Maintenance of Errors and Omissions and Fidelity Coverage. The Subservicer shall obtain and maintain with Qualified Insurers, at its own expense, and keep in full force and effect throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy covering all of the Subservicer’s officers, employees and agents acting on behalf of the Subservicer in connection with its activities under this Agreement and that satisfies the fidelity bond and errors and omissions insurance policy requirements under the PSAs. The Subservicer shall deliver or cause to be delivered to KRECM a certificate of insurance or other evidence of such fidelity bond and insurance within thirty (30) days of the Effective Date and thereafter (i) within ten (10) Business Days after each renewal thereof, (ii) if not delivered in any calendar year pursuant to clause (i), then upon each anniversary of the Effective Date, and (iii) from time to time upon KRECM’s reasonable request. Such fidelity bond and errors and omissions policy shall provide that it may not be canceled without twenty (20) days’ prior written notice to the KRECM. The Subservicer shall (i) furnish to KRECM copies of all binders and policies or certificates evidencing that such fidelity bond and errors and omissions insurance policy are each in full force and effect, and (ii) promptly report or cause its insurer(s) to report in writing to KRECM any termination of or any material changes to the Subservicer’s fidelity bond or errors and omissions insurance policy. Amended & Restated Master Subservicing Agreement
Maintenance of Errors and Omissions and Fidelity Coverage. The Servicer shall keep in force during the term of this Agreement a policy or policies of insurance covering errors and omissions for failure in the performance of the Servicer’s obligations under this Agreement, which policy or policies shall be in such form and amount that would meet the requirements of Fxxxxx Mxx or Fxxxxxx Mac if it were the purchaser of the Mortgage Loans, unless the Servicer has obtained a waiver of such requirements from the Rating Agencies. The Servicer shall also maintain a fidelity bond in the form and amount that would meet the requirements of Fxxxxx Mae or Fxxxxxx Mac, unless the Servicer has obtained a waiver of such requirements from the Rating Agencies. The Servicer shall be deemed to have complied with this provision if an Affiliate of the 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 Servicer. Any such errors and omissions policy and fidelity bond shall by its terms not be cancelable without thirty days’ prior written notice to the Trustee. The Servicer shall also cause each Sub-Servicer to maintain a policy of insurance covering errors and omissions and a fidelity bond which would meet such requirements.
Maintenance of Errors and Omissions and Fidelity Coverage. (a) Each Servicer shall obtain and maintain at its own expense, and keep in full force and effect throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy issued by a Qualified Insurer covering such Servicer's officers and employees in connection with its activities under this Agreement. The amount of coverage shall be determined in accordance with Accepted Servicing Practices and be at least equal to the sum of the following based upon the total portfolio that such Servicer services for itself and all others:
(i) $300,000, plus;
(ii) 0.150% of the excess of the unpaid principal balance of all the mortgage loans serviced by such Servicer over $100,000,000 but less than or equal to $500,000,000, plus;
(iii) 0.125% of the excess of the unpaid principal balance of all the mortgage loans serviced by such Servicer over $500,000,000 but less than or equal to $1,000,000,000 plus;
(iv) 0.100% of the excess of the unpaid principal balance of all the mortgage loans serviced by such Servicer over $1,000,000,000. The deductible on the fidelity bond or errors and omissions policy shall not exceed the greater of $100,000 and five (5) percent of the face amount of such bond or policy. In the event that any such bond or policy ceases to be in effect, such Servicer shall immediately obtain a comparable replacement bond or policy. Notwithstanding the foregoing, so long as the long term unsecured debt obligations of such Servicer or its corporate parent have the Required Rating for Eligible Accounts, such Servicer shall be entitled to provide self-insurance or obtain from its parent adequate insurance, as applicable, with respect to its obligation to maintain a blanket fidelity bond or an errors and omissions insurance policy.
(b) From time to time, upon the request of the Trustee, each Servicer shall furnish the Trustee copies of all binders or certificates evidencing that the bond and policy described in clause (a) above are in full force and effect. Each Servicer shall promptly report in writing to the Trustee and each other Servicer any change in such coverage resulting in a failure to satisfy the requirements of clause (a) above and all cases of embezzlement or fraud or irregularities of operation if such events involve such Servicer and funds relating to the Mortgage Loans. The total losses, regardless of whether claims are filed with the applicable insurer or surety, shall be disclosed in such reports together with th...
Maintenance of Errors and Omissions and Fidelity Coverage. Enforcement of Due-On-Sale Clauses; Assumption Agreements.
Maintenance of Errors and Omissions and Fidelity Coverage. The Primary Servicer shall obtain and maintain at its own expense, and keep in full force and effect throughout the term of this Agreement, a fidelity bond and an errors and omissions insurance policy covering the Primary Servicer's officers and employees acting on behalf of the Primary Servicer in connection with its activities under this Agreement in form and amount which satisfies the fidelity bond and errors and omissions insurance policy requirements under PSA Section 3.07(c). The Primary Servicer shall cause to be delivered to the Master Servicer from time to time upon the Master Servicer's request a certificate of insurance or other evidence of such bond and insurance. The Primary Servicer shall promptly notify or cause its insurer to notify the Master Servicer of any material change to such fidelity bond or errors and omissions insurance policy.
Maintenance of Errors and Omissions and Fidelity Coverage. The Subservicer shall obtain and maintain with Qualified Insurers, at its own expense, and keep in full force and effect throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy covering all of the Subservicer’s officers, employees and agents acting on behalf of the Subservicer in connection with its activities under this Agreement that satisfies the fidelity bond and errors and omissions insurance policy requirements under PSA Section 8.2. The Subservicer shall deliver or cause to be delivered to the Master Servicer a certificate of insurance or other evidence of such fidelity bond and insurance within thirty (30) days of the Closing Date and thereafter (i) at least thirty (30) days prior to the scheduled expiration thereof, (ii) if not delivered in any calendar year pursuant to clause (i), then upon each anniversary of the Closing Date, and (iii) from time to time upon the Master Servicer’s reasonable request. Such fidelity bond and errors and omissions policy shall provide that it may not be canceled without twenty (20) days’ prior written notice to the Master Servicer. The Subservicer shall (i) furnish to the Master Servicer copies of all binders and policies or certificates evidencing that such fidelity bond and errors and omissions insurance policy are each in full force and effect, and (ii) promptly report or cause its insurer(s) to report in writing to the Master Servicer any termination of or any material changes to the Subservicer’s fidelity bond or errors and omissions insurance policy.
Maintenance of Errors and Omissions and Fidelity Coverage. The Subservicer shall obtain and maintain at its own expense, and keep in full force and effect throughout the term of this Agreement, a fidelity bond and an errors and omissions insurance policy covering the Subservicer's officers and employees acting on behalf of the Subservicer in connection with its activities under this Agreement in form and amount which satisfies the fidelity bond and errors and omissions insurance policy requirements under PSA Section 3.07(c). The Subservicer shall cause to be delivered to the Master Servicer from time to time upon the Master Servicer's request a certificate of insurance or other evidence of such bond and insurance. The Subservicer shall promptly notify or cause its insurer to notify the Master Servicer of any material change to such fidelity bond or errors and omissions insurance.
Maintenance of Errors and Omissions and Fidelity Coverage. (a) Each Servicer shall obtain and maintain at its own expense, and keep in full force and effect throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy issued by a Qualified Insurer covering such Servicer's officers and employees in connection with its activities under this Agreement. The Trustee shall be designated as an additional insured under such policy. The amount of coverage shall be determined in accordance with Accepted Master Servicing Practices and Accepted Special Servicing Practices and be at least equal to the coverage that would be required by the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC), whichever is greater, with respect to the Master Servicer or Special Servicer, as the case may be, if the Master Servicer or Special Servicer, as the case may be, were servicing and administering the Mortgage Loans and/or REO Properties for which it is responsible hereunder for FNMA or FHLMC. Coverage of the Master Servicer or the Special Servicer under a policy or bond obtained by an Affiliate of such Person and providing the coverage required by this Section 3.07(a) shall satisfy the requirements of this Section 3.07(a). All insurance coverage required to be maintained by the Master Servicer or Special Servicer, as applicable, under this Section 3.07 shall be obtained from Qualified Insurers. In the event that any such bond or policy ceases to be in effect, such Servicer shall immediately obtain a comparable replacement bond or policy. Notwithstanding the foregoing, so long as the long term unsecured debt obligations of such Servicer have the Required Rating for long term investments on Eligible Accounts, such Servicer shall be entitled to provide self-insurance or obtain from its parent adequate insurance, as applicable, with respect to its obligation to maintain a blanket fidelity bond or an errors and omissions insurance policy.
(b) From time to time, upon the request of the Trustee, each Servicer shall furnish the Trustee copies of all binders or certificates evidencing that the bond and policy described in clause (a) above are in full force and effect. Each Servicer shall promptly report in writing to the Trustee and each other Servicer any change in such coverage resulting in a failure to satisfy the requirements of clause (a) above and all cases of embezzlement or fraud or irregularities of operation if such events involve such Servicer a...
Maintenance of Errors and Omissions and Fidelity Coverage. The Subservicer shall obtain and maintain with Qualified Insurers, at its own expense, and keep in full force and effect throughout the term of this Agreement, a fidelity bond and an errors and omissions insurance policy covering the Subservicer's officers and employees acting on behalf of the Subservicer in connection with its activities under this Agreement in form and amount that satisfies the fidelity bond and errors and omissions insurance policy requirements under PSA Section 3.07(c). The Subservicer shall cause to be delivered to the Master Servicer from time to time upon the Master Servicer's request a certificate of insurance or other evidence of such bond and insurance. The Subservicer shall promptly, but in any event not later than 10 days after it receives notice, notify the Master Servicer of any potential or actual cancellation or termination of, or any material change to, such fidelity bond or errors and omissions insurance. The Subservicer shall be deemed to have complied with the foregoing provisions if an affiliate thereof has such insurance and, by the terms of such policy or policies, the coverage afforded thereunder extends to the Subservicer. So long as the long-term unsecured debt obligations of the Subservicer (or its direct or indirect parent company) are rated not lower than "A2" from Moody's and "A" from S&P, the Xxxxxxxicer may self-insure with respect to either or both of the fidelity bond coverage and the errors and omissions coverage required as described above, in which case it shall not be required to maintain an insurance policy with respect to such coverage.
Maintenance of Errors and Omissions and Fidelity Coverage. The Subservicer shall obtain and maintain with responsible companies, at its own expense, and keep in full force and effect throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy that meets the requirements of Xxxxxx Xxx and Xxxxxxx Mac, with broad coverage on all of the Subservicer’s officers, employees and agents acting on behalf of the Subservicer in connection with its activities under this Agreement. The minimum coverage under any such bond and insurance policy shall be acceptable to Xxxxxx Mae and Xxxxxxx Mac, as applicable. Upon request of the Servicer, the Subservicer shall deliver or cause to be delivered to the Servicer a certificate of insurance or other evidence of such fidelity bond and insurance.
