Document:

EXHIBIT 4.24

 

AMENDMENT NO. 2 TO SERVICING AGREEMENT

 

THIS AMENDMENT NO.
2 TO SERVICING AGREEMENT, dated as of October 24, 2014 (this “Amendment”), amends the Servicing Agreement dated
as of October 2, 2007 (as amended and supplemented from time to time, the “Servicing Agreement”), by and among,
BBAM AIRCRAFT MANAGEMENT LP (formerly known as Babcock & Brown Aircraft Management LLC), a Delaware limited partnership (“BBAM”),
BBAM AIRCRAFT MANAGEMENT (EUROPE) LIMITED (formerly known as Babcock & Brown Aircraft Management (Europe) Limited), a company
incorporated under the laws of Ireland (“BBAM (Ireland)” and together with BBAM, the “Servicer”),
BABCOCK & BROWN AIR FUNDING I LIMITED, a limited liability company incorporated under the laws of Bermuda (the “Company”),
and AMBAC ASSURANCE CORPORATION, a Wisconsin stock insurance company (the “Policy Provider”). Unless otherwise
defined in or amended by the terms of this Amendment, capitalized terms used in this Amendment shall have the meanings assigned
in the Servicing Agreement.

 

W I T N E S S E T H:

 

WHEREAS, the parties
hereto have previously entered into the Servicing Agreement; and

 

WHEREAS, the parties
hereto have agreed to amend certain provisions of the Servicing Agreement on the terms set forth herein.

 

NOW THEREFORE, for
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

Section 1.               
Amendment to Servicing Agreement.

 

1.01         
Section 9.04(b) to the Servicing Agreement shall be replaced in its entirety with the following:

 

(b) The “Sales
Fee” in respect of any Fee Period shall equal one and one-half percent (1.50%) of the Aggregate Gross Proceeds in respect
of Dispositions of Aircraft Assets during such Fee Period. “Aggregate Gross Proceeds” for any Fee Period means the sum
of the Gross Proceeds received for each Disposition of an Aircraft Asset that is an Aircraft Asset during such Fee Period. “Disposition”
means, with respect to any Aircraft Asset, the sale (including pursuant to the exercise of a purchase option), total loss or other
event or circumstances under which such Aircraft Asset ceases to be an Aircraft Asset. “Gross Proceeds” shall be an amount
equal to the aggregate amount of cash received or to be received from time to time (whether as initial or deferred consideration)
by or on behalf of the seller in connection with any Disposition of an Aircraft Asset.

 

1.02         
Annex 1 (Insurance Guidelines) to the Servicing Agreement shall be amended as follows:

 

Paragraph 1.
Hull and Repossession Insurance shall be replaced in its entirety with the following:

 

“With respect to any Aircraft
Asset, hull (including hull war risk) and, when applicable, repossession insurance shall be maintained in an amount at least equal
to the higher of (x) the Assumed Base Value (as defined in the Indenture) of such Aircraft or (y) 107% of the Allocable Debt Balance
(as defined in the Indenture) for such Aircraft (or, in each case, the equivalent thereof from time to time if such insurance is
denominated in a currency other than U.S. dollars that is freely convertible into U.S. dollars), as the same shall be calculated
in writing from time to time by the Company in accordance with the Indenture, which calculation the Company shall provide to Servicer
promptly after any change in any such Allocable Debt Balance or Assumed Base Value, provided that, with the prior written consent
of the Policy Provider, if the amount calculated pursuant to clause (y) exceeds the amount calculated pursuant to clause (x), hull
insurance (including hull war risks insurance) for each Aircraft may be maintained for a lesser amount, but in no event less than
105% of the Assumed Base Value adjusted to account for the half-life condition of such Aircraft. Spare engines and parts, if any,
shall be insured on the basis of their “replacement cost”.”

 

    	1

    	 

    

1.03         
Annex 2 (Concentration Limits) shall be amended by adding the following language:

 

Undesignated
& Prohibited Countries Limits

 

	Number of Aircraft in Portfolio	Maximum Percentage of combined Undesignated & Prohibited Countries (in the aggregate)
	More than 15 Aircraft	25%
	15 or fewer Aircraft	33%

 

For the purposes of calculating the
Maximum Percentage of combined Undesignated & Prohibited Countries (in the aggregate), (i) the numerator in such calculation
shall disregard each Aircraft for which 20 years or more have elapsed between the date of such calculation and the date of manufacture
or delivery of such Aircraft, and (ii) the denominator in such calculation shall disregard each Aircraft for which 20 years or
more have elapsed between the date of such calculation and the date of manufacture or delivery of such Aircraft, provided that
such Aircraft is on lease to a lessee that is habitually based or domiciled in an Undesignated or Prohibited country. 

 

Notwithstanding anything to the contrary
set forth in Section 5.03(a) of the Indenture, in no event may the Maximum Percentage of combined Undesignated & Prohibited
Countries (in the aggregate) set forth under “Undesignated & Prohibited Countries Limits” be exceeded in connection
with the entrance into any new Lease with a new Lessee (but, for the avoidance of doubt, not if entering into any renewal, extension
or other modification of an existing Lease with the current Lessee of such Aircraft) except with the consent of (i) the Policy
Provider and (ii) Holders (as defined in the Indenture) of a majority of the Outstanding Principal Balance of the Notes on the
date of any vote of such Holders (voting as a single class).

 

For the avoidance
of doubt, the restrictions set forth under “Undesignated & Prohibited Countries Limits” shall not apply to sales
or dispositions permitted pursuant to, and effected in accordance with, Section 5.02(g) of the Indenture.

 

Section 2.               
Miscellaneous.

 

2.01         
Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns.

 

2.02         
Captions. Captions and section headings appearing herein are included solely for convenience of reference and are
not intended to affect the interpretation of any provision of this Amendment.

 

2.03         
Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute
one and the same instrument and any of the parties hereto may execute this Amendment by signing any such counterpart. The terms
and conditions of this Amendment shall be, and be deemed to be, part of the terms and conditions of the Servicing Agreement for
any and all purposes.

 

2.04         
Governing Law. This Amendment shall be deemed a contract under the State of New York and for all purposes shall be
governed by and construed in accordance with the laws of the State of New York.

 

[Intentionally Left Blank]

 

    	2

    	 

    

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed by their respective officers as of the day and year first above
written.

 

	 	BABCOCK &
BROWN AIR FUNDING I LIMITED, as the Company
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	3

    	 

    

	 	BBAM AIRCRAFT
MANAGEMENT LP, as the Servicer
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	 
	 	BBAM AIRCRAFT
MANAGEMENT (EUROPE) LIMITED, as the Servicer
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	4

    	 

    

	 	AMBAC ASSURANCE
CORPORATION, as the Policy Provider
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	5EX-1022

		
			Exhibit 10.22
		

		
			 
		

		
			AMENDMENT NO. 3
		

		
			 
		

		
			TO SECOND AMENDED AND RESTATED
		

		
			FLOW SERVICING AGREEMENT
		

		
			 
		

		
			Amendment No. 3 to Second Amended and Restated Flow Servicing Agreement, dated as of December 11, 2014 (the “Amendment”), by and between PennyMac Loan Services, LLC, a Delaware limited liability company (the “Servicer”), and PennyMac Operating Partnership, L.P.,  Delaware limited partnership (the “Company”).
		

		
			 
		

		
			RECITALS
		

		
			 
		

		
			WHEREAS, the Servicer and the Company are parties to that certain Second Amended and Restated Flow Servicing Agreement, dated as of March 1, 2013 (the “Existing Servicing Agreement” and, as amended by this Amendment, the “Servicing Agreement”).  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Servicing Agreement.
		

		
			WHEREAS, the Servicer and the Company  have agreed, subject to the terms and conditions of this Amendment, that the Existing Servicing Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing Servicing Agreement.
		

		
			NOW, THEREFORE, in consideration of the mutual premises and mutual obligations set forth herein, the Servicer and the Company hereby agree that the Existing Servicing Agreement is hereby amended as follows:
		

			
	
			
				 SECTION 1.
			Definitions. Section 1.01 of the Existing Servicing Agreement is hereby amended by adding the following definitions in the proper alphabetical order:

		
			Commission: The Securities and Exchange Commission and any successor thereto.
		

		
			Regulation AB:  Subpart 22.1100-Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100-22.1123, as amended, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,631 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time as of an applicable date of determination.
		

		
			Servicing Criteria – The “servicing criteria” set forth in Item 1122(d) of Regulation AB, as set forth on Exhibit 11 hereto.
		

			
	
			
				 SECTION 2.
			Records, Information and Compliance Documents.  Section 6.03 of the Existing Servicing Agreement is hereby amended by deleting it in its entirety and replacing it with the following language:

		
			 
		

		 

		

			1

		

 

		
			Section 6.03Annual Independent Public Accountants’ Servicing Report.
		

		
			So long as any Mortgage Loans are being serviced hereunder, or were serviced hereunder during the prior calendar year, the Servicer shall, at its own expense, deliver to the Owner, on or before March 28th of each year (but in no event later than the next to the last Business Day of such month), either (A) a report of a registered public accounting firm stating that (i) it has obtained a letter of representation regarding certain matters from the management of the Servicer which includes an assertion that the Servicer has complied with certain minimum residential mortgage loan servicing standards, identified in the Uniform Single Attestation Program for Mortgage Bankers established by the Mortgage Bankers Association of America, with respect to the servicing of residential mortgage loans during the most recently completed fiscal year and (ii) on the basis of an examination conducted by such firm in accordance with standards established by the American Institute of Certified Public Accountants, such representation is fairly stated in all material respects, subject to such exceptions and other qualifications that may be appropriate, or (B) both (i) an assessment of compliance by the Servicer with the applicable Servicing Criteria during the immediately preceding calendar year (in lieu of the annual statement of compliance in Section 6.02 which shall not be required if Servicer provides the assessment of compliance as set forth in this Section 6.03(B), and (ii) a report by a registered public accounting firm that attests to and reports on the assessment of compliance provided in the clause (B)(i) above, which attestation shall be in accordance with Rule 1-02(a)(3) and Rule 2-02(g) of Regulation S-X under the Securities Act and the Securities Exchange Act.  In rendering any report to be provided hereunder such firm may rely, as to matters relating to the direct servicing of residential mortgage loans by Subservicers, upon comparable reports of firms of independent certified public accountants rendered on the basis of examinations conducted in accordance with the same standards (rendered within one year of such report) with respect to those Subservicers.
		

			
	
			
				 SECTION 3.
			Exhibits. A new Exhibit 11 shall be added to the Existing Servicing Agreement in the form attached hereto as Exhibit A.

			
	
			
				 SECTION 4.
			Conditions Precedent.  This Amendment shall become effective as of the date first set forth above (the “Amendment Effective Date”), subject to the satisfaction of the following conditions precedent:

			
	
			
				 4.1
			Delivered Documents.  On or prior to the Amendment Effective Date, each party shall have received the following documents, each of which shall be satisfactory to such party in form and substance:

			
	
			
				 (a)
			this Amendment, executed and delivered by duly authorized officers of the Servicer and the Company; and

			
	
			
				 (b)
			such other documents as such party or counsel to such party may reasonably request.

		

		

		 

		

			1

		

 

		

			 

		

		
		

			
	
			
				 4.2
			Representations and Warranties.  On or prior to the Amendment Effective Date, each party shall be in compliance in all material respects with all the terms and provisions set forth in the Existing Servicing Agreement on its part to be observed or performed.

			
	
			
				 SECTION 5.
			Limited Effect.  Except as expressly amended and modified by this Amendment, the Existing Servicing Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms. 

			
	
			
				 SECTION 6.
			GOVERNING LAW.    THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

			
	
			
				 SECTION 7.
			Counterparts.  This Amendment may be executed in one or more counterparts and by different parties hereto on separate counterparts, each of which, when so executed, shall constitute one and the same agreement.

			
	
			
				 SECTION 8.
			Conflicts.  The parties hereto agree that in the event there is any conflict between the terms of this Amendment, and the terms of the Existing Servicing Agreement, the provisions of this Amendment shall control.

		
			[SIGNATURE PAGE FOLLOWS]
		

		

		

		 

		

			2

		

 

		

			 

		

		
		

		
			IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.
		

		
			 
		

			
					
						The Servicer:

					
					
						PENNYMAC LOAN SERVICES, LLC

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Anne D. McCallion

				
	
					
						 

					
					
						 

					
					
						Name: 

					
					
						Anne D. McCallion

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Chief Financial Officer

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						The Company:

					
					
						PENNYMAC OPERATING
PARTNERSHIP, L.P.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						PennyMac GP OP, Inc.,

				
	
					
						 

					
					
						 

					
					
						  its General Partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Andrew S. Chang

				
	
					
						 

					
					
						 

					
					
						Name: 

					
					
						Andrew S. Chang

				
	
					
						 

					
					
						 

					
					
						Title: 

					
					
						Chief Business Development Officer

				

		
			 
		

		
			 
		

		
			
		

		 

		

			3

		

 

		 
		

		
			 
		

		
			 
		

		
			 
		

		
			Exhibit A
		

		
			 
		

		
			EXHIBIT 11
		

		
			 
		

		
			SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
		

		
			 
		

		
			The assessment of compliance to be delivered under the Agreement shall address, at a minimum, the criteria identified as below as “Applicable Servicing Criteria,” as identified by a mark in the column titled “Applicable Servicing Criteria.”
		

		
			 
		

			
					
						Servicing Criteria

					
					
						Applicable
Servicing Criteria

				
	
					
						Reference

					
					
						Criteria

					
					
						 

				
	
					
						 

					
					
						General Servicing Considerations

					
					
						 

					
					
						 

				
	
					
						1122(d)(1)(i)

					
					
						 

					
					
						Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.

					
					
						 

					
					
						X

				
	
					
						1122(d)(1)(ii)

					
					
						 

					
					
						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.

					
					
						 

					
					
						X

				
	
					
						1122(d)(1)(iii)

					
					
						 

					
					
						Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.

					
					
						 

					
					
						 

				
	
					
						1122(d)(1)(iv)

					
					
						 

					
					
						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.

					
					
						 

					
					
						X

				
	
					
						 

					
					
						 

					
					
						Cash Collection and Administration

					
					
						 

					
					
						 

				
	
					
						1122(d)(2)(i)

					
					
						 

					
					
						Payments on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.

					
					
						 

					
					
						X

				
	
					
						1122(d)(2)(ii)

					
					
						 

					
					
						Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.

					
					
						 

					
					
						X

				
	
					
						1122(d)(2)(iii)

					
					
						 

					
					
						Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.

					
					
						 

					
					
						X

				
	
					
						1122(d)(2)(iv)

					
					
						 

					
					
						The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.

					
					
						 

					
					
						X

				
	
					
						1122(d)(2)(v)

					
					
						 

					
					
						Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.  For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.

					
					
						 

					
					
						X

				
	
					
						1122(d)(2)(vi)

					
					
						 

					
					
						Unissued checks are safeguarded so as to prevent unauthorized access.

					
					
						 

					
					
						X

				
	
					
						1122(d)(2)(vii)

					
					
						 

					
					
						 Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts.  These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items.  These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.

					
					
						 

					
					
						X

				
	
					
						 

					
					
						 

					
					
						Investor Remittances and Reporting

					
					
						 

					
					
						 

				
	
					
						1122(d)(3)(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 (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced by the Regulation AB Servicer.

					
					
						 

					
					
						X

				

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		
		

			
					
						Servicing Criteria

					
					
						Applicable
Servicing Criteria

				
	
					
						Reference

					
					
						Criteria

					
					
						 

				
	
					
						1122(d)(3)(ii)

					
					
						 

					
					
						Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.

					
					
						 

					
					
						X

				
	
					
						1122(d)(3)(iii)

					
					
						 

					
					
						Disbursements made to an investor are posted within two business days to the Regulation AB Servicer’s investor records, or such other number of days specified in the transaction agreements.

					
					
						 

					
					
						X

				
	
					
						1122(d)(3)(iv)

					
					
						 

					
					
						Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.

					
					
						 

					
					
						X

				
	
					
						 

					
					
						 

					
					
						Pool Asset Administration

					
					
						 

					
					
						 

				
	
					
						1122(d)(4)(i)

					
					
						 

					
					
						Collateral or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.

					
					
						 

					
					
						X

				
	
					
						1122(d)(4)(ii)

					
					
						 

					
					
						Mortgage loan and related documents are safeguarded as required by the transaction agreements

					
					
						 

					
					
						X

				
	
					
						1122(d)(4)(iii)

					
					
						 

					
					
						Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.

					
					
						 

					
					
						X

				
	
					
						1122(d)(4)(iv)

					
					
						 

					
					
						Payments on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Regulation AB Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan documents.

					
					
						 

					
					
						X

				
	
					
						1122(d)(4)(v)

					
					
						 

					
					
						The Regulation AB Servicer’s records regarding the mortgage loans agree with the Regulation AB Servicer’s records with respect to an obligor’s unpaid principal balance.

					
					
						 

					
					
						X

				
	
					
						1122(d)(4)(vi)

					
					
						 

					
					
						Changes with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.

					
					
						 

					
					
						X

				
	
					
						1122(d)(4)(vii)

					
					
						 

					
					
						Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.

					
					
						 

					
					
						X

				
	
					
						1122(d)(4)(viii)

					
					
						 

					
					
						Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements.  Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).

					
					
						 

					
					
						X

				
	
					
						1122(d)(4)(ix)

					
					
						 

					
					
						Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.

					
					
						 

					
					
						X

				
	
					
						1122(d)(4)(x)

					
					
						 

					
					
						Regarding any funds held in trust for an obligor (such as escrow accounts):  (A) such funds are analyzed, in accordance with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number of days specified in the transaction agreements.

					
					
						 

					
					
						X

				
	
					
						1122(d)(4)(xi)

					
					
						 

					
					
						Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.

					
					
						 

					
					
						X

				
	
					
						1122(d)(4)(xii)

					
					
						 

					
					
						Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.

					
					
						 

					
					
						X

				
	
					
						1122(d)(4)(xiii)

					
					
						 

					
					
						Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.

					
					
						 

					
					
						X

				
	
					
						1122(d)(4)(xiv)

					
					
						 

					
					
						 Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.

					
					
						 

					
					
						X

				

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		
		

		
			 
		

			
					
						Servicing Criteria

					
					
						Applicable
Servicing Criteria

				
	
					
						Reference

					
					
						Criteria

					
					
						 

				
	
					
						1122(d)(4)(xv)

					
					
						 

					
					
						Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.

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