Report on Attestation of Compliance with Relevant Servicing Criteria Clause Samples
The 'Report on Attestation of Compliance with Relevant Servicing Criteria' clause requires a party, typically a servicer, to provide a formal report confirming that it has complied with specific servicing standards or criteria over a defined period. In practice, this involves the servicer obtaining an attestation, often from an independent auditor, which verifies that its servicing activities meet the agreed-upon requirements, such as those set by regulatory bodies or contractual agreements. This clause ensures transparency and accountability in servicing operations, helping to build trust among stakeholders and mitigate the risk of non-compliance.
Report on Attestation of Compliance with Relevant Servicing Criteria. On or before March 1st of each calendar year, commencing in March 2007, the Servicer, the Master Servicer, the Securities Administrator and the Custodian, each at its own expense, shall cause, and each such party shall cause any Servicing Function Participant engaged by it to cause, each at its own expense, a registered public accounting firm (which may also render other services to the Servicer, the Master Servicer, the Securities Administrator, the Custodian or such other Servicing Function Participants, as the case may be) and that is a member of the American Institute of Certified Public Accountants to furnish an attestation report to the Securities Administrator and the Depositor, to the effect that (i) it has obtained a representation regarding certain matters from the management of such party, which includes an assertion that such party has complied with the Relevant Servicing Criteria, and (ii) on the basis of an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted by the Public Company Accounting Oversight Board, it is expressing an opinion as to whether such party’s compliance with the Relevant Servicing Criteria was fairly stated in all material respects, or it cannot express an overall opinion regarding such party’s assessment of compliance with the Relevant Servicing Criteria. In the event that an overall opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such an opinion. Such report must be available for general use and not contain restricted use language. Promptly after receipt of each such assessment of compliance and attestation report, the Securities Administrator shall confirm that each assessment submitted pursuant to Section 3.22 is coupled with an attestation meeting the requirements of this Section and notify the Depositor of any exceptions. The Master Servicer shall enforce any obligation of the Servicer (and the Servicer shall enforce any obligation of a Sub-Servicer or Subcontractor engaged by such Servicer) to cause to be delivered to the Master Servicer an attestation within the time frame set forth in this Section 3.23, and in such form and substance as may be required by this Agreement. In the event the Servicer, the Master Servicer, the Securities Administrator, the Custodian or any Servicing Function Participant engaged by any such party, is terminated, assigns its rights and duties under, or resi...
Report on Attestation of Compliance with Relevant Servicing Criteria. On or before March 15th of each calendar year, beginning with March 15, 2007, the Servicer shall, at its own expense, cause a firm of independent public accountants (who may also render other services to Servicer), which is a member of the American Institute of Certified Public Accountants, to furnish to the Master Servicer, the Securities Administrator and the Depositor (i) year-end audited (if available) financial statements of the Servicer and (ii) a report to the effect that such firm attests to, and reports on, the assessment made by such asserting party pursuant to Section 3.22 above, which report shall be made in accordance with standards for attestation engagements issued or adopted by the PCAOB. In addition, on or before March 15th of each calendar year, beginning with March 15, 2007, the Servicer shall, at its own expense, furnish to the Master Servicer a report meeting the requirements of clause (ii) above regarding the attestation of any Subservicer or Subcontractor which is a Servicing Function Participant. Promptly after receipt of such report from the Servicer, the Master Servicer, the Securities Administrator or any Servicing Function Participant engaged by such parties, (i) the Depositor shall review the report and, if applicable, consult with such parties as to the nature of any defaults by such parties, in the fulfillment of any of each such party’s obligations hereunder or under any other applicable agreement, and (ii) the Securities Administrator shall confirm that each assessment submitted pursuant to Section 3.22 is coupled with an attestation meeting the requirements of this Section and notify the Depositor of any exceptions. The Master Servicer shall enforce any obligation of the Servicer (and the Servicer shall enforce any obligation of a Sub-Servicer or Subcontractor engaged by such Servicer) to cause to be delivered to the Master Servicer an attestation within the time frame set forth in this Section 3.23, and in such form and substance as may be required by this Agreement. The Master Servicer shall include any such attestations with its own attestations to be submitted to the Depositor pursuant to Section 9.02.