Common use of Maintenance of Errors and Omissions and Fidelity Coverage Clause in Contracts

Maintenance of Errors and Omissions and Fidelity Coverage. The Subservicer shall obtain and maintain with Qualified Insurers, at its own expense, and keep in full force and effect throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy covering all of the Subservicer’s officers, employees and agents acting on behalf of the Subservicer in connection with its activities under this Agreement that satisfies the fidelity bond and errors and omissions insurance policy requirements under PSA Section 8.2. The Subservicer shall deliver or cause to be delivered to the Master Servicer a certificate of insurance or other evidence of such fidelity bond and insurance within thirty (30) days of the Closing Date and thereafter (i) at least thirty (30) days prior to the scheduled expiration thereof, (ii) if not delivered in any calendar year pursuant to clause (i), then upon each anniversary of the Closing Date, and (iii) from time to time upon the Master Servicer’s reasonable request. Such fidelity bond and errors and omissions policy shall provide that it may not be canceled without twenty (20) days’ prior written notice to the Master Servicer. The Subservicer shall (i) furnish to the Master Servicer copies of all binders and policies or certificates evidencing that such fidelity bond and errors and omissions insurance policy are each in full force and effect, and (ii) promptly report or cause its insurer(s) to report in writing to the Master Servicer any termination of or any material changes to the Subservicer’s fidelity bond or errors and omissions insurance policy.

Maintenance of Errors and Omissions and Fidelity Coverage. The Subservicer Sub-Servicer shall obtain maintain a fidelity bond in the form and maintain amount that would meet the servicing requirements of prudent institutional commercial mortgage lenders and loan servicers. The Sub-Servicer shall be deemed to have complied with Qualified Insurersthis provision if one of its respective Affiliates has such fidelity bond coverage and, at its own expenseby the terms of such fidelity bond, and the coverage afforded thereunder extends to the Sub-Servicer. In addition, the Sub-Servicer shall keep in full force and effect throughout during the term of this AgreementAgreement a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its obligations to service the Mortgage Loans hereunder in the form and amount that would meet the servicing requirements of prudent institutional commercial mortgage lenders and loan servicers. All fidelity bonds and policies of errors and omissions insurance obtained under this Section 3.03 shall be issued by a Qualified Insurer. Notwithstanding the foregoing, so long as the long term unsecured debt obligations of the Sub-Servicer (or one of its respective affiliates) are rated not lower than "A2" by Moody's and "A" by S&P, then the Sub-Servicer (or one of its respect▇▇▇ ▇▇▇iliates) shall be entitled to provide self insurance, with respect to its obligation to maintain a blanket fidelity bond and or an errors and omissions insurance policy covering all of policy. Unless the Subservicer’s officersSub-Servicer self-insures in accordance with the provisions set forth above, employees and agents acting on behalf of the Subservicer in connection with its activities under this Agreement that satisfies the fidelity bond and errors and omissions insurance policy requirements under PSA Section 8.2. The Subservicer Sub-Servicer shall deliver or cause to be delivered to the Master Servicer a certificate of insurance or other evidence of such fidelity bond and insurance within thirty (30) days of on or before the Closing Date and thereafter (i) at least thirty (30) 30 days prior to the scheduled expiration thereof, (ii) if not delivered in any calendar year pursuant to clause (i), ) then upon each anniversary of the Closing Date, and (iii) from time to time upon the Master Servicer’s reasonable 's request. Such fidelity bond and errors and omissions policy shall provide that it may not be canceled without twenty (20) days’ prior written notice to the Master Servicer. The Subservicer shall (i) furnish to the Master Servicer copies of all binders and policies or certificates evidencing that such fidelity bond and errors and omissions insurance policy are each in full force and effect, and (ii) promptly report or cause its insurer(s) to report in writing to the Master Servicer any termination of or any material changes to the Subservicer’s fidelity bond or errors and omissions insurance policy.