Common use of Annual Servicing Report Clause in Contracts

Annual Servicing Report. On or before ________ of each year, beginning ________, ____, the Servicer at its expense shall cause a firm of nationally recognized independent public accountants (who may also render other services to the Servicer) to furnish a report to the Company, the Issuer, the Indenture Trustee, the Depositor, the Credit Enhancer and each Rating Agency to the effect that such firm has examined certain documents and records relating to the servicing of mortgage loans by the Servicer during the most recent calendar year then ended under servicing agreements (including this Servicing Agreement) substantially similar to this Servicing Agreement and that such examination, which has been conducted substantially in compliance with the audit guide for audits of non-supervised mortgagees approved by the Department of Housing and Urban Development for use by independent public accountants (to the extent that the procedures in such audit guide are applicable to the servicing obligations set forth in such agreements), has disclosed no items of noncompliance with the provisions of this Servicing Agreement which, in the opinion of such firm, are material, except for such items of non compliance as shall be set forth in such report. In rendering such statement, such firm may rely, as to matters relating to direct servicing of mortgage loans by Subservicers, upon comparable statements for examinations conducted substantially in the manner described above (rendered within one year of such statement) of independent public accountants with respect to the related Subservicer. For purposes of such statement, such firm may conclusively assume that all servicing agreements among the Company and the Servicer relating to home equity mortgage loans are substantially similar one to another except for any such servicing agreement which, by its terms, specifically states otherwise.

Annual Servicing Report. On or before ________ of each year, beginning ________, ____, the Servicer at its expense shall cause a firm of nationally recognized independent public accountants (who may also render other services to the Servicer) to furnish a report to the Company, the Issuer, the Indenture Trustee, the Depositor, the Credit Enhancer and each Rating Agency to the effect that such firm has examined certain documents and records relating to the servicing of mortgage loans by the Servicer during the most recent calendar year then ended under servicing agreements (including this Servicing Agreement) substantially similar to this Servicing Agreement and that such examination, which has been conducted substantially in compliance with the audit guide for audits of non-supervised mortgagees approved by the Department of Housing and Urban Development for use by independent public accountants (to the extent that the procedures in such audit guide are applicable to the servicing obligations set forth in such agreements), has disclosed no items of noncompliance with the provisions of this Servicing Agreement which, in the opinion of such firm, are material, except for such items of non compliance noncompliance as shall be set forth in such report. In rendering such statement, such firm may rely, as to matters relating to direct servicing of mortgage loans by Subservicers, upon comparable statements for examinations conducted substantially in the manner described above (rendered within one year of such statement) of independent public accountants with respect to the related Subservicer. For purposes of such statement, such firm may conclusively assume that all servicing agreements among the Company and the Servicer relating to home equity mortgage loans are substantially similar one to another except for any such servicing agreement which, by its terms, specifically states otherwise.

Annual Servicing Report. On or before ________ of each year, beginning ________, ____, the Servicer at its expense shall cause a firm of nationally recognized independent public accountants (who may also render other services to the Servicer) to furnish a report to the Company, the Issuer, the Indenture Trustee, the Depositor, the Credit Enhancer and each Rating Agency to the effect that such firm has examined certain documents and records relating to the servicing of mortgage loans by the Servicer during the most recent calendar year then ended under servicing agreements (including this Servicing Agreement) substantially similar to this Servicing Agreement and that such examination, which has been conducted substantially in compliance with the audit guide for audits of non-supervised mortgagees approved by the Department of Housing and Urban Development for use by independent public accountants (to the extent that the procedures in such audit guide are applicable to the servicing obligations set forth in such agreements), has disclosed no items of noncompliance with the provisions of this Servicing Agreement which, in the opinion of such firm, are material, except for such items of non compliance as shall be set forth in such report. In rendering such statement, such firm may rely, as to matters relating to direct servicing of mortgage loans by Subservicers, upon comparable statements for examinations conducted substantially in the manner described above (rendered within one year of such statement) of independent public accountants with respect to the related Subservicer. For purposes of such statement, such firm may conclusively assume that all servicing agreements among the Company and the Servicer relating to home equity mortgage loans are substantially sub stantially similar one to another except for any such servicing agreement which, by its terms, specifically states otherwise.

Annual Servicing Report. On or before ________________ of each year, beginning _______________, ______, the [Master] Servicer at its expense shall cause a firm of nationally recognized independent public accountants (who may also render other services to the [Master] Servicer) to furnish a report to the Company, the Issuer, the Indenture Trustee, the Depositor, the Credit Enhancer and each Rating Agency to stating its opinion that, on the effect that basis of an examination conducted by such firm has examined certain documents and records relating to the servicing of mortgage loans substantially in accordance with standards established by the Servicer during American Institute of Certified Public Accountants, the most recent calendar year then ended under servicing agreements (including this Servicing Agreement) substantially similar assertions made pursuant to this Servicing Agreement and that such examination, which has been conducted substantially in Section 3.10 regarding compliance with the audit guide for audits of non-supervised mortgagees approved by the Department of Housing and Urban Development for use by independent public accountants (to the extent that the procedures in such audit guide are applicable to the minimum servicing obligations standards set forth in the Uniform Single Attestation Program for Mortgage Bankers during the preceding calendar year are fairly stated in all material respects, subject to such agreements), has disclosed no items of noncompliance with the provisions of this Servicing Agreement whichexceptions and other qualifications that, in the opinion of such firm, are material, except for such items of non compliance as shall be set forth in such accounting standards require it to report. In rendering such statement, such firm may rely, as to matters relating to the direct servicing of mortgage loans by Subservicers, upon comparable statements for examinations conducted by independent public accountants substantially in accordance with standards established by the manner described above American Institute of Certified Public Accountants (rendered within one year of such statement) of independent public accountants with respect to the related Subservicer. For purposes of such statement, such firm may conclusively assume that all servicing agreements among the Company 200_-__ Trust and the [Master] Servicer relating to home equity mortgage loans are substantially similar one to another except for any such servicing agreement which, by its terms, specifically states otherwise.

Annual Servicing Report. On or before ________ of each year, beginning ________, ____, the Servicer at its expense shall cause a firm of nationally recognized independent public accountants (who may also render other services to the Servicer) to furnish a report to the CompanyDepositor, the Issuer, the Indenture Trustee, the Depositor, the Credit Enhancer and each Rating Agency to the effect that such firm has examined certain documents and records relating to the servicing of mortgage loans by the Servicer during the most recent calendar year then ended under servicing agreements (including this Servicing Agreement) substantially similar to this Servicing Agreement and that such examination, which has been conducted substantially in compliance with the audit guide for audits of non-supervised mortgagees approved by the Department of Housing and Urban Development for use by independent public accountants (to the extent that the procedures in such audit guide are applicable to the servicing obligations set forth in such agreements), has disclosed no items of noncompliance with the provisions of this Servicing Agreement which, in the opinion of such firm, are material, except for such items of non compliance as shall be set forth in such report. In rendering such statement, such firm may rely, as to matters relating to direct servicing of mortgage loans by Subservicers, upon comparable statements for examinations conducted substantially in the manner described above (rendered within one year of such statement) of independent public accountants with respect to the related Subservicer. For purposes of such statement, such firm may conclusively assume that all servicing agreements among the Company Depositor and the Servicer relating to home equity mortgage loans are substantially similar one to another except for any such servicing agreement which, by its terms, specifically states otherwise.

Annual Servicing Report. On or before ________ March 15 of each year, beginning ________, ____in 2006, the Master Servicer at its expense shall cause a firm of nationally recognized independent public accountants (who may also render other services to which is a member of the Servicer) American Institute of Certified Public Accountants to furnish a report statement to the CompanyTrust Administrator, in the form of Exhibit F hereto. Upon the Trust Administrator’s receipt of such statement, the Trust Administrator shall send a copy of such statement to the Depositor. On or before March 15 each year, beginning in 2006, each 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 Issuer, the Indenture Trustee, the Trust Administrator, the Master Servicer, the Depositor, the Credit Enhancer Underwriter and each Rating Agency to the effect that such firm has examined certain documents and records relating to the such Servicer’s servicing of mortgage loans by of the Servicer during same type as the most recent calendar year then ended under Loans pursuant to servicing agreements (including this Servicing Agreement) substantially similar to this Servicing Agreement Agreement, which servicing agreements may include this Servicing Agreement, and that that, on the basis of such an examination, which has been conducted substantially in compliance with the audit guide Uniform Single Attestation Program for audits of non-supervised mortgagees approved by Mortgage Bankers or the Department of Housing Audit Guide for HUD Approved Title II Approved Mortgagees and Urban Development for use by independent public accountants (Loan Correspondent Programs, nothing has come to the extent their attention which would indicate that the procedures such servicing has not been conducted in such audit guide are applicable to the servicing obligations set forth in such agreements), has disclosed no items of noncompliance compliance with the provisions of this Accepted Servicing Agreement which, in the opinion of such firm, are materialPractices, except for (i) such items of non compliance exceptions as such firm shall believe to be immaterial, and (ii) such other exceptions as shall be set forth in such reportstatement. In addition, each Servicer shall disclose to such firm all significant deficiencies relating to such Servicer’s compliance with the minimum servicing standards set forth in this Agreement. In rendering such statement, such firm may rely, as to matters relating to the direct servicing of mortgage loans such Loans by Subservicers, upon comparable statements for examinations conducted by independent public accountants substantially in accordance with standards established by the manner described above American Institute of Certified Public Accountants (rendered within one year of such statement) of independent public accountants with respect to the related Subservicer. For purposes of such statement, such firm may conclusively assume that all servicing agreements among the Company and the Servicer relating to home equity mortgage loans are substantially similar one to another except for any such servicing agreement which, by its terms, specifically states otherwiseSubservicers.