Common use of Maintenance of Fidelity Bond and Errors and Omission Policy Clause in Contracts

Maintenance of Fidelity Bond and Errors and Omission Policy. The Master Servicer shall maintain in full force and effect, at such time as its long-term debt is rated less than “A-” by S&P or “A3” by Xxxxx’x, a policy or policies of insurance covering errors and omissions and a fidelity bond in respect of its officers, employees and agents with a fidelity bond provider rated not less than “A-” by S&P, “A-1” by Fitch, “A3” by Xxxxx’x or “A-” by A.M. Best Company, Inc. Such policy or policies and such fidelity bond shall be in such form and amounts as is generally customary among Persons that service a portfolio of student loans having an aggregate principal amount of $100,000,000 or more and that are generally regarded as servicers acceptable to institutional investors.

Maintenance of Fidelity Bond and Errors and Omission Policy. The Master Servicer shall maintain in full force and effect, at such time as its long-term debt is rated less than “A-” by S&P or “A3” by Xxxxx’x, a policy or policies of insurance covering errors and omissions and a fidelity bond in respect of its officers, employees and agents with a fidelity bond provider rated not less than “A-” by S&P, “A-1” by Fitch, “A3” by Xxxxx’x or “A-” by A.M. Best Company, Inc. Such policy or policies and such fidelity bond shall be in such form and amounts as is generally customary among Persons that service a portfolio of student loans having an aggregate principal amount of $100,000,000 [____] or more and that are generally regarded as servicers acceptable to institutional investors.