surety and the insurer that such fidelity bond or insurance policy Servicer shall in no event be terminated or materially modified without thirty days prior endeavor to provide written notice to the Trustee. The Master Servicer shall notify the Trustee within five business Purchaser 30 days of receipt of notice that such fidelity bond prior to modification or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyany material change.
Appears in 4 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2002-1a), Sale and Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 5a), Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2002-1a)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who Loan to handle funds, money, documents and papers relating to the Mortgage LoansLoan. The fidelity bond and errors and omissions insurance Fidelity Bond shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, embezzlement and fraud of such persons. The errors and omissions insurance shall protect and insure the Company against losses arising out of errors and omissions and negligent acts of such persons. Such fidelity bond errors and omissions insurance shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond and Fidelity Bond or errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing PracticesFNMA in the FNMA Guide. The Master Servicer Company shall deliver to the Trustee Purchaser a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days days' prior written notice to the TrusteePurchaser. The Master Servicer Company shall notify the Trustee Purchaser within five thirty business days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for Purchaser (or any party having the benefit status of the Certificateholders Purchaser hereunder) and any subsidiary thereof and their successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy. Upon request by Purchaser, Company shall provide Purchaser with an insurance certificate certifying coverage under this Section 4.12, and will provide an update to such certificate upon request, or upon renewal or material modification of coverage.
Appears in 4 contracts
Samples: Purchase, Warranties and Servicing Agreement (Prime Mortgage Trust 2007-1), Pooling and Servicing Agreement (Prime Mortgage Trust 2006-2), Recognition Agreement (Bear Stearns ALT-A Trust 2006-1)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance Fidelity Bond shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Seller against losses, including those arising out of forgery, theft, embezzlement, fraud, embezzlement and fraud of such Persons. The errors and omissions insurance shall protect and insure the Seller against losses arising out of errors and omissions and negligent acts of such personsPersons. Such fidelity bond errors and omissions insurance shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond and Fidelity Bond or errors and omissions insurance shall diminish or relieve the Master Servicer Seller 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 Accepted Servicing Practicesdeemed acceptable to Xxxxxx Xxx or FHLMC. The Master Servicer Seller shall deliver to the Trustee Purchaser a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days (30) days' prior written notice to the TrusteePurchaser. The Master Servicer Seller shall notify the Trustee Purchaser within five business days (5) Business Days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for Purchaser (or any party having the benefit status of the Certificateholders Purchaser hereunder) and any subsidiary thereof and their successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy. Upon request by Purchaser, Seller shall provide Purchaser with an insurance certificate certifying coverage under this Section 4.12, and will provide an update to such certificate upon request, or upon renewal or material modification of coverage.
Appears in 4 contracts
Samples: Warranties and Servicing Agreement (J.P. Morgan Alternative Loan Trust 2007-S1), Warranties and Servicing Agreement (J.P. Morgan Alternative Loan Trust 2006-S1), Warranties and Servicing Agreement (J.P. Morgan Mortgage Trust 2006-S4)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond and errors and omissions insurance shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing PracticesXxxxxx Xxx in the Xxxxxx Mae Guide or by Xxxxxxx Mac in the Xxxxxxx Mac Guide. The Master Servicer shall shall, upon request of Owner, deliver to the Trustee Owner a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days prior written notice to the TrusteeOwner. The Master Servicer shall notify the Trustee Owner within five business days Business Days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders Owner and its successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy.
Appears in 4 contracts
Samples: Servicing Agreement (SACO I Trust 2007-1), Pooling and Servicing Agreement (SACO I Trust 2006-9), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-2, Mortgage Pass-Through Certificates, Series 2006-2)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and These policies must insure the Master Servicer Seller against losses, including forgerylosses resulting from fraud, theft, embezzlementerrors, fraudomissions, errors negligence, dishonest or fraudulent acts committed by the Seller’s personnel, any employees of outside firms that provide data processing services for the Seller, and omissions and negligent acts of such personstemporary contract employees or student interns. Such fidelity bond The Fidelity Bond shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 Subsection 11.12 requiring the fidelity bond such Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer Seller from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing Practices. The Master Servicer shall deliver FHA or VA, Fxxxxx Mae in the Fxxxxx Mxx Guides or by Fxxxxxx Mac in the Fxxxxxx Mac Guide, as amended or restated from time to time, or in an amount as may be permitted to the Trustee a certificate from the surety Seller by express waiver of FHA or VA and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.Fxxxxx Mae or
Appears in 4 contracts
Samples: Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-6), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-4), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-3)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who handle Loan in handling funds, money, documents and papers relating to the Mortgage LoansLoan. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Seller against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 11.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer Seller from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing PracticesFNMA in the FNMA Selling Guide or by FHLMC in the FHLMC Sellers' and Servicers' Guide. The Master Servicer Upon request of the Purchaser, the Seller shall deliver cause to be delivered to the Trustee Purchaser a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall use its best efforts to obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days (30) days' prior written notice to the TrusteePurchaser. The Master Servicer Seller shall notify the Trustee Purchaser within five (5) business days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 4 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement (HarborView 2006-11), Reconstituted Servicing Agreement (HarborView 2007-1), Master Mortgage Loan Purchase and Servicing Agreement (HarborView 2006-12)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the EMC Mortgage Loans and who handle funds, money, documents and papers relating to the EMC Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a an EMC Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing Practices. The Master Servicer Company shall deliver to the Trustee Master Servicer a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Master Servicer and the Trustee. The Company shall notify the Master Servicer shall notify and the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac7), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac8), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac4)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who Loan to handle funds, money, documents and papers relating to the Mortgage LoansLoan. The fidelity bond and errors and omissions insurance Fidelity Bond shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, embezzlement and fraud of such persons. The errors and omissions insurance shall protect and insure the Company against losses arising out of errors and omissions and negligent acts of such persons. Such fidelity bond errors and omissions insurance shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond and Fidelity Bond or errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing PracticesFxxxxx Mae in the Fxxxxx Mxx Guides. The Master Servicer Upon request by the Purchaser, the Company shall deliver to the Trustee Purchaser a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days (30) days' prior written notice to the TrusteePurchaser. The Master Servicer Company shall notify the Trustee Purchaser within five (5) business days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for Purchaser (or any party having the benefit status of the Certificateholders Purchaser hereunder) and any subsidiary thereof and their successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy. Upon request by Purchaser, Company shall provide Purchaser with an insurance certificate certifying coverage under this Section 4.12, and will provide an update to such certificate upon request, or upon renewal or material modification of coverage.
Appears in 3 contracts
Samples: Recognition Agreement (Bear Stearns ALT-A Trust 2006-1), Pooling and Servicing Agreement (Prime Mortgage Trust 2007-2), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac6)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, with a Qualified Insurer, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies that meet the requirements of Xxxxxx Xxx on all officers, employees or and other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond and errors and omissions insurance shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required acceptable to Xxxxxx Mae in the Xxxxxx Xxx Guide or by Accepted Servicing PracticesXxxxxxx Mac in the Xxxxxxx Mac Guide. The Master Servicer shall shall, upon request of Owner, deliver to the Trustee Owner a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days prior written notice to the TrusteeOwner. The Master Servicer shall notify the Trustee Owner within five business days Business Days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders Owner and its successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy.
Appears in 3 contracts
Samples: Reconstitution Agreement (HarborView 2007-7), Reconstitution Agreement (HarborView 2007-2), A Servicing Agreement (Harborview 2006-Bu1)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of FNMA and FHLMC on all officers, employees or other persons Persons acting in any capacity with regard to the Mortgage Loans and who Loan to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the “Mortgage Banker’s Blanket Bond Bond” and shall protect and insure the Master Servicer against losses, including losses arising by virtue of any Mortgage Loan not being satisfied in accordance with the procedures set forth in Section 7.02 and/or losses resulting from or arising in connection with forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of or by such personsPersons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 5.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted FNMA in the FNMA Guide and by FHLMC in the FHLMC Servicing PracticesGuide. The Master Servicer shall deliver cause to be delivered to the Trustee Purchaser on or before the Funding Date or otherwise upon request: (i) a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain policy; (ii) a written statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days 30 days’ prior written notice to the Trustee. The Master Servicer shall notify Purchaser; and (iii) written evidence reasonably satisfactory to the Trustee within five business days of receipt of notice Purchaser that such fidelity bond Fidelity Bond or insurance policy will be, provides that the Purchaser is a beneficiary or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policypayee thereunder.
Appears in 3 contracts
Samples: Servicing Agreement, Servicing Agreement (Thornburg Mortgage Securities Trust 2006-1), Servicing Agreement (J.P. Morgan Mortgage Trust 2006-A1)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond (the "Fidelity Bond") and an errors and omissions insurance policy, with broad coverage with financially responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 3.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Fannie Mae in the Fannie Mae MBS Selling and Servicing PracticesGuide or by Fredxxx Xxc xx the Frexxxx Xac Servicer's Guide. The Upon request of the Trxxxxx xr the NIMS Ixxxxxx, the Master Servicer shall deliver cause to be delivered to the Trustee requesting party a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or Fidelity Bond and errors and omissions insurance policy shall in no event be terminated or materially modified without thirty days days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Abfc Asset-Backed Certificates Series 2004-Opt2), Pooling and Servicing Agreement (Asset-Backed Funding Corp. ABFC Asset Backed Certificates, Series 2004-Opt5), Pooling and Servicing Agreement (Asset-Backed Funding Corp. ABFC Asset Backed Certificates, Series 2004-Opt4)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of Xxxxxx Xxx or Xxxxxxx Mac on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Seller against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 11.12 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Seller 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 Accepted Xxxxxx Mae in the Xxxxxx Xxx Servicing PracticesGuide or by Xxxxxxx Mac in the Xxxxxxx Xxx Xxxxxxx’ and Servicers’ Guide. The Master Servicer Upon request of the Purchaser, the Seller shall deliver cause to be delivered to the Trustee Purchaser a certificate from the surety and the insurer as of insurance relating to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 3 contracts
Samples: Master Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa2), Master Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-1), Master Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-3)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond (the "Fidelity Bond") and an errors and omissions insurance policy, with broad coverage with financially responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 3.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Fannie Mae in the Fannie Mae MBS Selling and Servicing PracticesGuide or by Fredxxx Xxc xx the Frexxxx Xac Servicer's Guide. The Master Upon request of the Trxxxxx, the Servicer shall deliver xxxxx cause to be delivered to the Trustee requesting party a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or Fidelity Bond and errors and omissions insurance policy shall in no event be terminated or materially modified without thirty days days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Funding Corp C Bass Mor Ln as Bk Ce Se 2004 Cb1), Pooling and Servicing Agreement (Abfc Asset Backed Certificates Series 2002-Nc1), Pooling and Servicing Agreement (Asset Backed Funding Corp C-Bass Mortgage Loan Asset-Backed Certificates, Series 2004-Cb5)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Company Mortgage Loans and who handle funds, money, documents and papers relating to the Company Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a an Company Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing Practices. The Master Servicer Company shall deliver to the Trustee Master Servicer a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Master Servicer and the Trustee. The Company shall notify the Master Servicer shall notify and the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond and errors and omissions insurance shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing PracticesXxxxxx Mae in the Xxxxxx Xxx Guide or by Xxxxxxx Mac in the Xxxxxxx Mac Guide. The Master Servicer shall shall, upon request of Owner, deliver to the Trustee Owner a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days prior written notice to the TrusteeOwner. The Master Servicer shall notify the Trustee Owner within five business days Business Days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders Owner and its successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy.
Appears in 3 contracts
Samples: Servicing Agreement (SACO I Trust 2006-8), Servicing Agreement (SACO I Trust 2006-7), Servicing Agreement (SACO I Trust 2006-6)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of Xxxxxx Mae or Xxxxxxx Mac on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 11.12 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Xxxxxx Mae in the Xxxxxx Xxx Servicing PracticesGuide or by Xxxxxxx Mac in the Xxxxxxx Mac Servicers’ and Servicers’ Guide. The Master Upon request of the Purchaser, the Servicer shall deliver cause to be delivered to the Trustee Purchaser a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond and errors and omissions insurance policy and shall obtain 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 days’ prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyPurchaser.
Appears in 3 contracts
Samples: Master Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-1), Master Loan Purchase and Servicing Agreement (MASTR Alternative Loan Trust 2006-3), Master Loan Purchase and Servicing Agreement (MASTR Alternative Loan Trust 2006-2)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and These policies must insure the Master Servicer against losses, including forgerylosses resulting from fraud, theft, embezzlementerrors, fraudomissions, errors negligence, dishonest or fraudulent acts committed by the Servicer’s personnel, any employees of outside firms that provide data processing services for the Servicer, and omissions and negligent acts of such personstemporary contract employees or student interns. Such fidelity bond The Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 Subsection 11.12 requiring the fidelity bond such Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing PracticesXxxxxx Xxx in the Xxxxxx Mae Servicers’ Guide or by Xxxxxxx Mac in the Xxxxxxx Xxx Xxxxxxx’ & Servicers’ Guide, as amended or restated from time to time, or in an amount as may be permitted to the Servicer by express waiver of Xxxxxx Xxx or Xxxxxxx Mac. The Master Upon request of the Purchaser, the Servicer shall deliver cause to be delivered to the Trustee Purchaser a certified true copy of such Fidelity Bond or a certificate from evidencing the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain same with a statement from that the surety and the insurer that such fidelity bond or insurance policy Servicer shall in no event be terminated or materially modified without thirty days prior endeavor to provide written notice to the Trustee. The Master Servicer shall notify the Trustee within five business Purchaser thirdy (30) days of receipt of notice that such fidelity bond prior to modification or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyany material change.
Appears in 3 contracts
Samples: Reconstituted Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-24), Sale and Servicing Agreement (Structured Asset Securities Co Mor Pass-THR Cer Ser 2002-19), Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp Mor Pa Th Ce Se 2002 23xs)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond (the "Fidelity Bond") and an errors and omissions insurance policy, with broad coverage with financially responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 3.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Xxxxxx Xxx in the Xxxxxx Mae MBS Selling and Servicing PracticesGuide or by Xxxxxxx Mac in the Xxxxxxx Mac Servicer's Guide. The Master Upon the request of any party hereto, each year the Servicer shall deliver cause to the Trustee a certificate from the surety and the insurer as be delivered to the existence such party proof of coverage of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or insurance policy the surety and the insurer shall in no event be terminated or materially modified without thirty days prior written notice endeavor to the Trustee. The Master Servicer shall notify the Trustee within five business 30 days of receipt of notice that prior to such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the Fidelity Bond's errors and omissions insurance policy's termination or material modification.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Series 2006-Cb4), Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Certificates, Series 2006-Cb8), Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset Backed Certificates, Series 2007-Cb4)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the EMC Mortgage Loans and who handle funds, money, documents and papers relating to the EMC Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a an EMC Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing Practices. The Master Servicer Company shall deliver to the Trustee Master Servicer a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Master Servicer and the Trustee. The Company shall notify the Master Servicer shall notify and the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders and the Certificate Insurers must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 3 contracts
Samples: Distribution Instructions (Bear Stearns Asset Backed Securities I Trust 2005-Ac5), Distribution Instructions (Bear Stearns Asset Backed Securities I Trust 2005-Ac5), Distribution Instructions (Bear Stearns Asset Backed Securities I Trust 2005-Ac6)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and These policies must insure the Master Servicer Seller against losses, including forgerylosses resulting from fraud, theft, embezzlementerrors, fraudomissions, errors negligence, dishonest or fraudulent acts committed by the Seller’s personnel, any employees of outside firms that provide data processing services for the Servicer, and omissions and negligent acts of such personstemporary contract employees or student interns. Such fidelity bond The Fidelity Bond shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 Subsection 11.12 requiring the fidelity bond such Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer Seller from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing Practices. The Master Servicer shall deliver FHA or VA, Fxxxxx Mae in the Fxxxxx Mxx Guides or by Fxxxxxx Mac in the Fxxxxxx Mac Guide, as amended or restated from time to time, as applicable, or in an amount as may be permitted to the Trustee Seller by express waiver of FHA or VA and Fxxxxx Mae or Fxxxxxx Mac, as applicable. Upon request of the Purchaser, the Seller shall cause to be delivered to the Purchaser a certified true copy of such Fidelity Bond or a certificate from evidencing the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain same with a statement from that the surety and the insurer that such fidelity bond or insurance policy Seller shall in no event be terminated or materially modified without thirty days prior endeavor to provide written notice to the Trustee. The Master Servicer shall notify the Trustee within five business Purchaser thirty (30) days of receipt of notice that such fidelity bond prior to modification or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyany material change.
Appears in 3 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-3), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-2), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-1)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance Fidelity Bond shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Seller against losses, including those arising out of forgery, theft, embezzlement, fraud, embezzlement and fraud of such Persons. The errors and omissions insurance shall protect and insure the Seller against losses arising out of errors and omissions and negligent acts of such personsPersons. Such fidelity bond errors and omissions insurance shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond and Fidelity Bond or errors and omissions insurance shall diminish or relieve the Master Servicer Seller 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 Accepted Servicing Practicesdeemed acceptable to FNMA or FHLMC. The Master Servicer Seller shall deliver to the Trustee Purchaser a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days (30) days' prior written notice to the TrusteePurchaser. The Master Servicer Seller shall notify the Trustee Purchaser within five business days (5) Business Days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for Purchaser (or any party having the benefit status of the Certificateholders Purchaser hereunder) and any subsidiary thereof and their successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy. Upon request by Purchaser, Seller shall provide Purchaser with an insurance certificate certifying coverage under this Section 4.12, and will provide an update to such certificate upon request, or upon renewal or material modification of coverage.
Appears in 3 contracts
Samples: Assignment and Assumption Agreement (Banc of America Funding 2006-6 Trust), Assignment and Assumption Agreement (Banc of America Funding 2006-5 Trust), And Servicing Agreement (Banc of America Funding 2006-5 Trust)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a an Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing Practices. The Master Servicer Company shall deliver to the Trustee Master Servicer a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Master Servicer and the Trustee. The Company shall notify the Master Servicer shall notify and the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy. The Company shall provide to the Master Servicer and the Depositor evidence of the authorization of the person signing any certification or statement, copies or other evidence of fidelity bond and errors and omissions insurance, financial information and reports, and such other information related to the Company or any subservicer engaged by it or the Company’s or such subservicer’s performance hereunder or under the related Subservicing Agreement as may be reasonably requested by the Master Servicer or the Depositor.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He6), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He7), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He6)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond (the "Fidelity Bond") and an errors and omissions insurance policy, with broad coverage with financially responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 3.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Fannie Mae in the Fannie Mae MBS Selling and Servicing PracticesGuide or by Frxxxxx Mxx in the Fxxxxxx Mac Servicer's Guide. The Master Upon request of the Xxxxxxx or the NIMS Xxxxxxr, the Servicer shall deliver cause to be delivered to the Trustee requesting party a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or Fidelity Bond and errors and omissions insurance policy shall in no event be terminated or materially modified without thirty days days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (ABFC 2006-Opt3 Trust), Pooling and Servicing Agreement (Asset Backed Funding Corp), Pooling and Servicing Agreement (ABFC 2006-Opt1 Trust)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Countrywide shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policypolicy with responsible companies, with broad coverage with responsible companies on of all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and Loan who handle funds, money, documents and or papers relating to the Mortgage LoansLoan. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Countrywide against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such personsits officers, employees and agents. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer Countrywide against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 requiring the fidelity bond and errors and omissions insurance 4.12 shall diminish or relieve the Master Servicer Countrywide from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and errors and omissions insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing Practicesan Agency for an approved seller/servicer. The Master Servicer Upon request of the Purchaser, Countrywide shall deliver cause to be delivered to the Trustee Purchaser a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall use its best efforts to obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days (30) days’ prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyPurchaser.
Appears in 3 contracts
Samples: Bailee Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar4), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Cw1), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Cw1)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the EMC Mortgage Loans and who handle funds, money, documents and papers relating to the EMC Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a an EMC Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 3.10 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing Practices. The Master Servicer Company shall deliver to the Trustee Master Servicer a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Master Servicer and the Trustee. The Master Servicer Company shall notify the Master Servicer, the Securities Administrator and the Trustee in writing within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He4), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He3)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who Loan to handle funds, money, documents and papers relating to the Mortgage LoansLoan. The fidelity bond and errors and omissions insurance Fidelity Bond shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, embezzlement and fraud of such persons. The errors and omissions insurance shall protect and insure the Company against losses arising out of errors and omissions and negligent acts of such persons. Such fidelity bond errors and omissions insurance shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond and Fidelity Bond or errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing PracticesFxxxxx Mxx in the Fxxxxx Mae Guides. The Master Servicer Upon request by the Purchaser, the Company shall deliver to the Trustee Purchaser a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days (30) days' prior written notice to the TrusteePurchaser. The Master Servicer Company shall notify the Trustee Purchaser within five (5) business days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for Purchaser (or any party having the benefit status of the Certificateholders Purchaser hereunder) and any subsidiary thereof and their successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy. Upon request by Purchaser, Company shall provide Purchaser with an insurance certificate certifying coverage under this Section 4.12, and will provide an update to such certificate upon request, or upon renewal or material modification of coverage.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-Cl1), Assumption and Recognition Agreement (SACO I Trust 2006-5), Pooling and Servicing Agreement (Prime Mortgage Trust 2007-3)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond (the "Fidelity Bond") and an errors and omissions insurance policy, with broad coverage with financially responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 3.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 in an amount acceptable to Fannie Mae or Freddie Mac. Upon request of the corresponding amounts required by Accepted Servicing Practices. The Master Trustee, the Servicer shall deliver shxxx xxuxx to bx xxxxxered to the Trustee a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or Fidelity Bond and errors and omissions insurance policy shall in no event be terminated or materially modified without thirty days days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2005-4 Trust), Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2005-3 Trust), Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2005-1 Trust)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of Xxxxxx Mae or Xxxxxxx Mac on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Seller against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 11.12 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Seller 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 Accepted Xxxxxx Mae in the Xxxxxx Xxx Servicing PracticesGuide or by Xxxxxxx Mac in the Xxxxxxx Xxx Xxxxxxx’ and Servicers’ Guide. The Master Servicer Upon request of the Purchaser, the Seller shall deliver cause to be delivered to the Trustee Purchaser a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond and errors and omissions insurance policy and shall obtain 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 days’ prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyPurchaser.
Appears in 3 contracts
Samples: Master Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-2), Master Loan Purchase and Servicing Agreement (MASTR Alternative Loan Trust 2007-1), Mortgage Loan Purchase and Servicing Agreement (TBW Mortgage-Backed Trust Series 2006-6)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who Loan to handle funds, money, documents and papers relating to the Mortgage LoansLoan. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted FNMA in the FNMA Selling Guide and FNMA Servicing PracticesGuide or by FHLMC in the FHLMC Sellers’ and Servicers’ Guide. The Master Servicer Upon request of the Purchaser, the Company shall deliver cause to be delivered to the Trustee Purchaser a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall use its best efforts to obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days days’ prior written notice to the TrusteePurchaser. The Master Servicer Company shall notify the Trustee Purchaser within five business days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 3 contracts
Samples: Purchase and Servicing Agreement (MASTR Alternative Loan Trust 2007-1), Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa2), Letter Agreement (MASTR Adjustable Rate Mortgages Trust 2007-3)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of Fxxxxx Mxx or Fxxxxxx Mac on all officers, employees or other persons Persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the “Mortgage Banker’s Blanket Bond Bond” and shall protect and insure the Master Servicer against losses, including losses arising by virtue of any Mortgage Loan not being satisfied in accordance with the procedures set forth in Section 7.02 and/or losses resulting from or arising in connection with forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of or by such personsPersons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 5.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Fxxxxx Mae in the Fxxxxx Mxx Guide or by Fxxxxxx Mac in the Fxxxxxx Mac Servicing PracticesGuide. The Master Servicer shall deliver cause to be delivered to the Trustee Purchaser upon request: (i) a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors insurance policy; and omissions insurance policy and shall obtain (ii) a written statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days 30 days’ prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyPurchaser.
Appears in 3 contracts
Samples: Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ar1), Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar5), Servicing Agreement (Citigroup Mortgage Loan Trust 2006-4)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, with responsible companies that meet the requirements of Fxxxxx Mae or Fxxxxxx Mac, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or employees, agents and other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage LoansLoans (collectively, the "Servicer Employees"). The Any such fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including losses from forgery, theft, embezzlement, fraud, errors errors, omissions, failure to maintain any insurance policies required pursuant to this Agreement, and omissions and dishonest or negligent acts of such personsServicer Employees, any employees of outside firms that provide data processing services for the Servicer, and temporary contract employees or student interns. Such fidelity bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby and such fidelity bond and errors and omissions insurance policy shall in no event be terminated or materially modified without 30 days prior written notice to the Owner. No provision of this Section 3.08 3.12 requiring the such fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under terms of any such fidelity bond and errors and omissions insurance policy shall be at least equal to the corresponding amounts required by Accepted Fxxxxx Mae in the Fxxxxx Mxx Selling and Servicing PracticesGuide, or by Fxxxxxx Mac in the Fxxxxxx Mac Seller’s and Servicer’s Guide, as amended or restated from time to time. The Master Upon the request of the Owner, the Servicer shall deliver cause to be delivered to the Trustee Owner a certificate from the surety and the insurer as of insurance with respect to the existence of the such fidelity bond and errors and omissions insurance policy and shall obtain 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 the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Servicing Agreement (GSR Mortgage Loan Trust 2006-Oa1), Servicing Agreement (GSR Mortgage Loan Trust 2006-10f)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans EMC HELOCs and who handle funds, money, documents and papers relating to the Mortgage LoansEMC HELOCs. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan an EMC HELOC which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 3.09 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing Practices. The Master Servicer Company shall deliver to the Trustee Master Servicer a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Master Servicer and the Indenture Trustee. The Master Servicer Company shall notify the Master Servicer, the Securities Administrator and the Indenture Trustee in writing within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Indenture Trustee for the benefit of the Noteholders and the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (SACO I Trust 2006-8), Sale and Servicing Agreement (SACO I Trust 2006-1)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond (the “Fidelity Bond”) and an errors and omissions insurance policy, with broad coverage with financially responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 3.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Xxxxxx Xxx in the Xxxxxx Mae MBS Selling and Servicing PracticesGuide or by Xxxxxxx Mac in the Xxxxxxx Mac Servicer’s Guide. The Master Upon the request of any party hereto, the Servicer shall deliver cause to the Trustee a certificate from the surety and the insurer as be delivered to the existence such party proof of coverage of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or insurance policy the surety and the insurer shall in no event be terminated or materially modified without thirty days prior written notice endeavor to the Trustee. The Master Servicer shall notify the Trustee within five business thirty (30) days of receipt of notice that prior to such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond Fidelity Bond’s and as additional insured on the errors and omissions insurance policy’s termination or material modification.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (C-Bass 2007-Cb1 Trust), Pooling and Servicing Agreement (C-Bass 2007-Cb1 Trust)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and These policies must insure the Master Servicer against losses, including losses resulting from forgery, theft, embezzlement, fraud, errors theft, errors, omissions, negligence, dishonest or fraudulent acts committed by the Servicer’s personnel, any employees of outside firms that provide data processing services for the Servicer, and omissions and negligent acts of such personstemporary contract employees or student interns. Such fidelity bond The Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 11.12 requiring the fidelity bond such Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted FHA or VA, Xxxxxx Xxx in the Xxxxxx Mae Servicing PracticesGuide or by Xxxxxxx Mac in the Xxxxxxx Xxx Xxxxxxx’ & Servicers’ Guide, as amended or restated from time to time, as applicable, or in an amount as may be permitted to the Servicer by express waiver of FHA or VA and Xxxxxx Xxx or Xxxxxxx Mac, as applicable. The Master Upon request of the Purchaser, the Servicer shall deliver cause to be delivered to the Trustee Purchaser a certified true copy of such Fidelity Bond or a certificate from evidencing the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain same with a statement from that the surety and the insurer that such fidelity bond or insurance policy Servicer shall in no event be terminated or materially modified without thirty days prior endeavor to provide written notice to the Trustee. The Master Servicer shall notify the Trustee within five business Purchaser 30 days of receipt of notice that such fidelity bond prior to modification or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyany material change.
Appears in 2 contracts
Samples: Custodial Agreement (GSR Mortgage Loan Trust 2006-9f), Custodial Agreement (GSR Mortgage Loan Trust 2006-10f)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the EMC Mortgage Loans and who handle funds, money, documents and papers relating to the EMC Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a an EMC Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing Practices. The Master Servicer Company shall deliver to the Trustee Master Servicer a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Master Servicer and the Trustee. The Master Servicer Company shall notify the Master Servicer, the Securities Administrator and the Trustee in writing within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Distribution Instructions (Saco I Trust 2005-5), Distribution Instructions (Mortgage Pass-Through Certificates, Series 2005-5)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who Loan to handle funds, money, documents and papers relating to the Mortgage LoansLoan. The fidelity bond and errors and omissions insurance Fidelity Bond shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, embezzlement and fraud of such persons. The errors and omissions insurance shall protect and insure the Company against losses arising out of errors and omissions and negligent acts of such persons. Such fidelity bond errors and omissions insurance shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond and Fidelity Bond or errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing PracticesXxxxxx Mae in the Xxxxxx Xxx Guides. The Master Servicer Upon request by the Purchaser, the Company shall deliver to the Trustee Purchaser a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days (30) days' prior written notice to the TrusteePurchaser. The Master Servicer Company shall notify the Trustee Purchaser within five (5) business days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for Purchaser (or any party having the benefit status of the Certificateholders Purchaser hereunder) and any subsidiary thereof and their successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy. Upon request by Purchaser, Company shall provide Purchaser with an insurance certificate certifying coverage under this Section 4.12, and will provide an update to such certificate upon request, or upon renewal or material modification of coverage.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac5), Pooling and Servicing Agreement (SACO I Trust 2006-9)
Fidelity Bond; Errors and Omissions Insurance. The Master Each Servicer shall maintain, at its own expense, and provide evidence thereof to the Master Servicer upon request, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage LoansLoans it services. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and These policies must insure the Master related Servicer against losseslosses resulting from dishonest or fraudulent acts committed by such Servicer's personnel, including forgeryany employees of outside firms that provide data processing services for such Servicer, theft, embezzlement, fraud, errors and omissions and negligent acts of such personstemporary contract employees or student interns. Such fidelity bond shall also protect and insure the Master such Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 3.03 requiring the such fidelity bond and errors and omissions insurance shall diminish or relieve the Master a Servicer 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 Accepted FNMA in the FNMA Servicing PracticesGuide or by FHLMC in the FHLMC Sellers' & Servicers' Guide, as amended or restated from time to time, or in an amount as may be permitted to the Servicer by express waiver of FNMA or FHLMC. The Master Servicer shall deliver to the Trustee maintain, at its own expense, a certificate from the surety and the insurer as to the existence of the blanket fidelity bond and an errors and omissions insurance policy, affording coverage with respect to all directors, officers, employees and other Persons acting on the Master Servicer's behalf, and covering errors and omissions in the performance of the Master Servicer's obligations hereunder. The errors and omissions insurance policy and shall obtain 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 the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond shall be in such form and amount generally acceptable for entities serving as additional insured on the errors and omissions policymaster servicers.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, Series 2007-A), Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, Series 2007-A)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and These policies must insure the Master Servicer Seller against losses, including forgerylosses resulting from fraud, theft, embezzlementerrors, fraudomissions, errors negligence, dishonest or fraudulent acts committed by the Seller’s personnel, any employees of outside firms that provide data processing services for the Seller, and omissions and negligent acts of such personstemporary contract employees or student interns. Such fidelity bond The Fidelity Bond shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 Subsection 11.12 requiring the fidelity bond such Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer Seller from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing Practices. The Master Servicer shall deliver FHA or VA, Fxxxxx Mae in the Fxxxxx Mxx Guides or by Fxxxxxx Mac in the Fxxxxxx Mac Guide, as amended or restated from time to time, or in an amount as may be permitted to the Trustee Seller by express waiver of FHA or VA and Fxxxxx Mae or Fxxxxxx Mac. Upon request of the Purchaser, the Seller shall cause to be delivered to the Purchaser a certified true copy of such Fidelity Bond or a certificate from evidencing the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain same with a statement from that the surety and the insurer that such fidelity bond or insurance policy Seller shall in no event be terminated or materially modified without thirty days prior endeavor to provide written notice to the Trustee. The Master Servicer shall notify the Trustee within five business Purchaser thirty (30) days of receipt of notice that such fidelity bond prior to modification or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyany material change.
Appears in 2 contracts
Samples: Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-6), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-3)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, with a Qualified Insurer, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies (reasonably acceptable to the Owner) on all officers, employees or and other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond and errors and omissions insurance shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to an amount no less than that which is required under the corresponding amounts required by Accepted Xxxxxx Mae Servicing PracticesGuide. The Master Servicer shall deliver to the Trustee a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Trustee. The Master Servicer shall notify the Trustee Owner within five business days Business Days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Master Interim Servicing Agreement (HarborView 2006-10), Master Interim Servicing Agreement (Luminent 2006-4)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, with responsible companies that meet the requirements of Fannie Mae or Freddie Mac, a blanket fidelity bond and an errors and omissions insurance policyomxxxxxxs xxsuraxxx xxxicy, with broad coverage with responsible companies on all officers, employees or employees, agents and other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage LoansLoans (collectively, the "Servicer Employees"). The Any such fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including losses from forgery, theft, embezzlement, fraud, errors errors, omissions, failure to maintain any insurance policies required pursuant to this Agreement, and omissions and dishonest or negligent acts of such personsServicer Employees, any employees of outside firms that provide data processing services for the Servicer, and temporary contract employees or student interns. Such fidelity bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 3.12 requiring the such fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under terms of any such fidelity bond and errors and omissions insurance policy shall be at least equal to the corresponding amounts required by Accepted Fannie Mae in the Fannie Mae Selling and Servicing PracticesGuide, or by Freddie Xxx xn the Freddix Xxx Sxxxer's and Servicer's Guide, as amendex xx xxstated from xxxx xx time. The Master Upon the request of the Owner, the Servicer shall deliver cause to be delivered to the Trustee Owner a certificate from the surety and the insurer as to the existence certified true copy of the such fidelity bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or and errors and omission insurance policy shall in no event be terminated or materially modified without thirty 30 days prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyOwner.
Appears in 2 contracts
Samples: Servicing Agreement (Gsaa Home Equity Trust 2004-8), Trust Agreement (Gsaa Home Equity Trust 2004-6)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance Fidelity Bond shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Seller against losses, including those arising out of forgery, theft, embezzlement, fraud, embezzlement and fraud of such Persons. The errors and omissions insurance shall protect and insure the Seller against losses arising out of errors and omissions and negligent acts of such personsPersons. Such fidelity bond errors and omissions insurance shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond and Fidelity Bond or errors and omissions insurance shall diminish or relieve the Master Servicer Seller 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 Accepted Servicing Practicesdeemed acceptable to XXXXXX XXX or FHLMC. The Master Servicer Seller shall deliver to the Trustee Purchaser a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days (30) days' prior written notice to the TrusteePurchaser. The Master Servicer Seller shall notify the Trustee Purchaser within five business days (5) Business Days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for Purchaser (or any party having the benefit status of the Certificateholders Purchaser hereunder) and any subsidiary thereof and their successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy. Upon request by Purchaser, Seller shall provide Purchaser with an insurance certificate certifying coverage under this Section 4.12, and will provide an update to such certificate upon request, or upon renewal or material modification of coverage.
Appears in 2 contracts
Samples: Assignment and Assumption Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-11h), Assignment and Assumption Agreement (Structured Asset Securities Corp)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond (the "Fidelity Bond") and an errors and omissions insurance policy, with broad coverage with financially responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 3.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Servicing PracticesFannie Mae in the Fannie Mae MBS Sxxxxxx and Servicixx Xxxdx xr by Freddie Mac in the Freddie Mac Serxxxxx'x Guide. The Master Upon xxxxxxt of the Trustee, the Servicer shall deliver cause to be delivered to the Trustee requesting party a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or Fidelity Bond and errors and omissions insurance policy shall in no event be terminated or materially modified without thirty days days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (C-Bass MTG Ln as Bk Cert Ser 2004-Cb4), Pooling and Servicing Agreement (C-Bass MTG Ln as Bk Cert Ser 2004-Cb4)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the EMC Mortgage Loans and who handle funds, money, documents and papers relating to the EMC Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a an EMC Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 3.11 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing Practices. The Master Servicer Company shall deliver to the Trustee Master Servicer a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Master Servicer and the Trustee. The Master Servicer Company shall notify the Master Servicer, the Securities Administrator, the Class I-A Insurer and the Trustee in writing within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders and the Class I-A Insurer must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (SACO I Trust 2005-10), Pooling and Servicing Agreement
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of FNMA or FHLMC on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Seller against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 11.12 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Seller 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 Accepted FNMA in the FNMA Servicing PracticesGuide or by FHLMC in the FHLMC Sellers’ and Servicers’ Guide. The Master Servicer Upon request of the Purchaser, the Seller shall deliver cause to be delivered to the Trustee Purchaser a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond and errors and omissions insurance policy and shall obtain 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 days’ prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyPurchaser.
Appears in 2 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-10), Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-6)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond (the "Fidelity Bond") and an errors and omissions insurance policy, with broad coverage with financially responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 2.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Xxxxxx Xxx in the Xxxxxx Mae MBS Selling and Servicing PracticesGuide or by Xxxxxxx Mac in the Xxxxxxx Mac Servicer's Guide. The Master Upon request of the Trustee, the Servicer shall deliver cause to be delivered to the Trustee requesting party a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or Fidelity Bond and errors and omissions insurance policy shall in no event be terminated or materially modified without thirty days days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust, Series 2004-Sd2), Servicing Agreement (Morgan Stanley Mortgage Pass THR Cert Ser 2003-He1)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance Fidelity Bond shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including those arising out of forgery, theft, embezzlement, fraud, embezzlement and fraud of such Persons. The errors and omissions insurance shall protect and insure the Servicer against losses arising out of errors and omissions and negligent acts of such personsPersons. Such fidelity bond errors and omissions insurance shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond and Fidelity Bond or errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Servicing Practicesdeemed acceptable to Xxxxxx Xxx or FHLMC. The Master Servicer shall deliver to the Trustee Owner a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days (30) days' prior written notice to the TrusteeOwner. The Master Servicer shall notify the Trustee Owner within five business days (5) Business Days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for Owner (or any party having the benefit status of the Certificateholders Owner hereunder) and any subsidiary thereof and their successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy. Upon request by Owner, Servicer shall provide Owner with an insurance certificate certifying coverage under this Section 4.12, and will provide an update to such certificate upon request, or upon renewal or material modification of coverage.
Appears in 2 contracts
Samples: Flow Servicing Agreement (J.P. Morgan Mortgage Trust 2006-S4), Flow Servicing Agreement (J.P. Morgan Alternative Loan Trust 2006-A7)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with financially responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.10 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Xxxxxx Mae in the Xxxxxx Xxx Servicing PracticesGuide or by Xxxxxxx Mac in the Xxxxxxx Xxx Xxxxxxx' and Servicers' Guide. The Master Upon request of the Initial Noteholder, the Servicer shall deliver cause to be delivered to the Trustee Noteholders a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond and errors and omissions insurance policy and shall obtain 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 days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyInitial Noteholder.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (H&r Block Inc), Sale and Servicing Agreement (H&r Block Inc)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policypolicy in full force and effect, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who handle Loan in handling funds, money, documents and papers relating to the Mortgage LoansLoan. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Seller against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 11.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer Seller from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing PracticesFNMA in the FNMA Selling Guide or by FHLMC in the FHLMC Sellers' and Servicers' Guide. The Master Servicer Upon request of the Purchaser, the Seller shall deliver cause to be delivered to the Trustee Purchaser a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall use its best efforts to obtain a statement from the surety and the insurer that such fidelity bond surety and insurer shall endeavor to notify the Purchaser thirty (30) days prior to such Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days prior written notice to the Trusteepolicy’s termination. The Master Servicer Seller shall notify the Trustee Purchaser within five (5) business days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or been terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement, Master Mortgage Loan Purchase and Servicing Agreement (Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2006-Ar1)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond (the "Fidelity Bond") and an errors and omissions insurance policy, with broad coverage with financially responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 3.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Xxxxxx Mae in the Xxxxxx Xxx MBS Selling and Servicing PracticesGuide or by Xxxxxxx Mac in the Xxxxxxx Mac Servicer's Guide. The Master Upon request of the Trustee, the Servicer shall deliver cause to be delivered to the Trustee requesting party a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or Fidelity Bond and errors and omissions insurance policy shall in no event be terminated or materially modified without thirty days days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (C-Bass 2004-Cb8 Trust), Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Certificates, Series 2005-Cb3)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, with a Qualified Insurer, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies that meet the requirements of Xxxxxx Xxx on all officers, employees or and other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond and errors and omissions insurance shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing PracticesXxxxxx Mae or by Xxxxxxx Mac. The Master Servicer shall shall, upon request of Owner, deliver to the Trustee Owner a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days prior written notice to the TrusteeOwner. The Master Servicer shall notify the Trustee Owner within five business days Business Days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders Owner and its successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Servicing Agreement, Ubs Real Estate (MASTR Second Lien Trust 2006-1)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who Loan to handle funds, money, documents and papers relating to the Mortgage LoansLoan. The fidelity bond and errors and omissions insurance Fidelity Bond shall be in the form of the Mortgage Banker’s Blanket Financial Institution Bond Form A and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, embezzlement and fraud of such persons. The errors and omissions insurance shall protect and insure the Company against losses arising out of errors and omissions and negligent acts of such persons. Such fidelity bond errors and omissions insurance shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond and Fidelity Bond or errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Servicing PracticesFxxxxx Mxx in the Fxxxxx Mae Guides. The Master Servicer Upon request by the Purchaser, the Company shall deliver to the Trustee Purchaser a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days (30) days' prior written notice to the TrusteePurchaser. The Master Servicer Company shall notify the Trustee Purchaser within five (5) business days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for Upon request by the benefit Purchaser, the Company shall provide the Purchaser with an insurance certificate certifying coverage under this Section 4.12, and will provide an update to such certificate upon request, or upon renewal or material modification of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policycoverage.
Appears in 2 contracts
Samples: Warranties and Servicing Agreement (Prime Mortgage Trust 2007-1), Pooling and Servicing Agreement (Prime Mortgage Trust 2007-3)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of Xxxxxx Xxx or Xxxxxxx Mac on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond and errors and omissions insurance shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing PracticesXxxxxx Mae in the Xxxxxx Xxx Guide or by Xxxxxxx Mac in the Xxxxxxx Mac Guide. The Master Servicer shall shall, upon request of Owner, deliver to the Trustee Owner a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days prior written notice to the TrusteeOwner. The Master Servicer shall notify the Trustee Owner within five business days Business Days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders Owner and its successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-2, Mortgage Pass-Through Certificates, Series 2006-2), Assumption and Recognition Agreement (Bear Stearns ALT-A Trust II 2007-1)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond (the "Fidelity Bond") and an errors and omissions insurance policy, with broad coverage with financially responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 3.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted FNMA in the FNMA Selling and Servicing PracticesGuide or by FHLMC in the FHLMC Servicer's Guide. The Master Upon request of the Trustee, the Servicer shall deliver cause to be delivered to the Trustee a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or Fidelity Bond and errors and omissions insurance policy shall in no event be terminated or materially modified without thirty days days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Funding Corp), Pooling and Servicing Agreement (Asset Backed Funding Corp 2002 Wf1 Trust)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond and errors and omissions insurance shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing Practicesacceptable to Xxxxxx Mae or to Xxxxxxx. The Master Servicer shall shall, upon request of Owner, deliver to the Trustee Owner a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days prior written notice to the TrusteeOwner. The Master Servicer shall notify the Trustee Owner within five business days Business Days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Servicing Agreement (MASTR Alternative Loan Trust 2007-1), Servicing Agreement (MASTR Alternative Loan Trust 2006-3)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and These policies must insure the Master Servicer against losses, including forgerylosses resulting from fraud, theft, embezzlementerrors, fraudomissions, errors negligence, dishonest or fraudulent acts committed by the Servicer’s personnel, any employees of outside firms that provide data processing services for the Servicer, and omissions and negligent acts of such personstemporary contract employees or student interns. Such fidelity bond The Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 Subsection 11.12 requiring the fidelity bond such Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing PracticesXxxxxx Xxx in the Xxxxxx Mae Servicers’ Guide or by Xxxxxxx Mac in the Xxxxxxx Xxx Xxxxxxx’ & Servicers’ Guide, as amended or restated from time to time, or in an amount as may be permitted to the Servicer by express waiver of Xxxxxx Xxx or Xxxxxxx Mac. The Master Upon request of the Purchaser, the Servicer shall deliver cause to be delivered to the Trustee Purchaser a certified true copy of such Fidelity Bond or a certificate from evidencing the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain same with a statement from that the surety and the insurer that such fidelity bond or insurance policy Servicer shall in no event be terminated or materially modified without thirty days prior endeavor to provide written notice to the Trustee. The Master Servicer shall notify the Trustee within five business Purchaser 30 days of receipt of notice that such fidelity bond prior to modification or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyany material change.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Structured Asset Securities Co Mor Pass-THR Cer Ser 2002-19), Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp Mor Pa Th Ce Se 2002 23xs)
Fidelity Bond; Errors and Omissions Insurance. The Master Interim Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that meet the requirements of Xxxxxx Mae or Xxxxxxx Mac on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who Loan to handle funds, money, documents and papers relating to the Mortgage LoansLoan. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Interim Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Interim Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 Subsection 11.12 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Interim Servicer 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 Accepted Xxxxxx Mae in the Xxxxxx Xxx Servicing PracticesGuide or by Xxxxxxx Mac in the Xxxxxxx Mac Interim Servicers' and Interim Servicers' Guide. The Master Upon request of the Purchaser, the Interim Servicer shall deliver cause to be delivered to the Trustee Purchaser a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond and errors and omissions insurance policy and shall obtain 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 days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyPurchaser.
Appears in 2 contracts
Samples: Mortgage Loan Purchase and Interim Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series AMQ 2007-He2), Mortgage Loan Purchase and Interim Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series AMQ 2007-He2)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not in accordance with Accepted Servicing Practices. No provision of this Section 3.08 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Servicing Practices. The Master Servicer shall deliver to the Trustee a certificate from the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain 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 the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders and the Certificate Insurer must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He9), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He9)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer (or an Affiliate on its behalf) shall maintain, at its own expense, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and These policies must insure the Master Servicer against losses, including forgerylosses resulting from fraud, theft, embezzlementerrors, fraudomissions, errors negligence, dishonest or fraudulent acts committed by the Servicer’s personnel, any employees of outside firms that provide data processing services for the Servicer, and omissions and negligent acts of such personstemporary contract employees or student interns. Such fidelity bond The Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 Subsection 11.12 requiring the fidelity bond such Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing PracticesFHA or VA, Fxxxxx Mae in the Fxxxxx Mxx Guides or by Fxxxxxx Mac in the Fxxxxxx Mac Guide, as amended or restated from time to time, as applicable, or in an amount as may be permitted to the Servicer by express waiver of FHA or VA and Fxxxxx Mae or Fxxxxxx Mac, as applicable. The Master Upon request of the Owner, the Servicer shall deliver cause to be delivered to the Trustee Owner a certified true copy of such Fidelity Bond or a certificate from evidencing the surety and the insurer as to the existence of the fidelity bond and errors and omissions insurance policy and shall obtain same with a statement from that the surety and the insurer that such fidelity bond or insurance policy Servicer shall in no event be terminated or materially modified without thirty days prior endeavor to provide written notice to the Trustee. The Master Servicer shall notify the Trustee within five business Owner thirty (30) days of receipt of notice that such fidelity bond prior to modification or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyany material change.
Appears in 2 contracts
Samples: Flow Mortgage Loan Servicing Rights Sale and Servicing Agreement (Sequoia Mortgage Trust 2012-1), Flow Mortgage Loan Servicing Rights Sale and Servicing Agreement (Sequoia Mortgage Trust 2011-2)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, with a Qualified Insurer, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies that meet the requirements of Fxxxxx Mxx on all officers, employees or and other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond and errors and omissions insurance shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required acceptable to Fxxxxx Mae in the Fxxxxx Mxx Guide or by Accepted Servicing PracticesFxxxxxx Mac in the Fxxxxxx Mac Guide. The Master Servicer shall shall, upon request of Owner and the NIMs Insurer, deliver to the Trustee Owner and the NIMs Insurer a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days prior written notice to the TrusteeOwner and the NIMs Insurer. The Master Servicer shall notify the Trustee Owner and the NIMs Insurer within five business days Business Days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Homestar Mortgage Accep Corp Asst Back Certs Ser 2004-2.), Pooling and Servicing Agreement (Homestar Mortgage Accep Corp Asst Back Certs Ser 2004-2.)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond (the "Fidelity Bond") and an errors and omissions insurance policy, with broad coverage with financially responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 3.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Fannie Mae in the Fannie Mae MBS Selling and Servicing PracticesGuide or by Fredxxx Xxc in the Frexxxx Xax Xervicer's Guide. The Master Upon request of the Trxxxxx, the Servicer shall deliver xxxxx cause to be delivered to the Trustee requesting party a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or Fidelity Bond and errors and omissions insurance policy shall in no event be terminated or materially modified without thirty days days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (C Bass Mortgage Loan Asset Backed Cert Series 2002-Cb5), Pooling and Servicing Agreement (Abfc Asset Backed Certificates Series 2002-Sb1)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond and errors and omissions insurance shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Servicing PracticesFxxxxx Mae in the Fxxxxx Mxx Guide or by Fxxxxxx Mac in the Fxxxxxx Mac Guide. The Master Servicer shall shall, upon request of Owner, deliver to the Trustee Owner a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days prior written notice to the TrusteeOwner. The Master Servicer shall notify the Trustee Owner within five business days Business Days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders Owner and its successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Countrywide Servicing shall maintain, at its own expense, a blanket fidelity bond (a “Fidelity Bond”) and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who handle Loan in handling funds, money, documents and papers relating to the Mortgage LoansLoan. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer Countrywide Servicing against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond shall also protect and insure the Master Servicer Countrywide Servicing against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 3.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer Countrywide Servicing from its duties and obligations as set forth in this Agreement. Exhibit B. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by Accepted Fxxxxx Mxx in the Fxxxxx Mae Selling Guide or by Fxxxxxx Mac in the Fxxxxxx Xxx Xxxxxxx’ and Servicers’ Guide. Upon request of the Trustee, Countrywide Servicing Practices. The Master Servicer shall deliver cause to be delivered to the Trustee a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall use its best efforts to obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days (30) days’ prior written notice to the Trustee. The Master Servicer Countrywide Servicing shall notify the Trustee Purchaser within five (5) business days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-B), Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-A)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, with a Qualified Insurer, a blanket fidelity bond Fidelity Bond and an errors and omissions insurance policy, with broad coverage with responsible companies that meet the requirements of Fxxxxx Mxx on all officers, employees or and other persons acting in any capacity with regard to the Mortgage Loans and who handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond Fidelity Bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond Fidelity Bond and errors and omissions insurance shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond Fidelity Bond and errors and omissions insurance shall diminish or relieve the Master Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required acceptable to Fxxxxx Mae in the Fxxxxx Mxx Guide or by Accepted Servicing PracticesFxxxxxx Mac in the Fxxxxxx Mac Guide. The Master Servicer shall shall, upon request of Owner, deliver to the Trustee Owner a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days prior written notice to the TrusteeOwner. The Master Servicer shall notify the Trustee Owner within five business days Business Days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policy.
Appears in 2 contracts
Samples: Certification and Agreement (Encore Credit Receivables Trust 2005-3), Servicing Agreement (Encore Credit Receivables Trust 2005-2)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintainmaintain with responsible companies, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard requiring such persons to the Mortgage Loans and who handle funds, money, documents and or papers relating to the Mortgage LoansLoans ("Company Employees"). The Any such fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, errors and omissions omissions, failure to maintain any insurance policies required pursuant to this Agreement, and negligent acts of such personsCompany Employees. Such fidelity bond shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.11 requiring the such fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted FNMA in the FNMA MBS Selling and Servicing PracticesGuide or by FHLMC in the FHLMC Sellers' & Servicer's Guide, as amended or restated from time to time. The Master Servicer Upon the request of the Purchaser, the Company shall deliver cause to be delivered to the Trustee Purchaser a certificate from the surety and the insurer as to the existence certified true copy of the such fidelity bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond or and insurance policy shall in no event be terminated or materially modified without thirty 30 days prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyPurchaser.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (Wilshire Real Estate Investment Trust Inc), Assignment, Assumption and Recognition Agreement (Wilshire Real Estate Investment Trust Inc)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Seller shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of Fxxxxx Mae or Fxxxxxx Mac on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Seller against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Seller against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 Subsection 11.12 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Seller 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 Accepted Fxxxxx Mae in the Fxxxxx Mxx Servicing PracticesGuide or by Fxxxxxx Mac in the Fxxxxxx Xxx Xxxxxxx' and Servicers' Guide. The Master Servicer Upon request of the Purchaser, the Seller shall deliver cause to be delivered to the Trustee Purchaser a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond and errors and omissions insurance policy and shall obtain 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 (30) days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyPurchaser.
Appears in 2 contracts
Samples: Reconstitution Agreement (Dsla 2007-Ar1), Reconstitution Agreement (Dsla 2006-Ar2)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer Company shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies that would meet the requirements of Fannie Mae or Freddie Mac on all officers, employees or other persons acting in any capacity axxxxx ix xny cxxxxxxx with regard to the Mortgage Loans and who to handle funds, money, documents and papers relating to the Mortgage Loans. The fidelity bond and errors and omissions insurance shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer Company against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also protect and insure the Master Servicer Company against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 Subsection 11.12 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Master Servicer Company 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 Accepted Fannie Mae in the Fannie Mae Servicing PracticesGuide or by Freddie Mac in the Fxxxxxx Mac Seller'x xxx Sxxxicers' Guide. The Master Servicer Upon requxxx xx the Purchasex, xxx Company shall deliver cause to be delivered to the Trustee Purchaser a certificate from the surety and the insurer as to the existence certified true copy of the fidelity bond and errors and omissions insurance policy and shall obtain 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 (30) days' prior written notice to the Trustee. The Master Servicer shall notify the Trustee within five business days of receipt of notice that such fidelity bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for the benefit of the Certificateholders must be named as loss payees on the fidelity bond and as additional insured on the errors and omissions policyPurchaser.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Gs Mortgage Securities Corp Mort Pa Th Ce Se 2002-He), Pooling and Servicing Agreement (Gsaa Home Equity Trust 2004-5)
Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage with responsible companies on all officers, employees or other persons acting in any capacity with regard to the Mortgage Loans and who Loan to handle funds, money, documents and papers relating to the Mortgage LoansLoan. The fidelity bond and errors and omissions insurance Fidelity Bond shall be in the form of the Mortgage Banker’s 's Blanket Bond and shall protect and insure the Master Servicer against losses, including forgery, theft, embezzlement, fraud, embezzlement and fraud of such persons. The errors and omissions insurance shall protect and insure the Servicer against losses arising out of errors and omissions and negligent acts of such persons. Such fidelity bond errors and omissions insurance shall also protect and insure the Master Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan which is not without having obtained payment in accordance with Accepted Servicing Practicesfull of the indebtedness secured thereby. No provision of this Section 3.08 4.12 requiring the fidelity bond and Fidelity Bond or errors and omissions insurance shall diminish or relieve the Master Servicer 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 Accepted Servicing PracticesFxxxxx Mxx in the Fxxxxx Mxx Guides. The Master Upon request by the Purchaser, the Servicer shall deliver to the Trustee Purchaser a certificate from the surety and the insurer as to the existence of the fidelity bond Fidelity Bond and errors and omissions insurance policy and shall obtain a statement from the surety and the insurer that such fidelity bond Fidelity Bond or insurance policy shall in no event be terminated or materially modified without thirty days (30) days' prior written notice to the TrusteePurchaser. The Master Servicer shall notify the Trustee Purchaser within five (5) business days of receipt of notice that such fidelity bond Fidelity Bond or insurance policy will be, or has been, materially modified or terminated. The Trustee for Purchaser (or any party having the benefit status of the Certificateholders Purchaser hereunder) and any subsidiary thereof and their successors or assigns as their interests may appear must be named as loss payees on the fidelity bond Fidelity Bond and as additional insured on the errors and omissions policy. Upon request by Purchaser, Servicer shall provide Purchaser with an insurance certificate certifying coverage under this Section 4.12, and will provide an update to such certificate upon request, or upon renewal or material modification of coverage.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac4), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac4)