Assessment of Compliance. (i) By September 15 of each year, commencing in September 2007, the Indenture Trustee shall furnish to the Depositor and the Administrator, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.24, including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. (ii) When the Indenture Trustee submits its assessment to the Depositor and the Administrator, it will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.03) of each Servicing Function Participant engaged by it and shall indicate what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant. (iii) Promptly after receipt of each report on assessment of compliance, the Administrator shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial Agreement, and shall notify the Depositor of any exceptions.
Appears in 3 contracts
Assessment of Compliance. (i) By September 15 On or before March 15th of each yearcalendar year in which the Depositor is required to file reports with respect to the Trust Fund in accordance with the Exchange Act and the rules and regulations of the Commission, commencing in September 2007beginning with March 15, 2008, the Indenture Trustee Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee, each at its own expense, shall furnish furnish, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(d), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. If the Trustee and the Paying Agent are the same party, the Relevant Servicing Criteria of the Paying Agent shall be included in the Trustee’s report. The Master Servicer shall furnish to the Trustee a copy of each assessment of compliance provided to it by the Custodian pursuant to the Custodial Agreement and by each Servicer pursuant to the related Servicing Agreement, to the extent that the Trustee is not entitled to receive such assessments pursuant to each such applicable agreement.
(ii) When the Indenture Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee submits its assessment (or any Servicing Function Participant engaged by it) submit their assessments to the Depositor Trustee and the AdministratorMaster Servicer, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator Trustee shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto R and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial AgreementAgreement in respect of the Custodian, and shall notify the Depositor of any exceptions. By way of clarification and for the avoidance of doubt, it is acknowledged that the Trustee shall rely exclusively on Exhibit R to determine such applicable Servicing Criteria and Relevant Servicing Criteria, as the case may be, and shall not otherwise be reporting on the content of or sufficiency of such assessments.
Appears in 2 contracts
Samples: Trust Agreement (GreenPoint Mortgage Funding Trust 2007-Ar3), Trust Agreement (Greenpoint Mortgage Funding Trust 2007-Ar2)
Assessment of Compliance. (i) By September March 15 of each year, commencing in September 2007March 2008, the Indenture Trustee Master Servicer, at its own expense, shall furnish furnish, and shall cause any Servicing Function Participant engaged by it to furnish, at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer, the Certificate Insurer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria (as identified on Exhibit O) that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(e), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period.
(ii) When the Indenture Trustee Master Servicer (or any Servicing Function Participant engaged by it) submits its assessment assessments to the Depositor Trustee and the AdministratorDepositor, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Depositor and the Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each such report on assessment of compliance, the Administrator Exchange Act Signing Party shall confirm that the assessments, taken as a whole, address all applicable of the Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto O and on any similar exhibit set forth in the applicable each Servicing Agreement in respect of any each Servicer, and each Custodial Agreement in respect of each Custodian, and, where the applicable Custodial AgreementMaster Servicer is the Exchange Act Signing Party, and shall notify the Depositor of any exceptions.
Appears in 2 contracts
Samples: Trust Agreement (Lehman XS Trust 2007-10h), Trust Agreement (Lehman XS Trust 2007-10h)
Assessment of Compliance. (i) By September 15 On or before March 15th of each yearcalendar year in which the Depositor is required to file reports with respect to the Trust Fund in accordance with the Exchange Act and the rules and regulations of the Commission, commencing in September beginning with March 15, 2007, the Indenture Trustee Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee, each at its own expense, shall furnish furnish, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(d), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period.
(ii) When the Indenture Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee submits its assessment (or any Servicing Function Participant engaged by it) submit their assessments to the Depositor Trustee and the AdministratorMaster Servicer, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator Trustee shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto R and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial AgreementAgreement in respect of any Custodian, and shall notify the Depositor of any exceptions.
Appears in 2 contracts
Samples: Trust Agreement (Lehman XS Trust Series 2006-14n), Trust Agreement (Lehman XS Trust Series 2006-12n)
Assessment of Compliance. (i) By September 15 On or before March 15th of each yearcalendar year in which the Depositor is required to file reports with respect to the Trust Fund in accordance with the Exchange Act and the rules and regulations of the Commission, commencing in September 2007beginning with March 15, 2008, the Indenture Trustee Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee, each at its own expense, shall furnish furnish, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer, the Certificate Insurer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(d), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. If the Trustee and the Paying Agent are the same party, the Relevant Servicing Criteria of the Paying Agent shall be included in the Trustee’s report. The Master Servicer shall furnish to the Trustee a copy of each assessment of compliance provided to it by the Custodian pursuant to the Custodial Agreement and by each Servicer pursuant to the related Servicing Agreement, to the extent that the Trustee is not entitled to receive such assessments pursuant to each such applicable agreement.
(ii) When the Indenture Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee submits its assessment (or any Servicing Function Participant engaged by it) submit their assessments to the Depositor Trustee and the AdministratorMaster Servicer, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator Trustee shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto R and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial AgreementAgreement in respect of the Custodian, and shall notify the Depositor of any exceptions. By way of clarification and for the avoidance of doubt, it is acknowledged that the Trustee shall rely exclusively on Exhibit R to determine such applicable Servicing Criteria and Relevant Servicing Criteria, as the case may be, and shall not otherwise be reporting on the content of or sufficiency of such assessments.
Appears in 2 contracts
Samples: Trust Agreement (Lehman XS Trust Series 2007-16n), Trust Agreement (Lehman XS Trust Series 2007-15n)
Assessment of Compliance. (i) By September 15 On or before March 15th of each yearcalendar year in which the Depositor is required to file reports with respect to the Trust Fund in accordance with the Exchange Act and the rules and regulations of the Commission, commencing in September beginning with March 15, 2007, the Indenture Trustee Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee, each at its own expense, shall furnish furnish, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(d), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period.
(ii) When the Indenture Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee submits its assessment (or any Servicing Function Participant engaged by it) submit their assessments to the Depositor Trustee and the AdministratorMaster Servicer, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator Trustee shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto R and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial AgreementAgreement in respect of any Custodian, and shall notify the Depositor of any exceptions. By way of clarification and for the avoidance of doubt, it is acknowledged that the Trustee shall rely exclusively on Exhibit R to determine such applicable Servicing Criteria and Relevant Servicing Criteria, as the case may be, and shall not otherwise be reporting on the content of or sufficiency of such assessments.
Appears in 2 contracts
Samples: Trust Agreement (GreenPoint Mortgage Funding Trust 2006-Ar5), Trust Agreement (Lehman XS Trust Series 2006-18n)
Assessment of Compliance. (i) By September 15 1 of each yearyear (or by September 15 for the report due in 2006), commencing in September 20072006, the Indenture Trustee shall furnish to the Depositor and the Administrator, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.24, including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period.
(ii) When the Indenture Trustee submits its assessment to the Depositor and the Administrator, it will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.03) of each Servicing Function Participant engaged by it and shall indicate what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial Agreement, and shall notify the Depositor of any exceptions.
Appears in 2 contracts
Samples: Indenture, Indenture (National Collegiate Student Loan Trust 2006-2)
Assessment of Compliance. (i) By September 15 of each year, commencing in September 2007, the Indenture Trustee shall furnish to the Depositor and the Administrator, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.24, including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period.
(ii) When the Indenture Trustee submits its assessment to the Depositor and the Administrator, it will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.03) of each Servicing Function Participant engaged by it and shall indicate what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C B attached hereto and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial Agreement, and shall notify the Depositor of any exceptions.
Appears in 2 contracts
Assessment of Compliance. (i) By September On or before March 15 of each year, commencing in September March 2007, the Indenture Trustee Master Servicer and the Administrator (including in its capacity as Paying Agent), at the expense of the Master Servicer and Administrator, shall furnish or otherwise make available, and shall cause any Subservicer or Subcontractor engaged by the Master Servicer or Administrator to the Depositor furnish, at its own expense, to AMC and the AdministratorDepositor, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s 's assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.247.3(d), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s 's assessment of compliance with the Relevant Servicing Criteria as of and for such period. The Master Servicer and Administrator acknowledge that the Depositor may rely on such certification provided by the Master Servicer and the Administrator in signing a Sarbanes Certification and filing such with the Commission.
(ii) When the Indenture Trustee submits its assessment Master Servicer and the Administrator submit assessments to the Depositor Administrator and the AdministratorDepositor, it will the Master Servicer and the Administrator shall also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.033A.13) of each Servicing Function Participant Subservicer or Subcontractor engaged by it and shall indicate to the Administrator and the Depositor what Relevant Servicing Criteria will be are addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial Agreement, and shall notify the Depositor of any exceptions.
Appears in 1 contract
Assessment of Compliance. (i) By September 15 On or before March 15th of each yearcalendar year in which the Depositor is required to file reports with respect to the Trust Fund in accordance with the Exchange Act and the rules and regulations of the Commission, commencing in September 2007beginning with March 15, 2008, the Indenture Trustee Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee, each at its own expense, shall furnish furnish, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer, the Certificate Insurer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(d), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. If the Trustee and the Paying Agent are the same party, the Relevant Servicing Criteria of the Paying Agent shall be included in the Trustee's report. The Master Servicer shall furnish to the Trustee a copy of each assessment of compliance provided to it by the Custodian pursuant to the Custodial Agreement and by each Servicer pursuant to the related Servicing Agreement, to the extent that the Trustee is not entitled to receive such assessments pursuant to each such applicable agreement.
(ii) When the Indenture Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee submits its assessment (or any Servicing Function Participant engaged by it) submit their assessments to the Depositor Trustee and the AdministratorMaster Servicer, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator Trustee shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto R and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial AgreementAgreement in respect of any Custodian, and shall notify the Depositor of any exceptions. By way of clarification and for the avoidance of doubt, it is acknowledged that the Trustee shall rely exclusively on Exhibit R to determine such applicable Servicing Criteria and Relevant Servicing Criteria, as the case may be, and shall not otherwise be reporting on the content of or sufficiency of such assessments.
Appears in 1 contract
Assessment of Compliance. (i) By September 15 On or before March 15th of each yearcalendar year in which the Depositor is required to file reports with respect to the Trust Fund in accordance with the Exchange Act and the rules and regulations of the Commission, commencing in September 2007beginning with March 15, 2009, the Indenture Trustee Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee, each at its own expense, shall furnish furnish, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(e), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. Each such assessment, pursuant to clause (C) above, shall cover, at a minimum, the matters indicated as obligations with respect to such Person on Exhibit O attached hereto. If the Trustee and the Paying Agent are the same party, the Relevant Servicing Criteria of the Paying Agent shall be included in the Trustee's report. The Master Servicer shall furnish to the Trustee copies of the assessments of compliance provided to it by the Custodians pursuant to the Custodial Agreements and by each Servicer pursuant to the related Servicing Agreement, to the extent that the Trustee is not entitled to receive such assessments pursuant to each such applicable agreement.
(ii) When the Indenture Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee submits its assessment (or any Servicing Function Participant engaged by it) submit their assessments to the Depositor Trustee and the AdministratorMaster Servicer, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator Trustee shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto O and on any similar exhibit set forth in the applicable each Servicing Agreement in respect of any each Servicer, and the applicable each Custodial AgreementAgreement in respect of each Custodian, and shall notify the Depositor of any exceptions. By way of clarification and for the avoidance of doubt, it is acknowledged that the Trustee shall rely exclusively on Exhibit O and any similar exhibit set forth in each Servicing Agreement in respect of each Servicer and each Custodial Agreement in respect of each Custodian, to determine such applicable Servicing Criteria and Relevant Servicing Criteria, as the case may be, and shall not otherwise be reporting on the content of or sufficiency of such assessments.
Appears in 1 contract
Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2008-1)
Assessment of Compliance. (i) By September March 15 of each year, commencing in September 2007March 2009, the Indenture Trustee Paying Agent (if other than the Trustee) and the Trustee, each at its own expense, shall furnish furnish, and shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Sponsor, the Depositor and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.12(f), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. If the Trustee and the Paying Agent are the same party, the Relevant Servicing Criteria of the Paying Agent shall be included in the Trustee’s report.
(ii) When the Indenture Paying Agent (if other than the Trustee) and the Trustee submits its assessment (or any Servicing Function Participant engaged by it) submit their assessments to the Depositor and the AdministratorTrustee, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.036.16) of each Servicing Function Participant engaged by it and shall indicate to the Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator Trustee shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial AgreementI, and shall notify the Depositor of any exceptions. By way of clarification and for the avoidance of doubt, it is acknowledged that the Trustee shall rely exclusively on Exhibit I to determine such applicable Servicing Criteria and Relevant Servicing Criteria, as the case may be, and shall not otherwise be reporting on the content of or sufficiency of such assessments.
Appears in 1 contract
Assessment of Compliance. (i) By September 15 of each year, commencing in September 2007, the Indenture Trustee shall furnish to the Depositor and the Administrator, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s 's assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.24, including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s 's assessment of compliance with the Relevant Servicing Criteria as of and for such period.
(ii) When the Indenture Trustee submits its assessment to the Depositor and the Administrator, it will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.03) of each Servicing Function Participant engaged by it and shall indicate what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial Agreement, and shall notify the Depositor of any exceptions.
Appears in 1 contract
Samples: Indenture (National Collegiate Student Loan Trust 2007-1)
Assessment of Compliance. (i) By September March 15 of each year, commencing in September March 2007, the Indenture Trustee Master Servicer, at its own expense, shall furnish furnish, and shall cause any Servicing Function Participant engaged by it to furnish, at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer, the Certificate Insurer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s 's assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(g), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s 's assessment of compliance with the Relevant Servicing Criteria as of and for such period.. Each such assessment, pursuant to clause (C) above, shall cover, at a minimum, the matters indicated as obligations with respect to such Person on Exhibit R attached hereto. 148
(ii) When the Indenture Trustee submits Master Servicer (or any Servicing Function Participant engaged by it) submit its assessment assessments to the Depositor and the AdministratorTrustee, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each such report on assessment of compliance, the Administrator Trustee shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) and taken individually address the Relevant Servicing Criteria for each party as set forth on Exhibit C attached hereto R and on any similar exhibit set forth in the applicable each Servicing Agreement in respect of any each Servicer, and the applicable each Custodial AgreementAgreement in respect of each Custodian, and shall notify the Depositor of any exceptions.
(iv) On or prior to the Closing Date, the Master Servicer shall deliver to the Sponsor, the Trustee and the Depositor a certification in the form of Exhibit R attached hereto regarding the items it will address in its assessment of compliance with the servicing criteria under this Section 9.25(a).
Appears in 1 contract
Assessment of Compliance. (i) By September 15 On or before March 15th of each yearcalendar year in which the Depositor is required to file reports with respect to the Trust Fund in accordance with the Exchange Act and the rules and regulations of the Commission, commencing in September beginning with March 15, 2007, the Indenture Trustee Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee, each at its own expense, shall furnish furnish, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(d), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. The Master Servicer shall furnish to the Trustee a copy of each assessment of compliance provided to it by each Custodian pursuant to the related Custodial Agreement and by each Servicer pursuant to the related Servicing Agreement, to the extent that the Trustee is not entitled to receive such assessments pursuant to each such applicable agreement.
(ii) When the Indenture Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee submits its assessment (or any Servicing Function Participant engaged by it) submit their assessments to the Depositor Trustee and the AdministratorMaster Servicer, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator Trustee shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto R and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial AgreementAgreement in respect of any Custodian, and shall notify the Depositor of any exceptions. By way of clarification and for the avoidance of doubt, it is acknowledged that the Trustee shall rely exclusively on Exhibit R to determine such applicable Servicing Criteria and Relevant Servicing Criteria, as the case may be, and shall not otherwise be reporting on the content of or sufficiency of such assessments.
Appears in 1 contract
Samples: Trust Agreement (GreenPoint Mortgage Funding Trust 2006-Ar6)
Assessment of Compliance. (i) By September 15 On or before March 15th of each yearcalendar year in which the Depositor is required to file reports with respect to the Trust Fund in accordance with the Exchange Act and the rules and regulations of the Commission, commencing in September 2007beginning with March 15, 2008, the Indenture Trustee Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee, each at its own expense, shall furnish furnish, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(d), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. If the Trustee and the Paying Agent are the same party, the Relevant Servicing Criteria of the Paying Agent shall be included in the Trustee's report. The Master Servicer shall furnish to the Trustee a copy of each assessment of compliance provided to it by the Custodian pursuant to the Custodial Agreement and by each Servicer pursuant to the related Servicing Agreement, to the extent that the Trustee is not entitled to receive such assessments pursuant to each such applicable agreement.
(ii) When the Indenture Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee submits its assessment (or any Servicing Function Participant engaged by it) submit their assessments to the Depositor Trustee and the AdministratorMaster Servicer, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator Trustee shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto R and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial AgreementAgreement in respect of any Custodian, and shall notify the Depositor of any exceptions. By way of clarification and for the avoidance of doubt, it is acknowledged that the Trustee shall rely exclusively on Exhibit R to determine such applicable Servicing Criteria and Relevant Servicing Criteria, as the case may be, and shall not otherwise be reporting on the content of or sufficiency of such assessments.
Appears in 1 contract
Assessment of Compliance. (i) By September 15 On or before March 15th of each yearcalendar year in which the Depositor is required to file reports with respect to the Trust Fund in accordance with the Exchange Act and the rules and regulations of the Commission, commencing in September 2007beginning with March 15, 2008, the Indenture Trustee Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee, each at its own expense, shall furnish furnish, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(e), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. Each such assessment, pursuant to clause (C) above, shall cover, at a minimum, the matters indicated as obligations with respect to such Person on Exhibit O attached hereto. If the Trustee and the Paying Agent are the same party, the Relevant Servicing Criteria of the Paying Agent shall be included in the Trustee's report. The Master Servicer shall furnish to the Trustee a copy of each assessment of compliance provided to it by each Custodian pursuant to the related Custodial Agreement and by each Servicer pursuant to the related Servicing Agreement, to the extent that the Trustee is not entitled to receive such assessments pursuant to each such applicable agreement.
(ii) When the Indenture Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee submits its assessment (or any Servicing Function Participant engaged by it) submit their assessments to the Depositor Trustee and the AdministratorMaster Servicer, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator Trustee shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto O and on any similar exhibit set forth in the applicable each Servicing Agreement in respect of any each Servicer, and the applicable each Custodial AgreementAgreement in respect of each Custodian, and shall notify the Depositor of any exceptions. By way of clarification and for the avoidance of doubt, it is acknowledged that the Trustee shall rely exclusively on Exhibit O and any similar exhibit set forth in each Servicing Agreement in respect of each Servicer and each Custodial Agreement in respect of each Custodian, to determine such applicable Servicing Criteria and Relevant Servicing Criteria, as the case may be, and shall not otherwise be reporting on the content of or sufficiency of such assessments.
Appears in 1 contract
Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-3)
Assessment of Compliance. (i) By September 15 On or before March 15th of each yearcalendar year in which the Depositor is required to file reports with respect to the Trust Fund in accordance with the Exchange Act and the rules and regulations of the Commission, commencing in September beginning with March 15, 2007, the Indenture Trustee Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee, each at its own expense, shall furnish furnish, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer, the Certificate Insurer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(d), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. If the Trustee and the Paying Agent are the same party, the Relevant Servicing Criteria of the Paying Agent shall be included in the Trustee's report. The Master Servicer shall furnish to the Trustee a copy of each assessment of compliance provided to it by the Custodian pursuant to the Custodial Agreement and by each Servicer pursuant to the related Servicing Agreement, to the extent that the Trustee is not entitled to receive such assessments pursuant to each such applicable agreement.
(ii) When the Indenture Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee submits its assessment (or any Servicing Function Participant engaged by it) submit their assessments to the Depositor Trustee and the AdministratorMaster Servicer, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator Trustee shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto R and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial AgreementAgreement in respect of the Custodian, and shall notify the Depositor of any exceptions. By way of clarification and for the avoidance of doubt, it is acknowledged that the Trustee shall rely exclusively on Exhibit R to determine such applicable Servicing Criteria and Relevant Servicing Criteria, as the case may be, and shall not otherwise be reporting on the content of or sufficiency of such assessments.
Appears in 1 contract
Samples: Trust Agreement (GreenPoint Mortgage Funding Trust 2006-Ar7)
Assessment of Compliance. (i) By September 15 On or before March 15th of each yearcalendar year in which the Depositor is required to file reports with respect to the Trust Fund in accordance with the Exchange Act and the rules and regulations of the Commission, commencing in September beginning with March 15, 2007, the Indenture Trustee Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee, each at its own expense, shall furnish furnish, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(d), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. If the Trustee and the Paying Agent are the same party, the Relevant Servicing Criteria of the Paying Agent shall be included in the Trustee's report. The Master Servicer shall furnish to the Trustee a copy of each assessment of compliance provided to it by the Custodian pursuant to the Custodial Agreement and by each Servicer pursuant to the related Servicing Agreement, to the extent that the Trustee is not entitled to receive such assessments pursuant to each such applicable agreement.
(ii) When the Indenture Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee submits its assessment (or any Servicing Function Participant engaged by it) submit their assessments to the Depositor Trustee and the AdministratorMaster Servicer, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator Trustee shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto R and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial AgreementAgreement in respect of the Custodian, and shall notify the Depositor of any exceptions. By way of clarification and for the avoidance of doubt, it is acknowledged that the Trustee shall rely exclusively on Exhibit R to determine such applicable Servicing Criteria and Relevant Servicing Criteria, as the case may be, and shall not otherwise be reporting on the content of or sufficiency of such assessments.
Appears in 1 contract
Samples: Trust Agreement (GreenPoint Mortgage Funding Trust 2006-Ar8)
Assessment of Compliance. (i) By September March 15 of each year, commencing in September 2007March 2009, the Indenture Trustee Master Servicer, the Credit Risk Manager and the Paying Agent (if other than the Trustee) and the Trustee, each at its own expense, shall furnish furnish, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(e), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. In the event that the Trustee and the Paying Agent are the same party, the Relevant Servicing Criteria of the Paying Agent shall be included in the Trustee’s report.
(ii) When the Indenture Master Servicer, the Credit Risk Manager, the Paying Agent (if other than the Trustee) and the Trustee submits its assessment (or any Servicing Function Participant engaged by it) submit their assessments to the Depositor Trustee and the AdministratorMaster Servicer, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Trustee and the Master Servicer what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator Trustee shall confirm that the assessments, taken as a whole, address all applicable Relevant Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto S and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any the Servicer, and the applicable Custodial AgreementAgreement in respect of the Custodian, and shall notify the Depositor of any exceptions.
Appears in 1 contract
Samples: Trust Agreement (BNC CORP Mortgage Loan Trust 2007-Bnc4)
Assessment of Compliance. (i) By September March 15 of each year, commencing in September 2007March 2008, the Indenture Trustee Master Servicer, at its own expense, shall furnish furnish, and shall cause any Servicing Function Participant engaged by it to furnish, at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer, the Certificate Insurer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria (as identified on Exhibit O) that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(e), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period.
(ii) When the Indenture Trustee Master Servicer (or any Servicing Function Participant engaged by the Master Servicer) submits its assessment assessments to the Depositor Trustee and the AdministratorDepositor, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Depositor and Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each such report on assessment of compliance, the Administrator Exchange Act Signing Party shall confirm that the assessments, taken as a whole, address all applicable of the Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto O and on any similar exhibit set forth in the applicable each Servicing Agreement in respect of any each Servicer, and each Custodial Agreement in respect of each Custodian, and, where the applicable Custodial AgreementMaster Servicer is the Exchange Act Signing Party, and shall notify the Depositor of any exceptions.
Appears in 1 contract
Assessment of Compliance. (i) By September 15 On or before March 15th of each yearcalendar year in which the Depositor is required to file reports with respect to the Trust Fund in accordance with the Exchange Act and the rules and regulations of the Commission, commencing in September 2007beginning with March 15, 2008, the Indenture Trustee Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee, each at its own expense, shall furnish furnish, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(d), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period.
(ii) When . If the Indenture Trustee submits its assessment to the Depositor and the AdministratorPaying Agent are the same party, it will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.03) of each Servicing Function Participant engaged by it and shall indicate what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to Paying Agent shall be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto and on any similar exhibit set forth included in the applicable Trustee's report. The Master Servicer shall furnish to the Trustee a copy of each assessment of compliance provided to it by the Custodian pursuant to the Custodial Agreement and by each Servicer pursuant to the related Servicing Agreement in respect of any Servicer, and the applicable Custodial Agreement, and shall notify to the Depositor of any exceptionsextent that the Trustee is not entitled to receive such assessments pursuant to each such applicable agreement.
Appears in 1 contract
Samples: Trust Agreement (Lehman XS 2007-4n)
Assessment of Compliance. (i) By September 15 of each year, commencing in September 2007, the Indenture Trustee shall furnish to the Depositor and the Administrator, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s 's assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.24, including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s 's assessment of compliance with the Relevant Servicing Criteria as of and for such period.
(ii) When the Indenture Trustee submits its assessment to the Depositor and the Administrator, it will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.03) of each Servicing Function Participant engaged by it and shall indicate what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C B attached hereto and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial Agreement, and shall notify the Depositor of any exceptions.
Appears in 1 contract
Samples: Indenture (National Collegiate Student Loan Trust 2007-2)
Assessment of Compliance. (i) By September March 15 of each year, commencing in September March 2007, the Indenture Master Servicer, the Credit Risk Manager, the Paying Agent (if other than the Trustee), the Trustee and the Securities Administrator, each at its own expense, shall furnish furnish, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer and the Securities Administrator, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(e), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period.
(ii) When the Indenture Master Servicer, the Credit Risk Manager, the Paying Agent, the Trustee submits its assessment and the Securities Administrator (or any Servicing Function Participant engaged by it) submit their assessments to the Depositor and the Securities Administrator, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Securities Administrator what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Securities Administrator shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto S and on any similar exhibit set forth in the applicable each Servicing Agreement in respect of any each Servicer, and the applicable Custodial AgreementAgreement in respect of the Custodian, and shall notify the Depositor of any exceptions.
Appears in 1 contract
Assessment of Compliance. (i) By September On or before March 15 of each yearcalendar year in which the Depositor is required to file reports with respect to the Trust Fund in accordance with the Exchange Act and the rules and regulations of the Commission, commencing in September 2007beginning with March 15, 2008, the Indenture Trustee Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee, each at its own expense, shall furnish furnish, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(d), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. If the Trustee and the Paying Agent are the same party, the Relevant Servicing Criteria of the Paying Agent shall be included in the Trustee's report. The Master Servicer shall furnish to the Trustee a copy of each assessment of compliance provided to it by the Custodian pursuant to the Custodial Agreement and by each Servicer pursuant to the related Servicing Agreement, to the extent that the Trustee is not entitled to receive such assessments pursuant to each such applicable agreement.
(ii) When the Indenture Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee submits its assessment (or any Servicing Function Participant engaged by it) submit their assessments to the Depositor Trustee and the AdministratorMaster Servicer, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Administrator Trustee shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto R and on any similar exhibit set forth in the applicable Servicing Agreement in respect of any Servicer, and the applicable Custodial AgreementAgreement in respect of any Custodian, and shall notify the Depositor of any exceptions. By way of clarification and for the avoidance of doubt, it is acknowledged that the Trustee shall rely exclusively on Exhibit R to determine such applicable Servicing Criteria and Relevant Servicing Criteria, as the case may be, and shall not otherwise be reporting on the content of or sufficiency of such assessments.
Appears in 1 contract
Assessment of Compliance. (i) By September March 15 of each year, commencing in September 2007March 2008, the Indenture Trustee Master Servicer, the Paying Agent (if other than the Securities Administrator) and the Securities Administrator, each at its own expense, shall furnish furnish, and shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer and the Securities Administrator, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(e), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. If the Securities Administrator and the Paying Agent are the same party, the Relevant Servicing Criteria of the Paying Agent shall be included in the Securities Administrator’s report.
(ii) When the Indenture Trustee submits its assessment Master Servicer, the Paying Agent (if other than the Securities Administrator) and the Securities Administrator (or any Servicing Function Participant engaged by it) submit their assessments to the Depositor and the Securities Administrator, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Securities Administrator what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each report on assessment of compliance, the Securities Administrator shall confirm that the assessments, taken as a whole, address all applicable Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto Q and on any similar exhibit set forth in each Servicing Agreement in respect of each Servicer, and each Custodial Agreement in respect of each Custodian, and shall notify the Depositor of any exceptions. By way of clarification and for the avoidance of doubt, it is acknowledged that the Securities Administrator shall rely exclusively on Exhibit Q and on any similar exhibit set forth in the Servicing Agreement and Custodial Agreement to determine such applicable Servicing Agreement in respect of any ServicerCriteria and Relevant Servicing Criteria, and as the applicable Custodial Agreementcase may be, and shall notify not otherwise be reporting on the Depositor content of any exceptionsor sufficiency of such assessments.
Appears in 1 contract
Assessment of Compliance. (i) By September March 15 of each year, commencing in September 2007March 2008, the Indenture Trustee Master Servicer, at its own expense, shall furnish furnish, and shall cause any Servicing Function Participant engaged by it to furnish, at its own expense, to the Depositor Sponsor, the Depositor, the Master Servicer and the AdministratorTrustee, a report on an assessment of compliance with the Relevant Servicing Criteria (as identified on Exhibit O) that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 3.246.20(e), including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period.
(ii) When the Indenture Trustee Master Servicer (or any Servicing Function Participant engaged by the Master Servicer) submits its assessment assessments to the Depositor Trustee and the AdministratorDepositor, it such parties will also at such time include the assessment (and attestation pursuant to subsection (b) of this Section 10.039.25) of each Servicing Function Participant engaged by it and shall indicate to the Depositor and Trustee what Relevant Servicing Criteria will be addressed in any such reports prepared by any such Servicing Function Participant.
(iii) Promptly after receipt of each such report on assessment of compliance, the Administrator Exchange Act Signing Party shall confirm that the assessments, taken as a whole, address all applicable of the Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto O and on any similar exhibit set forth in the applicable each Servicing Agreement in respect of any each Servicer, and each Custodial Agreement in respect of each Custodian, and, where the applicable Custodial AgreementMaster Servicer is the Exchange Act Signing Party, and shall notify the Depositor of any exceptions.
Appears in 1 contract
Assessment of Compliance. (ia) By September 15 March 1 (with a ten-calendar day cure period) of each year, commencing in September March 2007, the Indenture Trustee Master Servicer, the Securities Administrator, Cenlar FSB, at its own expense, shall furnish or otherwise make available, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Depositor Securities Administrator and the AdministratorDepositor, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Relevant Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by end of the Form 10-K required to be filed pursuant to Section 3.24preceding calendar year, including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria as of and for such period.
(iib) When No later than the Indenture Trustee submits its assessment end of each fiscal year for the Issuing Entity for which a 10-K is required to be filed, the Master Servicer, NYMT Servicing and Cenlar FSB shall each forward to the Depositor Securities Administrator and the Administrator, it will also at such time include Depositor the assessment (and attestation pursuant to subsection (b) of this Section 10.03) name of each Servicing Function Participant engaged by it and shall indicate what Relevant Servicing Criteria will be addressed in any such reports the report on assessment of compliance prepared by any such Servicing Function ParticipantParticipant (provided, however, that the Master Servicer need not provide such information to the Securities Administrator so long as the Master Servicer and the Securities Administrator are the same Person). When the Master Servicer, the Securities Administrator, NYMT Servicing, Cenlar FSB (or any Servicing Function Participant engaged by them) submit their assessments to the Securities Administrator, such parties will also at such time include the assessment and attestation pursuant to Sections 9.06 and 9.07 of each Servicing Function Participant engaged by it.
(iiic) Promptly after receipt of each such report on assessment of compliance, (i) the Depositor shall review each such report and, if applicable, consult with the Master Servicer, the Securities Administrator, NYMT Servicing, Cenlar FSB and any Servicing Function Participant engaged by such parties as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria by each such party, and (ii) the Securities Administrator shall confirm that the assessments, taken as a whole, address all applicable of the Servicing Criteria and taken individually address the Relevant Servicing Criteria (and disclose the inapplicability of the Servicing Criteria not determined to be Relevant Servicing Criteria) for each party as set forth on Exhibit C attached hereto R and on any similar exhibit set forth in the applicable each Servicing Agreement in respect of any Servicer, each Servicer and the applicable Custodial Agreement, and shall notify the Depositor of any exceptions.
(d) The Master Servicer shall include all annual reports on assessment of compliance received by it from ABN AMRO with its own assessment of compliance to be submitted to the Securities Administrator pursuant to this Section.
(e) In the event the Master Servicer, the Securities Administrator, Cenlar FSB or any Servicing Function Participant engaged by any such party is terminated, assigns its rights and obligations under, or resigns pursuant to, the terms of this Agreement, or any other applicable agreement, as the case may be, such party shall provide a report on assessment of compliance pursuant to this Section 9.06, or to such other applicable agreement, notwithstanding any such termination, assignment or resignation.
(f) In addition, if at any time NYMT Servicing, or any successor thereto, is directly servicing any of the NYMC Mortgage Loans, then NYMT Servicing, or such successor, also shall be obligated to comply with the provisions of this Section 9.06.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (NYMT Securities CORP)