Common use of Remittance and Distribution Clause in Contracts

Remittance and Distribution. Upon the appointment of the Distribution Agent, each Receiving Lender shall remit any Shared Payment received by it to the Distribution Agent for distribution in accordance with Section 3.2 hereof. Upon receipt of any Shared Payment, the Distribution Agent shall calculate the amount of such Shared Payment distributable to each Lender pursuant to Section 3.2 hereof as of the date the Receiving Lender received such Shared Payment and remit such amount to each Lender, accompanied by computations in reasonable detail showing the manner of calculation of the amounts distributable to each Lender pursuant to Section 3.2 hereof.

Remittance and Distribution. Upon the appointment of the Distribution Agent, each Receiving Lender Creditor shall remit any Shared Payment received by it to the Distribution Agent for distribution in accordance with Section 3.2 hereof. Upon receipt of any Shared Payment, the Distribution Agent shall calculate the amount of such Shared Payment distributable to each Lender Creditor pursuant to Section 3.2 hereof as of the date the Receiving Lender Creditor received such Shared Payment and remit such amount to each LenderCreditor, accompanied by computations in reasonable detail showing the manner of calculation of the amounts distributable to each Lender Creditor pursuant to Section 3.2 hereof.