RegulationAlert Papers

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Investor Remittance and Reporting
i.
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:

Are prepared in accordance with timeframes and other terms set forth in the transaction agreements;
Provide information calculated in accordance with the terms specified in the transaction agreements;
Are filed with the Commission as required by its rules and regulations; and
Agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the servicer.
ii.
Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.
iii.
Disbursements made to an investor are posted within two business days to the servicer's investor records, or such other number of days specified in the transaction agreements.
iv.
Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.
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.