Common use of Annual Servicing Report Clause in Contracts

Annual Servicing Report. (a) Not later than [_________] of each calendar year (other than the calendar year during which the Closing Date occurs) (or, if such day is not a Business Day, the immediately preceding Business Day), the Servicer, at its expense, shall cause a firm of independent public accountants (who may also render other services to the Servicer or the Seller) reasonably acceptable to the Depositor, the Trust and the Insurer to furnish a letter or letters to the Insurer, the Seller, the Indenture Trustee, the Depositor, the Trust and the Rating Agencies to the effect that such firm has applied certain procedures agreed upon with the Servicer and examined certain documents and records relating to the servicing of the Mortgage Loans under this Sale and Servicing Agreement and that, on the basis of such agreed-upon procedures, nothing has come to the attention of such accountants that caused them to believe that the servicing (including the allocation of Interest Collections and Principal Collections) has not been conducted in compliance with the terms and conditions set forth in Sections 5.01, 5.03, and 3.01(h) of this Agreement, except for such exceptions as they believe to be immaterial and such other exceptions as shall be set forth in such statement. Such report shall set forth the agreed upon procedures performed. (b) Not later than [_________] of each calendar year (other than the calendar year during which the Closing Date occurs) (or, if such day is not a Business Day, the immediately preceding Business Day), the Servicer shall cause a firm of nationally recognized independent public accountants (who may also render other services to the Servicer or the Seller) to furnish a report (addressed to the Indenture Trustee) to the Insurer, the Seller, the Indenture Trustee, the Depositor, the Trust, and each Rating Agency to the effect that they have applied certain procedures agreed upon with the Servicer to compare the mathematical calculations of certain amounts set forth in the Servicer’s Certificate and Statement to Noteholders delivered pursuant to Section 5.03 during the period covered by such report with the Servicer’s computer reports which were the source of such amounts and that on the basis of such agreed-upon procedures and comparison, such accountants are of the opinion that such amounts are in agreement, except for such exceptions as they believe to be immaterial and such other exceptions as shall be set forth in such statement. (c) A copy of each certificate and report provided pursuant to Section 5.03 may be obtained by any Class A Noteholder or by the holder of the Transferor Interest by a request to the Indenture Trustee addressed to the Corporate Trust Office. (d) In the event such firm requires the Indenture Trustee or the Trust to agree to the procedures performed by such firm, the Servicer shall direct the Indenture Trustee or the Trust in writing to so agree; it being understood and agreed that the Indenture Trustee or the Trust will deliver such letter of agreement in conclusive reliance upon the direction of the Servicer, and the Indenture Trustee or the Trust will make no independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures.

Annual Servicing Report. (a) Not later than [_________] On or before March 31 of each calendar year (other than the calendar year during which the Closing Date occurs) (oryear, if such day is not a Business Daybeginning March 31, 2006, the immediately preceding Business Day), the Servicer, Master Servicer at its expense, shall cause a firm of independent public accountants (who may also render other services to the Servicer or the Seller) reasonably acceptable to the Depositor, the Trust and the Insurer to furnish a letter or letters to the Insurer, the Seller, the Indenture Trustee, the Depositor, the Trust and the Rating Agencies to the effect that such firm has applied certain procedures agreed upon with the Servicer and examined certain documents and records relating to the servicing of the Mortgage Loans under this Sale and Servicing Agreement and that, on the basis of such agreed-upon procedures, nothing has come to the attention of such accountants that caused them to believe that the servicing (including the allocation of Interest Collections and Principal Collections) has not been conducted in compliance with the terms and conditions set forth in Sections 5.01, 5.03, and 3.01(h) of this Agreement, except for such exceptions as they believe to be immaterial and such other exceptions as shall be set forth in such statement. Such report shall set forth the agreed upon procedures performed. (b) Not later than [_________] of each calendar year (other than the calendar year during which the Closing Date occurs) (or, if such day is not a Business Day, the immediately preceding Business Day), the Servicer expense shall cause a firm of nationally recognized independent public accountants (who may also render other services to the Servicer or the SellerMaster Servicer) to furnish a written report (addressed to the Indenture Trustee) to the Insurer, the Seller, the Indenture Trustee, the Depositor, the Trust, and each Rating Agency to the effect that they have applied certain procedures agreed upon with the Servicer to compare the mathematical calculations of certain amounts set forth in the Servicer’s Certificate and Statement to Noteholders delivered pursuant to Section 5.03 during the period covered by such report with the Servicer’s computer reports which were the source of such amounts and that on the basis of such agreed-upon procedures and comparison, such accountants are of the opinion that such amounts are in agreement, except for such exceptions as they believe to be immaterial and such other exceptions as shall be set forth in such statement. (c) A copy of each certificate and report provided pursuant to Section 5.03 may be obtained by any Class A Noteholder or by the holder of the Transferor Interest by a request to the Indenture Trustee addressed and the Administrator, with a copy to each of the Rating Agencies, to the Corporate Trust Officeeffect that, for the prior calendar year (or in the case of the report delivered in 2006, from the Closing Date) (i) such firm has performed procedures in order to provide a report on the Master Servicer's assertion that the servicing of Home Equity Loans by the Master Servicer during the relevant period under this Agreement has been conducted in compliance with the terms and conditions set forth in this Agreement related to the servicing of the Home Equity Loans and the reporting thereof and (ii) that the Master Servicer's assertion is fair and accurate in all material respects. (db) In the event such firm requires the Indenture Trustee or the Trust to agree to the procedures performed by such firm, the Master Servicer shall direct the Indenture Trustee or the Trust in writing to so agree; it being understood and agreed that the Indenture Trustee or the Trust will deliver such letter of agreement in conclusive reliance upon the direction of the Master Servicer, and the Indenture Trustee or the Trust will need not make no any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. The Master Servicer also hereby agrees to reimburse the Indenture Trustee for any cost, expenses or indemnities incurred as a result of the Indenture Trustee following such direction.

Annual Servicing Report. (a) Not later than [_________] March 1st of each calendar year (other than the calendar year during which the Closing Date occurs) (or, if such day is not a Business Day, the immediately preceding Business Day), the Servicer, at its expense, shall cause a firm of independent public accountants (who may also render other services to the Servicer or the Seller) reasonably acceptable to the Depositor, the Trust and the Insurer to furnish a letter or letters to the Insurer, the Seller, the Indenture Trustee, the Depositor, the Trust and the Rating Agencies to the effect that such firm has applied certain procedures agreed upon with the Servicer and examined certain documents and records relating to the servicing of the Mortgage Loans under this Sale and Servicing Agreement and that, on the basis of such agreed-upon procedures, nothing has come to the attention of such accountants that caused them to believe that the servicing (including the allocation of Interest Collections and Principal Collections) has not been conducted in compliance with the terms and conditions set forth in Sections 5.01, 5.03, and 3.01(h) of this Agreement, except for such exceptions as they believe to be immaterial and such other exceptions as shall be set forth in such statement. Such report shall set forth the agreed upon procedures performed. (b) Not later than [_________] March 1st of each calendar year (other than the calendar year during which the Closing Date occurs) (or, if such day is not a Business Day, the immediately preceding Business Day), the Servicer shall cause a firm of nationally recognized independent public accountants (who may also render other services to the Servicer or the Seller) to furnish a report (addressed to the Indenture Trustee) to the Insurer, the Seller, the Indenture Trustee, the Depositor, the Trust, and each Rating Agency to the effect that they have applied certain procedures agreed upon with the Servicer to compare the mathematical calculations of certain amounts set forth in the Servicer’s Servicing Certificate and Statement to Noteholders delivered pursuant to Section 5.03 during the period covered by such report with the Servicer’s computer reports which were the source of such amounts and that on the basis of such agreed-upon procedures and comparison, such accountants are of the opinion that such amounts are in agreement, except for such exceptions as they believe to be immaterial and such other exceptions as shall be set forth in such statement. (c) A copy of each certificate and report provided pursuant to Section 5.03 may be obtained by any Class A Noteholder or by the holder of the Transferor Interest by a request to the Indenture Trustee addressed to the Corporate Trust Office. (d) In the event such firm requires the Indenture Trustee or the Trust to agree to the procedures performed by such firm, the Servicer shall direct the Indenture Trustee or the Trust in writing to so agree; it being understood and agreed that the Indenture Trustee or the Trust will deliver such letter of agreement in conclusive reliance upon the direction of the Servicer, and the Indenture Trustee or the Trust will make no independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures.

Annual Servicing Report. (a) Not later than [_________] On or before March 31 of each calendar year (other than the calendar year during which the Closing Date occurs) (oryear, if such day is not a Business Daybeginning March 31, 2006, the immediately preceding Business Day), the Servicer, Master Servicer at its expense, shall cause a firm of independent public accountants (who may also render other services to the Servicer or the Seller) reasonably acceptable to the Depositor, the Trust and the Insurer to furnish a letter or letters to the Insurer, the Seller, the Indenture Trustee, the Depositor, the Trust and the Rating Agencies to the effect that such firm has applied certain procedures agreed upon with the Servicer and examined certain documents and records relating to the servicing of the Mortgage Loans under this Sale and Servicing Agreement and that, on the basis of such agreed-upon procedures, nothing has come to the attention of such accountants that caused them to believe that the servicing (including the allocation of Interest Collections and Principal Collections) has not been conducted in compliance with the terms and conditions set forth in Sections 5.01, 5.03, and 3.01(h) of this Agreement, except for such exceptions as they believe to be immaterial and such other exceptions as shall be set forth in such statement. Such report shall set forth the agreed upon procedures performed. (b) Not later than [_________] of each calendar year (other than the calendar year during which the Closing Date occurs) (or, if such day is not a Business Day, the immediately preceding Business Day), the Servicer expense shall cause a firm of nationally recognized independent public accountants (who may also render other services to the Servicer or the SellerMaster Servicer) to furnish a report (addressed to the Indenture Trustee) to the Insurer, the Seller, the Indenture Trustee, the Depositor, the Trust, and each Rating Agency to the effect that they have applied certain procedures agreed upon with the Servicer to compare the mathematical calculations of certain amounts set forth in the Servicer’s Certificate and Statement to Noteholders delivered pursuant to Section 5.03 during the period covered by such report with the Servicer’s computer reports which were the source of such amounts and that on the basis of such agreed-upon procedures and comparison, such accountants are of the opinion that such amounts are in agreement, except for such exceptions as they believe to be immaterial and such other exceptions as shall be set forth in such statement. (c) A copy of each certificate and report provided pursuant to Section 5.03 may be obtained by any Class A Noteholder or by the holder of the Transferor Interest by a request to the Indenture Trustee addressed and the Administrator, with a copy to each of the Rating Agencies, to the Corporate Trust Officeeffect that, for the prior calendar year (or in the case of the report delivered in 2006, from the Closing Date) (i) such firm has performed procedures in order to provide a report on the Master Servicer's assertion that the servicing of Home Equity Loans by the Master Servicer during the relevant period under this Agreement has been conducted in compliance with the terms and conditions set forth in this Agreement related to the servicing of the Home Equity Loans and the reporting thereof and (ii) that the Master Servicer's assertion is fair and accurate in all material respects. (db) In the event such firm requires the Indenture Trustee or the Trust to agree to the procedures performed by such firm, the Master Servicer shall direct the Indenture Trustee or the Trust in writing to so agree; it being understood and agreed that the Indenture Trustee or the Trust will deliver such letter of agreement in conclusive reliance upon the direction of the Master Servicer, and the Indenture Trustee or the Trust will need not make no any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. The Master Servicer also hereby agrees to reimburse the Indenture Trustee for any cost, expenses or indemnities incurred as a result of the Indenture Trustee following such direction.

Annual Servicing Report. (a) Not later than [_________] On or before March 31 of each calendar year (other than the calendar year during which the Closing Date occurs) (oryear, if such day is not a Business Daybeginning March 31, 2006, the immediately preceding Business Day), the Servicer, Master Servicer at its expense, shall cause a firm of independent public accountants (who may also render other services to the Servicer or the Seller) reasonably acceptable to the Depositor, the Trust and the Insurer to furnish a letter or letters to the Insurer, the Seller, the Indenture Trustee, the Depositor, the Trust and the Rating Agencies to the effect that such firm has applied certain procedures agreed upon with the Servicer and examined certain documents and records relating to the servicing of the Mortgage Loans under this Sale and Servicing Agreement and that, on the basis of such agreed-upon procedures, nothing has come to the attention of such accountants that caused them to believe that the servicing (including the allocation of Interest Collections and Principal Collections) has not been conducted in compliance with the terms and conditions set forth in Sections 5.01, 5.03, and 3.01(h) of this Agreement, except for such exceptions as they believe to be immaterial and such other exceptions as shall be set forth in such statement. Such report shall set forth the agreed upon procedures performed. (b) Not later than [_________] of each calendar year (other than the calendar year during which the Closing Date occurs) (or, if such day is not a Business Day, the immediately preceding Business Day), the Servicer expense shall cause a firm of nationally recognized independent public accountants (who may also render other services to the Servicer or the SellerMaster Servicer) to furnish a written report (addressed to the Indenture Trustee) to the Insurer, the Seller, the Indenture Trustee, the Depositor, the Trust, and each Rating Agency to the effect that they have applied certain procedures agreed upon with the Servicer to compare the mathematical calculations of certain amounts set forth in the Servicer’s Certificate and Statement to Noteholders delivered pursuant to Section 5.03 during the period covered by such report with the Servicer’s computer reports which were the source of such amounts and that on the basis of such agreed-upon procedures and comparison, such accountants are of the opinion that such amounts are in agreement, except for such exceptions as they believe to be immaterial and such other exceptions as shall be set forth in such statement. (c) A copy of each certificate and report provided pursuant to Section 5.03 may be obtained by any Class A Noteholder or by the holder of the Transferor Interest by a request to the Indenture Trustee addressed and the Administrator, with a copy to each of the Rating Agencies, to the Corporate Trust Officeeffect that, for the prior calendar year (or in the case of the report delivered in 2006, from the Closing Date) (i) such firm has performed procedures in order to provide a report on the Master Servicer's assertion that the servicing of Home Equity Loans by the Master Servicer during the relevant period under this Agreement has been conducted in compliance with the terms and conditions set forth in this Agreement related to the servicing of the Home Equity Loans and the reporting thereof and (ii) that the Master Servicer's assertion is fair and accurate in all material respects. (db) In the event such firm requires the Indenture Trustee or the Trust to agree to the procedures performed by such firm, the Master Servicer shall direct the Indenture Trustee or the Trust in writing to so agree; it being understood and agreed that the Indenture Trustee or the Trust will deliver such letter of agreement in conclusive reliance upon the direction of the Master Servicer, and the Indenture Trustee or the Trust will need not make no any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. The Master Servicer also hereby agrees to reimburse the Indenture Trustee for any cost, expenses or indemnities incurred as a result of the Indenture Trustee following such direction.