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 and that satisfies the fidelity bond and errors and omissions insurance policy requirements under the PSAs. The Subservicer shall deliver or cause to be delivered to KRECM a certificate of insurance or other evidence of such fidelity bond and insurance within thirty (30) days of the Effective Date and thereafter (i) within ten (10) Business Days after each renewal thereof, (ii) if not delivered in any calendar year pursuant to clause (i), then upon each anniversary of the Effective Date, and (iii) from time to time upon KRECM’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 KRECM. The Subservicer shall (i) furnish to KRECM 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 KRECM any termination of or any material changes to the Subservicer’s fidelity bond or errors and omissions insurance policy. Amended & Restated Master Subservicing Agreement EXECUTION VERSION
Maintenance of Errors and Omissions and Fidelity Coverage. The Servicer shall keep in force during the term of this Agreement a policy or policies of insurance covering errors and omissions for failure in the performance of the Servicer’s obligations under this Agreement, which policy or policies shall be in such form and amount that would meet the requirements of Fxxxxx Mxx or Fxxxxxx Mac if it were the purchaser of the Mortgage Loans, unless the Servicer has obtained a waiver of such requirements from the Rating Agencies. The Servicer shall also maintain a fidelity bond in the form and amount that would meet the requirements of Fxxxxx Mae or Fxxxxxx Mac, unless the Servicer has obtained a waiver of such requirements from the Rating Agencies. The Servicer shall be deemed to have complied with this provision if an Affiliate of the Servicer has such errors and omissions and fidelity bond coverage and, by the terms of such insurance policy or fidelity bond, the coverage afforded thereunder extends to the Servicer. Any such errors and omissions policy and fidelity bond shall by its terms not be cancelable without thirty days’ prior written notice to the Trustee. The Servicer shall also cause each Sub-Servicer to maintain a policy of insurance covering errors and omissions and a fidelity bond which would meet such requirements.
Maintenance of Errors and Omissions and Fidelity Coverage. (a) Each Servicer shall obtain and maintain 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 issued by a Qualified Insurer covering such Servicer's officers and employees in connection with its activities under this Agreement. The amount of coverage shall be determined in accordance with Accepted Servicing Practices and be at least equal to the sum of the following based upon the total portfolio that such Servicer services for itself and all others:
Maintenance of Errors and Omissions and Fidelity Coverage. Section 3.15 Enforcement of Due-On-Sale Clauses; Assumption Agreements.
Maintenance of Errors and Omissions and Fidelity Coverage. The Primary Servicer shall obtain and maintain at its own expense, and keep in full force and effect throughout the term of this Agreement, a fidelity bond and an errors and omissions insurance policy covering the Primary Servicer's officers and employees acting on behalf of the Primary Servicer in connection with its activities under this Agreement in form and amount which satisfies the fidelity bond and errors and omissions insurance policy requirements under PSA Section 3.08(d). The Primary Servicer shall cause to be delivered to the Master Servicer from time to time upon the Master Servicer's request a certificate of insurance or other evidence of such bond and insurance. The Primary Servicer shall promptly notify or cause its insurer to notify the Master Servicer of any material change to such fidelity bond or errors and omissions insurance policy.
Maintenance of Errors and Omissions and Fidelity Coverage. The Subservicer shall obtain and maintain at its own expense, and keep in full force and effect throughout the term of this Agreement, a fidelity bond and an errors and omissions insurance policy covering the Subservicer's officers and employees acting on behalf of the Subservicer in connection with its activities under this Agreement in form and amount which satisfies the fidelity bond and errors and omissions insurance policy requirements under PSA Section 3.07(c). The Subservicer shall cause to be delivered to the Master Servicer from time to time upon the Master Servicer's request a certificate of insurance or other evidence of such bond and insurance. The Subservicer shall promptly notify or cause its insurer to notify the Master Servicer of any material change to such fidelity bond or errors and omissions insurance.
Maintenance of Errors and Omissions and Fidelity Coverage. (a) Each Servicer shall obtain and maintain 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 issued by a Qualified Insurer covering such Servicer's officers and employees in connection with its activities under this Agreement. The Trustee shall be designated as an additional insured under such policy. The amount of coverage shall be determined in accordance with Accepted Master Servicing Practices and Accepted Special Servicing Practices and be at least equal to the coverage that would be required by the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC), whichever is greater, with respect to the Master Servicer or Special Servicer, as the case may be, if the Master Servicer or Special Servicer, as the case may be, were servicing and administering the Mortgage Loans and/or REO Properties for which it is responsible hereunder for FNMA or FHLMC. Coverage of the Master Servicer or the Special Servicer under a policy or bond obtained by an Affiliate of such Person and providing the coverage required by this Section 3.07(a) shall satisfy the requirements of this Section 3.07(a). All insurance coverage required to be maintained by the Master Servicer or Special Servicer, as applicable, under this Section 3.07 shall be obtained from Qualified Insurers. In the event that any such bond or policy ceases to be in effect, such Servicer shall immediately obtain a comparable replacement bond or policy. Notwithstanding the foregoing, so long as the long term unsecured debt obligations of such Servicer have the Required Rating for long term investments on Eligible Accounts, such Servicer shall be entitled to provide self-insurance or obtain from its parent adequate insurance, as applicable, with respect to its obligation to maintain a blanket fidelity bond or an errors and omissions insurance policy.
Maintenance of Errors and Omissions and Fidelity Coverage. Each Servicer shall obtain and maintain 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 issued by a surety or insurer which is a Qualified Insurer covering such Servicer's officers and employees in connection with its activities under this Agreement. The deductible on the fidelity bond or errors and omissions policy shall not exceed the greater of $__________ and five (5) percent of the face amount of such bond or policy. In the event that any such bond or policy ceases to be in effect, such Servicer shall immediately obtain a comparable replacement bond or policy. Notwithstanding the foregoing, so long as the long-term unsecured debt obligations of such Servicer or its corporate parent have been rated "A" or better by two or more of the Rating Agencies (one of which shall be [Standard & Poor's Ratings Services] and, if not rated by [Fitch IBCA, Inc.], is acceptable thereto), such Servicer shall be entitled to provide self-insurance or obtain from its parent adequate insurance, as applicable, with respect to its obligation to maintain a blanket fidelity bond or an errors and omissions insurance policy.
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 fidelity bond and an errors and omissions insurance policy covering the Subservicer's officers and employees acting on behalf of the Subservicer in connection with its activities under this Agreement in form and amount that satisfies the fidelity bond and errors and omissions insurance policy requirements under PSA Section 3.07(c). The Subservicer shall cause to be delivered to the Master Servicer from time to time upon the Master Servicer's request a certificate of insurance or other evidence of such bond and insurance. The Subservicer shall promptly, but in any event not later than 10 days after it receives notice, notify the Master Servicer of any potential or actual cancellation or termination of, or any material change to, such fidelity bond or errors and omissions insurance. The Subservicer shall be deemed to have complied with the foregoing provisions if an affiliate thereof has such insurance and, by the terms of such policy or policies, the coverage afforded thereunder extends to the Subservicer. So long as the long-term unsecured debt obligations of the Subservicer (or its direct or indirect parent company) are rated not lower than "A2" from Moody's and "A" from S&P, the Xxxxxxxicer may self-insure with respect to either or both of the fidelity bond coverage and the errors and omissions coverage required as described above, in which case it shall not be required to maintain an insurance policy with respect to such coverage.
Maintenance of Errors and Omissions and Fidelity Coverage. The Sub-Servicer shall maintain a fidelity bond in the form and 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 this provision if one of its respective Affiliates has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the Sub-Servicer. In addition, the Sub-Servicer shall keep in force during the term of this Agreement 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 respectxxx xxxiliates) shall be entitled to provide self insurance, with respect to its obligation to maintain a blanket fidelity bond or an errors and omissions insurance policy. Unless the Sub-Servicer self-insures in accordance with the provisions set forth above, the Sub-Servicer shall deliver or cause to be delivered to the Master Servicer evidence of such fidelity bond and insurance on or before the Closing Date and thereafter (i) at least 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 request.
