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

Fidelity Bond; Errors and Omissions Insurance. The Servicer shall maintain or cause to be maintained a fidelity bond and errors and omissions insurance with respect to the Servicer in such form and amount as is customary for institutions acting as custodian of funds in respect of timeshare loans or receivables on behalf of institutional investors. Any such fidelity bond or errors and omissions insurance shall be maintained in a form and amount that would meet the requirements of prudent institutional loan servicers. No provision of this Section 5.07 requiring such fidelity bond and errors and omissions insurance policy shall diminish or relieve the Servicer from its duties and obligations as set forth in this Indenture. The Servicer shall be deemed to have complied with this provision if one of its respective Affiliates has such fidelity bond coverage and errors and omissions insurance policy which, by the terms of such fidelity bond and such errors and omissions insurance policy, the coverage afforded thereunder extends to the Servicer. Upon a request of the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee, a certification evidencing coverage under such fidelity bond or such errors and omission insurance policy. Any such fidelity bond or such errors and omissions insurance policy shall not be canceled or modified in a materially adverse manner without ten days’ prior written notice to the Indenture Trustee.

Fidelity Bond; Errors and Omissions Insurance. The Servicer shall maintain or cause to be maintained a fidelity bond and errors and omissions insurance with respect to the Servicer in such form and amount as is customary for institutions acting as custodian of funds in respect of timeshare loans or receivables on behalf of institutional investors. Any such fidelity bond or errors and omissions insurance shall be maintained in a form and amount that would meet the requirements of prudent institutional loan servicers. No provision of this Section 5.07 5.7 requiring such fidelity bond and errors and omissions insurance policy shall diminish or relieve the Servicer from its duties and obligations as set forth in this Indenture. The Servicer shall be deemed to have complied with this provision if one of its respective Affiliates has such fidelity bond coverage and errors and omissions insurance policy which, by the terms of such fidelity bond and such errors and omissions insurance policy, the coverage afforded thereunder extends to the Servicer. Upon a request of the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee, a certification evidencing coverage under such fidelity bond or such errors and omission omissions insurance policy. Any such fidelity bond or such errors and omissions insurance policy shall not be canceled or modified in a materially adverse manner reduced without ten days’ prior written notice to the Indenture Trustee.

Fidelity Bond; Errors and Omissions Insurance. (i) The Servicer shall maintain or cause to be maintained a fidelity bond and errors and omissions insurance with respect to the Servicer in such form and amount as is customary for institutions acting as custodian of funds in respect of timeshare loans or receivables on behalf of institutional investorsreceivables. Any such fidelity bond or errors and omissions insurance shall be maintained in a form and amount that would meet the requirements of prudent institutional loan servicers. . (ii) No provision of this Section 5.07 10(g) requiring such fidelity bond and errors and omissions insurance policy shall diminish or relieve the Servicer from its duties and obligations as set forth in this IndentureAgreement. The Servicer shall be deemed to have complied with this provision if one of its respective Affiliates has such fidelity bond coverage and errors and omissions insurance policy which, by the terms of such fidelity bond and such errors and omissions insurance policy, the coverage afforded thereunder extends to the Servicer. Upon a request of the Indenture TrusteeBuyer, the Servicer shall deliver to the Indenture TrusteeBuyer, a certification evidencing coverage under such fidelity bond or such errors and omission omissions insurance policy. Any such fidelity bond or such errors and omissions insurance policy shall not be canceled or modified in a materially adverse manner reduced without ten days’ prior written notice to the Indenture TrusteeBuyer.

Fidelity Bond; Errors and Omissions Insurance. The Servicer shall maintain 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 cause other Persons acting on behalf of the Servicer in any capacity with regard to be maintained a the Trust Assets to handle funds, money, documents and papers relating to the Trust Assets. Any such fidelity bond and errors and omissions insurance with respect to shall protect and insure the Servicer in such form and amount as is customary for institutions acting as custodian of funds in respect of timeshare loans or receivables on behalf of institutional investors. Any such fidelity bond or against losses, including forgery, theft, embezzlement, fraud, errors and omissions insurance and negligent acts of such Persons and shall be maintained in a form and amount that would meet the requirements of prudent institutional auto loan servicers. No provision of this Section 5.07 4.05 requiring such fidelity bond and errors and omissions insurance policy shall diminish or relieve the Servicer from its duties and obligations as set forth in this IndentureAgreement. The Servicer shall be deemed to have complied with this provision if one of its respective Affiliates has such fidelity bond coverage and errors and omissions insurance policy whichcoverage and, by the terms of such fidelity bond and such errors and omissions insurance policy, the coverage afforded thereunder extends to the Servicer. The Servicer shall cause each and every Subservicer for it to maintain a policy of insurance covering errors and omissions and a fidelity bond which would meet such requirements. Upon a request of the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee, a certification evidencing coverage under such fidelity bond or such errors and omission insurance policy. Any such fidelity bond or such errors and omissions insurance policy shall not be canceled or modified in a materially adverse manner without ten days’ prior written notice to the Indenture Trustee.[Master

Fidelity Bond; Errors and Omissions Insurance. The Servicer shall maintain or cause to be maintained a fidelity bond and errors and omissions insurance with respect to the Servicer in such form and amount as is customary for institutions acting as custodian of funds in respect of timeshare loans or receivables on behalf of institutional investors. Any such fidelity bond or errors and omissions insurance shall be maintained in a form and amount that would meet the requirements of prudent institutional loan servicers. No provision of this Section 5.07 requiring such fidelity bond and errors and omissions insurance policy 33 shall diminish or relieve the Servicer from its duties and obligations as set forth in this Indenture. The Servicer shall be deemed to have complied with this provision if one of its respective Affiliates has such fidelity bond coverage and errors and omissions insurance policy which, by the terms of such fidelity bond and such errors and omissions insurance policy, the coverage afforded thereunder extends to the Servicer. Upon a request of the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee, a certification evidencing coverage under such fidelity bond or such errors and omission insurance policy. Any such fidelity bond or such errors and omissions insurance policy shall not be canceled or canceled, modified in a materially adverse manner or reduced without ten days’ prior written notice to the Indenture Trustee.

Fidelity Bond; Errors and Omissions Insurance. The Master Servicer shall maintain maintain, at its own expense, with a responsible company, a banker's blanket fidelity bond and an errors and omissions insurance policy, in amounts required by Fannie Mae or cause to be maintained a Freddie Mac and as are commercially available and at xxxxx xxxt arx xxx xenerally regarded as excessive by industry standards. Any fidelity bond shall protect against dishonest acts of officers and employees. No provision of this Subsection 11.12 requiring the fidelity bond and errors and omissions insurance with respect to the Servicer in such form and amount as is customary for institutions acting as custodian of funds in respect of timeshare loans or receivables on behalf of institutional investors. Any such fidelity bond or errors and omissions insurance shall be maintained in a form and amount that would meet the requirements of prudent institutional loan servicers. No provision of this Section 5.07 requiring such 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 IndentureAgreement. Upon request of the Purchaser, the Master Servicer shall cause to be delivered to the Purchaser a certified true copy of the fidelity bond and insurance policy and a statement from the surety and the insurer that such fidelity bond or insurance policy shall in no event be terminated or materially modified without thirty (30) days' prior written notice to the Purchaser. The Master Servicer shall be deemed to have complied with this provision if one any of its respective Affiliates affiliates has such a fidelity bond coverage and errors and omissions insurance policy whichand, by the terms of such fidelity bond and such errors and omissions insurance policy, policy the coverage afforded thereunder extends to the Master Servicer. Upon a request of the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee, a certification evidencing coverage under such fidelity bond or such errors and omission insurance policy. Any such fidelity bond or such errors and omissions insurance policy shall not be canceled or modified in a materially adverse manner without ten days’ prior written notice to the Indenture Trustee.