Common use of Annual Report of Accountants Clause in Contracts

Annual Report of Accountants. On or before May 1 of each year, commencing May 1, 1996, the Servicer at its expense shall cause a firm of independent public accountants which is a member of the American Institute of Certified Public Accountants to furnish a statement to the Trustee, S&P and Xxxxx'x to the effect that such firm has examined certain documents and records relating to the servicing of the home improvement contracts and promissory notes under pooling and servicing agreements substantially similar one to another (such statement to have attached thereto a schedule setting forth the pooling and servicing agreements covered thereby, including this Agreement) and that, on the basis of such examination, conducted substantially in compliance with generally accepted auditing standards, (i) such servicing has been conducted in compliance with such pooling and servicing agreements, and (ii) the Servicer's payment of FHA Insurance premiums and submission of FHA Insurance claims has been conducted in compliance with FHA Regulations, except for such significant exceptions or errors in records that, in the opinion of such firm, generally accepted auditing standards requires it to report.

Annual Report of Accountants. On or before May 1 of each year, commencing May 1, 19961997, the Servicer at its expense shall cause a firm of independent public accountants which is a member of the American Institute of Certified Public Accountants to furnish a statement to the Servicer, the Trustee, S&P and Xxxxx'x Fitch to the effect that such firm has examined certain documents and records relating to the servicing of the home improvement contracts and promissory notes under pooling and servicing agreements substantially similar one to another (such statement to have attached thereto a schedule setting forth the pooling and servicing agreements covered thereby, including this Agreement) and that, on the basis of such examination, conducted substantially in compliance with generally accepted auditing standards, (i) such servicing has been conducted in compliance with such pooling and servicing agreements, and (ii) the Servicer's payment of FHA Insurance premiums and submission of FHA Insurance claims has been conducted in compliance with FHA Regulations, except for such significant exceptions or errors in records that, in the opinion of such firm, generally accepted auditing standards requires it to report.

Annual Report of Accountants. On or before May 1 of each year, commencing May 1, 1996, the Servicer at its expense shall cause a firm of independent public accountants which is a member of the American Institute of Certified Public Accountants to furnish a statement to the Trustee, S&P Trustee and Xxxxx'x to the effect that such firm has examined certain documents and records relating to the servicing of the home improvement contracts and promissory notes under pooling and servicing agreements substantially similar one to another (such statement to have attached thereto a schedule setting forth the pooling and servicing agreements covered thereby, including this Agreement) and that, on the basis of such examination, conducted substantially in compliance with generally accepted auditing standards, (i) such servicing has been conducted in compliance with such pooling and servicing agreements, and (ii) the Servicer's payment of FHA Insurance premiums and submission of FHA Insurance claims has been conducted in compliance with FHA Regulations, except for such significant exceptions or errors in records that, in the opinion of such firm, generally accepted auditing standards requires it to report.

Annual Report of Accountants. On or before May 1 of each year, commencing May 1, 1996[2003], the Servicer at its expense shall cause a firm of independent public accountants which is a member of the American Institute of Certified Public Accountants to furnish a statement to the Servicer, the Trustee, S&P and Xxxxx'x [rating agencies] to the effect that such firm has examined certain documents and records relating to the servicing of the home improvement contracts and promissory notes under pooling and servicing agreements substantially similar one to another (such statement to have attached thereto a schedule setting forth the pooling and servicing agreements covered thereby, including this Agreement) and that, on the basis of such examination, conducted substantially in compliance with generally accepted auditing standards, (i) such servicing has been conducted in compliance with such pooling and servicing agreements, and (ii) the Servicer's payment of FHA Insurance premiums and submission of FHA Insurance claims has been conducted in compliance with FHA Regulations, except for such significant exceptions or errors in records that, in the opinion of such firm, generally accepted auditing standards requires it to report.