Master Servicer and Administrator Expenses. The Master Servicer and the Administrator shall be severally required to pay all expenses incurred by them in connection with their respective activities hereunder, including fees and disbursements of independent accountants, taxes imposed on the Master Servicer or the Administrator, as the case may be, and expenses incurred in connection with distributions and reports to the Administrator, the Noteholders and the Eligible Lender Trustee, as the case may be.
Master Servicer and Administrator Expenses. The Master Servicer and the Administrator shall be severally required to pay or cause to be paid all expenses incurred by it (or its agents acting on its behalf) in connection with its activities hereunder, including fees and disbursements of independent accountants, taxes imposed on the Master Servicer or the Administrator, as the case may be, and expenses incurred in connection with distributions and reports to the Administrator, the Securities Insurer, the Swap Counterparty, the Depositor, the Eligible Lender Trustee, or to the holders of the related group of Notes, as the case may be.
Master Servicer and Administrator Expenses. The Master Servicer and the Administrator shall be severally required to pay or cause to be paid all expenses incurred by it (or its agents acting on its behalf) in connection with its activities hereunder, including fees and disbursements of independent accountants, taxes imposed on the Master Servicer or the Administrator, as the case may be, and expenses incurred in connection with distributions and reports to the Administrator, the Depositor, the Eligible Lender Trustee, the Owner Trustee, or to the Holders of the related group of Notes, as the case may be; provided, however, that any amounts expended by the Master Servicer (or any Sub-Servicer on its behalf) in connection with Liquidation Proceeds or Recoveries shall be netted out of Liquidation Proceeds or Recoveries, as the case may be, and retained by the Master Servicer or the Sub-Servicer, as the case may be.
Master Servicer and Administrator Expenses. Each of the Master Servicer and the Administrator shall be severally required to pay all expenses incurred by it in connection with its activities hereunder, including fees and disbursements of independent accountants, taxes imposed on the Master Servicer or the Administrator, as the case may be, and expenses incurred in connection with distributions and reports to the Administrator or to the Certificateholders and the Noteholders, as the case may be; [provided, however, the Excess Servicing Fee will be subject to increase agreed to by the Administrator, the Eligible Lender Trustee and the Master Servicer to the extent that a demonstrable and significant increase occurs in the costs incurred by the Master Servicer in providing the services to be provided hereunder, whether due to changes in applicable governmental regulations, Guarantor program requirements or regulations or postal rates].
