Common use of General Servicing Considerations Clause in Contracts

General Servicing Considerations. þ Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with transaction agreements. þ If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities. þ Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. þ A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.

General Servicing Considerations. þ Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with transaction agreements. þ If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities. þ Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. þ A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.