Common use of Maintenance of Insurance by the Servicer Clause in Contracts

Maintenance of Insurance by the Servicer. The Servicer shall at all times during the term of this Agreement keep in force with Qualified Insurers that possess the Required Claims-Paying Ratings, a fidelity bond providing coverage against losses that may be sustained as a result of its officers or employees misappropriation of funds, which bond shall be in such form and amount as would be required for the Servicer to be a qualified Xxxxxx Xxx or Xxxxxxx Mac seller-servicer of multifamily mortgage loans. Such fidelity bond shall provide that it may not be canceled without thirty (30) days prior written notice to the Indenture Trustee. In addition, the Servicer shall at all times during the term of this Agreement keep in force with Qualified Insurers that possess the Required Claims-Paying Ratings, a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its obligation to service the Notes, which policy or policies shall be in such form and amount as would be required for the Servicer to be a qualified Xxxxxx Mae or Xxxxxxx Mac seller-servicer of multifamily mortgage loans. Such errors and omissions policy shall provide that it may not be canceled without thirty (30) days prior written notice to the Indenture Trustee. Notwithstanding the foregoing, so long as the long-term unsecured debt obligations of the Servicer are rated at least “A2” (or equivalent) by Moody’s and “A” (or equivalent) by Fitch, the Servicer shall be allowed to provide self-insurance with respect to its fidelity bond and an errors and omissions policy. The coverage shall be in the form and amount that would meet the servicing requirements of prudent institutional commercial mortgage loan lenders and servicers. Coverage of the Servicer under a policy or bond by the terms thereof obtained by an Affiliate of the Servicer and providing the required coverage shall satisfy the requirements of the first or second paragraph (as applicable) of this Section 2.18. The Servicer shall cause the Indenture Trustee to be an additional loss payee on any policy currently in place or procured pursuant to the requirements of this Section 2.18.

Maintenance of Insurance by the Servicer. The Servicer shall at all times during the term of this Agreement keep in force with Qualified Insurers that possess the Required Claims-Paying Ratings, a fidelity bond providing coverage against losses that may be sustained as a result of its officers an officer’s or employees employee’s misappropriation of funds, which bond shall be in such form and amount as would be required for the Servicer permit it to be a qualified Xxxxxx Xxx or Xxxxxxx Mac seller-servicer of multifamily mortgage loans. Such fidelity bond shall provide that it may not be canceled without thirty (30) days days’ prior written notice to the Indenture Trustee. In addition, the Servicer shall at all times during the term of this Agreement keep in force with Qualified Insurers that possess the Required Claims-Paying Ratings, a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its obligation to service the NotesNotes for which it is responsible hereunder, which policy or policies shall be in such form and amount as would be required for the Servicer permit it to be a qualified Xxxxxx Mae or Xxxxxxx Mac seller-servicer of multifamily mortgage loans. Such errors and omissions policy shall provide that it may not be canceled without thirty (30) days days’ prior written notice to the Indenture Trustee. Notwithstanding the foregoing, so long as the long-term unsecured debt obligations of the Servicer are rated at least “A2” (or equivalent) by Moody’s Xxxxx’x and “A” (or equivalent) by Fitch, the Servicer shall be allowed to provide self-insurance with respect to its fidelity bond and an errors and omissions policy. The coverage shall be in the form and amount that would meet the servicing requirements of prudent institutional commercial mortgage loan lenders and servicers. Coverage of the Servicer under a policy or bond by the terms thereof obtained by an Affiliate of the Servicer and providing the required coverage shall satisfy the requirements of the first or second paragraph (as applicable) of this Section 2.182.19. The Servicer shall cause the Indenture Trustee to be an additional loss payee on any policy currently in place or procured pursuant to the requirements of this Section 2.182.19.

Maintenance of Insurance by the Servicer. The Servicer shall at all times during the term of this Agreement keep in force with Qualified Insurers that possess the Required Claims-Paying Ratings, a fidelity bond providing coverage against losses that may be sustained as a result of its officers or employees misappropriation of funds, which bond shall be in such form and amount as would be required for the Servicer to be a qualified Xxxxxx Xxx or Xxxxxxx Mac seller-servicer of multifamily mortgage loans. Such fidelity bond shall provide that it may not be canceled without thirty (30) days prior written notice to the Indenture Trustee. In addition, the Servicer shall at all times during the term of this Agreement keep in force with Qualified Insurers that possess the Required Claims-Paying Ratings, a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its obligation to service the Notes, which policy or policies shall be in such form and amount as would be required for the Servicer to be a qualified Xxxxxx Mae or Xxxxxxx Mac seller-servicer of multifamily mortgage loans. Such errors and omissions policy shall provide that it may not be canceled without thirty (30) days prior written notice to the Indenture Trustee. Notwithstanding the foregoing, so long as the long-term unsecured debt obligations of the Servicer are rated at least “A2” (or equivalent) by Moody’s Xxxxx’x and “A” (or equivalent) by Fitch, the Servicer shall be allowed to provide self-insurance with respect to its fidelity bond and an errors and omissions policy. The coverage shall be in the form and amount that would meet the servicing requirements of prudent institutional commercial mortgage loan lenders and servicers. Coverage of the Servicer under a policy or bond by the terms thereof obtained by an Affiliate of the Servicer and providing the required coverage shall satisfy the requirements of the first or second paragraph (as applicable) of this Section 2.18. The Servicer shall cause the Indenture Trustee to be an additional loss payee on any policy currently in place or procured pursuant to the requirements of this Section 2.18.

Maintenance of Insurance by the Servicer. The Servicer shall at all times during the term of this Agreement keep in force with Qualified Insurers that possess the Required Claims-Paying Ratings, a fidelity bond providing coverage against losses that may be sustained as a result of its officers an officer’s or employees employee’s misappropriation of funds, which bond shall be in such form and amount as would be required for the Servicer to be a qualified Xxxxxx Xxx or Xxxxxxx Mac seller-servicer of multifamily mortgage loans. Such fidelity bond shall provide that it may not be canceled without thirty (30) days days’ prior written notice to the Indenture Trustee. In addition, the Servicer shall at all times during the term of this Agreement keep in force with Qualified Insurers that possess the Required Claims-Paying Ratings, a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its obligation to service the Notes, Notes for which policy or policies shall be in such form and amount as would be required for the Servicer to be a qualified Xxxxxx Mae or Xxxxxxx Mac seller-servicer of multifamily mortgage loansit is responsible hereunder. Such errors and omissions policy shall provide that it may not be canceled without thirty (30) days days’ prior written notice to the Indenture Trustee. Notwithstanding the foregoing, so long as the long-term unsecured debt obligations of the Servicer are rated at least “A2” (or equivalent) by Moody’s and “A” (or equivalent) by Fitch, the Servicer shall be allowed to provide self-insurance with respect to its fidelity bond and an errors and omissions policy. The coverage shall be in the form and amount that would meet the servicing requirements of prudent institutional commercial mortgage loan lenders and servicers. Coverage of the Servicer under a policy or bond by the terms thereof obtained by an Affiliate of the Servicer and providing the required coverage shall satisfy the requirements of the first or second paragraph (as applicable) of this Section 2.182.19. The Servicer shall cause the Indenture Trustee to be an “additional loss payee insured” on any policy currently in place or procured pursuant to the requirements of this Section 2.182.19.

Maintenance of Insurance by the Servicer. The Servicer shall at all times during the term of this Agreement keep in force with Qualified Insurers that possess the Required Claims-Paying Ratings, a fidelity bond providing coverage against losses that may be sustained as a result of its officers or employees misappropriation of funds, which bond shall be in such form and amount as would be required for the Servicer to be a qualified Xxxxxx Xxx or Xxxxxxx Mac seller-servicer of multifamily mortgage loans. Such fidelity bond shall provide that it may not be canceled without thirty (30) days prior written notice to the Indenture Trustee. In addition, the Servicer shall at all times during the term of this Agreement keep in force with Qualified Insurers that possess the Required Claims-Paying Ratings, a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its obligation to service the Notes, which policy or policies shall be in such form and amount as would be required for the Servicer to be a qualified Xxxxxx Mae Xxx or Xxxxxxx Mac seller-servicer of multifamily mortgage loans. Such errors and omissions policy shall provide that it may not be canceled without thirty (30) days prior written notice to the Indenture Trustee. Notwithstanding the foregoing, so long as the long-term unsecured debt obligations of the Servicer are rated at least “A2” (or equivalent) by Moody’s and “A” (or equivalent) by Fitch, the Servicer shall be allowed to provide self-insurance with respect to its fidelity bond and an errors and omissions policy. The coverage shall be in the form and amount that would meet the servicing requirements of prudent institutional commercial mortgage loan lenders and servicers. Coverage of the Servicer under a policy or bond by the terms thereof obtained by an Affiliate of the Servicer and providing the required coverage shall satisfy the requirements of the first or second paragraph (as applicable) of this Section 2.18. The Servicer shall cause the Indenture Trustee to be an additional loss payee on any policy currently in place or procured pursuant to the requirements of this Section 2.18.