Common use of Errors and Omissions Insurance; Fidelity Bonds Clause in Contracts

Errors and Omissions Insurance; Fidelity Bonds. The Servicer shall obtain and maintain in force (a) policies of insurance covering errors and omissions in the performance of its obligations as Servicer hereunder and (b) a fidelity bond covering its officers, employees, and agents. Each policy and bond shall, together, comply with the requirements from time to time of FNMA or FHLMC for persons performing servicing for mortgage loans purchased by FNMA or FHLMC. If any policy or bond ceases to be in effect, the Servicer shall obtain a comparable replacement policy or bond from an insurer or issuer meeting the above requirements as of the date of the replacement.

Errors and Omissions Insurance; Fidelity Bonds. The Servicer shall for so long as it acts as Servicer under this Agreement, obtain and maintain in force (a) a policy or policies of insurance covering errors and omissions in the performance of its obligations as Servicer hereunder and (b) a fidelity bond covering in respect of its officers, employees, employees and agents. Each such policy or policies and bond shall, together, comply with the requirements from time shall be acceptable to time of FNMA or FHLMC for persons performing servicing for mortgage loans purchased by FNMA or FHLMC. If In the event that any such policy or bond ceases to be in effect, the Servicer shall obtain a comparable replacement policy or bond from an insurer or issuer issuer, meeting the requirements set forth above requirements as of the date of the such replacement.