Examples of Enforcement Terms in a sentence
Based on this work, the SPF was able to satisfy itself and report to me that the sample sizes used by the IRG conformed in all material respects to the Work Plan and the Enforcement Terms.
With respect to Metrics tested on a loan-level basis, for each quarterly Test Period, my confirmatory work includes confirmation that loan testing populations used by the IRG and the IRG’s selection of samples of loans from such loan testing populations conform to the requirements of the Work Plan and the Enforcement Terms.
As discussed above, in accordance with the Work Plan and the Enforcement Terms, after receipt of a Quarterly Report from Servicer, I am required to undertake confirmatory testing of the results reported in such Quarterly Report.
Pursuant to the Enforcement Terms and the Work Plan, the IRG conducts Metrics testing.
In addition, the SPF reviewed and evaluated the evidence provided by the IRG for Test Periods 7 and 8, and the SPF was able to satisfy itself that the Loan Testing Populations used and documented by the IRG in its Work Papers conformed in all material respects to the Work Plan and the Enforcement Terms, including the IRG’s review/verification of the accuracy and completeness of the populations.
Under the terms of the Work Plan and in furtherance of the requirements and obligations imposed upon me in the Enforcement Terms, I am required to undertake periodic due diligence regarding the IRG in the context of the Servicing Standards, and reviews of Quarterly Reports and the work of the IRG associated therewith.
Based on the SPF’s evaluation of the IRG’s selection and identification of Loan Testing Populations for Test Period 3 and Test Period 4, the Loan Testing Populations used and documented by the IRG in its Work Papers conformed in all material respects to the Work Plan and the Enforcement Terms, including the IRG’s review/verification of the accuracy and completeness of the populations.
Based on the foregoing, and the SPF’s knowledge of Servicer’s business environment and its understanding of the components of the SOR relevant to the Metrics being tested, the SPF satisfied itself and reported to me that it was reasonable to conclude that the loan testing populations used for each Metric in the third and fourth calendar quarters of 2015 conformed in all material respects to the requirements of the Work Plan and the Enforcement Terms.
Based on this due diligence and the SPF’s and PPF’s reports regarding such due diligence, and the fact that no material changes occurred in the make-up of the IRG since the most recent previous two Test Periods, I found that the IRG’s qualifications and performance during the third and fourth calendar quarters of 2015 conformed in all material respects to the requirements set out in the Enforcement Terms and the Work Plan.
The Monitor shall act expeditiously to determine if such a Certification of Compliance or Certification of Partial Compliance is warranted and may take steps necessary to verify that the conditions required for the issuance of the applicable Certification of Compliance or Certification of Partial Compliance have been satisfied, using methods consistent with Exhibit E to the Consent Judgment (Enforcement Terms).