Common use of Initial and Continuing Reports Clause in Contracts

Initial and Continuing Reports. On or before the Closing Date, the Servicer will provide the Insurer a copy of the magnetic tape to be delivered to the Collateral Agent on the Closing Date, setting forth, as to each Receivable, the information (as of the close of business on the prior day) required under the definition of “Schedule of Receivables” at Section 1.2 of the Master Receivables Purchase Agreement. Thereafter, the Servicer shall deliver to the Insurer not later than 5:00p.m., New York City time, on each Determination Date the report required by Section 2.9 of the Servicing and Custodian Agreement.