Reports on Assessment of Compliance and Attestation Clause Samples
The "Reports on Assessment of Compliance and Attestation" clause requires one party to provide formal documentation demonstrating their adherence to specified standards or contractual obligations. Typically, this involves delivering compliance reports or third-party attestations, such as audit results or certifications, to the other party at agreed intervals or upon request. This clause ensures transparency and accountability by providing verifiable evidence of compliance, thereby reducing risk and fostering trust between the parties.
Reports on Assessment of Compliance and Attestation. (a) By March 15 of each year (such date includes the expiration of any applicable grace period), commencing in March 2007, the Master Servicer, the Securities Administrator, each Custodian (for so long as a Form 10-K will be filed on behalf of the Trust for the preceding calendar year) and each other Reporting Party, each at its own expense, shall furnish or otherwise make available, and each such party shall cause any Servicing Function Participant engaged by it to furnish, each at its own expense, to the Securities Administrator and the Depositor, a report on an assessment of compliance with the Relevant Servicing Criteria that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Relevant Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party's assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 12.04, including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such party's assessment of compliance with the Relevant Servicing Criteria as of and for such period. No later than the end of each fiscal year for the Trust for which a 10-K is required to be filed, the Master Servicer and each Custodian shall each forward to the Securities Administrator the name of each Servicing Function Participant engaged by it and what Relevant Servicing Criteria will be addressed in the report on assessment of compliance prepared by such Servicing Function Participant; however if the Master Servicer and the Securities Administrator are the same entity, then the Master Servicer is not required to forward to the Securities Administrator its assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 12.04. When the Master Servicer and the Securities Administrator (or any Servicing Function Participant engaged by them) submit their assessments to the Securities Administrator, such parties will also at such time include the assessment (and attestation pursuant to Section 12.06(b) of each Servicing Function Participant enga...
Reports on Assessment of Compliance and Attestation. (a) Not later than the earlier of (a) March 15 of each calendar year (other than the calendar year during which the Closing Date occurs) or (b) with respect to any calendar year during which an annual report on Form 10-K is required to be filed pursuant to Section 3.29 on behalf of the Trust, 15 calendar days before each date on which that annual report on Form 10-K is required to be filed, pursuant to Section 3.29 (or if such day is not a Business Day, the immediately preceding Business Day), the Servicer, at its own expense, shall deliver to the Depositor, the Trustee and each Rating Agency an officer's certification and assessment of its compliance with the Servicing Criteria during the preceding calendar year as required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB (the "Assessment of Compliance"), which assessment shall be substantially in the form of Exhibit P-1 hereto. The parties acknowledge and agree that the items indicated as being subject to assessment by each such party on Exhibit P-2 hereto are the items to be assessed by such party as of the Closing Date and that any changes to such allocation of assessment responsibilities will be made by mutual agreement of the parties. Any such changes will not require an amendment of this Agreement.
(b) Not later than the earlier of (a) March 15 of each calendar year (other than the calendar year during which the Closing Date occurs) or (b) with respect to any calendar year during which an annual report on Form 10-K is required to be filed pursuant to Section 3.29 on behalf of the Trust, 15 calendar days before each date on which that annual report on Form 10-K is required to be filed pursuant to Section 3.29 (or if such day is not a Business Day, the immediately preceding Business Day), the Servicer, at its own expense, shall cause a nationally or regionally recognized firm of independent registered public accountants (who may also render other services to the Servicer, the Seller or any affiliate thereof), which is a member of the American Institute of Certified Public Accountants to furnish a statement to the Depositor and the Trustee, that attests to and reports on the assessment of compliance provided by the Servicer pursuant to Section 3.20(a) (the "Accountant's Attestation"). Such Accountant's Attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act.
(c) The Servicer shall cause any Subserv...
Reports on Assessment of Compliance and Attestation. Section 3.21 Access to Certain Documentation and Information Regarding the Mortgage Loans............................ 84 Section 3.22 Reserved................................................ 84 Section 3.23 Obligations of the Servicer in Respect of Compensating Interest................................................ 84 Section 3.24 Obligations of the Servicer in Respect of Mortgage Interest Rates and Monthly Payments..................... 85 Section 3.25 Investment of Funds in the Collection Account and the Distribution Account.................................... 85 Section 3.26
Reports on Assessment of Compliance and Attestation. Access to Certain Documentation and Information Regarding the Mortgage Loans.
Reports on Assessment of Compliance and Attestation. On or before March 15 of each calendar year beginning in 2007, the Custodian shall:
(a) deliver to the Company, the Servicer and the Trustee a report (in form and substance reasonably satisfactory to the Company) regarding the Custodian's assessment of compliance with the Servicing Criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Company and the Securities Administrator and signed by an authorized officer of the Custodian, and shall address each of the Servicing Criteria specified on a certification substantially in the form of Exhibit Five hereto; and
(b) deliver to the Company, the Servicer and the Trustee a report (an "Attestation Report") of a registered public accounting firm reasonably acceptable to the Company and the Trustee that attests to, and reports on, the assessment of compliance made by the Custodian and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act.