Common use of Annual Accountants’ Reports Clause in Contracts

Annual Accountants’ Reports. On or before 120 days after the end of each fiscal year of the Servicer, the Servicer and the Company shall deliver to the Trustee separate reports, prepared by a firm of independent accountants selected by the Servicer and the Company, that (i) they have examined the balance sheets of the Servicer and the Company as of the last day of said fiscal year and the related statements of operations, retained earnings and changes in financial position for such fiscal year and have issued an opinion thereon, specifying the date thereof, (ii) they have also examined certain documents and records relating to the Contracts, (iii) their examination as described under clauses (i) and (ii) above was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as they considered necessary in the circumstances, and (iv) their examinations described under clause (i) and (ii) above disclosed no exceptions which, in their opinion, were material, relating to such Contracts, or, if any such exceptions were disclosed thereby, setting forth such exceptions which, in their opinion, were material.

Annual Accountants’ Reports. On or before 120 days after the end of each fiscal year of the Servicer, the Servicer and the Company Buyer shall deliver to the Trustee separate reports, prepared by a firm of independent accountants selected by the Servicer and the CompanyBuyer, that (i) they have examined the balance sheets of the Servicer and the Company as Buyer is of the last day of said fiscal year and the related statements of operations, retained earnings and changes in financial position for such fiscal year and have issued an opinion thereon, specifying the date thereof, (ii) they have also examined certain documents and the records relating to the Contracts, (iii) their examination as described under clauses (i) and (ii) above was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as they considered necessary in the circumstances, and (iv) their examinations examination described under clause clauses (i) and (ii) above disclosed no exceptions whichthat, in their opinion, were material, relating to such Contracts, or, if any such exceptions were disclosed thereby, setting forth such exceptions whichthat, in their opinion, were material.

Annual Accountants’ Reports. On or before 120 days the 90th day --------------------------- after the end of each the fiscal year of the ServicerServicer which ends in 1996, and each fiscal year thereafter, the Servicer and the Company shall deliver to the Trustee a separate reportsreport, prepared by a firm of independent accountants selected by the Servicer and the CompanySpecified Accounting Firm, stating that (i) they have examined the balance sheets sheet of the Servicer and the Company as of the last day of said such fiscal year and the related statements of operations, retained earnings and changes in financial position cash flows for such fiscal year and have issued an opinion thereon, specifying the date thereof, (ii) they have also examined certain such documents and records relating to the Contractsservicing of the Loans by the Servicer as set forth in Schedule III, (iii) their examination as described under clauses (i) and (ii) above was made in accordance with generally accepted auditing standards GAAS and accordingly included such tests of the accounting records and such other auditing procedures as they considered necessary in the circumstances, and (iv) their examinations described under clause clauses (i) and (ii) above disclosed no exceptions which, in their opinion, were material, relating to such Contractsthe servicing of the Loans, or, if any such exceptions disclosed thereby were disclosed therebymaterial, setting forth such exceptions which, in their opinion, were materialexceptions.