Common use of Maintenance of Fidelity Bond Clause in Contracts

Maintenance of Fidelity Bond. The Servicer shall maintain with responsible companies, at its own expense, a blanket Fidelity Bond, with broad coverage on all officers, employees or other persons acting in any capacity requiring such persons to handle funds, money, documents or papers relating to the Mortgage Loans ("Servicer Employees"). Any such Fidelity Bond and Errors and Omissions Insurance Policy shall be in the form of the Mortgage Banker's Blanket Bond and shall protect and insure the Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such Servicer Employees. Such Fidelity Bond also shall protect and insure the Servicer against losses in connection with the release or satisfaction of a Mortgage Loan without having obtained payment in full of the indebtedness secured thereby. No provision of this Section 2.11 requiring such Fidelity Bond shall diminish or relieve the Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such Fidelity Bond shall be at least equal to the corresponding amounts required by Accepted Servicing Practices. Upon the request of the Company, the Servicer shall cause to be delivered to the Company a certified true copy of such Fidelity Bond and a statement from the surety that such Fidelity Bond shall in no event be terminated or materially modified without thirty (30) days' prior written notice to the Company. In the event that the surety charges the Servicer a fee for providing such evidence, the Company shall reimburse the Servicer for the reasonable expense incurred by the Servicer in furnishing such evidence.

Maintenance of Fidelity Bond. The Servicer shall maintain with responsible companies, at its own expense, a blanket Fidelity BondBond and an Errors and Omissions Insurance Policy, with broad coverage on all officers, employees or other persons acting in any capacity requiring such persons to handle funds, money, documents or papers relating to the Mortgage Loans ("Servicer Employees"). Any such Fidelity Bond and Errors and Omissions Insurance Policy shall be in the form of the Mortgage Banker's Blanket Bond and shall protect and insure the Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such Servicer Employees. Such Fidelity Bond and Errors and Omissions Insurance Policy also shall protect and insure the Servicer against losses in connection with the release or satisfaction of a Mortgage Loan without having obtained payment in full of the indebtedness secured thereby. No provision of this Section 2.11 2.12 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 Agreement. The minimum coverage under any such Fidelity Bond and Errors and Omissions Insurance Policy shall be at least equal to the corresponding amounts required by Accepted Servicing Practices. Upon the request of the Company, the Servicer shall cause to be delivered to the Company a certified true copy of such Fidelity Bond and Errors and Omissions Insurance Policy and a statement from the surety and the insurer that such Fidelity Bond and Errors and Omissions Insurance Policy shall in no event be terminated or materially modified without thirty (30) days' prior written notice to the Company. In the event that the surety or insurer charges the Servicer a fee for providing such evidence, the Company shall reimburse the Servicer for the reasonable expense incurred by the Servicer in furnishing such evidence.

Maintenance of Fidelity Bond. The Servicer shall maintain with responsible companies, at its own expense, a blanket Fidelity Bond, with broad coverage on all officers, employees or other persons acting in any capacity requiring such persons to handle funds, money, documents or papers relating to the Mortgage Loans ("Servicer Employees"). Any such Fidelity Bond and Errors and Omissions Insurance Policy shall be in the form of the Mortgage Banker's Blanket Bond and shall protect and insure the Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such Servicer Employees. Such Fidelity Bond also shall protect and insure the Servicer against losses in connection with the release or satisfaction of a Mortgage Loan without having obtained payment in full of the indebtedness secured thereby. No provision of this Section 2.11 2.12 requiring such Fidelity Bond shall diminish or relieve the Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such Fidelity Bond shall be at least equal to the corresponding amounts required by Accepted Servicing Practices. Upon the request of the Company, the Servicer shall cause to be delivered to the Company a certified true copy of such Fidelity Bond and a statement from the surety that such Fidelity Bond shall in no event be terminated or materially modified without thirty (30) days' prior written notice to the Company. In the event that the surety charges the Servicer a fee for providing such evidence, the Company shall reimburse the Servicer for the reasonable expense incurred by the Servicer in furnishing such evidence.