Common use of Master Servicer Errors and Omissions Policy Clause in Contracts

Master Servicer Errors and Omissions Policy. The Master Servicer shall maintain, at all times and at its own expense, a Master Servicer Errors and Omissions Policy, which policy shall have such terms and coverage amounts as are comparable to those of errors and omissions policies maintained by master servicers of mortgage loans generally. The Master Servicer Errors and Omissions Policy shall insure the Master Servicer, its successors and assigns, against any losses resulting from negligence, errors or omissions on the part of officers, employees or other persons acting on behalf of the Master Servicer in the performance of its duties as Master Servicer pursuant to this Agreement. The Master Servicer shall maintain in effect the Master Servicer Errors and Omissions Policy at all times and the Master Servicer Errors and Omissions Policy may not be canceled, permitted to lapse or otherwise terminated without the acquisition of comparable coverage by the Master Servicer.