Common use of Regulation AB Requirements Clause in Contracts

Regulation AB Requirements. The Manager shall use commercially reasonable efforts to confirm, where applicable, that each Servicer (and any Subservicer) has in place policies and procedures to (i) comply with the relevant servicing criteria provisions of Section 1122(d)(1) of Regulation AB that are applicable and relate to the servicing being conducted under this Agreement, and (ii) provide to the Manager, at the Servicer’s (and any Subservicer’s) expense the annual reports (including the independent accountant report) required pursuant to Section 7.4(d) above; provided that the following Regulation AB criteria shall not be deemed relevant to the servicing being conducted under this Agreement (or the Servicing Agreement): Section 1122(d)(1)(iii) regarding backup servicer requirements; Sections 1122(d)(3)(i-iv) regarding paying agent requirements; and Section 1122(d)(4)(xv) regarding external credit enhancement.

Regulation AB Requirements. The Manager shall use commercially reasonable efforts to confirm, where applicable, that each Servicer (and any Subservicer) has in place policies and procedures to (i) comply with the relevant servicing criteria provisions of Section 1122(d)(1) of Regulation AB that are applicable and relate to the servicing being conducted under this Agreement, and (ii) provide to the Manager, at the Servicer’s (and any Subservicer’s) expense the annual reports (including the independent accountant report) required pursuant to Section 7.4(d) above; provided provided, however, that the following Regulation AB criteria shall not be deemed relevant to the servicing being conducted under this Agreement (or the Servicing Agreement): Section 1122(d)(1)(iii) regarding backup servicer requirements; Sections 1122(d)(3)(i-iv) regarding paying agent requirements; and Section 1122(d)(4)(xv) regarding external credit enhancement.