Common use of Payment Accounting Clause in Contracts

Payment Accounting. The Borrower shall compile and provide (or cause to be compiled and provided) an accounting report (each, a “Payment Date Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall deliver such Payment Date Report to the Agents, the Borrower and the Servicer the earlier of (i) fifteen (15) Business Days following such Determination Date and (ii) two (2) Business Days prior to the applicable Payment Date. The Payment Date Report shall contain the information set forth in Schedule 3 hereto. In addition, the Borrower shall provide (or cause to be provided) in each Monthly Report a statement notifying of any amendment, modification or waiver under any Related Document for each Collateral Loan that constitutes a Material Modification that became effective since the immediately preceding Payment Date Report unless previously disclosed under Section 5.01(d)(vii) or 8.08(a). Each Payment Date Report shall constitute instructions to the Collateral Agent to withdraw funds from the Payment Account and pay or transfer such amounts set forth in the Payment Date Report in the manner specific and in accordance with the Priority of Payments.

Payment Accounting. The Borrower shall compile and provide (or cause to be compiled and provided) an accounting report (each, a “Payment Date Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall deliver such Payment Date Report to the Agents, the Borrower and the Servicer the earlier of (i) fifteen (15) Business Days following such Determination Date and (ii) two (2) Business Days prior to the applicable Payment Date. The Payment Date Report shall contain the information set forth in Schedule 3 hereto. In addition, the Borrower shall provide (or cause to be provided) in each Monthly Report a statement notifying of any amendment, modification or waiver under any Related Document for each Collateral Loan that constitutes a Material Modification that became effective since the immediately preceding Payment Date Report (or, in respect of the first Payment Date Report, from the Closing Date) unless previously disclosed under Section 5.01(d)(vii) or 8.08(a). Each Payment Date Report shall constitute instructions to the Collateral Agent to withdraw funds from the Payment Account and pay or transfer such amounts set forth in the Payment Date Report in the manner specific and in accordance with the Priority of Payments.

Payment Accounting. The Borrower shall compile and provide (or cause to be compiled and provided) an accounting report (each, a “Payment Date Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall deliver such Payment Date Report to the Agents, the Borrower and the Servicer the earlier of (i) fifteen (15) Business Days following such Determination Date and (ii) two (2) Business Days prior to the applicable Payment Date. The Payment Date Report shall contain the information set forth in Schedule 3 hereto. In addition, the Borrower shall provide (or cause to be provided) in each Monthly Report a statement notifying of any amendment, modification or waiver under any Related Document for each Collateral Loan that constitutes a Material Modification that became effective since the immediately preceding Payment Date Report (or, in respect of the first Payment Date Report, from the Closing Date) unless previously disclosed under Section 5.01(d)(vii) or 8.08(a). Each Payment Date Report shall constitute instructions to the Collateral Agent to withdraw funds from the Payment Account and pay or transfer such amounts set forth in the Payment Date Report in the manner specific and in accordance with the Priority of Payments.. -124- USActive 60140401.11