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:
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan J P Commercial Mortgage Finance Corp), Pooling and Servicing Agreement (Morgan J P Commercial Mortgage Finance Corp)
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 a loss payee 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 sum of the following based upon the total portfolio that such Servicer services for itself and all others:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Jp Morgan Chase Commercial Mortgage Securities Corp)
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 and other Persons acting on behalf of such Servicer 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:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan J P Commercial Mortgage Finance Corp)
