Common use of Annual Compliance Report Clause in Contracts

Annual Compliance Report. On or before March 15 of each year, commencing in the year 2025, the Manager must (including by causing the Servicer and each Subservicer to) provide to each Beneficiary a report prepared by a nationally recognized firm of independent certified public accountants to the effect that, with respect to the prior Fiscal Year (or other applicable period as set forth below), such firm has examined certain records and documents relating to compliance with the servicing requirements in the LLC Operating Agreement and the Servicing Agreement and that, on the basis of such examination conducted substantially in compliance with either the Uniform Single Attestation Program for Mortgage Bankers or Item 1122 of Regulation AB, such firm is of the opinion that the Manager’s or its Servicer’s or Subservicers’ activities have been conducted in compliance with the LLC Operating Agreement (including, to the extent applicable pursuant to Section 2.3 of the Servicing Addendum, Regulation AB) and the Servicing Agreement, or that such examination has disclosed no material items of noncompliance except for (i) such exceptions as such firm believes to be immaterial, and (ii) such other exceptions as are set forth in the report. The first such reports must cover the period commencing on the Closing Date (and with respect to each Asset, must include the relevant information with respect thereto for the period from the applicable Servicing Transfer Date) and continuing through the end of the 2024 Fiscal Year.

Annual Compliance Report. On or before March 15 of each year, commencing in the year 20252015, the Manager must shall (including by causing the Servicer and each Subservicer Sub-Servicer to) provide to each Beneficiary a report prepared by a nationally recognized firm of independent certified public accountants to the effect that, with respect to the prior Fiscal Year (or other applicable period as set forth below), such firm has examined certain records and documents relating to compliance with the servicing requirements in the LLC Operating Agreement and the Servicing Agreement and that, on the basis of such examination conducted substantially in compliance with either the Uniform Single Attestation Program for Mortgage Bankers or Item 1122 of Regulation AB, such firm is of the opinion that the Manager’s or its Servicer’s or SubservicersSub-Servicers’ activities have been conducted in compliance with the LLC Operating Agreement (including, to the extent applicable pursuant to Section 2.3 12.3(e) of the Servicing AddendumLLC Operating Agreement, Regulation AB) and the Servicing Agreement, or that such examination has disclosed no material items of noncompliance except for (i) such exceptions as such firm believes to be immaterial, and (ii) such other exceptions as are set forth in the report. The first such reports must shall cover the period commencing on the Closing Date (and with respect to each Asset, must shall include the relevant information with respect thereto for the period from the applicable Servicing Transfer Date) and continuing through the end of the 2024 2014 Fiscal Year.