Common use of Annual Report of Accountants Clause in Contracts

Annual Report of Accountants. On or before March 15 of each year, beginning March 15, 2004, the Servicer, at its expense, shall cause a firm of independent certified public accountants that is a member of the American Institute of Certified Public Accountants to furnish a statement addressed to the Owner Trustee, the Indenture Trustee and each Rating Agency to the effect that such firm of independent certified public accountants has audited the documents or records of the Servicer relating to the Receivables and issued its report thereon and that such audit (a) was conducted in accordance with generally accepted auditing standards, and (b) included tests relating to retail motor vehicle loan and installment sale contracts serviced for others and that such firm is of the opinion that the provisions of this Agreement have been complied with during the preceding calendar year (or, with respect to the first report, the period from the Closing Date through December 31 of such year), and that, on the basis of such examination, nothing has come to their attention that would indicate that such servicing has not been conducted therewith during such calendar year or other applicable period, except for (x) such exceptions as such firm shall believe to be immaterial and (y) such other exceptions as shall be set forth in such statement.

Annual Report of Accountants. On or before March 15 of each year, beginning March 15, 20042005, the Servicer, at its expense, shall cause a firm of independent certified public accountants that is a member of the American Institute of Certified Public Accountants to furnish a statement report addressed to the Owner Trustee, the Indenture Trustee and each Rating Agency to the effect that such firm of independent certified public accountants has audited examined the documents or records of the Servicer relating to the Receivables and issued its report thereon and that such audit examination (a) was conducted in accordance with generally accepted auditing standards, and (b) included tests relating to retail motor vehicle loan and installment sale contracts serviced for others and that such firm is of the opinion that the provisions of this Agreement have been complied with during the preceding calendar year (or, with respect to the first report, the period from the Closing Date through December 31 of such year), and that, on the basis of such examination, nothing has come to their attention that would indicate that such servicing has not been conducted therewith during such calendar year or other applicable period, except for (x) such exceptions as such firm shall believe to be immaterial and (y) such other exceptions as shall be set forth in such statement.