Common use of Insurance; fidelity bond Clause in Contracts

Insurance; fidelity bond. The Seller will, and will cause each of its Subsidiaries to: (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Buyer without charge upon the Buyer’s request made from time to time; and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller’s officers and employees and other persons acting on behalf of the Seller and naming the Buyer as an additional insured. The amount of coverage shall be at least equal to the greater of (i) $1,000,000 for the blanket fidelity bond and $1,000,000 for the errors and omissions policy, or (ii) the coverage that would be required by Xxxxxx Xxx or Xxxxxxx Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Xxxxxx Mae or Xxxxxxx Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.11(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.11(b) shall satisfy the requirements of this Section 16.11(b). Upon the request of the Buyer, the Seller shall cause to be delivered to the Buyer evidence of such fidelity bond and insurance policies.

Appears in 2 contracts

Samples: Master Repurchase Agreement (Sirva Inc), Master Repurchase Agreement (Sirva Inc)

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Insurance; fidelity bond. The Seller will, and will cause each of its Subsidiaries to: : (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Buyer Agent and the Buyers without charge upon the Agent’s or any Buyer’s request made from time to time; and and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller’s 's officers and employees and other persons acting on behalf of the Seller and naming the Buyer as an additional insuredSeller. The amount of coverage shall be at least equal to the greater of (i) $1,000,000 for the blanket fidelity bond and $1,000,000 for the errors and omissions policy, or (ii) the coverage that would be required by Xxxxxx Xxx or Xxxxxxx Freddie Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Xxxxxx Mae Xxx or Xxxxxxx Freddie Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.11(b16.10(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.11(b16.10(b) shall satisfy the requirements of this Section 16.11(b16.10(b). Such bond and insurance policies shall name Agent as an additional insured and loss payee. Upon the request of the BuyerAgent, the Seller shall cause to be delivered to the Buyer Agent and the Buyers evidence of such fidelity bond and insurance policies.

Appears in 2 contracts

Samples: Master Repurchase Agreement (M/I Homes, Inc.), Master Repurchase Agreement (Pultegroup Inc/Mi/)

Insurance; fidelity bond. The Seller will, and will cause each of its Subsidiaries to: (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Buyer Administrative Agent without charge upon the BuyerAdministrative Agent’s request made from time to time; and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller’s officers and employees and other persons acting on behalf of the Seller and naming the Buyer as an additional insuredSeller. The amount of coverage shall be at least equal to the greater of (i) $1,000,000 for the blanket fidelity bond and $1,000,000 for the errors and omissions policy, or (ii) the coverage that would be required by Xxxxxx Xxx or Xxxxxxx Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Xxxxxx Mae or Xxxxxxx Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.11(b16.12(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.11(b16.12(b) shall satisfy the requirements of this Section 16.11(b16.12(b). Upon the request of the Buyer, the Seller shall cause to be delivered to the Buyer evidence of such fidelity bond and insurance policies.

Appears in 2 contracts

Samples: Master Repurchase Agreement (Horton D R Inc /De/), Master Repurchase Agreement (Horton D R Inc /De/)

Insurance; fidelity bond. The Seller will, and will cause each of its Subsidiaries to: (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Buyer Administrative Agent without charge upon the BuyerAdministrative Agent’s request made from time to time; and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller’s 's officers and employees and other persons acting on behalf of the Seller and naming the Buyer as an additional insuredSeller. The amount of coverage shall be at least equal to the greater of (i) $1,000,000 for the blanket fidelity bond and $1,000,000 for the errors and omissions policy, or (ii) the coverage that would be required by Xxxxxx Xxx or Xxxxxxx Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Xxxxxx Mae or Xxxxxxx Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.11(b16.12(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.11(b16.12(b) shall satisfy the requirements of this Section 16.11(b16.12(b). Upon the request of the Buyer, the Seller shall cause to be delivered to the Buyer evidence of such fidelity bond and insurance policies.

Appears in 2 contracts

Samples: Master Repurchase Agreement (Horton D R Inc /De/), Master Repurchase Agreement (Horton D R Inc /De/)

Insurance; fidelity bond. The Seller will, and will cause each of its Subsidiaries to: (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Buyer Agent without charge upon the BuyerAgent’s request made from time to time; and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller’s officers and employees and other persons acting on behalf of the Seller and naming the Buyer as an additional insuredSeller. The amount of coverage shall be at least equal to the greater of (i) $1,000,000 for the blanket fidelity bond and $1,000,000 for the errors and omissions policy, or (ii) the coverage that would be required by Xxxxxx Xxx or Xxxxxxx Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Xxxxxx Mae or Xxxxxxx Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.11(b16.10(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.11(b16.10(b) shall satisfy the requirements of this Section 16.11(b16.10(b). Upon the request of the BuyerAgent, the Seller shall cause to be delivered to the Buyer evidence of such fidelity bond and insurance policies.

Appears in 1 contract

Samples: Master Repurchase Agreement (Pulte Homes Inc/Mi/)

Insurance; fidelity bond. The Seller will, and will cause each of its Subsidiaries to: (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Buyer Agent without charge upon the BuyerAgent’s request made from time to time; and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller’s 's officers and employees and other persons acting on behalf of the Seller and naming the Buyer as an additional insuredSeller. The amount of coverage shall be at least equal to the greater of (i) $1,000,000 for the blanket fidelity bond and $1,000,000 for the errors and omissions policy, or (ii) the coverage that would be required by Xxxxxx Xxx or Xxxxxxx Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Xxxxxx Mae or Xxxxxxx Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.11(b16.12(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.11(b16.12(b) shall satisfy the requirements of this Section 16.11(b16.12(b). Upon the request of the BuyerAgent, the Seller shall cause to be delivered to the Buyer Agent evidence of such fidelity bond and insurance policies.

Appears in 1 contract

Samples: Master Repurchase Agreement (NVR Inc)

Insurance; fidelity bond. The Seller will, and will cause each of its Subsidiaries to: (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Buyer Administrative Agent without charge upon the BuyerAdministrative Agent’s request made from time to time; and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller’s 's officers and employees and other persons acting on behalf of the Seller and naming the Buyer as an additional insuredSeller. The amount of coverage shall be at least equal to the greater of (i) $1,000,000 for the blanket fidelity bond and $1,000,000 for the errors and omissions policy, or (ii) the coverage that would be required by Xxxxxx Xxx or Xxxxxxx Freddie Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Xxxxxx Mae Xxx or Xxxxxxx Freddie Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.11(b16.12(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.11(b16.12(b) shall satisfy the requirements of this Section 16.11(b16.12(b). Upon the request of the BuyerXxxxx, the Seller shall cause to be delivered to the Buyer evidence of such fidelity bond and insurance policies.

Appears in 1 contract

Samples: Master Repurchase Agreement (Horton D R Inc /De/)

Insurance; fidelity bond. The Seller will, and will cause each of its Subsidiaries to: (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Buyer Administrative Agent without charge upon the BuyerAdministrative Agent’s request made from time to time; and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller’s officers and employees and other persons acting on behalf of the Seller and naming the Buyer as an additional insuredSeller. The amount of coverage shall be at least equal to the greater of (i) $1,000,000 for the blanket fidelity bond and $1,000,000 for the errors and omissions policy, or (ii) the coverage that would be required by Xxxxxx Xxx Fxxxxx Mxx or Xxxxxxx Fxxxxxx Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Xxxxxx Fxxxxx Mae or Xxxxxxx Fxxxxxx Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.11(b16.12(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.11(b16.12(b) shall satisfy the requirements of this Section 16.11(b16.12(b). Upon the request of the Buyer, the Seller shall cause to be delivered to the Buyer evidence of such fidelity bond and insurance policies.

Appears in 1 contract

Samples: Master Repurchase Agreement (Horton D R Inc /De/)

Insurance; fidelity bond. The Seller will, and will cause each of its Subsidiaries to: (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Buyer Agent without charge upon the BuyerAgent’s request made from time to time; and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller’s 's officers and employees and other persons acting on behalf of the Seller and naming the Buyer as an additional insuredSeller. The amount of coverage shall be at least equal to the greater of (i) $1,000,000 for the blanket fidelity bond and $1,000,000 for the errors and omissions policy, or (ii) the coverage that would be required by Xxxxxx Xxx or Xxxxxxx Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Xxxxxx Mae or Xxxxxxx Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.11(b16.10(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.11(b16.10(b) shall satisfy the requirements of this Section 16.11(b16.10(b). Such bond and insurance policies shall name Agent as an additional insured and loss payee. Upon the request of the BuyerAgent, the Seller shall cause to be delivered to the Buyer evidence of such fidelity bond and insurance policies.

Appears in 1 contract

Samples: Master Repurchase Agreement (Pultegroup Inc/Mi/)

Insurance; fidelity bond. The Seller will, and will cause each of its Subsidiaries to: (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Buyer Agent without charge upon the BuyerAgent’s request made from time to time; and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller’s officers and employees and other persons acting on behalf of the Seller and naming the Buyer as an additional insuredSeller. The amount of coverage shall be at least equal to the greater of (i) $1,000,000 for the blanket fidelity bond and $1,000,000 for the errors and omissions policy, or (ii) the coverage that would be required by Xxxxxx Xxx or Xxxxxxx Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Xxxxxx Mae or Xxxxxxx Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.11(b16.12(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.11(b16.12(b) shall satisfy the requirements of this Section 16.11(b16.12(b). Upon the request of the BuyerAgent, the Seller shall cause to be delivered to the Buyer evidence of such fidelity bond and insurance policies.

Appears in 1 contract

Samples: Master Repurchase Agreement (MDC Holdings Inc)

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Insurance; fidelity bond. The Seller will, and will cause each of its Subsidiaries to: (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Buyer Agent without charge upon the BuyerAgent’s request made from time to time; and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller’s officers and employees and other persons acting on behalf of the Seller and naming the Buyer as an additional insuredSeller. The amount of coverage shall be at least equal to the greater of (i) $1,000,000 for the blanket fidelity bond and $1,000,000 for the errors and omissions policy, or (ii) the coverage that would be required by Xxxxxx Xxx or Xxxxxxx Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Xxxxxx Mae or Xxxxxxx Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.11(b16.12(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.11(b16.12(b) shall satisfy the requirements of this Section 16.11(b16.12(b). Upon the request of the Buyer, the Seller shall cause to be delivered to the Buyer evidence of such fidelity bond and insurance policies.

Appears in 1 contract

Samples: Master Repurchase Agreement (NVR Inc)

Insurance; fidelity bond. The Seller will, and will cause each of its Subsidiaries to: : (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Buyer Agent without charge upon the BuyerAgent’s request made from time to time; and and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller’s 's officers and employees and other persons acting on behalf of the Seller and naming the Buyer as an additional insuredSeller. The amount of coverage shall be at least equal to the greater of (i) $1,000,000 for the blanket fidelity bond and $1,000,000 for the errors and omissions policy, or (ii) the coverage that would be required by Xxxxxx Xxx or Xxxxxxx Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Xxxxxx Mae or Xxxxxxx Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.11(b16.10(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.11(b) shall satisfy the requirements of this Section 16.11(b). Upon the request of the Buyer, the Seller shall cause to be delivered to the Buyer evidence of such fidelity bond and insurance policies.

Appears in 1 contract

Samples: Master Repurchase Agreement (Pultegroup Inc/Mi/)

Insurance; fidelity bond. The Seller will, and will cause each of its Subsidiaries to: : (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Buyer Agent without charge upon the BuyerAgent’s request made from time to time; and and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller’s 's officers and employees and other persons acting on behalf of the Seller and naming the Buyer as an additional insuredSeller. The amount of coverage shall be at least equal to the greater of (i) $1,000,000 for the blanket fidelity bond and $1,000,000 for the errors and omissions policy, or (ii) the coverage that would be required by Xxxxxx Xxx or Xxxxxxx Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Xxxxxx Mae or Xxxxxxx Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.11(b16.10(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.11(b16.10(b) shall satisfy the requirements of this Section 16.11(b16.10(b). Such bond and insurance policies shall name Agent as an additional insured and loss payee. Upon the request of the BuyerAgent, the Seller shall cause to be delivered to the Buyer evidence of such fidelity bond and insurance policies. 16.

Appears in 1 contract

Samples: Master Repurchase Agreement (Pultegroup Inc/Mi/)

Insurance; fidelity bond. The Seller will, and will cause each of its Subsidiaries to: (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Buyer Agent without charge upon the BuyerAgent’s request made from time to time; and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller’s 's officers and employees and other persons acting on behalf of the Seller and Seller, which policies shall including an endorsement naming the Buyer Agent as an additional insuredlenders loss payee. The amount of coverage shall be at least equal to the greater of (i) $1,000,000 for the blanket fidelity bond and $1,000,000 for the errors and omissions policy, or (ii) the coverage that would be required by Xxxxxx Xxx or Xxxxxxx Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Xxxxxx Mae or Xxxxxxx Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.11(b16.12(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.11(b16.12(b) shall satisfy the requirements of this Section 16.11(b16.12(b). Upon the request of the BuyerAgent, the Seller shall cause to be delivered to the Buyer evidence of such fidelity bond and insurance policies.

Appears in 1 contract

Samples: Master Repurchase Agreement (MDC Holdings Inc)

Insurance; fidelity bond. The Seller will, and will cause each of its Subsidiaries to: (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Buyer Agent without charge upon the BuyerAgent’s request made from time to time; and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller’s 's officers and employees and other persons acting on behalf of the Seller and Seller, which policies shall including an endorsement naming the Buyer Agent as an additional insuredlenders loss payee. The amount of coverage shall be at least equal to the greater of (i) $1,000,000 for the blanket fidelity bond and $1,000,000 for the errors and omissions policy, or (ii) the coverage that would be required by Xxxxxx Xxx or Xxxxxxx MacXxx, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Xxxxxx Mae Xxx or Xxxxxxx MacXxx. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.11(b16.12(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.11(b16.12(b) shall satisfy the requirements of this Section 16.11(b16.12(b). Upon the request of the BuyerAgent, the Seller shall cause to be delivered to the Buyer evidence of such fidelity bond and insurance policies.

Appears in 1 contract

Samples: Master Repurchase Agreement (M.D.C. Holdings, Inc.)

Insurance; fidelity bond. The Seller will, and will cause each of its Subsidiaries to: (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Buyer Agent without charge upon the BuyerAgent’s request made from time to time; and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller’s officers and employees and other persons acting on behalf of the Seller and naming the Buyer as an additional insuredSeller. The amount of coverage shall be at least equal to the greater of (i) $1,000,000 for the blanket fidelity bond and $1,000,000 for the errors and omissions policy, or (ii) the coverage that would be required by Xxxxxx Xxx or Xxxxxxx Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Xxxxxx Mae or Xxxxxxx Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.11(b16.12(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.11(b16.12(b) shall satisfy the requirements of this Section 16.11(b16.12(b). Upon the request of the BuyerAgent, the Seller shall cause to be delivered to the Buyer Agent evidence of such fidelity bond and insurance policies.

Appears in 1 contract

Samples: Master Repurchase Agreement (NVR Inc)

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