Errors and Omissions Policy definition

Errors and Omissions Policy. As defined in each of the Servicing Agreements.
View Source
Errors and Omissions Policy. An insurance policy naming the Trustee, its successors and assigns as loss payees relative to losses caused by errors or omissions of the Servicer and its personnel, including, but not limited to losses caused by the failure to pay insurance premiums or taxes, to record or perfect liens, to effect valid transfers of Mortgage Notes, or to properly service Mortgage Loans.
View Source
Errors and Omissions Policy has the meaning set forth in Section 3.06(a) of the Sale and Servicing Agreement.
View Source

Examples of Errors and Omissions Policy in a sentence

  • The Master Servicer shall supervise, monitor and oversee the servicing of the Mortgage Loans by each Servicer and the performance by each Servicer of all services, duties, responsibilities and obligations (including the obligation to maintain an Errors and Omissions Policy and Fidelity Bond) that are to be observed or performed by the Servicer under its respective Servicing Agreement.

  • A Servicer shall maintain, at all times and at its own expense, an Errors and Omissions Policy in an amount and with an insurer acceptable to FNMA or FHLMC.

  • The terms of the Errors and Omissions Policy shall provide for a deductible amount that is acceptable to FNMA or FHLMC with respect to its approved mortgage loan servicers.

  • The Errors and Omissions Policy shall be obtained by the Servicer from an insurer which satisfies FNMA or FHLMC standards in this regard.

  • The Servicer shall maintain in effect the Errors and Omissions Policy at all times and the Errors and Omissions Policy may not be canceled, permitted to lapse or otherwise terminated without the acquisition of comparable coverage by the Servicer.

  • The Errors and Omissions Policy shall insure the 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 Servicer in the performance of its duties as a Servicer pursuant to this Agreement.

  • The Servicer has obtained, and shall continue to maintain in full force and effect, a Fidelity Bond and Errors and Omissions Policy of a type and in such amount as is customary for servicers engaged in the business of servicing automobile receivables.

  • The Errors and Omissions Policy shall insure the Custodian, 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 Custodian in the performance of its duties as Custodian pursuant to this Agreement.

  • The Custodian shall maintain in effect the Errors and Omissions Policy at all times and the Errors and Omissions Policy may not be canceled, permitted to lapse or otherwise terminated without the acquisition of comparable coverage by the Custodian.

  • The Custodian shall maintain, at all times and at its own expense, an insurance policy covering losses caused by errors or omissions of the Custodian and its personnel (such policy, an "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 custodians of mortgage loans generally.


More Definitions of Errors and Omissions Policy

Errors and Omissions Policy. An insurance policy insuring against losses --------------------------- caused by errors and omissions of the Servicer and its personnel, including, but not limited to, losses caused by the failure to pay insurance premiums or taxes to record or perfect liens, or to properly service Mortgage Loans in accordance with this Agreement.
View Source

Related to Errors and Omissions Policy

  • Errors and Omissions Insurance Policy means an errors and omissions insurance policy maintained by the Master Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator, as the case may be, in accordance with Section 8.2, Section 9.2 and Section 7.17, respectively.

  • Fidelity Insurance means insurance coverage with respect to employee errors, omissions, dishonesty, forgery, theft, disappearance and destruction, robbery and safe burglary, property (other than money and securities) and computer fraud in an aggregate amount acceptable to Seller’s regulators.

  • General Liability Insurance Subcontractor shall carry minimum primary General Liability Insurance for the following amounts:

  • D&O Liability Insurance Policies means all insurance policies (including any “tail policy”) of any of the Debtors for liability of any current or former directors, managers, officers, and members.

  • Liability Insurance means compulsory professional liability errors and omissions insurance required by a governing body;