Common use of Reports to be Provided by the Servicer Clause in Contracts

Reports to be Provided by the Servicer. (a) In connection with the transfer of the Certificates, the Trustee on behalf of any Certificateholder may request that the Servicer make available to any prospective Certificateholder annual audited financial statements of the Servicer (or, upon request, audited annual financial statements of the Servicer's ultimate parent corporation) for one or more of the most recently completed fiscal years for which such statements are available, which request shall not be unreasonably denied or unreasonably delayed. Such annual audited financial statements also shall be made available to the Certificate Insurer upon request. In the event such firm requires the Trustee to agree to the procedures performed by such firm, the Servicer shall direct the Trustee in writing to agree; it being understood and agreed that the Trustee will deliver such letter of agreement in conclusive reliance upon the direction of the Servicer, and the Trustee shall not make any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. Delivery of such reports, information and documents to the Trustee is for informational purposes only, and the Trustee's receipt of such shall not constitute constructive notice of any information contained therein or determinable from the information contained therein, including the Servicer's compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on the Officer's Certificates). (b) The Servicer also agrees to make available on a reasonable basis to the Certificate Insurer, the Trustee or any prospective Certificateholder a knowledgeable financial or accounting officer for the purpose of answering reasonable questions respecting recent developments affecting the Servicer or the financial statements of the Servicer and to permit the Certificate Insurer or any prospective Certificateholder to inspect the Servicer's servicing facilities during normal business hours for the purpose of satisfying the Certificate Insurer, the Trustee or such prospective Certificateholder that the Servicer has the ability to service the Loans in accordance with this Agreement. (c) On the 15th calendar day of each month, and if such day is not a Business Day, the next succeeding Business Day, the Servicer shall deliver to the Trustee, the Depositor (if so requested) and to a certain financial market publisher (which initially shall be Bloomberg, L.P.), a computer tape in ASCII file format that includes the "loan level" information with respect to the Loans as of the end of the related Due Period for the loan data fields required pursuant to Exhibit K hereof and those additional loan data fields as reasonably required by the Trustee, the Certificate Insurer, the Depositor or the Certificate Insurer from time to time. (d) The Servicer shall, in each year beginning after the Cut-Off Date, make the reports of foreclosures and abandonments of any Mortgaged Property as required by Code Section 6050J. In order to facilitate this reporting process, the Servicer shall, on or before January 15th of each year, provide to the Internal Revenue Service, reports relating to each instance occurring during the previous calendar year in which such Servicer (i) on behalf of the Trustee acquires an interest in a Mortgaged Property through foreclosure or other comparable conversion in full or partial satisfaction of a Mortgage Loan serviced by such Servicer, or (ii) knows or has reason to know that a Mortgaged Property has been abandoned. Reports from the Servicer shall be in form and substance sufficient to meet the reporting requirements imposed by Code Section 6050J. In addition, the Servicer shall, for each year ending after the Cut-Off Date, provide, or cause to be provided, to the Internal Revenue Service and the related Mortgagors such information as is required under Code Sections 6050H (regarding payment of interest) and 6050P (regarding cancellation of indebtedness).

Reports to be Provided by the Servicer. (a) In connection with the transfer of the Certificates, the Trustee on behalf of any Certificateholder may request that the Servicer make available to any prospective Certificateholder annual audited financial statements of the Servicer (or, upon request, audited annual financial statements of the Servicer's ultimate parent corporation) for one or more of the most recently completed fiscal years for which such statements are available, which request shall not be unreasonably denied or unreasonably delayed. Such annual audited financial statements also shall be made available to the Certificate Insurer upon requestpursuant to Section 2.02(c) of the Insurance Agreement. In the event such firm requires the Trustee to agree to the procedures performed by such firm, the Servicer shall direct the Trustee in writing to agree; it being understood and agreed that the Trustee will deliver such letter of agreement in conclusive reliance upon the direction of the Servicer, and the Trustee shall not make any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. Delivery of such reports, information and documents to the Trustee is for informational purposes only, and the Trustee's receipt of such shall not constitute constructive notice of any information contained therein or determinable from the information contained therein, including the Servicer's compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on the Officer's Certificates). (b) The Servicer also agrees to make available on a reasonable basis to the Certificate Insurer, the Trustee or any prospective Certificateholder a knowledgeable financial or accounting officer for the purpose of answering reasonable questions respecting recent developments affecting the Servicer or the financial statements of the Servicer and to permit the Certificate Insurer or any prospective Certificateholder to inspect the Servicer's servicing facilities during normal business hours for the purpose of satisfying the Certificate Insurer, the Trustee or such prospective Certificateholder that the Servicer has the ability to service the Loans in accordance with this Agreement. (c) On the 15th calendar day of each month, and if such day is not a Business Day, the next succeeding Business Day, the Servicer shall deliver to the Trustee, Trustee and the Depositor (if so requested) and to a certain financial market publisher (which initially shall be Bloomberg, L.P.), a computer tape in ASCII a Microsoft Excel file format that includes the "loan level" information with respect to the Loans as of the end of the related Due Period for the loan data fields required pursuant to Exhibit K hereof and those additional loan data fields as reasonably required by the Trustee, the Certificate Insurer, the Depositor or the Certificate Insurer from time to time, and the Trustee shall deliver such computer tape upon receipt to a certain financial market publisher (which initially shall be Bloomberg, L.P.). (d) The Servicer shall, in each year beginning after the Cut-Off Date, make the reports of foreclosures and abandonments of any Mortgaged Property as required by Code Section 6050J. In order to facilitate this reporting process, the Servicer shall, on or before January 15th of each year, provide to the Internal Revenue Service, reports relating to each instance occurring during the previous calendar year in which such Servicer (i) on behalf of the Trustee acquires an interest in a Mortgaged Property through foreclosure or other comparable conversion in full or partial satisfaction of a Mortgage Loan serviced by such Servicer, or (ii) knows or has reason to know that a Mortgaged Property has been abandoned. Reports from the Servicer shall be in form and substance sufficient to meet the reporting requirements imposed by Code Section 6050J. In addition, the Servicer shall, for each year ending after the Cut-Off Date, provide, or cause to be provided, to the Internal Revenue Service and the related Mortgagors such information as is required under Code Sections 6050H (regarding payment of interest) and 6050P (regarding cancellation of indebtedness).