Financial Asset Securitization Act Article 84

The SPC shall appoint or entrust a Servicer to manage and dispose of the transferred Assets, except for the beneficial interests in trusts as referred to in Item 4, subparagraph 2, paragraph 1 of Article 4 hereof.The Servicer shall separately manage the Assets described in the preceding paragraph and its own property, and its creditors shall have no claims or other rights against such Assets.The Servicer managing and disposing of the transferred Assets of the SPC shall periodically collect the principal of the transferred Assets, 48/64 or its profits, interests, and other proceeds accrued therefrom and forward such collected amount to the Supervisory Institution for delivery to the Asset-Backed Security holders. The Servicer shall also provide reports on the payment by obligors, collectable payment, bad debts, and other material information related to the transferred Assets to the Supervisory Institution.When the Servicer fails to perform its service obligations, a substitute Servicer may continue to provide the asset management services in accordance with the asset securitization plan or as reported to and approved by the competent authority.