RegulationAlert Papers

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General Servicing Considerations
Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.
If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities.
Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.
A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.
The information contained herein is general in nature and is based on authorities that are subject to change. It is not intended, and should not be construed, as legal, accounting, or tax advice, or as an opinion provided (expressed or implied) by NDB LLP to the reader or any other person. This material may not be applicable to, or suitable for, the specific circumstances or needs, and may require consideration of legal, regulatory compliance, non-tax, or tax factors. Contact NDB LLP for engagement and a consultation prior to taking any action based upon this information or other marketing information. NDB LLP assumes no obligations to inform the reader of any changes in SEC legislation/regulations or tax laws or other factors that could affect the information contained herein.
Regulation AB Item 1122 Servicing Criteria
The minimum servicing criteria as outlined in Regulation AB for Item 1122 consist of four main categories. These categories describe major components of the servicing function, with each category containing servicing criteria that have been designed to have general applicability to the servicing of all asset-backed securities.