Common use of Annual Independent Accountants’ Servicing Report Clause in Contracts

Annual Independent Accountants’ Servicing Report. Not later than March 15 of each year (or March 14 if a leap year), commencing in the calendar year immediately following the calendar year in which the Closing Date occurs, the Primary Servicer at its own expense shall cause a firm of nationally recognized Independent public accountants (who may also render other services to the Primary Servicer) which is a member of the American Institute of Certified Public Accountants to furnish a statement (an "Accountant's Statement") to the Master Servicer to the effect that (i) such firm has obtained a letter of representations regarding certain matters from the management of the Primary Servicer, which includes an assertion that the Primary Servicer has complied with certain minimum mortgage loan servicing standards (to the extent applicable to commercial and multifamily mortgage loans), identified in the Uniform Single Attestation Program for Mortgage Bankers established by the Mortgage Bankers Association of America, with respect to the servicing of commercial and multifamily mortgage loans during the most recently completed calendar year and (ii) on the basis of an examination conducted by such firm in accordance with standards established by the American Institute of Certified Public Accountants, such representation is fairly stated in all material respects, subject to such exceptions and other qualifications that may be appropriate. If the same entity acts as Primary Servicer hereunder and Special Servicer under the Pooling and Servicing Agreement, the Accountant's Statement may be delivered as part of a single statement.