A NOTES PRIOR TO GIVING EFFECT TO THE PAYMENT OF
PRINCIPAL ON THAT PAYMENT DATE.
SUCH AMOUNTS SHALL BE PAID IN ACCORDANCE WITH
SECTION 2.8(B)(I) OF THE INDENTURE.
SECTION 3.8.
STATEMENTS TO NOTEHOLDERS.
(A)
ON OR PRIOR TO EACH DETERMINATION DATE, THE
SERVICER SHALL PROVIDE TO THE INDENTURE TRUSTEE (WITH COPIES TO THE INSURER, THE
RATING AGENCIES AND EACH PAYING AGENT) FOR THE INDENTURE TRUSTEE TO FORWARD TO
EACH NOTEHOLDER OF RECORD AS OF THE MOST RECENT RECORD DATE UPON A WRITTEN
REQUEST FROM ANY SUCH NOTEHOLDER, A STATEMENT WHICH SHALL SET FORTH AT LEAST THE
FOLLOWING INFORMATION AS TO THE NOTES (TO THE EXTENT APPLICABLE) WITH RESPECT TO
THE DISTRIBUTION TO BE MADE ON SUCH PAYMENT DATE:
(I)
THE AMOUNT OF SUCH DISTRIBUTION
ALLOCABLE TO TOTAL NOTE INTEREST;
(II)
THE AMOUNT OF SUCH DISTRIBUTION ALLOCABLE
TO INTEREST, OVERDUE INTEREST AND INTEREST ON OVERDUE INTEREST FOR EACH CLASS OF
CLASS A NOTES;
34
(III)
THE AMOUNT OF SUCH DISTRIBUTION ALLOCABLE TO
PRINCIPAL ON EACH CLASS OF CLASS A NOTES AND THE CLASS B NOTES;
(IV)
THE TOTAL SERVICING FEE FOR THE PRECEDING
COLLECTION PERIOD;
(V)
THE CLASS A NOTE BALANCE AND THE NOTE FACTOR
RELATING TO EACH CLASS OF CLASS A NOTES, IN EACH CASE AS OF THE CLOSE OF
BUSINESS ON THE LAST DAY OF THE PRECEDING COLLECTION PERIOD (AFTER GIVING EFFECT
TO PAYMENTS ALLOCATED TO PRINCIPAL REPORTED UNDER CLAUSE (C) ABOVE);
(VI)
THE POOL BALANCE AS OF THE CLOSE OF BUSINESS
ON THE LAST DAY OF THE PRECEDING COLLECTION PERIOD;
(VII)
THE RESERVE ACCOUNT AMOUNT ON SUCH PAYMENT DATE
(AFTER GIVING EFFECT TO ALL DEPOSITS TO OR WITHDRAWALS FROM THE RESERVE ACCOUNT
ON SUCH PAYMENT DATE);
(VIII)
THE AGGREGATE PURCHASE AMOUNT OF PURCHASED
CONTRACTS, IF ANY, WITH RESPECT TO THE PRECEDING COLLECTION PERIOD;
(IX)
THE NUMBER AND AGGREGATE PRINCIPAL BALANCE
OF CONTRACTS THAT WERE 31-59 DAYS, 60-89 DAYS OR 90 DAYS OR MORE DELINQUENT AS
OF THE LAST DAY OF THE PRECEDING COLLECTION PERIOD;
(X)
CUMULATIVE NET LOSS RATE INFORMATION WITH
RESPECT TO THE PRECEDING COLLECTION PERIODS; AND
(XI)
PRIOR TO THE PREFUNDING ACCOUNT ENDING DATE,
THE PREFUNDING ACCOUNT BALANCE AND THE CAPITALIZED INTEREST AMOUNT.
(B)
WITHIN 150 DAYS AFTER THE CLOSING DATE AND
EACH ADDITIONAL CONTRACT PURCHASE DATE, THE SERVICER SHALL PROVIDE, OR SHALL
CAUSE TO BE PROVIDED, TO THE INDENTURE TRUSTEE AND THE INSURER A NOTICE
INDICATING WHICH CONTRACT FILES, IF ANY, DO NOT CONTAIN A CERTIFICATE OF TITLE
OR OTHER EVIDENCE IN LIEU OF A CERTIFICATE OF TITLE.
SECTION 3.9.
CONTROL OF SECURITIES ACCOUNTS; THE
SECURITIES INTERMEDIARY.
(A)
WELLS FARGO BANK, NATIONAL ASSOCIATION
AGREES TO ACT AS SECURITIES INTERMEDIARY HEREUNDER (IN SUCH CAPACITY, THE
"SECURITIES INTERMEDIARY") AND THE SECURITIES INTERMEDIARY REPRESENTS, WARRANTS
AND COVENANTS AS FOLLOWS:
(I)
WITH RESPECT TO ANY OF THE COLLATERAL
THAT IS A BOOK-ENTRY SECURITY, SUCH COLLATERAL HAS BEEN CREDITED TO THE
INDENTURE TRUSTEE'S SECURITIES ACCOUNT BY ACCURATE BOOK ENTRY.
(II)
THE SECURITIES INTERMEDIARY WILL COMPLY
WITH ALL "ENTITLEMENT ORDERS" (AS SUCH TERM IS DEFINED IN SECTION 8-102 OF THE