Servicing criteria

Servicing criteria(1) General servicing considerations. (i) Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.
(1)
(i) Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.

Source

17 CFR § 229.1122

Scoping language

Reports on assessment of compliance with servicing criteria for asset-backed securities. As required by paragraph (b) of 240.13a-18 or 240.15d-18 of this chapter, provide as an exhibit from each party participating in the servicing function a report on an assessment of compliance with the servicing criteria set forth in paragraph (d) of this section that contains the following:

(2) A statement that the party used the criteria in paragraph (d) of this section to assess compliance with the applicable servicing criteria;