Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets serviced by 1122(d)(3)(i) the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days 1122(d)(3)(iii) specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Amounts remitted to investors per the investor reports agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ Collateral or security on pool assets is maintained as required by the transaction 1122(d)(4)(i) agreements or related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets and related documents are safeguarded as required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in accordance with the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ The Servicer's records regarding the pool assets agree with the Servicer's records with 1122(d)(4)(v) respect to an obligor's unpaid principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ Adjustments to interest rates or rates of return for pool assets with variable rates are computed 1122(d)(4)(ix) based on the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:________________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002: 1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information"); 2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and 3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.
Appears in 1 contract
Sources: Sale and Servicing Agreement (USAA Auto Owner Trust 2006-2)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ----------------
Exh. 7-2 APPLICABLE SERVICING SERVICING CRITERIA CRITERIA -------------------------------------------------------------------------------- Reference Criteria -------------------------------------------------------------------------------- Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets mortgage loans serviced by 1122(d)(3)(i) by the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days 1122(d)(3)(iii) specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Amounts remitted to investors per the investor reports agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Collateral or security on pool assets mortgage loans is maintained as required by the transaction X 1122(d)(4)(i) agreements or related pool asset mortgage loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets ---------------- ---------------- Mortgage loan and related documents are safeguarded as required by the transaction X 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Payments on pool assetsmortgage loans, including any payoffs, made in accordance with the related pool asset mortgage loan documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in accordance with the related pool asset mortgage 1122(d)(4)(iv) loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- The Servicer's records regarding the pool assets mortgage loans agree with the Servicer's records with 1122(d)(4)(v) respect to an obligor's unpaid principal 1122(d)(4)(v) balance. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Changes with respect to the terms or status of an obligor's pool assets mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Records documenting collection efforts are maintained during the period a pool asset mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness or 1122(d)(4)(viii) unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Adjustments to interest rates or rates of return for pool assets mortgage loans with variable rates are computed 1122(d)(4)(ix) based on the related pool asset mortgage loan 1122(d)(4)(ix) documents. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ----------------
Exh. 7-3 APPLICABLE SERVICING SERVICING CRITERIA CRITERIA -------------------------------------------------------------------------------- Reference Criteria -------------------------------------------------------------------------------- Investor Remittances and Reporting ---------------- ---------------- Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assetsmortgage loans, or such other number of days specified 1122(d)(4)(x) in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicerservicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the 1122(d)(4)(xiii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:________________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.--------------------------------------------------------------------------------
Appears in 1 contract
Sources: Custodial Agreement (Morgan Stanley Mortgage Loan Trust 2006-8ar)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to prevent X 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------- Reconciliations are prepared on a monthly basis for all X asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------- Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------- Reports to investors, including those to be filed with the X Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets 1122(d)(3)(i) mortgage loans serviced by 1122(d)(3)(i) the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------- Amounts due to investors are allocated and remitted in X accordance with timeframes, distribution priority and other 1122(d)(3)(ii) terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------- Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days 1122(d)(3)(iii) specified in the transaction X 1122(d)(3)(iii) agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------- Amounts remitted to investors per the investor reports agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or X 1122(d)(3)(iv) custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------- Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------
A-1 2 ------------------------------------------------------------------------------------------------- Servicing Criteria Applicable Servicing Criteria ------------------------------------------------------------------------------------------------- Reference Criteria ------------------------------------------------------------------------------------------------- Collateral or security on pool assets mortgage loans is maintained as X required by the transaction 1122(d)(4)(i) agreements or related pool asset mortgage 1122(d)(4)(i) loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets ------------------------------------------------------------------------------------------------- Mortgage loan and related documents are safeguarded as X 1122(d)(4)(ii) required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------- Any additions, removals or substitutions to the asset pool X are made, reviewed and approved in accordance with any 1122(d)(4)(iii) conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------- Payments on pool assetsmortgage loans, including any payoffs, made in X accordance with the related pool asset mortgage loan documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in accordance with the related pool asset mortgage loan 1122(d)(4)(iv) documents. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------- The Servicer's records regarding the pool assets mortgage loans agree X with the Servicer's records with 1122(d)(4)(v) respect to an obligor's 1122(d)(4)(v) unpaid principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------- Changes with respect to the terms or status of an obligor's pool assets X mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------- Loss mitigation or recovery actions (e.g., forbearance X plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by 1122(d)(4)(vii) by the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------- Records documenting collection efforts are maintained X during the period a pool asset mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency 1122(d)(4)(viii) is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------- Adjustments to interest rates or rates of return for pool assets X mortgage loans with variable rates are computed 1122(d)(4)(ix) based on 1122( d)( 4 )(ix) the related pool asset mortgage loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any external enhancement or other support, identified in Item 1114(a)(1) through (-------------------------------------------------------------------------------------------------
A-1 3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:________________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.
Appears in 1 contract
Sources: Assignment, Assumption and Recognition Agreement (Morgan Stanley Mortgage Loan Trust 2006-1ar)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to 1122(d)(2)(viC-1
(i) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets serviced by 1122(d)(3)(i) the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------- Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------- Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days 1122(d)(3)(iii) specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------- Amounts remitted to investors per the investor reports agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------- Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------- Collateral or security on pool assets is maintained as required by the transaction 1122(d)(4)(i) agreements or related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------- Pool assets and related documents are safeguarded as required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------- Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------- Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in accordance with the related 1122(d)(4)(iv) pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ The Servicer's records regarding the pool assets agree with the Servicer's records with 1122(d)(4)(v) respect to an obligor's unpaid principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ Adjustments to interest rates or rates of return for pool assets with variable rates are computed 1122(d)(4)(ix) based on the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------- Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:________________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.C-2
Appears in 1 contract
Sources: Sale and Servicing Agreement (USAA Auto Owner Trust 2006-4)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ 1122(d)(2)(vi) Unissued checks are safeguarded so as to 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ X --------------------------- ----------- Reconciliations are prepared on a monthly basis for all asset-backed securities related X bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------- -----------
3-1 APPLICABLE SERVICING SERVICING CRITERIA CRITERIA ------------------------------------------------------------------------------------------------------------------------ ----------- Reference Criteria --------------------------- -------------------------------------------------------------------------------------------- ----------- Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------- ----------- Reports to investors, including those to be filed with the Commission, are maintained X in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total 1122(d)(3)(i) unpaid principal balance and number of Pool Assets mortgage loans serviced by 1122(d)(3)(i) the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------- ----------- Amounts due to investors are allocated and remitted in accordance with timeframes, X 1122(d)(3)(ii) distribution priority and other terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------- ----------- Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days 1122(d)(3)(iii) specified in the transaction X 1122(d)(3)(iii) agreements. ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------- ----------- Amounts remitted to investors per the investor reports agree with cancelled checks, or other X 1122(d)(3)(iv) other form of payment, or custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------- ----------- Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------- ----------- Collateral or security on pool assets mortgage loans is maintained as required by the transaction X 1122(d)(4)(i) agreements or related pool asset mortgage loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets --------------------------- ----------- Mortgage loan and related documents are safeguarded as required by the transaction X 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------- ----------- Any additions, removals or substitutions to the asset pool are made, reviewed and X approved in accordance with any conditions or requirements 1122(d)(4)(iii) in the transaction 1122(d)(4)(iii) agreements. ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------- ----------- Payments on pool assetsmortgage loans, including any payoffs, made in accordance with the X related pool asset mortgage loan documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or 1122(d)(4)(iv) other items (e.g., escrow) in accordance with the related pool asset mortgage loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------- ----------- The Servicer's records regarding the pool assets mortgage loans agree with the Servicer's records with X 1122(d)(4)(v) with respect to an obligor's unpaid principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------- ----------- Changes with respect to the terms or status of an obligor's pool assets mortgage loans (e.g., loan X modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and 1122(d)(4)(vi) related pool asset 1122(d)(4)(vi) documents. ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------- ----------- Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ Adjustments to interest rates or rates of return for pool assets with variable rates are computed 1122(d)(4)(ix) based on the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:________________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.e.
Appears in 1 contract
Sources: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-19)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to prevent unauthorized X X 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Reconciliations are prepared on a monthly basis for all X X asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Reports to investors, including those to be filed with the X X Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number 1122(d)(3)(i) of Pool Assets mortgage loans serviced by 1122(d)(3)(i) the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Amounts due to investors are allocated and remitted in X X accordance with timeframes, distribution priority and other 1122(d)(3)(ii) terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Disbursements made to an investor are posted within two X X business days to the Servicer's investor records, or such 1122(d)(3)(iii) other number of days 1122(d)(3)(iii) specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Amounts remitted to investors per the investor reports agree X X with cancelled checks, or other 1122(d)(3)(iv) form of payment, or custodial 1122(d)(3)(iv) bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Collateral or security on pool assets mortgage loans is maintained as X X X required by the transaction 1122(d)(4)(i) agreements or related pool asset mortgage 1122(d)(4)(i) loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets ---------------------------------------------------------------------------------------------------------------------------- Mortgage loan and related documents are safeguarded as X X 1122(d)(4)(ii) required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Any additions, removals or substitutions to the asset pool X X are made, reviewed and approved in accordance with any 1122(d)(4)(iii) conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Payments on pool assetsmortgage loans, including any payoffs, made in X accordance with the related pool asset mortgage loan documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in 1122(d)(4)(iv) accordance with the related pool asset mortgage loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- The Servicer's records regarding the pool assets mortgage loans agree X with the Servicer's records with 1122(d)(4)(v) respect to an obligor's 1122(d)(4)(v) unpaid principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Changes with respect to the terms or status of an obligor's pool assets X X mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Loss mitigation or recovery actions (e.g., forbearance plans, X X modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other 1122(d)(4)(vii) requirements established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Records documenting collection efforts are maintained during X the period a pool asset mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness 1122(d)(4)(viii) or unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Adjustments to interest rates or rates of return for pool assets mortgage X loans with variable rates are computed 1122(d)(4)(ix) based on the related pool asset 1122(d)(4)(ix) mortgage loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Regarding any funds held in trust for an obligor (such as X escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assetsmortgage loans, or such other number 1122(d)(4)(x) of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Payments made on behalf of an obligor (such as tax or X insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Any late payment penalties in connection with any payment to X be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Disbursements made on behalf of an obligor are posted within X two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicerServicer, or such other number of days specified in the 1122(d)(4)(xiii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Delinquencies, charge-offs and uncollectible accounts are X X recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction 1122(d)(4)(xiv) agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- Any external enhancement or other support, identified in Item X(2) 1114(a)(1) through (3) or Item 1115 of Regulation AB, is 1122(d)(4)(xv) maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------------------------------------------------------------------------------------------------------------------- [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:_______________________] Date: __________________________ By:_____________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies :
(1) This Servicing Criterion applies to the [ ] Trustee if the Trustee was required during the preceding calendar year to make an Advance in accordance with Section 8.14 of the Pooling and its officers, directors Servicing Agreement.
(2) This Servicing Criterion applies to the Master Servicer only for transactions that contain any external credit enhancement or other support identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB. EXHIBIT S Additional Form 10-D Disclosure ------------------------------------------------------------------------------------------------------------------------------ Item on Form 10-D Party Responsible ------------------------------------------------------------------------------------------------------------------------------ Item 1: Distribution and Affiliates Pool Performance Information Master Servicer Any information required by 1121 which is NOT included on the Distribution Date Statement ------------------------------------------------------------------------------------------------------------------------------ Item 2: Legal Proceedings per Item 1117 of Reg AB (collectivelyi) All parties to the Pooling and Servicing Agreement, the "Certification Parties"Custodian, each Servicer and, if applicable the Special Servicer (as to themselves), (ii) the Master Servicer as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the issuing entity, (iii) the Depositor as to the sponsor, any 1110(b) originator, any 1100(d)(1) party ------------------------------------------------------------------------------------------------------------------------------ Item 3: Sale of Securities and Exchange Commission pursuant Use of Proceeds Depositor ------------------------------------------------------------------------------------------------------------------------------ Item 4: Defaults Upon Senior Securities Master Servicer ------------------------------------------------------------------------------------------------------------------------------ Item 5: Submission of Matters to the Sarbanesa Vote of Security Holders Master Servicer, Trustee ------------------------------------------------------------------------------------------------------------------------------ Item 6: Significant Obligors of Pool Assets Depositor, if applicable ------------------------------------------------------------------------------------------------------------------------------ Item 7: Significant Enhancement Provider Information Depositor, if applicable ------------------------------------------------------------------------------------------------------------------------------ Item 8: Other Information Any party responsible for disclosure items on Form 8-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the K ------------------------------------------------------------------------------------------------------------------------------ Item 9: Exhibits Depositor, Master Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the ------------------------------------------------------------------------------------------------------------------------------ EXHIBIT T Additional Form 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.Disclosure
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Wells Fargo Mortgage Backed Securities 2006-3 Trust)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to prevent 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------- ---------------------- Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ -----------------------------------------------------------------------------------------------------------------
B-1 APPLICABLE SERVICING SERVICING CRITERIA CRITERIA ------------------------------------------------------------------------------------------ ---------------------- REFERENCE CRITERIA -------------------- --------------------------------------------------------------------- ---------------------- INVESTOR REMITTANCES AND REPORTING -------------------- ---------------------- Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets mortgage loans 1122(d)(3)(i) serviced by 1122(d)(3)(i) the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------- ---------------------- Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other 1122(d)(3)(ii) terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------- ---------------------- Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days 1122(d)(3)(iii) specified in the transaction 1122(d)(3)(iii) agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------- ---------------------- Amounts remitted to investors per the investor reports agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or 1122(d)(3)(iv) custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ -------------------- ---------------------- POOL ASSET ADMINISTRATION -------------------- ---------------------- Collateral or security on pool assets mortgage loans is maintained as required by the transaction 1122(d)(4)(i) agreements or related pool asset mortgage 1122(d)(4)(i) loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets -------------------- ---------------------- Mortgage loan and related documents are safeguarded as 1122(d)(4)(ii) required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ -------------------- ---------------------- Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any 1122(d)(4)(iii) conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------- ---------------------- Payments on pool assetsmortgage loans, including any payoffs, made in accordance with the related pool asset mortgage loan documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in accordance with the related pool asset mortgage loan 1122(d)(4)(iv) documents. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------- ---------------------- The Servicer's records regarding the pool assets mortgage loans agree with the Servicer's records with 1122(d)(4)(v) respect to an obligor's 1122(d)(4)(v) unpaid principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------- ---------------------- Changes with respect to the terms or status of an obligor's pool assets mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------- ---------------------- Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ Adjustments to interest rates or rates of return for pool assets with variable rates are computed 1122(d)(4)(ix) based on the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:________________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.e.
Appears in 1 contract
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are X safeguarded so as to 1122(d)(2)(vi) prevent unauthorized access1122(d)(2)(viaccess. ------------------------------ -------------------------------------------------- ------------------------------------ Reconciliations ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- 1122(d)(2)(viReconciliations are X X X prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ Reports ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- 1122(d)(3)(i)Reports to investors, X X X including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets serviced by 1122(d)(3)(i) the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Amounts due to investors X X X are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth 1122(d)(3)(ii) in the transaction 1122(d)(3)(iitransaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Disbursements made to an X X X investor are posted within two business days to the Servicer's investor records, or such other number of days 1122(d)(3)(iii) specified in the transaction agreements1122(d)(3)(iiagreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Amounts remitted to X X X investors per the investor reports agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or custodial 1122(d)(3)(ivcustodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ Collateral ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- 1122(d)(4)(i)Collateral or security on X pool assets is maintained as required by the transaction 1122(d)(4)(i) agreements or related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- 1122(d)(4)(iiPool assets and related X documents are safeguarded as required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ Any ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- 1122(d)(4)(iiAny additions, removals or X substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- 1122(d)(4)(ivPayments on pool assets, X including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in accordance with the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- The Servicer's records X regarding the pool assets agree with the Servicer's records with 1122(d)(4)(v) respect to an obligor's unpaid principal balance1122(d)(4)(v)balance. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Changes with respect to X the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and 1122(d)(4)(vi) related pool asset documents1122(d)(4)(vidocuments. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Loss mitigation or X recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by 1122(d)(4)(vii) the transaction agreements1122(d)(4)(viagreements. ------------------------------ -------------------------------------------------- ------------------------------------ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemployment------------------------------------------------------------------------------- ------------------------------------------------------------------------------- 1122(d). ------------------------------ -------------------------------------------------- ------------------------------------ Adjustments to interest rates or rates of return for pool assets with variable rates are computed 1122(d)(4)(ix) based on the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:________________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse Adjustable Rate Mortgage Trust 2006-1)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to prevent Servicer, 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ Trustee -------------------------------------------------------------------------------------------------------- Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement Servicer, cutoff date, or such other number of days specified in the Trustee transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- APPLICABLE SERVICING SERVICING CRITERIA CRITERIA -------------------------------------------------------------------------------------------------------- REFERENCE CRITERIA -------------------------------------------------------------------------------------------------------- INVESTOR REMITTANCES AND REPORTING -------------------------------------------------------------------------------------------------------- Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in Trustee the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets pool assets serviced by 1122(d)(3)(i) by the Servicerservicer. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other Trustee 1122(d)(3)(ii) terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- Disbursements made to an investor are posted within two business days to the Servicerservicer's investor records, or such other number of days 1122(d)(3)(iii) specified in the transaction Trustee 1122(d)(3)(iii) agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- Amounts remitted to investors per the investor reports agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or Trustee 1122(d)(3)(iv) custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- POOL ASSET ADMINISTRATION -------------------------------------------------------------------------------------------------------- Collateral or security on pool assets is maintained as required by the transaction 1122(d)(4)(i) agreements or related asset 1122(d)(4)(i) pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- Pool assets and related documents are safeguarded as 1122(d)(4)(ii) required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any Servicer 1122(d)(4)(iii) conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicerservicer's obligor records maintained no more than two business days after receipt, or such other number of Servicer days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in 1122(d)(4)(iv) accordance with the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- The Servicerservicer's records regarding the pool assets agree with the Servicerservicer's records with 1122(d)(4)(v) respect to an obligor's unpaid Servicer 1122(d)(4)(v) principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- Changes with respect to the terms or status of an obligor's pool assets asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in Servicer accordance with the transaction agreements and related pool 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are Servicer initiated, conducted and concluded in accordance with the timeframes or other requirements established by the 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and Servicer describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency 1122(d)(4)(viii) is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- Adjustments to interest rates or rates of return for pool assets with variable rates are computed 1122(d)(4)(ix) based on the Servicer 1122(d)(4)(ix) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- APPLICABLE SERVICING SERVICING CRITERIA CRITERIA -------------------------------------------------------------------------------------------------------- REFERENCE CRITERIA -------------------------------------------------------------------------------------------------------- Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is Servicer paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assetsasset, or such other number of days specified in the transaction 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided Servicer that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other 1122(d)(4)(xi) number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicerservicer's funds and not charged to the obligor, unless the Servicer 1122(d)(4)(xii) late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days Servicer 1122(d)(4)(xiii) specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction Servicer, 1122(d)(4)(xiv) agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Trustee -------------------------------------------------------------------------------------------------------- Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, Trustee 1122(d)(4)(xv) is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------- [JPMORGAN CHASE FREMONT INVESTMENT & LOAN, as Servicer/ WELLS FARGO BANK, NATIONAL ASSOCIATIONN.A., ▇▇ Trustee] [USAA FEDERAL SAVINGS BANK] By-------------------------------------------------------------------------------- Date:_________________ By:________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates -------------------------------------------------------------------------------- EXHIBIT K-1 FORM OF SWAP AGREEMENT (collectively, the "Certification Parties"Available Upon Request) as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002EXHIBIT K-2 SCHEDULE OF SWAP NOTIONAL BALANCE EXHIBIT L FORM OF REPORT PURSUANT TO SECTION 13.01 DATA TO BE PROVIDED TO CLASS CE CERTIFICATE HOLDER:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Carrington Mortgage Loan Trust, Series 2006-Fre2)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to prevent unauthorized 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------------------------------------------------------------------------------- Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------------------------------------------------------------------------------- Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------------------------------------------------------------------------------- Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets mortgage loans 1122(d)(3)(i) serviced by 1122(d)(3)(i) the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------------------------------------------------------------------------------- Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other 1122(d)(3)(ii) terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ --------------------------------------------------------------------------------------------------- Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days 1122(d)(3)(iii) specified in the transaction 1122(d)(3)(iii) agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Amounts remitted to investors per the investor reports agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ Collateral or security on pool assets is maintained as required by the transaction 1122(d)(4)(i) agreements or related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets and related documents are safeguarded as required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in accordance with the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ The Servicer's records regarding the pool assets agree with the Servicer's records with 1122(d)(4)(v) respect to an obligor's unpaid principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ Adjustments to interest rates or rates of return for pool assets with variable rates are computed 1122(d)(4)(ix) based on the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:________________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.--------------------------------------------------------------------------------------------------- Exhibit G-2
Appears in 1 contract
Sources: Custodial Agreement (Luminent Mortgage Trust 2006-7)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to X 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------- Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the X transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------- Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------- Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance X with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets mortgage loans serviced by 1122(d)(3)(i) by the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------- Amounts due to investors are allocated and remitted in accordance with timeframes, X distribution priority and other terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------- Disbursements made to an investor are posted within two business days to the Servicer's X investor records, or such other number of days 1122(d)(3)(iii) specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------- Amounts remitted to investors per the investor reports agree with cancelled checks, or other X 1122(d)(3)(iv) form of payment, or custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ Collateral or security on pool assets is maintained as required by the transaction 1122(d)(4)(i) agreements or related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets and related documents are safeguarded as required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in accordance with the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ The Servicer's records regarding the pool assets agree with the Servicer's records with 1122(d)(4)(v) respect to an obligor's unpaid principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ Adjustments to interest rates or rates of return for pool assets with variable rates are computed 1122(d)(4)(ix) based on the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:________________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.--------------------------------------------------------------------------------
Appears in 1 contract
Sources: Assignment, Assumption and Recognition Agreement (Morgan Stanley Mortgage Loan Trust 2006-8ar)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ 1122(d)(2)(vi) Unissued checks are safeguarded so as to 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------ ---------------- Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports ---------------------------------------------------------------------------------------------------------------------------- INVESTOR REMITTANCES AND REPORTING ------------------ ---------------- -------------------------------------------------------------------------------- Page 42 + AGENCY AGREEMENT ALLENS ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ -------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- APPLICABLE SERVICING CRITERIA SERVICING CRITERIA ---------------------------------------------------------------------------------------------------------------------------- REFERENCE CRITERIA ----------------------------------------------------------------------------------------------------------------------------
(Ai) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets assets serviced by 1122(d)(3)(i) the Servicerservicer. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------ ---------------- Amounts due to investors are allocated and remitted in accordance with timeframes, 1122(d)(3)(ii) distribution priority and other terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days 1122(d)(3)(iii) specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Amounts remitted to investors per the investor reports agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ Collateral or security on pool assets is maintained as required by the transaction 1122(d)(4)(i) agreements or related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets and related documents are safeguarded as required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in accordance with the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ The Servicer's records regarding the pool assets agree with the Servicer's records with 1122(d)(4)(v) respect to an obligor's unpaid principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ Adjustments to interest rates or rates of return for pool assets with variable rates are computed 1122(d)(4)(ix) based on the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:________________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.------------------ ----------------
Appears in 1 contract
Sources: Agency Agreement (Crusade Global Trust No. 2 of 2006)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to prevent X 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ Reconciliations are prepared on a monthly basis N/A for all asset-backed securities related bank accounts, including custodial accounts and 1122(d)(2)(vii) related bank clearing ----------------------------------------------------------------------------------------------------------------------
D-1 Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ Reports to investors, including those to be N/A filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool 1122(d)(3)
(i) Assets serviced by 1122(d)(3)(i) the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ Amounts due to investors are allocated and N/A remitted in accordance with timeframes, distribution priority and other terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made to an investor are posted N/A within two business days to the Servicer's investor records, or such other number of days 1122(d)(3)(iii) specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Amounts remitted to investors per the investor N/A reports agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ Collateral or security on pool assets is X maintained as required by the transaction 1122(d)(4)(i) agreements or related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets and related documents are X safeguarded as required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ Any additions, removals or substitutions to the X asset pool are made, reviewed and approved in accordance with any conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments on pool assets, including any payoffs, X made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in accordance with the related 1122(d)(4)(iv) pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ The Servicer's records regarding the pool assets X agree with the Servicer's records with 1122(d)(4)(v) respect to an obligor's unpaid principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemployment1122(d)(4). ------------------------------ -------------------------------------------------- ------------------------------------ Adjustments to interest rates or rates of return for pool assets with variable rates are computed 1122(d)(4)(ix) based on the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:________________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.
Appears in 1 contract
Sources: Servicing Agreement (Merrill Auto Trust Securitization 2007-1)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to X 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Reconciliations are prepared on a monthly X basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days 1122(d)(2)(vii) specified in the 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by 1122(d)(3)(i) its rules and ---------------- ---------------- regulations; and (D) agree with investors' X or the trustee's records as to the total unpaid principal Exhibit 13-2 ------------------------------------------------------------------------------ APPLICABLE SERVICING SERVICING CRITERIA CRITERIA ------------------------------------------------------------------------------ Reference Criteria ------------------------------------------------------------------------------ balance and number of Pool Assets mortgage loans serviced by 1122(d)(3)(i) the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Amounts due to investors are allocated and X remitted in accordance with timeframes, distribution priority and other terms set forth 1122(d)(3)(ii) forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Disbursements made to an investor are posted X within two business days to the Servicer's investor records, or such other number of days 1122(d)(3)(iii) days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Amounts remitted to investors per the X investor reports agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or 1122(d)(3)(iv) custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Collateral or security on pool assets mortgage loans is X maintained as required by the transaction 1122(d)(4)(i) agreements or related pool asset mortgage loan 1122(d)(4)(i) documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets ---------------- ---------------- Mortgage loan and related documents are X safeguarded as required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ agreements. ---------------- ---------------- Any additions, removals or substitutions to X the asset pool are made, reviewed and approved in accordance with any conditions or requirements 1122(d)(4)(iii) in the transaction 1122(d)(4)(iii) agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Payments on pool assetsmortgage loans, including any X payoffs, made in accordance with the related pool asset mortgage loan documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in accordance with the related pool asset 1122(d)(4)(iv) mortgage loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- The Servicer's records regarding the pool assets X mortgage loans agree with the Servicer's records with 1122(d)(4)(v) respect to an obligor's unpaid 1122(d)(4)(v) principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Changes with respect to the terms or status X of an obligor's pool assets mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction 1122(d)(4)(vi) agreements and 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Exhibit 13-3 ------------------------------------------------------------------------------ APPLICABLE SERVICING SERVICING CRITERIA CRITERIA ------------------------------------------------------------------------------ Reference Criteria ------------------------------------------------------------------------------ documents. ---------------- ---------------- Loss mitigation or recovery actions (e.g., X forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements 1122(d)(4)(vii) established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Records documenting collection efforts are X maintained during the period a pool asset mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary 1122(d)(4)(viii)temporary (e.g., illness or unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Adjustments to interest rates or rates of return for pool assets mortgage loans with variable rates are computed 1122(d)(4)(ix) based on the related pool asset 1122(d)(4)(ix) mortgage loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Regarding any funds held in trust for an X obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assetsmortgage loans, or such other number of days specified in the transaction 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Payments made on behalf of an obligor (such X as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days 1122(d)(4)(xi) specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Exhibit 13-4 ------------------------------------------------------------------------------ APPLICABLE SERVICING SERVICING CRITERIA CRITERIA ------------------------------------------------------------------------------ Reference Criteria ------------------------------------------------------------------------------ Any late payment penalties in connection X with any payment to be made on behalf of an obligor are paid from the Servicerservicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error 1122(d)(4)(xii) or omission. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Disbursements made on behalf of an obligor X are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified 1122(d)(4)(xiii)specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Delinquencies, charge-offs and uncollectible X accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Any external enhancement or other support, X identified in Item 1114(a)(1) through (3) or [if obligated Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) under the set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ transaction 1122(d)(4)(xv) documents] ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATIONNAME OF SELLER] [USAA FEDERAL SAVINGS BANKNAME OF SUBSERVICER] Date: ------------------------------ By:________________________________ : Name: ------------------------------ Title: Date----------------------------- Exhibit 13-5 EXHIBIT 14-1 ------------ STANDARD FILE LAYOUT - MASTER SERVICING EXHIBIT: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered STANDARD FILE LAYOUT - MASTER SERVICING -------------------------- ----------------------------- --------- ---------------------- ------- Column/Header Name Description Decimal Format Comment Max Size -------------------------- ----------------------------- --------- ---------------------- ------- SER_INVESTOR_NBR A value assigned by the 10-K report; and
3Text up to 10 digits 20 Servicer to define a group of loans. The servicing criteria assessment required -------------------------- ----------------------------- --------- ---------------------- ------- LOAN_NBR A unique identifier Text up to be provided 10 digits 10 assigned to each loan by the [Indenture Trustee] [Reporting Subcontrator] pursuant investor. -------------------------- ----------------------------- --------- ---------------------- ------- SERVICER_LOAN_NBR A unique number assigned to the Agreement, has been provided Text up to the Depositor and 10 digits 10 a loan by the Servicer. Any material instance This may be different than the LOAN_NBR. -------------------------- ----------------------------- --------- ---------------------- ------- BORROWER_NAME The borrower name as Maximum length of noncompliance 30 30 received in the file. It (Last, First) is not separated by first and last name. -------------------------- ----------------------------- --------- ---------------------- ------- SCHED_PAY_AMT Scheduled monthly principal 2 No commas(,) or 11 and scheduled interest dollar signs ($) payment that a borrower is expected to pay, P&I constant. -------------------------- ----------------------------- --------- ---------------------- ------- NOTE_INT_RATE The loan interest rate as 4 Max length of 6 6 reported by the Servicer. -------------------------- ----------------------------- --------- ---------------------- ------- NET_INT_RATE The loan gross interest 4 Max length of 6 6 rate less the service fee rate as reported by the Servicer. -------------------------- ----------------------------- --------- ---------------------- ------- SERV_FEE_RATE The servicer's fee rate for 4 Max length of 6 6 a loan as reported by the Servicer. -------------------------- ----------------------------- --------- ---------------------- ------- SERV_FEE_AMT The servicer's fee amount 2 No commas(,) or 11 for a loan as reported by dollar signs ($) the Servicer. -------------------------- ----------------------------- --------- ---------------------- ------- NEW_PAY_AMT The new loan payment amount 2 No commas(,) or 11 as reported by the dollar signs ($) Servicer. -------------------------- ----------------------------- --------- ---------------------- ------- NEW_LOAN_RATE The new loan rate as 4 Max length of 6 6 reported by the Servicer. -------------------------- ----------------------------- --------- ---------------------- ------- ARM_INDEX_RATE The index the Servicer is 4 Max length of 6 6 using to calculate a forecasted rate. -------------------------- ----------------------------- --------- ---------------------- ------- ACTL_BEG_PRIN_BAL The borrower's actual 2 No commas(,) or 11 principal balance at the dollar signs ($) beginning of the processing cycle. -------------------------- ----------------------------- --------- ---------------------- ------- ACTL_END_PRIN_BAL The borrower's actual 2 No commas(,) or 11 principal balance at the dollar signs ($) end of the processing cycle. -------------------------- ----------------------------- --------- ---------------------- ------- BORR_NEXT_PAY_DUE_DATE The date at the end of MM/DD/YYYY 10 processing cycle that the borrower's next payment is due to the Servicer, as reported by Servicer. -------------------------- ----------------------------- --------- ---------------------- ------- SERV_CURT_AMT_1 The first curtailment 2 No commas(,) or 11 amount to be applied. dollar signs ($) -------------------------- ----------------------------- --------- ---------------------- ------- SERV_CURT_DATE_1 The curtailment date MM/DD/YYYY 10 associated with the first curtailment amount. -------------------------- ----------------------------- --------- ---------------------- ------- CURT_ADJ_ AMT_1 The curtailment interest on 2 No commas(,) or 11 the first curtailment dollar signs ($) amount, if applicable. -------------------------- ----------------------------- --------- ---------------------- ------- SERV_CURT_AMT_2 The second curtailment 2 No commas(,) or 11 amount to be applied. dollar signs ($) -------------------------- ----------------------------- --------- ---------------------- ------- SERV_CURT_DATE_2 The curtailment date MM/DD/YYYY 10 associated with the second curtailment amount. -------------------------- ----------------------------- --------- ---------------------- ------- CURT_ADJ_ AMT_2 The curtailment interest on 2 No commas(,) or 11 the second curtailment dollar signs ($) amount, if applicable. -------------------------- ----------------------------- --------- ---------------------- ------- SERV_CURT_AMT_3 The third curtailment 2 No commas(,) or 11 amount to be applied. dollar signs $ -------------------------- ----------------------------- --------- ---------------------- ------- SERV_CURT_DATE_3 The curtailment date MM/DD/YYYY 10 associated with the third curtailment amount. -------------------------- ----------------------------- --------- ---------------------- ------- CURT_ADJ_AMT_3 The curtailment interest on 2 No commas(,) or 11 the third curtailment dollar signs ($) amount, if applicable. -------------------------- ----------------------------- --------- ---------------------- ------- PIF_AMT The loan "paid in full" 2 No commas(,) or 11 amount as reported by the dollar signs ($) Servicer. -------------------------- ----------------------------- --------- ---------------------- ------- Exhibit 14-1-1 -------------------------- ----------------------------- --------- ---------------------- ------- PIF_DATE The paid in full date as MM/DD/YYYY 10 reported by the Servicer. -------------------------- ----------------------------- --------- ---------------------- ------- ACTION_CODE The standard FNMA numeric Action Code Key: 2 code used to indicate the 15=Bankruptcy, default/delinquent status 30=Foreclosure, , of a particular loan. 60=PIF, 63=Substitution, 65=Repurchase,70=REO -------------------------- ----------------------------- --------- ---------------------- ------- INT_ADJ_AMT The amount of the interest 2 No commas(,) or 11 adjustment as reported by dollar signs ($) the Servicer. -------------------------- ----------------------------- --------- ---------------------- ------- SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor 2 No commas(,) or 11 Adjustment amount, if dollar signs ($) applicable. -------------------------- ----------------------------- --------- ---------------------- ------- NON_ADV_LOAN_AMT The Non Recoverable Loan 2 No commas(,) or 11 Amount, if applicable. dollar signs ($) -------------------------- ----------------------------- --------- ---------------------- ------- LOAN_LOSS_AMT The amount the Servicer is 2 No commas(,) or 11 passing as a loss, if dollar signs ($) applicable. -------------------------- ----------------------------- --------- ---------------------- ------- SCHED_BEG_PRIN_BAL The scheduled outstanding 2 No commas(,) or 11 principal amount due at the dollar signs ($) beginning of the cycle date to be passed through to investors. -------------------------- ----------------------------- --------- ---------------------- ------- SCHED_END_PRIN_BAL The scheduled principal 2 No commas(,) or 11 balance due to investors at dollar signs ($) the end of a processing cycle. -------------------------- ----------------------------- --------- ---------------------- ------- SCHED_PRIN_AMT The scheduled principal 2 No commas(,) or 11 amount as reported by the dollar signs ($) Servicer for the current cycle -- only applicable Servicing Criteria has been disclosed in such report.for Scheduled/Scheduled Loans. -------------------------- ----------------------------- --------- ---------------------- ------- SCHED_NET_INT The scheduled gross 2 No commas(,) or 11 interest amount less the dollar signs ($) service fee amount for the current cycle as reported by the Servicer -- only applicable for Scheduled/Scheduled Loans. ------------
Appears in 1 contract
Sources: Mortgage Loan Purchase and Servicing Agreement (TBW Mortgage-Backed Trust Series 2007-1)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------- 1122(d)(2)(vii) Reconciliations are prepared on a monthly basis for -------------------------------------------------------------------------------------------------------------------- SC-1 -------------------------------------------------------------------------------------------------------------------- Reg AB Reference Servicing Criteria Applicable Servicing Criteria -------------------------------------------------------------------------------------------------------------------- all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------- Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------- Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets serviced by 1122(d)(3)(i) the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------- Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------- Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days 1122(d)(3)(iii) specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------- Amounts remitted to investors per the investor reports agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ Collateral or security on pool assets is maintained as required by the transaction 1122(d)(4)(i) agreements or related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets and related documents are safeguarded as required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in accordance with the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ The Servicer's records regarding the pool assets agree with the Servicer's records with 1122(d)(4)(v) respect to an obligor's unpaid principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ Adjustments to interest rates or rates of return for pool assets with variable rates are computed 1122(d)(4)(ix) based on the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:________________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.--------------------------------------------------------------------------------------------------------------------
Appears in 1 contract
Sources: Sale and Servicing Agreement (Pooled Auto Securities Shelf LLC)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to prevent 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------ Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------
D-1 Applicable Servicing Criteria Servicing Criteria ------------------------------------------------------------------------------------------------------------ Reference Criteria ------------------------------------------------------------------------------------------------------------ Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports Reporting
(Ai) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets pool assets serviced by 1122(d)(3)(i) the Servicerservicer. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------ Amounts due to investors are allocated and remitted in |X| accordance with timeframes, distribution priority and other 1122(d)(3)(ii) terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------ Disbursements made to an investor are posted within two |X| business days to the Servicerservicer's investor records, or such 1122(d)(3)(iii) other number of days 1122(d)(3)(iii) specified daysspecified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------ Amounts remitted to investors per the investor reports agree |X| with cancelled checks, or other 1122(d)(3)(iv) form of payment, or 1122(d)(3)(iv) custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------ Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------ Collateral or security on pool assets is maintained as required by the transaction 1122(d)(4)(i) agreements or related asset 1122(d)(4)(i) pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------ Pool assets and related documents are safeguarded as 1122(d)(4)(ii) required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------ Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any 1122(d)(4)(iii) conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------ Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicerservicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in 1122(d)(4)(iv) accordance with the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------ The Servicerservicer's records regarding the pool assets agree with the Servicerservicer's records with 1122(d)(4)(v) respect to an obligor's unpaid 1122(d)(4)(v) principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------ Changes with respect to the terms or status of an obligor's pool assets asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------ Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency 1122(d)(4)(viii) is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------ Adjustments to interest rates or rates of return for pool assets with variable rates are computed 1122(d)(4)(ix) based on the 1122(d)(4)(ix) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:________________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.------------------------------------------------------------------------------------------------------------
Appears in 1 contract
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ --------------- -------------------------------- Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days 1122(d)(2)(vii) specified in the 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ --------------- -------------------------------- Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ --------------- -------------------------------- Reports to investors, including those to be 1122(d)(3)(i) filed --------------- -------------------------------- W-2 -------------------------------------------------------------------------------------------------------------- Applicable Servicing Servicing Criteria Criteria -------------------------------------------------------------------------------------------------------------- Reference Criteria -------------------------------------------------------------------------------------------------------------- with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets mortgage loans serviced by 1122(d)(3)(i) the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ --------------- -------------------------------- Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth 1122(d)(3)(ii) forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ --------------- -------------------------------- Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days 1122(d)(3)(iii) days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ --------------- -------------------------------- Amounts remitted to investors per the investor reports agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or custodial bank 1122(d)(3)(iv) statements. ------------------------------ -------------------------------------------------- ------------------------------------ --------------- -------------------------------- Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ --------------- -------------------------------- Collateral or security on pool assets mortgage loans is maintained as required by the transaction 1122(d)(4)(i) agreements or related pool asset mortgage loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets --------------- -------------------------------- Mortgage loan and related documents are safeguarded as required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ agreements. --------------- -------------------------------- Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements 1122(d)(4)(iii) requirements in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ --------------- -------------------------------- Payments on pool assetsmortgage loans, including any payoffs, made in accordance with the related pool asset 1122(d)(4)(iv) mortgage loan documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in accordance with the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ The Servicer's records regarding the pool assets agree with the Servicer's records with 1122(d)(4)(v) respect to an obligor's unpaid principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ Adjustments to interest rates or rates of return for pool assets with variable rates are computed 1122(d)(4)(ix) based on the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:________________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.--------------- -------------------------------- W-3
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Alternative Loan Trust 2007-Oa2)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to prevent 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- -------------------------------------------------------------------------------- APPLICABLE SERVICING SERVICING CRITERIA CRITERIA -------------------------------------------------------------------------------- Reference Criteria -------------------------------------------------------------------------------- Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets 1122(d)(3)(i) mortgage loans serviced by 1122(d)(3)(i) the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days 1122(d)(3)(iii) specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Amounts remitted to investors per the investor reports agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Collateral or security on pool assets mortgage loans is maintained as required by the transaction X 1122(d)(4)(i) agreements or related pool asset mortgage loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets ---------------- ---------------- Mortgage loan and related documents are safeguarded as required by the transaction X 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Payments on pool assetsmortgage loans, including any payoffs, made in accordance with the related pool asset mortgage loan documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in accordance with the related pool asset 1122(d)(4)(iv) mortgage loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- The Servicer's records regarding the pool assets mortgage loans agree with the Servicer's records with 1122(d)(4)(v) respect to an obligor's unpaid principal 1122(d)(4)(v) balance. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Changes with respect to the terms or status of an obligor's pool assets mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Records documenting collection efforts are maintained during the period a pool asset mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemployment1122(d)(4)(viii)unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Adjustments to interest rates or rates of return for pool assets mortgage loans with variable rates are computed 1122(d)(4)(ix) based on the related pool asset mortgage loan 1122(d)(4)(ix) documents. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- -------------------------------------------------------------------------------- APPLICABLE SERVICING SERVICING CRITERIA CRITERIA -------------------------------------------------------------------------------- Reference Criteria -------------------------------------------------------------------------------- Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assetsmortgage loans, or such other number of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicerservicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the transaction 1122(d)(4)(xiii)transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ---------------- ---------------- Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK-------------------------------------------------------------------------------- SCHEDULE 1-A LIST OF DOCUMENTS FOR AMERICAN HOME With respect to each Mortgage Loan, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] Bythe Mortgage Loan Documents shall include each of the following items, which shall be available for inspection by the Purchaser and any prospective Purchaser, and which shall be delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing:
(a) the original Mortgage Note bearing all intervening endorsements, endorsed "Pay to the order of _________, without recourse" and signed in the name of the last endorsee (the "Last Endorsee") by an authorized officer. To the extent that there is no room on the face of the Mortgage Notes for endorsements, the endorsement may be contained on an allonge, if state law so allows and the Custodian is so advised by the Seller that state law so allows. If the Mortgage Loan was acquired by the Seller in a merger, the endorsement must be by "[Last Endorsee], successor by merger to [name of predecessor]". If the Mortgage Loan was acquired or originated by the Last Endorsee while doing business under another name, the endorsement must be by "[Last Endorsee], formerly known as [previous name]";
(b) the original of any guarantee executed in connection with the Mortgage Note;
(c) with respect to Mortgage Loans that are not Co-op Loans, the original Mortgage with evidence of recording thereon. With respect to any Co-op Loan, an original or copy of the Security Agreement. If in connection with any Mortgage Loan, the Seller cannot deliver or cause to be delivered the original Mortgage with evidence of recording thereon on or prior to the Closing Date because of a delay caused by the public recording office where such Mortgage has been delivered for recordation or because such Mortgage has been lost or because such public recording office retains the original recorded Mortgage, the Seller shall deliver or cause to be delivered to the Custodian, a photocopy of such Mortgage, together with (i) in the case of a delay caused by the public recording office, an Officer's Certificate of the Seller (or certified by the title company, escrow agent, or closing attorney) stating that such Mortgage has been dispatched to the appropriate public recording office for recordation and that the original recorded Mortgage or a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage will be promptly delivered to the Custodian upon receipt thereof by the Seller; or (ii) in the case of a Mortgage where a public recording office retains the original recorded Mortgage or in the case where a Mortgage is lost after recordation in a public recording office, a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage;
(d) the originals of all assumption, modification, consolidation or extension agreements, if any, with evidence of recording thereon;
(e) with respect to Mortgage Loans that are not Co-op Loans, the original Assignment of Mortgage for each Mortgage Loan, in form and substance acceptable for recording (except with respect to MERS Designated Loans). The Assignment of Mortgage must be duly recorded only if recordation is either necessary under applicable law or commonly required by private institutional mortgage investors in the area where the Mortgaged Property is located or on direction of the Purchaser as provided in this Agreement. If the Assignment of Mortgage is to be recorded, the Mortgage shall be assigned to the Purchaser. If the Assignment of Mortgage is not to be recorded, the Assignment of Mortgage shall be delivered in blank. If the Mortgage Loan was acquired by the Seller in a merger, the Assignment of Mortgage must be made by "[Seller], successor by merger to [name of predecessor]". If the Mortgage Loan was acquired or originated by the Seller while doing business under another name, the Assignment of Mortgage must be by "[Seller], formerly known as [previous name]";
(f) with respect to Mortgage Loans that are not Co-op Loans, the originals of all intervening assignments of mortgage (if any) evidencing a complete chain of assignment from the Seller to the Last Endorsee (or, in the case of a MERS Designated Loan, MERS) with evidence of recording thereon, or if any such intervening assignment has not been returned from the applicable recording office or has been lost or if such public recording office retains the original recorded assignments of mortgage, the Seller shall deliver or cause to be delivered to the Custodian, a photocopy of such intervening assignment, together with (i) in the case of a delay caused by the public recording office, an Officer's Certificate of the Seller (or certified by the title company, escrow agent, or closing attorney) stating that such intervening assignment of mortgage has been dispatched to the appropriate public recording office for recordation and that such original recorded intervening assignment of mortgage or a copy of such intervening assignment of mortgage certified by the appropriate public recording office to be a true and complete copy of the original recorded intervening assignment of mortgage will be promptly delivered to the Custodian upon receipt thereof by the Seller; or (ii) in the case of an intervening assignment where a public recording office retains the original recorded intervening assignment or in the case where an intervening assignment is lost after recordation in a public recording office, a copy of such intervening assignment certified by such public recording office to be a true and complete copy of the original recorded intervening assignment;
(g) with respect to Mortgage Loans that are not Co-op Loans, the original mortgagee policy of title insurance or, in the event such original title policy is unavailable, a certified true copy of the related policy binder or commitment for title certified to be true and complete by the title insurance company;
(h) the original or, if unavailable, a copy of any security agreement, chattel mortgage or equivalent document executed in connection with the Mortgage;
(i) with respect to any Co-op Loan: (i) a copy of the Co-op Lease and the assignment of such Co-op Lease, with all intervening assignments showing a complete chain of title and an assignment thereof by Seller; (ii) the stock certificate together with an undated stock power relating to such stock certificate executed in blank; (iii) the recognition agreement of the interests of the Mortgagee with respect to the Co-op Loan by the residential cooperative housing corporation, the stock of which was pledged by the related Mortgagor to the originator of such Co-op Loan; and (iv) copies of the financial statement filed by the originator as secured party and, if applicable, a filed UCC-3 assignment of the subject security interest showing a complete chain of title, together with an executed UCC-3 assignment of such security interest by the Seller in a form sufficient for filing; and
(j) if any of the above documents has been executed by a person holding a power of attorney, an original or photocopy of such power certified by the Seller to be a true and correct copy of the original. In the event an Officer's Certificate of the Seller is delivered to the Purchaser because of a delay caused by the public recording office in returning any recorded document, the Seller shall deliver to the Purchaser, within 90 days of the related Closing Date, an Officer's Certificate which shall (i) identify the recorded document, (ii) state that the recorded document has not been delivered to the Custodian due solely to a delay caused by the public recording office, (iii) state the amount of time generally required by the applicable recording office to record and return a document submitted for recordation, and (iv) specify the date the applicable recorded document will be delivered to the Custodian; provided, however, that any recorded document shall in no event be delivered later than one year following the related Closing Date. An extension of the date specified in clause (iv) above may be requested from the Purchaser, which consent shall not be unreasonably withheld. SCHEDULE 1-B LIST OF DOCUMENTS FOR THE HEMISPHERE NATIONAL BANK With respect to each Mortgage Loan, the Mortgage Loan Documents shall consist of the following:
(a) the original Mortgage Note bearing all intervening endorsements, endorsed "Pay to the order of _______________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to , without recourse" and signed in the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer name of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement last endorsee (the "InformationLast Endorsee");
2) by an authorized officer. Based To the extent that there is no room on the [Indenture Trustee] [Reporting Subcontractor]'s knowledgeface of the Mortgage Notes for endorsements, the Informationendorsement may be contained on an allonge, taken as a whole, does not contain any untrue statement of a material fact or omit to if state a material fact required in law so allows and the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered Custodian is so advised by the 10-K report; and
3Seller that state law so allows. The servicing criteria assessment required to be provided by If the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.Mortgag
Appears in 1 contract
Sources: Custodial Agreement (Morgan Stanley Mortgage Loan Trust 2006-8ar)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets serviced by 1122(d)(3)(i) the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days 1122(d)(3)(iii) specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Amounts remitted to investors per the investor reports agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ Collateral or security on pool assets is maintained as required by the transaction 1122(d)(4)(i) agreements or related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets and related documents are safeguarded as required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in accordance with the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ The Servicer's records regarding the pool assets agree with the Servicer's records with 1122(d)(4)(v) respect to an obligor's unpaid principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ Adjustments to interest rates or rates of return for pool assets with variable rates are computed 1122(d)(4)(ix) based on the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:________________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.C-2
Appears in 1 contract
Sources: Sale and Servicing Agreement (USAA Auto Owner Trust 2006-1)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ Unissued checks are safeguarded so as to prevent unauthorized 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- INVESTOR REMITTANCES AND REPORTING -------------------------------------------------------------------------------------------------------------------------------- Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number 1122(d)(3)(i) of Pool Assets mortgage loans serviced by 1122(d)(3)(i) the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other 1122(d)(3)(ii) terms set forth 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such 1122(d)(3)(iii) other number of days 1122(d)(3)(iii) specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- Amounts remitted to investors per the investor reports agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or custodial 1122(d)(3)(iv) bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------- REG AB SERVICING CRITERIA APPLICABLE INAPPLICABLE REFERENCE SERVICING CRITERIA SERVICING CRITERIA -------------------------------------------------------------------------------------------------------------------------------- POOL ASSET ADMINISTRATION -------------------------------------------------------------------------------------------------------------------------------- Collateral or security on pool assets mortgage loans is maintained as required by the transaction 1122(d)(4)(i) agreements or related pool asset mortgage 1122(d)(4)(i) loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets -------------------------------------------------------------------------------------------------------------------------------- Mortgage loan and related documents are safeguarded as 1122(d)(4)(ii) required by the transaction 1122(d)(4)(ii) agreements ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any 1122(d)(4)(iii) conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- Payments on pool assetsmortgage loans, including any payoffs, made in accordance with the related pool asset mortgage loan documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in 1122(d)(4)(iv) accordance with the related pool asset mortgage loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- The Servicer's records regarding the pool assets mortgage loans agree with the Servicer's records with 1122(d)(4)(v) respect to an obligor's 1122(d)(4)(v) unpaid principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- Changes with respect to the terms or status of an obligor's pool assets mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other 1122(d)(4)(vii) requirements established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- Records documenting collection efforts are maintained during the period a pool asset mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness 1122(d)(4)(viii) or unemployment). ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- Adjustments to interest rates or rates of return for pool assets mortgage loans with variable rates are computed 1122(d)(4)(ix) based on the related pool asset 1122(d)(4)(ix) mortgage loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assetsmortgage loans, or such other number 1122(d)(4)(x) of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the 1122(d)(4)(xiii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction 1122(d)(4)(xiv) agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is 1122(d)(4)(xv) maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------- EXHIBIT I SARBANES CERTIFICATION Re: The [ ] agreement dated as of [ ], 200[ ] (the "Agreement"), among [JPMORGAN CHASE BANKIDENTIFY PARTIES] I, NATIONAL ASSOCIATION________________________________, the _______________________ of [Name of Servicer] (the "Servicer"), certify to [the Purchaser], [the Depositor], and the [Master Servicer] [USAA FEDERAL SAVINGS BANKSecurities Administrator] [Trustee], and their officers, with the knowledge and intent that they will rely upon this certification, that:
(1) I have reviewed the servicer compliance statement of the Servicer provided in accordance with Item 1123 of Regulation AB (the "Compliance Statement"), the report on assessment of the Servicer's compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB (the "Servicing Criteria"), provided in accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended (the "Exchange Act") and Item 1122 of Regulation AB (the "Servicing Assessment"), the registered public accounting firm's attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the "Attestation Report"), and all servicing reports, officer's certificates and other information relating to the servicing of the Mortgage Loans by the Servicer during 200[ ] that were delivered by the Servicer to the [Depositor] [Master Servicer] [Securities Administrator] [Trustee] pursuant to the Agreement (collectively, the "Servicer Servicing Information");
(2) Based on my knowledge, the Servicer Servicing Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Servicer Servicing Information;
(3) Based on my knowledge, all of the Servicer Servicing Information required to be provided by the Servicer under the Agreement has been provided to the [Depositor] [Master Servicer] [Securities Administrator] [Trustee];
(4) I am responsible for reviewing the activities performed by the Servicer under the Agreement, and based on my knowledge and the compliance review conducted in preparing the Compliance Statement and except as disclosed in the Compliance Statement, the Servicing Assessment or the Attestation Report, the Servicer has fulfilled its obligations under the Agreement in all material respects; and
(5) The Compliance Statement required to be delivered by the Servicer pursuant to the Agreement, and the Servicing Assessment and Attestation Report required to be provided by the Servicer and by each Subservicer and Subcontractor pursuant to the Agreement have been provided to the [Depositor] [Master Servicer]. Any material instances of noncompliance described in such reports have been disclosed to the [Depositor] [Master Servicer]. Any material instance of noncompliance with the Servicing Criteria has been disclosed in such reports. Date: By:________________________________ Name: Title: Date: :____________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002Title:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ___________________________ EXHIBIT J FORM OF ▇▇▇▇▇▇▇▇actor] has reviewed -▇▇▇▇▇ BACK-UP CERTIFICATE I, __________________________, certify to ____________________________, and its officers, directors, agents and affiliates (the "[ ]") , and with the knowledge and intent that they will rely upon this certification, that:
(i) Based on my knowledge, the information and reports provided by it relating to the Depositor Mortgage Loans and the servicing thereof submitted by the Servicer pursuant to the Sale [ ] which is used in connection with preparation of the reports on Form 8-K and Servicing Agreement the annual report on Form 10-K filed with the SEC with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the InformationTransaction, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to as of the period covered by the 10-K report; anddate of this certification;
3. (ii) The servicing criteria assessment information required to be provided to the [ ] by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, Servicer under this Servicing Agreement has been provided to the Depositor [ ];
(iii) I am responsible for reviewing the activities performed by the Servicer under the Servicing Agreement and based upon the review required by this Servicing Agreement, and except as disclosed in the Annual Statement of Compliance, the Annual Independent Public Accountant's Servicing Report and all servicing reports, officer's certificates and other information relating to the servicing of the Mortgage Loans submitted to the [ ], the Servicer has, as of the date of this certification fulfilled its obligations under this Servicing Agreement; and
(iv) I have disclosed to the [ ] all significant deficiencies relating to the Servicer's compliance with the minimum servicing standards in accordance with a review conducted in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar standard as set forth in the Servicing Agreement.
(v) The Servicer shall indemnify and hold harmless the [ ] and its officers, directors, agents and affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments and other costs and expenses arising out of or based upon a breach by the Servicer or any of its officers, directors, agents or affiliates of its obligations under this Certification or the negligence, bad faith or willful misconduct of the Servicer in connection therewith. If the indemnification provided for herein is unavailable or insufficient to hold harmless the [ ], then the Servicer agrees that it shall contribute to the amount paid or payable by the [ ] as a result of the losses, claims, damages or liabilities of the [ ] in such proportion as is appropriate to reflect the relative fault of the [ ] on the one hand and the Servicer on the other in connection with a breach of the Servicer. Any material instance of noncompliance with 's obligations under this Certification or the applicable Servicing Criteria has been disclosed Servicer's negligence, bad faith or willful misconduct in such reportconnection therewith.
Appears in 1 contract
Sources: Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-3 Trust)
Securities Exchange Act. Appendix C-1 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ 1122(d)(2)(vi) Unissued checks are safeguarded so as to 1122(d)(2)(vi) prevent unauthorized access. ------------------------------ -------------------------------------------------- ------------------------------------ X ------------------------------------------------------------------------------------------------------------------------------- Reconciliations are prepared on a monthly basis for all asset-backed X securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other 1122(d)(2)(vii) number of days specified in the 1122(d)(2)(vii) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------------------------- Investor Remittances and Reporting ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------------------------- Reports to investors, including those to be filed with the Commission, X are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid 1122(d)(3)(i) principal balance and number of Pool Assets mortgage loans serviced by 1122(d)(3)(i) the Servicer. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------------------------- Amounts due to investors are allocated and remitted in accordance with X timeframes, distribution priority and other terms set forth in the 1122(d)(3)(ii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------------------------- Disbursements made to an investor are posted within two X business days to the Servicer's investor records, or such 1122(d)(3)(iii) other number of days 1122(d)(3)(iii) specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------------------------- Amounts remitted to investors per the investor reports X agree with cancelled checks, or other 1122(d)(3)(iv) form of payment, or 1122(d)(3)(iv) custodial bank statements. ------------------------------ -------------------------------------------------- ------------------------------------ -------------------------------------------------------------------------------------------------------------------------------
M-2 Reg AB Servicing Criteria con't Applicable Inapplicable Reference Servicing Servicing Criteria Criteria ------------------------------------------------------------------------------------------------------------------------------- Pool Asset Administration ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------------------------- 1122(d)(4)(i) Collateral or security on pool assets mortgage loans is maintained as X required by the transaction 1122(d)(4)(i) agreements or related pool asset mortgage loan documents. ------------------------------ -------------------------------------------------- ------------------------------------ Pool assets ------------------------------------------------------------------------------------------------------------------------------- Mortgage loan and related documents are safeguarded as required by the transaction X 1122(d)(4)(ii) transaction agreements ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------------------------- Any additions, removals or substitutions to the asset pool are made, X reviewed and approved in accordance with any conditions or requirements 1122(d)(4)(iii) in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------------------------- Payments on pool assetsmortgage loans, including any payoffs, made in X accordance with the related pool asset mortgage loan documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, 1122(d)(4)(iv) and allocated to principal, ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-2 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ interest or other items (e.g., escrow) in accordance with the related pool asset mortgage loan 1122(d)(4)(iv) documents. ------------------------------ -------------------------------------------------- ------------------------------------ ------------------------------------------------------------------------------------------------------------------------------- The Servicer's records regarding the pool assets mortgage loans agree with the Servicer's records with 1122(d)(4)(v) respect to an obligor's unpaid principal balance. ------------------------------ -------------------------------------------------- ------------------------------------ Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and 1122(d)(4)(vi) related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by 1122(d)(4)(vii) the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed 1122(d)(4)(viii) temporary (e.g., illness or unemploymentX 1122(d)(4). ------------------------------ -------------------------------------------------- ------------------------------------ Adjustments to interest rates or rates of return for pool assets with variable rates are computed 1122(d)(4)(ix) based on the related pool asset documents. ------------------------------ -------------------------------------------------- ------------------------------------ Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the 1122(d)(4)(x) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the 1122(d)(4)(xi) transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment 1122(d)(4)(xii) was due to the obligor's error or omission. ------------------------------ -------------------------------------------------- ------------------------------------ Disbursements made on behalf of an obligor are posted within two business days to the 1122(d)(4)(xiii) obligor's ------------------------------ -------------------------------------------------- ------------------------------------ Appendix C-3 ------------------------------ -------------------------------------------------- ------------------------------------ Reg AB Reference Servicing Criteria Applicable Servicing Criteria ------------------------------ -------------------------------------------------- ------------------------------------ records maintained by the servicer, or such other number of days specified in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in 1122(d)(4)(xiv) accordance with the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as 1122(d)(4)(xv) set forth in the transaction agreements. ------------------------------ -------------------------------------------------- ------------------------------------ [JPMORGAN CHASE BANK, NATIONAL ASSOCIATION] [USAA FEDERAL SAVINGS BANK] By:________________________________ Name: Title: Date: ___________________________ APPENDIX D Form of Performance Certification CERTIFICATION Re: USAA Auto Owner Trust 2006-2 ---------------------------- The undersigned [Indenture Trustee] [Reporting Subcontractor] hereby certifies to the [ ] and its officers, directors and Affiliates (collectively, the "Certification Parties") as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by an officer of the Servicer and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:
1. The [Indenture Trustee] [Repo▇▇▇▇▇ ▇▇▇▇▇▇▇▇actor] has reviewed the information and reports provided by it to the Depositor and the Servicer pursuant to the Sale and Servicing Agreement with respect to the servicing criteria assessment under Section 10.5 of the Sale and Servicing Agreement (the "Information");
2. Based on the [Indenture Trustee] [Reporting Subcontractor]'s knowledge, the Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact required in the Information and necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by the 10-K report; and
3. The servicing criteria assessment required to be provided by the [Indenture Trustee] [Reporting Subcontrator] pursuant to the Agreement, has been provided to the Depositor and the Servicer. Any material instance of noncompliance with the applicable Servicing Criteria has been disclosed in such report.
Appears in 1 contract
Sources: Servicing Agreement (Sasco 2006-3h)