Common use of Servicing Performance Evaluations Clause in Contracts

Servicing Performance Evaluations. Within 60 days after the reporting by the Trustee in its monthly statement pursuant to Section 4.03 of a Cumulative Loss Percentage which would cause a Servicing Evaluation Trigger to be in effect, the Trustee shall select and engage a nationally recognized independent auditor, approved in writing by the Rating Agencies (provided, however, that if the Trustee does not receive the written approval of any Rating Agency within 20 days of selecting an independent auditor, such Rating Agency will be deemed to have approved of such auditor), to evaluate the performance of the Servicer. Such engagement by the Trustee shall require the auditor to select a statistical sample of Delinquent Mortgage Loans (comprising a percentage (determined by the independent auditor in its sole discretion, which percentage shall not exceed 50%) of all Delinquent Mortgage Loans by unpaid principal balance as of the date the Servicer Evaluation Trigger occurred) and to examine the Servicer's servicing practices with respect to such Mortgage Loans (including, without limitation, examining payment histories, documentation relating to the Servicer's contacts with the related Mortgagors and documents contained in the Servicing File) for the period of 24 months prior to such examination or, with respect to an examination taking place within 24 months of the Closing Date, the period beginning on the Closing Date and ending on the date of such examination. Such engagement by the Trustee shall also require the auditor to compare such servicing practices of the Servicer with respect to the selected Mortgage Loans to the Performance Standards set forth on Exhibit L hereto and to evaluate the Servicer's compliance with the Performance Standards. The evaluation process described above in this Section 3.27 is referred to herein as a "Servicer Performance Evaluation" and is subject in all respects to the approval of the Rating Agencies. In the engagement, the Trustee shall require the auditor to deliver the results of its Servicer Performance Evaluation to the Trustee and the Rating Agencies and the Trustee shall report such Servicer Performance Evaluation results to Certificateholders in its monthly statement, made pursuant to Section 4.03. At their option, each Rating Agency shall have the right to review all of the information provided to the independent auditor in connection with a Servicer Performance Evaluation so as to allow such Rating Agency to evaluate the Servicer's compliance with the Performance Standards. The Servicer shall cooperate with all reasonable requests of the Trustee, the independent auditor and the Rating Agencies in connection with a Servicer Performance Evaluation, including, without limitation, making available to the auditor payment histories, documentation relating to the Servicer's contacts with the related Mortgagors and documents contained in the Servicing File. The Servicer shall pay all costs and expenses of the independent auditor or any Rating Agency (including the costs of any Rating Agency review pursuant to the foregoing paragraph) associated with a Servicer Performance Evaluation.

Servicing Performance Evaluations. Within 60 30 days after the reporting by the Trustee in its monthly statement pursuant to Section 4.03 of a Cumulative Loss Percentage which would cause a Servicing Servicer Evaluation Trigger to be in effectDate, the Trustee shall select and engage a nationally recognized independent auditor, approved in writing by the Rating Agencies, unless such Rating Agencies specifically waive such approval right (provided, however, that if the Trustee does not receive the written approval of any Rating Agency within 20 days of selecting an independent auditor, such Rating Agency will be deemed to have approved of such auditor), to evaluate the performance of the ServicerServicer under this Agreement. Such engagement by the Trustee shall require the auditor to select a statistical sample of Delinquent Mortgage Loans (comprising a percentage (determined by the independent auditor in its sole discretion, which percentage shall not exceed 50%) of all Delinquent Mortgage Loans by unpaid principal balance as of the date the Servicer Evaluation Trigger occurredDate) and to examine the Servicer's servicing practices with respect to such Mortgage Loans (including, without limitation, examining payment histories, documentation relating to the Servicer's ’s contacts with the related Mortgagors and documents contained in the related Servicing File) for the period of 24 months prior to such examination or, with respect to an examination taking place within 24 months of the Closing Date, the period beginning on the Closing Date and ending on the date of such examination. Such engagement by the Trustee shall also require the auditor to compare such the servicing practices of the Servicer with respect to the selected Mortgage Loans to the Performance Standards set forth on Exhibit L K hereto and to evaluate the Servicer's ’s compliance with the Performance Standards. The evaluation process described above in this Section 3.27 is referred to herein as a "“Servicer Performance Evaluation" ” and is subject in all respects to the approval of the Rating AgenciesAgencies with such approval right at the option of each Rating Agency. In the engagement, the Trustee shall require the auditor to deliver the results of its Servicer Performance Evaluation to the Trustee and Servicer, Trustee, the Rating Agencies and the Counterparty within 60 days from the date on which the auditor was engaged to perform such evaluation and the Trustee shall report such the Servicer Performance Evaluation results to Certificateholders in its monthly statement, made pursuant to Section 4.034.02. After receipt of the results of the Servicer Performance Evaluation, the Holders of the Certificates entitled to 51% of the Voting Rights, within 30 days of the completion of the Servicer Performance Evaluation, may make a written request to the Trustee to terminate the Servicer as Servicer under this Agreement. If such a written request is made to the Trustee, the Servicer will be deemed to have “failed” a Servicer Performance Evaluation for purposes of the Servicer Termination Test. At their option, each Rating Agency shall have the right to review all of the information provided to the independent auditor in connection with a the Servicer Performance Evaluation so as to allow such Rating Agency to evaluate the Servicer's ’s compliance with the Performance Standards. The Servicer shall cooperate with all reasonable requests of the Trustee, the independent auditor and the Rating Agencies in connection with a the Servicer Performance Evaluation, including, without limitation, making available to the auditor payment histories, documentation relating to the Servicer's ’s contacts with the related Mortgagors and documents contained in the Servicing File. The Servicer shall pay all costs and expenses of the Trustee, the independent auditor or any Rating Agency (including the costs of any Rating Agency review pursuant to the foregoing paragraph) associated with a Servicer Performance Evaluation.

Servicing Performance Evaluations. Within 60 days after the reporting by the Trustee in its monthly statement pursuant to Section 4.03 of a Cumulative Loss Percentage which would cause a Servicing Servicer Evaluation Trigger to be in effectDate, the Trustee shall select and engage a nationally recognized independent auditor, approved in writing by the Rating Agencies, unless such Rating Agencies specifically waive such approval right (provided, however, that if the Trustee does not receive the written approval of any Rating Agency within 20 days of selecting an independent auditor, such Rating Agency will be deemed to have approved of such auditor), to evaluate the performance of the ServicerServicer under this Agreement. Such engagement by the Trustee shall require the auditor to select a statistical sample of Delinquent Mortgage Loans (comprising a percentage (determined by the independent auditor in its sole discretion, which percentage shall not exceed 50%) of all Delinquent Mortgage Loans by unpaid principal balance as of the date the Servicer Evaluation Trigger occurredDate) and to examine the Servicer's servicing practices with respect to such Mortgage Loans (including, without limitation, examining payment histories, documentation relating to the Servicer's ’s contacts with the related Mortgagors and documents contained in the related Servicing File) for the period of 24 months prior to such examination or, with respect to an examination taking place within 24 months of the Closing Date, the period beginning on the Closing Date and ending on the date of such examination. Such engagement by the Trustee shall also require the auditor to compare such the servicing practices of the Servicer with respect to the selected Mortgage Loans to the Performance Standards set forth on Exhibit L K hereto and to evaluate the Servicer's ’s compliance with the Performance Standards. The evaluation process described above in this Section 3.27 is referred to herein as a "“Servicer Performance Evaluation" ” and is subject in all respects to the approval of the Rating AgenciesAgencies with such approval right at the option of each Rating Agency. In the engagement, the Trustee shall require the auditor to deliver the results of its Servicer Performance Evaluation to the Trustee and Servicer, Trustee, the Rating Agencies and the Counterparty and the Trustee shall report such the Servicer Performance Evaluation results to Certificateholders in its monthly statement, made pursuant to Section 4.034.02. After receipt of the results of the Servicer Performance Evaluation, the Holders of the Certificates entitled to 51% of the Voting Rights may make a written request to the Trustee to terminate the Servicer as Servicer under this Agreement. If such a written request is made to the Trustee, the Servicer will be deemed to have “failed” a Servicer Performance Evaluation for purposes of the Servicer Termination Test. At their option, each Rating Agency shall have the right to review all of the information provided to the independent auditor in connection with a the Servicer Performance Evaluation so as to allow such Rating Agency to evaluate the Servicer's ’s compliance with the Performance Standards. The Servicer shall cooperate with all reasonable requests of the Trustee, the independent auditor and the Rating Agencies in connection with a the Servicer Performance Evaluation, including, without limitation, making available to the auditor payment histories, documentation relating to the Servicer's ’s contacts with the related Mortgagors and documents contained in the Servicing File. The Servicer shall pay all costs and expenses of the Trustee, the independent auditor or any Rating Agency (including the costs of any Rating Agency review pursuant to the foregoing paragraph) associated with a Servicer Performance Evaluation.

Servicing Performance Evaluations. Within 60 days after the reporting by the Trustee in its monthly statement pursuant to Section 4.03 of a Cumulative Loss Percentage which would cause a Servicing Servicer Evaluation Trigger to be in effectDate, the Trustee shall select and engage a nationally recognized independent auditor, approved in writing by the Rating Agencies, unless such Rating Agencies specifically waive such approval right (provided, however, that if the Trustee does not receive the written approval of any Rating Agency within 20 days of selecting an independent auditor, such Rating Agency will be deemed to have approved of such auditor), to evaluate the performance of the Servicer. Such engagement by the Trustee shall require the auditor to select a statistical sample of Delinquent Mortgage Loans (comprising a percentage (determined by the independent auditor in its sole discretion, which percentage shall not exceed 50%) of all Delinquent Mortgage Loans by unpaid principal balance as of the date the Servicer Evaluation Trigger occurredDate) and to examine the Servicer's servicing practices with respect to such Mortgage Loans (including, without limitation, examining payment histories, documentation relating to the Servicer's contacts with the related Mortgagors and documents contained in the related Servicing File) for the period of 24 months prior to such examination or, with respect to an examination taking place within 24 months of the Closing Date, the period beginning on the Closing Date and ending on the date of such examination. Such engagement by the Trustee shall also require the auditor to compare such the servicing practices of the Servicer with respect to the selected Mortgage Loans to the Performance Standards set forth on Exhibit L J hereto and to evaluate the Servicer's compliance with the Performance Standards. The evaluation process described above in this Section 3.27 is referred to herein as a "Servicer Performance Evaluation" and is subject in all respects to the approval of the Rating AgenciesAgencies with such approval right at the option of each Rating Agency. In the engagement, the Trustee shall require the auditor to deliver the results of its Servicer Performance Evaluation to the Trustee and Trustee, the Rating Agencies and the Counterparty and the Trustee shall report such the Servicer Performance Evaluation results to Certificateholders in its monthly statement, made pursuant to Section 4.034.02. After receipt of the results of the Servicer Performance Evaluation, the Holders of the Certificates entitled to 51% of the Voting Rights may make a written request to the Trustee to terminate the Servicer as Servicer under this Agreement. If such a written request is made to the Trustee, the Servicer will be deemed to have "failed" a Servicer Performance Evaluation for purposes of the Servicer Termination Test. At their option, each Rating Agency shall have the right to review all of the information provided to the independent auditor in connection with a the Servicer Performance Evaluation so as to allow such Rating Agency to evaluate the Servicer's compliance with the Performance Standards. The Servicer shall cooperate with all reasonable requests of the Trustee, the independent auditor and the Rating Agencies in connection with a the Servicer Performance Evaluation, including, without limitation, making available to the auditor payment histories, documentation relating to the Servicer's contacts with the related Mortgagors and documents contained in the Servicing File. The Servicer shall pay all costs and expenses of the Trustee, the independent auditor or any Rating Agency (including the costs of any Rating Agency review pursuant to the foregoing paragraph) associated with a Servicer Performance Evaluation.