DISTRIBUTION AMOUNTS; AND
(III)
DETERMINE THE AMOUNT ON DEPOSIT IN THE RESERVE ACCOUNT.
(C)
NO LATER THAN EACH PAYMENT DATE, THE BACK-UP SERVICER SHALL LOAD
THE COMPUTER TAPE OR DISKETTE RECEIVED FROM THE SERVICER PURSUANT TO SECTION
2.02(F) HEREOF, AND CONFIRM THAT SUCH COMPUTER TAPE OR DISKETTE IS IN READABLE
FORM AND CALCULATE AND CONFIRM THE AGGREGATE PRINCIPAL BALANCE OF CONTRACTS AS
OF THE MOST RECENT PAYMENT DATE.
In addition, the Back-up Servicer shall confirm that the Delinquency Ratio, the
average Delinquency Ratio for any three Collection Periods and the Cumulative
Net Loss Rate as set forth in the Monthly Servicer Report, are accurate based
solely on a comparison to the computer tape referred to above.
(D)
IN THE EVENT OF ANY DISCREPANCY BETWEEN THE INFORMATION SET FORTH
IN SUBPARAGRAPHS (B) AND (C), AS CALCULATED BY THE SERVICER, FROM THAT
DETERMINED OR CALCULATED BY THE BACK-UP SERVICER, THE BACK-UP SERVICER SHALL
PROMPTLY NOTIFY THE SERVICER, THE INDENTURE TRUSTEE, AND THE INSURER OF SUCH
DISCREPANCY. IF WITHIN TEN DAYS OF SUCH NOTICE BEING PROVIDED TO THE SERVICER,
THE BACK-UP SERVICER AND THE SERVICER ARE UNABLE TO RESOLVE SUCH DISCREPANCY,
THE BACK-UP SERVICER SHALL PROMPTLY NOTIFY THE RATING AGENCIES, THE INSURER, THE
INDENTURE TRUSTEE AND ANY OTHER PERSONS IDENTIFIED ON A LIST PROVIDED TO THE
BACK-UP SERVICER, AS SUCH LIST MAY BE AMENDED FROM TIME TO TIME, OF SUCH
DISCREPANCY.
(E)
OTHER THAN AS SPECIFICALLY SET FORTH ELSEWHERE IN THIS SERVICING
AGREEMENT, THE BACK-UP SERVICER SHALL HAVE NO OBLIGATION TO SUPERVISE, VERIFY,
MONITOR OR ADMINISTER THE PERFORMANCE OF THE SERVICER AND SHALL HAVE NO
LIABILITY FOR ANY ACTION TAKEN OR OMITTED BY THE SERVICER.
(F)
THE BACK-UP SERVICER SHALL CONSULT FULLY WITH THE SERVICER AS MAY
BE NECESSARY FROM TIME TO TIME TO PERFORM OR CARRY OUT THE BACK-UP SERVICER'S
OBLIGATIONS HEREUNDER, INCLUDING THE OBLIGATION, IF REQUESTED BY THE INSURER, TO
SUCCEED AT ANY TIME TO THE DUTIES AND OBLIGATIONS OF THE SERVICER AS SERVICER
UNDER SECTION 5.02 HEREOF.
2.24.
ASSUMPTION OF DUTIES BY BACK-UP SERVICER. AT ANY TIME FOLLOWING THE
ASSUMPTION OF DUTIES OF THE SERVICER BY THE BACK-UP SERVICER OR THE DESIGNATION
OF A SUCCESSOR SERVICER PURSUANT TO SECTION 2.01(C), THE SERVICER SHALL, AT THE
INDENTURE TRUSTEE'S OR THE INSURER'S REQUEST, (A) ASSEMBLE ALL OF THE RECORDS
RELATING TO THE COLLATERAL INCLUDING ALL CONTRACT FILES, AND SHALL MAKE THE SAME
AVAILABLE TO THE INDENTURE TRUSTEE AND THE INSURER AT A PLACE SELECTED BY THE
INDENTURE TRUSTEE AND THE INSURER OR ITS DESIGNEE, AND (B) SEGREGATE ALL CASH,
CHECKS AND OTHER INSTRUMENTS RECEIVED BY IT FROM TIME TO TIME CONSTITUTING
COLLECTIONS OF COLLATERAL IN A MANNER ACCEPTABLE TO THE INDENTURE TRUSTEE AND
THE INSURER, AND SHALL PROMPTLY UPON RECEIPT BUT NO LATER THAN TWO BUSINESS DAYS
AFTER RECEIPT, REMIT ALL SUCH CASH, CHECKS AND INSTRUMENTS, DULY ENDORSED
20
OR WITH DULY EXECUTED INSTRUMENTS OF TRANSFER, TO THE LOCKBOX ACCOUNT MAINTAINED
BY THE LOCKBOX BANK OR ITS DESIGNEE.
2.25.
ERRORS AND OMISSIONS INSURANCE. THE SERVICER HAS OBTAINED, AND
SHALL CONTINUE TO