Common use of Payment Date Accounting Clause in Contracts

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer Borrower shall render (compile or cause to be rendered) an accounting compiled a report (each a the “Distribution Valuation Report”)) and the Borrower shall then provide, determined as of or cause to be provided, such Valuation Report by facsimile, overnight courier or electronic mail to the close of business on each Determination Date preceding a Payment Date, and Collateral Agent (who shall make such Valuation Report available such Distribution Report to the Trustee, Administrative Agent and the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate Lenders by access to the Trustee its website or by first class mail upon written request therefor) not later than the one Business Day preceding prior to the related Payment Date (or, with respect to the Maturity Date, on the Payment Date). The Distribution Valuation Report shall contain the following information: (i) the information required Aggregate Principal Amount of the Collateral Obligations as of the close of business on such Determination Date, setting forth for each Collateral Obligation the funded amount thereof after giving effect to be (A) Proceeds received on the Collateral Obligations with respect to the related Due Period and the reinvestment of such Proceeds in substitute Collateral Obligations or Eligible Investments during such Due Period and (B) the Monthly Report pursuant to Section 10.7(a)release of any Collateral Obligations during such Due Period; (ii) (a) the Aggregate Outstanding Loan Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period such Determination Date, and such amount as a percentage of the original Aggregate Outstanding Amount aggregate outstanding principal balance of the Secured Notes Loans at the beginning of such Classthe Due Period, (b) the amount of principal payments to be made on the Secured Notes of each Class Loans on the next Payment Date Date, the amount of any overdue interest and the Aggregate Outstanding Amount aggregate outstanding principal balance of the Secured Notes Loans as a Dollar figure and as a percentage of the original aggregate outstanding principal balance, in each Class case after giving effect to the principal payments, if any, on the next Payment Date and for such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued amount of interest for each applicable Class of Secured Notes payable to the Lenders for such Payment Date (stated separately for each Tranche of Loans determined as of the related Determination Date); (iv) the amounts payable amount of Principal Proceeds to be applied pursuant to clause (1) of the Principal Priority of Payments (in each clause case determined as of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Determination Date); (v) the Administrative Expenses payable for such Payment Date on an itemized basis (determined as of the related Determination Date); (vi) for the Interest Collection Account: (A1) the Balance on deposit in the each Interest Collection Account at the end of the related Collection Due Period; (B2) the amounts payable from the each Interest Collection Account (through a transfer to the Payment Account, in order to make payments ) pursuant to Section 11.1(a)(isubclauses (1) through (9) of the Interest Priority of Payments and Section 11.1(a)(iisubclauses (1) on through (6) of the next Principal Priority of Payments for such Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)Date; and (C3) the Balance remaining in the each Interest Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); (vii) for the Principal Collection Account: (1) the Balance on deposit in the Principal Collection Account at the end of the related Due Period; (2) the amounts, if any, payable from the Principal Collection Account (through a transfer to the Payment Account) as Interest Proceeds pursuant to the Interest Priority of Payments and as Principal Proceeds pursuant to the Principal Priority of Payments for such Payment Date (in each case determined as of the related Determination Date); and (vi3) the Balance remaining in the Principal Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); (viii) the amount of unpaid interest, if any, with respect to any Loans (in each case determined as of the related Determination Date); (ix) the Principal Payments received during the related Due Period, in USD; (x) the Principal Proceeds received during the related Due Period, in USD; (xi) the Interest Proceeds received during the related Due Period, in USD; (xii) the amounts payable pursuant to each subclause of the Interest Priority of Payments and the Principal Priority of Payments on the related Payment Date (in each case determined as of the related Determination Date); (xiii) the identity of each Collateral Obligation as to which a Value Adjustment Event occurred during the related Due Period; (xiv) the identity of any Collateral Obligations and other properties that were released for sale or other disposition, indicating whether such Collateral Obligation or other property is subject to a Value Adjustment Event or is an Ineligible Asset and whether such Collateral Obligation or Ineligible Asset was sold or disposed of since the last Valuation Report; and (xv) such other information as the Collateral Manager Agent, Services Provider or the Administrative Agent may reasonably request. Each Distribution Report shall constitute instructions to request regarding the Trustee to withdraw funds from Loans and the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIIICollateral therefor.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial PurchaserPlacement Agent, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (compile or cause to be rendered) an accounting compiled a report (each a the “Distribution Valuation Report”)) and the Issuer shall then provide, determined as of the close of business on each Determination Date preceding a Payment Dateor cause to be provided, and shall make available such Distribution Valuation Report to the Trusteeby facsimile, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate overnight courier or electronic mail to the Trustee (who shall make such Valuation Report available to any Holder of the Notes (or its designee) by access to its website or by first class mail upon written request therefor in the form of Exhibit D attached hereto) not later than the one Business Day preceding prior to the related Payment Date (or, with respect to the Stated Maturity of any Note, on the Payment Date). The Distribution Valuation Report shall contain the following information: (i) the information required Aggregate Principal Amount of the Collateral Obligations as of the close of business on such Determination Date, after giving effect to be (A) Proceeds received on the Collateral Obligations with respect to the related Due Period and the reinvestment of such Proceeds in Substitute Collateral Obligations or Eligible Investments during such Due Period and (B) the Monthly Report pursuant to Section 10.7(a)release of any Collateral Obligations during such Due Period; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period as a Dollar figure and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes at the beginning of such Classthe Due Period, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest and the Aggregate Outstanding Amount of the Secured Notes as a Dollar figure and as a percentage of the original Aggregate Outstanding Amount of the Notes, in each Class case after giving effect to the principal payments, if any, on the next Payment Date and for such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class Distribution Amount payable to the Holders of Secured the Notes for such Payment Date (in the aggregate) and the amount of Interest Proceeds and Principal Proceeds payable to the Equity Owner (in each case determined as of the related Determination Date); (iv) the amounts payable amount of Principal Proceeds to be applied pursuant to Section 11.1(a)(B)(i) (in each clause case determined as of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Determination Date); (v) the Administrative Expenses payable for such Payment Date on an itemized basis (determined as of the related Determination Date); (vi) for the Interest Collection Account: (A) the Balance on deposit in the Interest Collection Account at the end of the related Collection Due Period; (B) the amounts payable from the Interest Collection Account (through a transfer to the Payment Account, in order to make payments ) pursuant to subclauses (i) through (iv) of Section 11.1(a)(i11.1(a)(A) and subclauses (i) through (v) of Section 11.1(a)(ii11.1(a)(B) on the next for such Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)Date; and (C) the Balance remaining in the Interest Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); (vii) for the Principal Collection Account: (A) the Balance on deposit in the Principal Collection Account at the end of the related Due Period; (B) the amounts, if any, payable from the Principal Collection Account (through a transfer to the Payment Account) as Interest Proceeds pursuant to Section 11.1(a)(A) and as Principal Proceeds pursuant to Section 11.1(a)(B) for such Payment Date (in each case determined as of the related Determination Date); and (viC) the Balance remaining in the Principal Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); (viii) the amount of Defaulted Interest, if any, with respect to any Notes and the Investment Management Fee (in each case determined as of the related Determination Date); (ix) the amount of any Notes that have been issued after the Closing Date and the date of such issuances (determined as of the related Determination Date); (x) the Principal Payments received during the related Due Period; (xi) the Principal Proceeds received during the related Due Period; (xii) the Interest Proceeds received during the related Due Period; (xiii) the amounts payable pursuant to each subclause of Section 11.1(a)(A) and Section 11.1(a)(B) on the related Payment Date (in each case determined as of the related Determination Date); (xiv) the identity of each Collateral Obligation that became a Defaulted Obligation during the related Due Period; (xv) the identity of any Collateral Obligations that were released for sale or other disposition, indicating whether such Collateral Obligation is a Defaulted Obligation, a Withholding Tax Security or an Equity Security and whether such Collateral Obligation or an Equity Security was sold or disposed of pursuant to Section 12.1(a) since the last Valuation Report; and (xvi) such other information as the Collateral Trustee, Investment Manager or the Majority of the Noteholders may reasonably request. Each Distribution Report shall constitute instructions to request regarding the Trustee to withdraw funds from Notes and the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIIICollateral therefor.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii11.1(a)(iv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Co-Placement Agent, the Rating Agency Agency, Euronext Dublin (so long as any Notes are listed on Euronext Dublin and so long as the guidelines of such exchange so require) and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) the Priority of Interest Proceeds and each clause of Section 11.1(a)(ii) the Priority of Principal Proceeds or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) the Priority of Interest Proceeds and Section 11.1(a)(ii) the Priority of Principal Proceeds on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) the Priority of Interest Proceeds and each clause of Section 11.1(a)(ii) the Priority of Principal Proceeds or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) the Priority of Interest Proceeds and Section 11.1(a)(ii) the Priority of Principal Proceeds on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, to the Collateral Manager and the Trustee (who shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and Agency, any Holder shown on the RegisterRegisters, any Shareholder shown on the Share Register and any beneficial owner of a Security any Debt who has delivered a Beneficial Ownership Certificate to the Trustee and the Investor Information Services by posting such report to its website) not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.8(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Debt and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class Secured Debt and (c) the amount of distributions, if any, to be made on the Preferred Shares Subordinated Notes on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; (vi) for each Account, a schedule showing the beginning balance, each credit or debit specifying the nature, source and amount, and the ending balance; (vii) a schedule showing for each of the following the beginning balance, the amount of Interest Proceeds received from the date of determination of the immediately preceding Distribution Report, and the ending balance for the Determination Date preceding the current Payment Date: (A) Interest Proceeds from Collateral Obligations; and (viB) Interest Proceeds from Eligible Investments; (viii) purchases, prepayments, and sales: (A) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any), Principal Proceeds and Interest Proceeds received, and date for (X) each Collateral Obligation that was released for sale or disposition pursuant to Section 12.1 since the Determination Date immediately preceding the last Distribution Report and (Y) each prepayment or redemption of a Collateral Obligation, and in the case of (X), whether such Collateral Obligation was a Credit Risk Obligation or a Credit Improved Obligation, whether the sale of such Collateral Obligation was a discretionary sale; and (B) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any) and Principal Proceeds and Interest Proceeds expended to acquire each Collateral Obligation acquired pursuant to Section 12.2 since the Determination Date immediately preceding the last Distribution Report; and (ix) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “"Distribution Report”"), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Loan Agent, the Collateral Manager, the Initial Purchaser, the Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date is not also a Re-Pricing Date or Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class C Notes and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributionspayments, if any, to be made on the Preferred Shares Subordinated Notes on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) [reserved]; (vii) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer Borrower shall render (compile or cause to be rendered) an accounting compiled a report (each a the “Distribution Valuation Report”)) and the Borrower shall then provide, determined as of or cause to be provided, such Valuation Report by facsimile, overnight courier or electronic mail to the close of business on each Determination Date preceding a Payment Date, Administrative Agent and the Collateral Agent (who shall make such Valuation Report available such Distribution Report to the Trustee, Lenders by access to its website or by first class mail upon written request therefor in the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner form of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Exhibit F attached hereto) not later than the one Business Day preceding prior to the related Payment Date (or, with respect to the Maturity Date, on the Payment Date). The Distribution Valuation Report shall contain the following information: (i) the information required Aggregate Principal Amount of the Collateral Obligations as of the close of business on the related Determination Date, after giving effect to be (A) Proceeds received on the Collateral Obligations with respect to the related Due Period and the reinvestment of such Proceeds in Substitute Collateral Obligations or Eligible Investments during such Due Period and (B) the Monthly Report pursuant to Section 10.7(a)release of any Collateral Obligations during such Due Period; (ii) (a) the Aggregate Outstanding Amount aggregate outstanding principal balance of the Secured Notes of each Class at the beginning of the Interest Accrual Period Loans as a Dollar figure and such amount as a percentage of the original Aggregate Outstanding Amount aggregate outstanding principal balance of the Secured Notes Loan at the beginning of such Classthe Due Period, (b) the amount of principal payments to be made on the Secured Notes of each Class Loans on the next Payment Date Date, the amount of any overdue interest on or other amounts in respect of the Loans and the Aggregate Outstanding Amount aggregate outstanding principal balance of the Secured Notes Loans as a Dollar figure and as a percentage of the original aggregate outstanding principal balance, in each Class case after giving effect to the principal payments, if any, on the next Payment Date and for such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate aggregate amount of interest and accrued interest for each applicable Class of Secured Notes other amounts payable to the Lenders for such Payment Date (in the aggregate) and the amount of Interest Proceeds and Principal Proceeds payable to the Equity Owner (in each case determined as of the related Determination Date); (iv) the amounts payable amount of Principal Proceeds to be applied pursuant to clause (1) of the Principal Priority of Payments (in each clause case determined as of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Determination Date); (v) the Administrative Expenses payable for such Payment Date on an itemized basis (determined as of the related Determination Date); (vi) for the Interest Collection Account: (A1) the Balance on deposit in the Interest Collection Account at the end of the related Collection Due Period; (B2) the amounts payable from the Interest Collection Account (through a transfer to the Payment Account, in order to make payments ) pursuant to Section 11.1(a)(isubclauses (1) through (7) of the Interest Priority of Payments and Section 11.1(a)(iisubclauses (1) on through (6) of the next Principal Priority of Payments for such Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)Date; and (C3) the Balance remaining in the Interest Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); (vii) for the Principal Collection Account: (1) the Balance on deposit in the Principal Collection Account at the end of the related Due Period; (2) the amounts, if any, payable from the Principal Collection Account (through a transfer to the Payment Account) as Interest Proceeds pursuant to the Interest Priority of Payments and as Principal Proceeds pursuant to the Principal Priority of Payments for such Payment Date (in each case determined as of the related Determination Date); and (vi3) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report Balance remaining in the manner specified Principal Collection Account immediately after all payments and in accordance with deposits to be made on such Payment Date (determined as of the priorities established in Section 11.1 and Article XIII.related Determination Date);

Payment Date Accounting. The Issuer shall render (compile or cause to be rendered) an accounting compiled a report (each a the “Distribution Valuation Report”)) and the Issuer shall then provide, determined as of the close of business on each Determination Date preceding a Payment Dateor cause to be provided, and shall make available such Distribution Valuation Report to the Trusteeby facsimile, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate overnight courier or electronic mail to the Trustee (who shall make such Valuation Report available to any Holder of Class A Notes (or its designee) by access to its website or by first-class mail upon written request therefor in the form of Exhibit D attached hereto) not later than the one Business Day preceding prior to the related Payment Date (or, with respect to the Stated Maturity of any Class A Note, on the Payment Date). The Distribution Valuation Report shall contain the following information: (i) the information required Aggregate Principal Amount of the Collateral Obligations as of the close of business on such Determination Date, after giving effect to be (A) Proceeds received on the Collateral Obligations with respect to the related Due Period and the reinvestment of such Proceeds in Substitute Collateral Obligations or Eligible Investments during such Due Period and (B) the Monthly Report pursuant to Section 10.7(a)release of any Collateral Obligations during such Due Period; (ii) (a) the Aggregate Outstanding Amount of the Secured Class A Notes of each Class at the beginning of the Interest Accrual Period as a Dollar figure and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Class A Notes at the beginning of such Classthe Due Period, (b) the amount of principal payments to be made on the Secured Class A Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Class A Notes as a Dollar figure and as a percentage of the original Aggregate Outstanding Amount of the Class A Notes, in each Class case after giving effect to the principal payments, if any, on the next Payment Date and for such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Class A Interest Rate and accrued interest for each applicable Distribution Amount payable to the Holders of the Class of Secured A Notes for such Payment Date (in the aggregate) and the amount of Interest Proceeds and Principal Proceeds payable to the Equity Owner (in each case determined as of the related Determination Date); (iv) the amounts payable amount of Principal Proceeds to be applied pursuant to Section 11.1(a)(B)(i) (in each clause case determined as of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Determination Date); (v) the Administrative Expenses payable for such Payment Date on an itemized basis (determined as of the related Determination Date); (vi) for the Interest Collection Account: (A) the Balance on deposit in the Interest Collection Account at the end of the related Collection Due Period; (B) the amounts payable from the Interest Collection Account (through a transfer to the Payment Account, in order to make payments ) pursuant to subclauses (i) through (v) of Section 11.1(a)(i11.1(a)(A) and subclauses (i) through (v) of Section 11.1(a)(ii11.1(a)(B) on the next for such Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)Date; and (C) the Balance remaining in the Interest Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); (vii) for the Principal Collection Account: (A) the Balance on deposit in the Principal Collection Account at the end of the related Due Period; (B) the amounts, if any, payable from the Principal Collection Account (through a transfer to the Payment Account) as Interest Proceeds pursuant to Section 11.1(a)(A) and as Principal Proceeds pursuant to Section 11.1(a)(B) for such Payment Date (in each case determined as of the related Determination Date); and (viC) the Balance remaining in the Principal Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); (viii) the amount of Defaulted Interest, if any, with respect to any Class A Notes and the Collateral Management Fee (in each case determined as of the related Determination Date); (ix) the amount of any Class A Notes that have been issued after the Closing Date and the date of such issuances (determined as of the related Determination Date); (x) the Principal Payments received during the related Due Period; (xi) the Principal Proceeds received during the related Due Period; (xii) the Interest Proceeds received during the related Due Period; (xiii) the amounts payable pursuant to each subclause of Section 11.1(a)(A) and Section 11.1(a)(B) on the related Payment Date (in each case determined as of the related Determination Date); (xiv) the identity of each Collateral Obligation that became a Defaulted Obligation during the related Due Period; (xv) the identity of any Collateral Obligations that were released for sale or other disposition, indicating whether such Collateral Obligation is a Defaulted Obligation, a Withholding Tax Security, an Equity Security or an Exchanged Equity Security and whether such Collateral Obligation, an Equity Security or Exchanged Equity Security was sold or disposed of pursuant to Section 12.1(a), (b), (c) or (e), since the last Valuation Report; and (xvi) such other information as the Trustee, Collateral Manager or the Majority of the Controlling Class may reasonably request. Each Distribution Report shall constitute instructions to request regarding the Trustee to withdraw funds from Class A Notes and the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIIICollateral therefor.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii11.1(a)(iv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided, that such Payment Date is not also a Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and Class, (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes and (d) the amount of distributionspayments, if any, to be made on to the Preferred Shares Holders of the Subordinated Notes on the next Payment DateDate and the Aggregate Outstanding Amount of Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the each Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date is not also a Re-Pricing Date or Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class C Notes and the Class D Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributionspayments, if any, to be made on the Preferred Shares Subordinated Notes on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) [reserved]; (vii) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register or Loan Register, any Shareholder shown on the Share Register and any beneficial owner of a Security Debt who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) the Priority of Interest Proceeds and each clause of Section 11.1(a)(ii) the Priority of Principal Proceeds or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) the Priority of Interest Proceeds and Section 11.1(a)(ii) the Priority of Principal Proceeds on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “"Distribution Report”"), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the each Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date is not also a Re-Pricing Date or Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributionspayments, if any, to be made on the Preferred Shares Subordinated Notes on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) [reserved]; (vii) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the each Beneficial Owner, each Rating Agency and any other Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Note not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.6(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such ClassNotes, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class C-1 Notes and the Class D-1 Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributionspayments, if any, to be made on the Preferred Shares Subordinated Notes on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate (including LIBOR for such Interest Accrual Period and the spread specified in Section 2.3) and accrued interest for each applicable Class of the Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Initial PurchaserLoan Agent, the Placement Agent, the Co-Placement Agent, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share applicable Register of a Secured Debt or Subordinated Securities and any beneficial owner of a Security Secured Debt or Subordinated Securities who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt and Subordinated Securities of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt and Subordinated Securities of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares Subordinated Securities on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Co-Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii11.1(a)(iv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchasereach Rating Agency, the Rating Agency and Placement Agents and, upon written request therefor, any Holder shown on and, upon written notice to the RegisterTrustee in the form of Exhibit C, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Note not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.5(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i), Section 11.1(a)(ii) and Section 11.1(a)(ii11.1(a)(iii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial PurchaserPlacement Agent, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) the Priority of Interest Proceeds and each clause of Section 11.1(a)(ii) the Priority of Principal Proceeds or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) the Priority of Interest Proceeds and Section 11.1(a)(ii) the Priority of Principal Proceeds on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Class A-1L Loan Agent, the Collateral Manager, the Initial Purchaser, the Rating Agency and the Initial Purchaser and, upon written request therefor, any Holder shown on the RegisterRegister and, any Shareholder shown on upon written notice to the Share Register and Trustee in the form of Exhibit C, any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Note not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes NotesDebt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes NotesDebt of such Class, (b) the amount of principal payments to be made on the Secured Notes NotesDebt of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class B Notes or the Class C Notes, as applicable, and the Aggregate Outstanding Amount of the Secured Notes NotesDebt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes NotesDebt of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes in respect of Subordinated Note Redemption Prices on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) [reserved]; (iv) the Interest Rate and accrued interest for each applicable Class of Secured Notes NotesDebt for such Payment Date; (ivv) the amounts payable pursuant to each clause of Section Sections 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iiithrough (iii), as applicable, on the related Payment Date; (vvi) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section Sections 11.1(a)(i) and Section 11.1(a)(iithrough (iii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vivii) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions instructionsa standing Issuer Order to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII. The Trustee is hereby authorized and directed to make payments of Administrative Expenses in accordance with such standing Issuer Order and any other Administrative Expenses or payments explicitly approved by the Board of Directors of the Issuer. For the avoidance of doubt, the Collateral Manager may not modify such standing Issuer Order on behalf of the Issuer.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Co-Manager, the Rating Agency and Agency, any Holder shown on the Register or the Loan Register, any Shareholder shown on the Share Register as applicable, of Secured Debt and any beneficial owner of a Security Secured Debt who has delivered a Beneficial Ownership Certificate to the Trustee (or with respect to the Class A-L Loans, the Loan Agent) not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date is not also a Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class C Notes and Class D Notes and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the amount of distributionspayments, if any, to be made on to the Preferred Shares Issuer for payment to Holders of the Interests on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Account, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date and each Interim Determination Date preceding an Interim Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Placement Agent, the Initial Purchaser, the Rating Agency and Agencies, any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date or Interim Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date or Interim Payment Date is not also a Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, and (b) other than a Distribution Report in connection with an Interim Payment Date, the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on to the Preferred Shares Issuer for payment to Holders of the Subordinated Notes on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Datethe related Collection Period; (iv) (A) for each Payment Date, the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date and (B) for each Interim Payment Date, the amounts payable pursuant to Section 10.2(h); (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)) or Section 10.2(h) on the next Interim Payment Date; and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date or Interim Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial PurchaserPlacement Agent, the Co-Placement Agent, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii11.1(a)(iv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer Borrower shall render (compile or cause to be rendered) an accounting compiled a report (each a the “Distribution Valuation Report”)) and the Borrower shall then provide, determined as of or cause to be provided, such Valuation Report by facsimile, overnight courier or electronic mail to the close of business on each Determination Date preceding a Payment Date, Administrative Agent and the Collateral Agent (who shall make such Valuation Report available such Distribution Report to the Trustee, Lenders by access to its website or by first class mail upon written request therefor in the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner form of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Exhibit F attached hereto) not later than the one Business Day preceding prior to the related Payment Date (or, with respect to the Maturity Date, on the Payment Date). The Distribution Valuation Report shall contain the following information: (i) the information required Aggregate Principal Amount of the Collateral Obligations as of the close of business on the related Determination Date, after giving effect to be (A) Proceeds received on the Collateral Obligations with respect to the related Due Period and the reinvestment of such Proceeds in Substitute Collateral Obligations or Eligible Investments during such Due Period and (B) the Monthly Report pursuant to Section 10.7(a)release of any Collateral Obligations during such Due Period; (ii) (a) the Aggregate Outstanding Amount aggregate outstanding principal balance of the Secured Notes of each Class at the beginning of the Interest Accrual Period Loans as a Dollar figure and such amount as a percentage of the original Aggregate Outstanding Amount aggregate outstanding principal balance of the Secured Notes Loan at the beginning of such Classthe Due Period, (b) the amount of principal payments to be made on the Secured Notes of each Class Loans on the next Payment Date Date, the amount of any overdue interest on or other amounts in respect of the Loans and the Aggregate Outstanding Amount aggregate outstanding principal balance of the Secured Notes Loans as a Dollar figure and as a percentage of the original aggregate outstanding principal balance, in each Class case after giving effect to the principal payments, if any, on the next Payment Date and for such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate aggregate amount of interest and accrued interest for each applicable Class of Secured Notes other amounts payable to the Lenders for such Payment Date (in the aggregate) and the amount of Interest Proceeds and Principal Proceeds payable to the Equity Owner (in each case determined as of the related Determination Date); (iv) the amounts payable amount of Principal Proceeds to be applied pursuant to clause (1) of the Principal Priority of Payments (in each clause case determined as of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Determination Date); (v) the Administrative Expenses payable for such Payment Date on an itemized basis (determined as of the related Determination Date); (vi) for the Interest Collection Account: (A1) the Balance on deposit in the Interest Collection Account at the end of the related Collection Due Period; (B2) the amounts payable from the Interest Collection Account (through a transfer to the Payment Account, in order to make payments ) pursuant to Section 11.1(a)(isubclauses (1) through (7) of the Interest Priority of Payments and Section 11.1(a)(iisubclauses (1) on through (6) of the next Principal Priority of Payments for such Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)Date; and (C3) the Balance remaining in the Interest Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); (vii) for the Principal Collection Account: (1) the Balance on deposit in the Principal Collection Account at the end of the related Due Period; (2) the amounts, if any, payable from the Principal Collection Account (through a transfer to the Payment Account) as Interest Proceeds pursuant to the Interest Priority of Payments and as Principal Proceeds pursuant to the Principal Priority of Payments for such Payment Date (in each case determined as of the related Determination Date); and (vi3) the Balance remaining in the Principal Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); (viii) the amount of unpaid interest, if any, with respect to any Loans and the Investment Management Fee (in each case determined as of the related Determination Date); (ix) the principal amount of Loans that have been borrowed hereunder after the Closing Date and the date of such borrowings (determined as of the related Determination Date); (x) the Principal Payments received during the related Due Period; (xi) the Principal Proceeds received during the related Due Period; (xii) the Interest Proceeds received during the related Due Period; (xiii) the amounts payable pursuant to each subclause of the Interest Priority of Payments and the Principal Priority of Payments on the related Payment Date (in each case determined as of the related Determination Date); (xiv) the identity of each Collateral Obligation that became a Defaulted Obligation during the related Due Period; (xv) the identity of any Collateral Obligations that were released for sale or other disposition, indicating whether such Collateral Obligation is a Defaulted Obligation, a Withholding Tax Security or an Equity Security and whether such Collateral Obligation or an Equity Security was sold or disposed of since the last Valuation Report; and (xvi) such other information as the Collateral Manager Investment Manager, the Administrative Agent or any Lender may reasonably request. Each Distribution Report shall constitute instructions to request regarding the Trustee to withdraw funds from Loans and the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIIICollateral therefor.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Agent, the Loan Agent (for delivery to the Class A-1 Lenders) the Collateral Manager, the Initial PurchaserFiscal Agent, the Placement Agent, each Rating Agency and Agency, any Holder shown listed on the Register, any Shareholder shown on the Share Note Register and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee Collateral Agent, and each Holder of Preferred Shares listed on the Share Register, not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class of Secured Debt at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class of Secured Debt on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class of Secured Debt after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of Preferred Shares at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Preferred Shares, the amount of distributionspayments, if any, to be made on the Preferred Shares on the next Payment DateDate and the amount of Permitted RIC Distributions, if any, made since the prior Distribution Report; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee Collateral Agent to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer Collateral Manager (on behalf of the Issuer) shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Placement Agent, the Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in amount of interest on the Monthly Report pursuant to Section 10.7(a)Secured Notes due and payable on such Payment Date; (ii) [reserved]; (aiii) the Aggregate Outstanding Amount outstanding principal balance of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, A Notes; (biv) the amount of principal payments to be made on the Secured Notes of each Class on the next such Payment Date and in accordance with the Aggregate Outstanding Amount Priority of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment DatePayments; (iiiv) the Interest Rate and accrued interest for each applicable Class of Secured Notes for Collateral Management Fee payable to the Collateral Manager on such Payment Date; (ivvi) the amounts an itemized description of any Administrative Expenses payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related such Payment Date; (vvii) for the Collection Account:Aggregate Outstanding Amount of each Class as of such Payment Date, in each case after giving effect to all payments of principal on such Class to be made on such Payment Date; (Aviii) the Aggregate Principal Balance on deposit in of the Collection Account at Collateral Obligations as of the end last day of the related Collection Period; (ix) the aggregate unfunded funding obligations under all Delayed Draw Loans and Revolving Loans; (x) calculation of the Adjusted Pool Balance of the Collateral Obligations and the Class A Borrowing Base and the Aggregate Borrowing Base (as provided by the Collateral Manager) with respect to the Secured Notes; (xi) the number and Aggregate Principal Balance of Collateral Obligations that were Credit Risk Obligations, Delinquent Obligations and Defaulted Obligations as of the last day of the related Collection Period; (xii) the balance of each Account as of such Determination Date; (xiii) the purchase price of each Additional Collateral Obligation acquired since the last Distribution Report; (xiv) the calculation of each of the following: (A) the Level 1 Portfolio Test; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); andLevel 2 Portfolio Test; (C) the Balance remaining in Minimum Floating Spread Test; (D) the Collection Account immediately after all payments and deposits to be made on such Payment DateWeighted Average Life Test; and (viE) such other information the Concentration Limitations; (xv) the sale price of any Asset that was sold or has matured since the last Distribution Report, including the amount of cash received as Principal Proceeds; (xvi) the cumulative amount of any substitutions, purchases and sales of Collateral Manager may reasonably requestObligations; and (xvii) the maturity date, purchase date, interest rate, and classification of each Collateral Obligation. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “"Distribution Report”"), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make (or cause to be made) available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and and, upon written request therefor, any Holder shown on the Register218 Register and, any Shareholder shown on upon written notice to the Share Register and Collateral Trustee in the form of Exhibit C, any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Debt not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a) (Accountings); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on each Deferrable Class, and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes in respect of Subordinated Note Redemption Prices on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) (Disbursements of Monies from Payment Account) and each clause of Section 11.1(a)(ii) (Disbursements of Monies from Payment Account) or each clause of Section 11.1(a)(iii11.1(a)(iv) (Disbursements of Monies from Payment Account), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable to be transferred from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) (Disbursements of Monies from Payment Account), Section 11.1(a)(ii) (Disbursements of Monies from Payment Account) and Section 11.1(a)(ii11.1(a)(iv) (Disbursements of Monies from Payment Account) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)Date; andand 219 (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; (vi) after the Reinvestment Period only, the aggregate amount received with respect to the prepayment of Collateral Obligations since the previous Distribution Report; and (vivii) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 (Disbursements of Monies from Payment Account) and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “"Distribution Report”"), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial PurchaserPlacement Agent, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting a report (each a “"Distribution Report”"), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report (including, at the election of the Issuer, via appropriate electronic means acceptable to each recipient) to the Trustee, the Collateral Manager, the Initial Purchaser, Purchaser and the Rating Agency and Agencies and, upon written request therefor, any Holder shown on the RegisterRegister and, any Shareholder shown on upon written notice to the Share Register and Trustee in the form of Exhibit D, any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Note not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information:information (based, in part, on information provided by the Collateral Manager): (i) the information required to be in the Monthly Report pursuant to Section 10.7(a)Aggregate Principal Balance of Collateral Obligations and Eligible Investments representing Principal Proceeds; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on each Class of Deferred Interest Notes, and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class Class, (b) the Aggregate Outstanding Amount of the Senior Subordinated Notes at the beginning of the Interest Accrual Period, the accrued Senior Subordinated Note Amount and Deferred Interest thereon and the amount of payments in respect thereof to be made on such Payment Date, the aggregate amount of principal thereon to be repaid on such Payment Date, and the Aggregate Outstanding Amount of the Senior Subordinated Notes after giving effect to such payments and (c) the Aggregate Outstanding Amount of the Junior Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Junior Subordinated Notes, the amount of distributions, if any, payments to be made on the Preferred Shares Junior Subordinated Notes in respect of the Junior Subordinated Note Redemption Price on the next Payment Date, and the Aggregate Outstanding Amount of the Junior Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Junior Subordinated Notes; (iii) the Note Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or and each clause of Section 11.1(a)(iii), as applicable, ) on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) and Section 11.1(a)(iii) on the next Payment Date (net of (I) amounts which the Collateral Manager intends has committed to re-invest in additional Collateral Obligations pursuant to Article XII, (II) during the Reinvestment Period, Principal Collections received in the last thirty (30) days of the related Collection Period and (III) following the Reinvestment Period, Principal Collections received with respect to sales of Credit Impaired Obligations and Unscheduled Principal Payments received and not reinvested in the related Collection Period); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; (vi) each Interest Coverage Ratio, as applicable (and setting forth each related Required Coverage Ratio); each Par Value Ratio (and setting forth each related Required Coverage Ratio); and the Reinvestment Diversion Test (and setting forth the required test level); and (vivii) such other information as the Trustee, any Hedge Counterparty or the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the each Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date is not also a Re-Pricing Date or a Redemption Date for a Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class C Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributionspayments, if any, to be made on the Preferred Shares Issuer on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Investment Manager, the Initial Purchaser, the Rating Agency and the Placement Agent and, upon written request therefor, any Holder shown on the Notes Register or the Loan Register, any Shareholder shown on as applicable, and, upon written instruction (which may be in the Share Register and form of standing instructions) from the Investment Manager, the Investor Information Service, and, upon written notice to the Trustee in the form of Exhibit D, any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Debt not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.8(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferred Interest Notes, and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes in respect of Subordinated Note Redemption Prices on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date;; ​ (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Account, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i), Section 11.1(a)(ii) and Section 11.1(a)(ii11.1(a)(iii) on the next Payment Date (net of amounts which the Collateral Investment Manager intends to re-invest reinvest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Investment Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer Borrower shall render (compile or cause to be rendered) an accounting compiled a report (each a the “Distribution Valuation Report”)) and the Borrower shall then provide, determined as of or cause to be provided, such Valuation Report by facsimile, overnight courier or electronic mail to the close of business on each Determination Date preceding a Payment Date, Administrative Agent and the Collateral Agent (who shall make such Valuation Report available such Distribution Report to the Trustee, Lenders by access to its website or by first class mail upon written request therefor in the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner form of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Exhibit F attached hereto) not later than the one Business Day preceding prior to the related Payment Date (or, with respect to the Maturity Date, on the Payment Date). The Distribution Valuation Report shall contain the following information: (i) the information required Aggregate Principal Amount of the Collateral Obligations as of the close of business on the related Determination Date, after giving effect to be (A) Proceeds received on the Collateral Obligations with respect to the related Due Period and the reinvestment of such Proceeds in Substitute Collateral Obligations or Eligible Investments during such Due Period and (B) the Monthly Report pursuant to Section 10.7(a)release of any Collateral Obligations during such Due Period; (ii) (a) the Aggregate Outstanding Amount aggregate outstanding principal balance of the Secured Notes of each Class at the beginning of the Interest Accrual Period Loans as a Dollar figure and such amount as a percentage of the original Aggregate Outstanding Amount aggregate outstanding principal balance of the Secured Notes Loan at the beginning of such Classthe Due Period, (b) the amount of principal payments to be made on the Secured Notes of each Class Loans on the next Payment Date Date, the amount of any overdue interest on or other amounts in respect of the Loans and the Aggregate Outstanding Amount aggregate outstanding principal balance of the Secured Notes Loans as a Dollar figure and as a percentage of the original aggregate outstanding principal balance, in each Class case after giving effect to the principal payments, if any, on the next Payment Date and for such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate aggregate amount of interest and accrued interest for each applicable Class of Secured Notes other amounts payable to the Lenders for such Payment Date (in the aggregate) and the amount of Interest Proceeds and Principal Proceeds payable to the Equity Owner (in each case determined as of the related Determination Date); (iv) the amounts payable amount of Principal Proceeds to be applied pursuant to clause (1) of the Principal Priority of Payments (in each clause case determined as of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Determination Date); (v) the Administrative Expenses payable for such Payment Date on an itemized basis (determined as of the related Determination Date); (vi) for the Interest Collection AccountAccounts: (A1) the Balance on deposit in the each Interest Collection Account (and any subaccounts) at the end of the related Collection Due Period, all in the related Specified Currencies; (B2) the amounts payable from the Interest Collection Account Accounts (through a transfer to the Payment Account, in order to make payments ) pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on each subclause of the next Payment Date (net Interest Priority of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)Payments; and (C3) the Balance remaining in the each Interest Collection Account (and any subaccounts) immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date), all in the related Specified Currencies; (vii) for the Principal Collection Accounts: (1) the Balance on deposit in each Principal Collection Account (and any subaccounts) at the end of the related Due Period, all in the related Specified Currencies; (2) the amounts, if any, payable from the Borrowing Base Principal Collection Account (through a transfer to the Payment Account) as pursuant to each subclause of the Principal Priority of Payments; and (vi3) the Balance remaining in each Principal Collection Account (and any subaccounts) immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date), all in the related Specified Currencies; (viii) the amount of unpaid interest, if any, with respect to any Loans and the Investment Management Fee (in each case determined as of the related Determination Date); (ix) the principal amount of Loans that have been borrowed hereunder after the Closing Date and the date of such borrowings (determined as of the related Determination Date); (x) the Principal Payments received during the related Due Period, all in the relevant Specified Currencies; (xi) the Principal Proceeds received during the related Due Period, all in the relevant Specified Currencies; (xii) the Interest Proceeds received during the related Due Period, all in the relevant Specified Currencies; (xiii) the identity of each Collateral Obligation that became a Defaulted Obligation during the related Due Period; (xiv) the identity of any Collateral Obligations that were released for sale or other disposition, indicating whether such Collateral Obligation is a Defaulted Obligation, a Withholding Tax Security or an Equity Security and whether such Collateral Obligation or an Equity Security was sold or disposed of since the last Valuation Report; (xv) such other information as the Collateral Manager Investment Manager, the Administrative Agent or any Lender may reasonably request. Each Distribution Report shall constitute instructions to request upon reasonable advance notice regarding the Trustee to withdraw funds from Loans and the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIIICollateral therefor.

Payment Date Accounting. The Issuer shall render (compile or cause to be rendered) an accounting compiled a report (each a the “Distribution Valuation Report”)) and the Issuer shall then provide, determined as of the close of business on each Determination Date preceding a Payment Dateor cause to be provided, and shall make available such Distribution Valuation Report to the Trusteeby facsimile, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate overnight courier or electronic mail to the Trustee (who shall make such Valuation Report available to any Holder of the Notes (or its designee) by access to its website or by first class mail upon written request therefor in the form of Exhibit D attached hereto) not later than the one Business Day preceding prior to the related Payment Date (or, with respect to the Stated Maturity of any Note, on the Payment Date). The Distribution Valuation Report shall contain the following information: (i) the information required Aggregate Principal Amount of the Collateral Obligations as of the close of business on such Determination Date, after giving effect to be (A) Proceeds received on the Collateral Obligations with respect to the related Due Period and the reinvestment of such Proceeds in Substitute Collateral Obligations or Eligible Investments during such Due Period and (B) the Monthly Report pursuant to Section 10.7(a)release of any Collateral Obligations during such Due Period; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period as a Dollar figure and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes at the beginning of such Classthe Due Period, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and Date, the Aggregate Outstanding Amount of the Secured Notes as a Dollar figure and as a percentage of the original Aggregate Outstanding Amount of the Notes, in each Class case after giving effect to the principal payments, if any, on the next Payment Date and for such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date[reserved]; (iv) the amounts payable amount of Principal Proceeds to be applied pursuant to Section 11.1(a)(B)(i) (in each clause case determined as of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Determination Date); (v) the Administrative Expenses payable for such Payment Date on an itemized basis (determined as of the related Determination Date); (vi) for the Interest Collection Account: (A) the Balance on deposit in the Interest Collection Account at the end of the related Collection Due Period; (B) the amounts payable from the Interest Collection Account (through a transfer to the Payment Account, in order to make payments ) pursuant to subclauses (i) through (iv) of Section 11.1(a)(i11.1(a)(A) and Section 11.1(a)(ii) on the next for such Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)Date; and (C) the Balance remaining in the Interest Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); (vii) for the Principal Collection Account: (A) the Balance on deposit in the Principal Collection Account at the end of the related Due Period; (B) the amounts, if any, payable from the Principal Collection Account (through a transfer to the Payment Account) as Interest Proceeds pursuant to Section 11.1(a)(A) and as Principal Proceeds pursuant to Section 11.1(a)(B) for such Payment Date (in each case determined as of the related Determination Date); and (viC) the Balance remaining in the Principal Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); (viii) the Investment Management Fee (determined as of the related Determination Date); (ix) the principal amount of any Notes after the Closing Date and the date of on which such principal amount is increased or decreased, as the case may be (determined as of the related Determination Date); (x) the Principal Payments received during the related Due Period; (xi) the Principal P▇▇▇▇▇▇▇ received during the related Due Period; (xii) the Interest Proceeds received during the related Due Period; (xiii) the amounts payable pursuant to each subclause of Section 11.1(a)(A) and Section 11.1(a)(B) on the related Payment Date (in each case determined as of the related Determination Date); (xiv) the identity of each Collateral Obligation that became a Defaulted Obligation during the related Due Period; (xv) the identity of any Collateral Obligations that were released for sale or other disposition, indicating whether such Collateral Obligation is a Defaulted Obligation, a Withholding Tax Security or an Equity Security and whether such Collateral Obligation or an Equity Security was sold or disposed of pursuant to Section 12.1(a) since the last Valuation Report; and (xvi) such other information as the Collateral Trustee, Investment Manager or the Majority of the Noteholders may reasonably request. Each Distribution Report shall constitute instructions to request regarding the Trustee to withdraw funds from Notes and the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIIICollateral therefor.

Payment Date Accounting. The Issuer Collateral Administrator (subject to approval by the Collateral Manager on behalf of the Issuer) shall render (or cause to be rendered) an accounting (each each, a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral ManagerClass A-L Loan Agent, the Initial PurchaserPurchasers, the Rating Agency and to any Holder shown on the Register or Class A-L Loan Register, any Shareholder shown on the Share Register as applicable, of Debt and any beneficial owner of a Security Debt who has delivered a Beneficial Ownership  22015383.7 -163-  Certificate to the Trustee (or with respect to the Class A-L Loans, the Class A-L Loan Agent) not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in amount of interest on the Monthly Report pursuant to Section 10.7(a)Secured Debt due and payable on such Payment Date; (ii) the amount of Class A-VF Commitment Fees due and payable on such Payment Date; (aiii) (A) the Aggregate Outstanding Amount amount of Class A-VF Additional Amounts due and payable on such Payment Date, (B) the amount of Class A-VF Advances Outstanding, (C) the outstanding principal balance of the Secured Class A-1 Notes of each Class at and (D) the beginning outstanding principal balance of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, Class A-2 Notes; (biv) the amount of principal payments to be made on the Secured Notes of each Class on the next such Payment Date and in accordance with the Aggregate Outstanding Amount Priority of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment DatePayments; (iiiv) the Interest Rate and accrued interest for each applicable Class Collateral Management Fee payable to the Collateral Manager on such Payment Date, including any Current Deferred Management Fee; (vi) an itemized description of Secured Notes for any Administrative Expenses payable on such Payment Date; (ivvii) the amounts payable pursuant Aggregate Outstanding Amount of each Class as of such Payment Date, in each case after giving effect to each clause all payments of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, principal on the related such Class to be made on such Payment Date; (v) for the Collection Account: (Aviii) the Aggregate Principal Balance on deposit in of the Collection Account at Collateral Obligations as of the end last day of the related Collection Period; (ix) calculation of the Adjusted Pool Balance of the Collateral Obligations and the Class A Borrowing Base, the Class B Borrowing Base and Aggregate Borrowing Base; (x) the number and Aggregate Principal Balance of Collateral Obligations that were Credit Risk Obligations, Delinquent Obligations and Defaulted Obligations as of the last day of the related Collection Period and related calculations in connection with the determination as to the occurrence of a Rapid Amortization Event (including Current Cash Balances); (xi) the number and Aggregate Principal Balance of each Recurring Revenue Loan and Specified Recurring Revenue Loan as of the last day of the related Collection Period, including for each Specified Recuring Revenue Loan, the calculation of each of the following, based on the data points provided by the Collateral Manager: (A) the net revenue retention for the related Obligor  22015383.7 -164-  (B) the amounts payable from trailing twelve-month annualized revenue for the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); andrelated Obligor; (C) the Balance remaining in loan-to-value ratio for such Recurring Revenue Loan; (D) the Collection Account trailing twelve-month annualized revenue for the Obligor minus the prior trailing twelve-month period annualized revenue for the Obligor for the immediately after all payments and deposits to be made on such Payment Datepreceding trailing twelve-month period; and (viE) the loan-to-recurring revenue multiple for such other information Obligor; (xii) the balance of each Account as of such Determination Date; (xiii) the purchase price of each Additional Collateral Obligation acquired since the last Distribution Report; (xiv) the percent of the Collateral Manager may reasonably requestBalance that: (A) consists of Participation Interests; and (B) consists of Current Pay Obligations; (xv) the calculation of each of the following: (A) the Level 1 Portfolio Test; (B) the Level 2 Portfolio Test; (C) the Minimum Floating Spread Test; (D) the Weighted Average Life Test; and (E) the Concentration Limitations; (xvi) the maturity date, interest rate and classification of each Collateral Obligation; (xvii) the purchase and sale history with respect to each Collateral Obligation, including the applicable trade date and price; (xviii) the sale price of any Asset that was sold or has matured since the last Distribution Report, including the amount of cash received as Principal Proceeds; and (xix) the cumulative amount of any substitutions, purchases and sales of Collateral Obligations. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report  22015383.7 -165-  in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, to the Collateral Manager and the Trustee (who shall make available such Distribution Report to the TrusteePlacement Agent, the Collateral Managereach Rating Agency, the Initial Purchaser, the Rating Agency and any Holder shown on the RegisterRegisters, any Shareholder shown on the Share Register and any beneficial owner of a Security any Debt who has delivered a Beneficial Ownership Certificate to the Trustee and the Investor Information Services by posting such report to its website) not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.8(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class Secured Debt and (c) the amount of distributions, if any, to be made on the Preferred Shares Subordinated Notes on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; (vi) for each Account, a schedule showing the beginning balance, each credit or debit specifying the nature, source and amount, and the ending balance; (vii) a schedule showing for each of the following the beginning balance, the amount of Interest Proceeds received from the date of determination of the immediately preceding Distribution Report, and the ending balance for the Determination Date preceding the current Payment Date: (A) Interest Proceeds from Collateral Obligations; and (viB) Interest Proceeds from Eligible Investments; (viii) purchases, prepayments, and sales: (A) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any), Principal Proceeds and Interest Proceeds received, and date for (X) each Collateral Obligation that was released for sale or disposition pursuant to Section 12.1 since the Determination Date immediately preceding the last Distribution Report and (Y) each prepayment or redemption of a Collateral Obligation, and in the case of (X), whether such Collateral Obligation was a Credit Risk Obligation or a Credit Improved Obligation, whether the sale of such Collateral Obligation was a discretionary sale; and (B) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any) and Principal Proceeds and Interest Proceeds expended to acquire each Collateral Obligation acquired pursuant to Section 12.2 since the Determination Date immediately preceding the last Distribution Report; and (ix) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer Borrower shall render (compile or cause to be rendered) an accounting compiled a report (each a the “Distribution Valuation Report”) and the Borrower shall then provide, or cause to be provided, such Valuation Report to the Collateral Agent (who shall make such Valuation Report available to the Administrative Agent and the Lenders by access to its website or by email upon written request therefor) not later than one Business Day prior to the related Payment Date (or, with respect to the Maturity Date, on the Payment Date), determined . The Valuation Report shall contain the following information: (i) the Aggregate Principal Amount of the Collateral Obligations as of the close of business on each such Determination Date preceding a Payment Date, and shall make available such Distribution Report af ter giving ef fect to (A) Proceeds received on the Collateral Obligations with respect to the Trustee, related Due Period and the Collateral Manager, the Initial Purchaser, the Rating Agency reinvestment of s uch Proceeds in Eligible Investments during such Due Period and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (iB) the information required to be in the Monthly Report pursuant to Section 10.7(a); release of any Collateral Obligations during such Due Period; (ii) (a) the Aggregate Outstanding Amount aggregate outstanding principal balance of each of the Secured Notes of each Class at the beginning of the Interest Accrual Period Loans (Term Loan) and such amount Loans (Revolver), as an aggregate Dollar f igure and as a percentage of the original Aggregate Outstanding Amount aggregate outstanding principal balance of the Secured Notes Loans at the beginning of such Classthe Due Period, (b) the 98 amount of principal payments to be made on the Secured Notes of each Class Loans on the next Payment Date Date, the amount of any overdue interest and the Aggregate Outstanding Amount aggregate outstanding principal balance of the Secured Notes Loans as a Dollar f igure and as a percentage of the original aggregate outstanding principal balance, in each Class after case af ter giving effect ef fect to the principal payments, if any, on the next for such Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and Date; (ciii) the amount of distributions, if any, Accrued Interest payable to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Lenders for such Payment Date (and the components thereof under Section 2.5) and the amount of Interest Proceeds and Principal Proceeds payable to the Equity Holder (in each case determined as of the related Determination Date; ); (iv) the amounts payable amount of Principal Proceeds to be applied pursuant to clause (1) of the Principal Priority of Payments (in each clause case determined as of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Determination Date; ); (v) the Administrative Expenses payable for such Payment Date on an itemized basis (determined as of the related Determination Date); (vi) for the Interest Collection Account: (A1) the Balance on deposit in the Interest Collection Account at the end of the related Collection Due Period; , in each Specified Currency and the Balance in Dollars af ter the conversion under Section 6.2(a); (B2) the amounts payable from f rom the Interest Collection Account (through a transfer to the Payment Account) pursuant to subclauses (1) through (9) of the Interest Priority of Payments and subclauses (1) through (6) of the Principal Priority of Payments for such Payment Date, in order to make payments pursuant to Section 11.1(a)(i) each case in each Specif ied Currency; and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C3) the Balance remaining in the Interest Collection Account immediately after af ter all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); and(vii) for the Principal Collection Account: (vi1) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions Balance on deposit in the Principal Collection Account at the end of the related Due Period, in each Specified Currency and the Balance in Dollars af ter the conversion under Section 6.2(a); (2) the amounts, if any, payable f rom the Principal Collection Account (through a transfer to the Trustee Payment Account) as Interest Proceeds pursuant to withdraw funds from the Interest Priority of Payments and as Principal Proceeds pursuant to the Principal Priority of Payments for such Payment Account Date (in each case determined as of the related Determination Date), in each Specif ied Currency; and pay or transfer such amounts set forth in such Distribution Report (3) the Balance remaining in the manner specified Principal Collection Account immediately af ter all payments and deposits to be made on such Payment Date (determined as of the related Determination Date), in accordance each Specif ied Currency; (viii) the amount of unpaid interest, if any, with respect to any Loans (in each case determined as of the priorities established related Determination Date), in Section 11.1 and Article XIII.each Specif ied Currency; (ix) the Principal Payments received during the related Due Period, in each Specified Currency; (x) the Principal Proceeds received during the related Due Period, in each Specified Currency; 99

Payment Date Accounting. The Issuer shall render compile (or cause to be renderedcompiled) an accounting a report (each each, a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report (including, at the election of the Issuer, via appropriate electronic means acceptable to each recipient) to each Holder (and, upon written notice to the TrusteeTrustee in the form of Exhibit D, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to Security), the Trustee not later than Trustee, the Business Day preceding Portfolio Manager, the Initial Purchaser and ▇▇▇▇▇’▇ on the related Payment Date. The Distribution Report shall contain the following information:information (based, in part, on information provided by the Portfolio Manager): (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (ax) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the each Class of Secured Notes of each Class on the next Payment Date Date, and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (cy) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes in respect of Subordinated Note Redemption Price on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause Clause of Section 11.1(a)(i) and each clause Clause of Section 11.1(a)(ii) or and each clause Clause of Section 11.1(a)(iii), as applicable, ) on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to Interest Proceeds in the Collection Account, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) and Section 11.1(a)(iii) on the next Payment Date (net of amounts which the Collateral Portfolio Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Trustee, any Hedge Counterparty or the Portfolio Manager may reasonably request; provided that in the event that a Bankruptcy Subordinated Class becomes subject to the Bankruptcy Subordination Agreement, the payment priorities above will specify which payments are subordinated thereunder. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and the Placement Agent and, upon written request therefor, any Holder shown on the RegisterRegister and, any Shareholder shown on upon written notice to the Share Register and Trustee in the form of Exhibit C, any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Note not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class C Notes or the Class D Notes, as applicable, and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes in respect of Subordinated Note Redemption Prices on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) (a) the Note Amounts of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such Note Amount as a percentage of the original Note Amounts of the Secured Notes of each such Class and (b) the Note Amounts of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Note Amounts of the Secured Notes of each such Class; (iv) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (ivv) the amounts payable pursuant to each clause of Section Sections 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iiithrough (ix), as applicable, on the related Payment Date; (vvi) for the each Collection Account: (A) the Balance on deposit in the such Collection Account at the end of the related Collection PeriodPeriod (or, with respect to each Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the each Collection Account to the corresponding Payment Account, in order to make payments pursuant to Section Sections 11.1(a)(i) and Section 11.1(a)(iithrough (ix) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the each Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vivii) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “"Distribution Report”"), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the S&Peach Rating Agency and the Placement Agent and, upon written request therefor, any Holder shown on the RegisterRegister and, any Shareholder shown on upon written notice to the Share Register and Trustee in the form of Exhibit D, any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Note not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.10(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class B Notes and the Class C Notes, and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes in respect of Subordinated Note Redemption Prices on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date (and, in the case of the Class A-1R Notes, the Commitment Fees accrued for such Payment Date); (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i), Section 11.1(a)(ii) and Section 11.1(a)(ii11.1(a)(iii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Agent, the Loan Agent, the Collateral Manager, the Initial Purchaser, the Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date is not also a Re-Pricing Date or Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class C Notes and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributionspayments, if any, to be made on the Preferred Shares Subordinated Notes on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) [reserved]; (vii) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee Collateral Agent to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date and each Interim Determination Date preceding an Interim Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Initial Purchaser, the Placement Agent, the Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security Debt who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date or Interim Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date or Interim Payment Date is not also a Redemption Date for an Optional Redemption, Re-Pricing Date, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date or Interim Payment Date and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date or Interim Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) other than a Distribution Report in connection with an Interim Payment Date, the amount of distributionspayments, if any, to be made on to the Preferred Shares Issuer for payment to Holders of the Subordinated Notes on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Datethe related Collection Period; (iv) (A) for each Payment Date, the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date and (B) for each Interim Payment Date, the amounts payable pursuant to Section 10.2(h); (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)) or Section 10.2(h) on the next Interim Payment Date; and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date or Interim Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 (subject to Section 10.2(h) with respect to an Interim Payment Date) and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date and each Interim Determination Date preceding an Interim Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date or Interim Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date or Interim Payment Date is not also a Redemption Date for an Optional Redemption, Re-Pricing Date, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date or Interim Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date or Interim Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) other than a Distribution Report in connection with an Interim Payment Date, the amount of distributionspayments, if any, to be made on to the Preferred Shares Issuer for payment to Holders of the Subordinated Notes on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Datethe related Collection Period; (iv) (A) for each Payment Date, the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date and (B) for each Interim Payment Date, the amounts payable pursuant to Section 10.2(h); (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)) or Section 10.2(h) on the next Interim Payment Date; and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date or Interim Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 (subject to Section 10.2(h) with respect to an Interim Payment Date) and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date and each Interim Determination Date preceding an Interim Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Placement Agent, the Initial Purchaser, the Rating Agency and Agencies, any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding DOCPROPERTY DOCXDOCID DMS=IManage Format=<<LIB>>.<<NUM>>.<<VER>> \* MERGEFORMAT BUSINESS.32370197.14 the related Payment Date or Interim Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date or Interim Payment Date is not also a Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date or Interim Payment Date, the amount of any Deferred Interest on the Class C Notes or the Class D Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date or Interim Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) other than a Distribution Report in connection with an Interim Payment Date, the amount of distributionspayments, if any, to be made on to the Preferred Shares Issuer for payment to Holders of the Subordinated Notes on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Datethe related Collection Period; (iv) (A) for each Payment Date, the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date and (B) for each Interim Payment Date, the amounts payable pursuant to Section 10.2(h); (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)) or Section 10.2(h) on the next Interim Payment Date; and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date or Interim Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. DOCPROPERTY DOCXDOCID DMS=IManage Format=<<LIB>>.<<NUM>>.<<VER>> \* MERGEFORMAT BUSINESS.32370197.14 Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, to the Collateral Manager and the Trustee (who shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Placement Agents, each Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee Trustee) not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares Interests on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; (vi) for each Account, a schedule showing the beginning balance, each credit or debit specifying the nature, source and amount, and the ending balance; (vii) a schedule showing for each of the following the beginning balance, the amount of Interest Proceeds received from the date of determination of the immediately preceding Distribution Report, and the ending balance for the Determination Date preceding the current Payment Date: (A) Interest Proceeds from Collateral Obligations; and (viB) Interest Proceeds from Eligible Investments; (viii) purchases, prepayments, and sales: (A) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any), Principal Proceeds and Interest Proceeds received, and date for (X) each Collateral Obligation that was released for sale or disposition pursuant to Section 12.1 since the Determination Date immediately preceding the last Distribution Report and (Y) each prepayment or redemption of a Collateral Obligation, and in the case of (X), whether such Collateral Obligation was a Credit Risk Obligation or a Credit Improved Obligation, whether the sale of such Collateral Obligation was a discretionary sale; (B) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any) and Principal Proceeds and Interest Proceeds expended to acquire each Collateral Obligation acquired pursuant to Section 12.2 or 12.3 since the Determination Date immediately preceding the last Distribution Report; and (C) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), Principal Proceeds and Interest Proceeds received, and date for each Collateral Obligation that was substituted pursuant to Section 12.3(a) or repurchased pursuant to Section 12.3(b) (and, in either case, an indication as to whether each such substitution or repurchase was a mandatory substitution or repurchase) since the Determination Date immediately preceding the last Distribution Report, all as reported to the Trustee by the Collateral Manager at the time of such purchase, repurchase or substitution (or, if no Collateral Obligations were so substituted or repurchased during such period, a statement to that effect); and (ix) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (compile or cause to be rendered) an accounting compiled a report (each a the “Distribution Valuation Report”)) and the Issuer shall then provide, determined as of the close of business on each Determination Date preceding a Payment Dateor cause to be provided, and shall make available such Distribution Valuation Report to the Trusteeby facsimile, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate overnight courier or electronic mail to the Trustee (who shall make such Valuation Report available to any Holder of Class A Notes (or its designee) by access to its website or by first class mail upon written request therefor in the form of Exhibit D attached hereto) not later than the one Business Day preceding prior to the related Payment Date (or, with respect to the Stated Maturity of any Class A Note, on the Payment Date). The Distribution Valuation Report shall contain the following information: (i) the information required Aggregate Principal Amount of the Collateral Obligations as of the close of business on such Determination Date, after giving effect to be (A) Proceeds received on the Collateral Obligations with respect to the related Due Period and the reinvestment of such Proceeds in Substitute Collateral Obligations or Eligible Investments during such Due Period and (B) the Monthly Report pursuant to Section 10.7(a)release of any Collateral Obligations during such Due Period; (ii) (a) the Aggregate Outstanding Amount of the Secured Class A Notes of each Class at the beginning of the Interest Accrual Period as a Dollar figure and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Class A Notes at the beginning of such Classthe Due Period, (b) the amount of principal payments to be made on the Secured Class A Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Class A Notes as a Dollar figure and as a percentage of the original Aggregate Outstanding Amount of the Class A Notes, in each Class case after giving effect to the principal payments, if any, on the next Payment Date and for such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Class A Interest Rate and accrued interest for each applicable Distribution Amount payable to the Holders of the Class of Secured A Notes for such Payment Date (in the aggregate) and the amount of Interest Proceeds and Principal Proceeds payable to the Equity Owner (in each case determined as of the related Determination Date); (iv) the amounts payable amount of Principal Proceeds to be applied pursuant to Section 11.1(a)(B)(i) (in each clause case determined as of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Determination Date); (v) the Administrative Expenses payable for such Payment Date on an itemized basis (determined as of the related Determination Date); (vi) for the Interest Collection Account: (A) the Balance on deposit in the Interest Collection Account at the end of the related Collection Due Period; (B) the amounts payable from the Interest Collection Account (through a transfer to the Payment Account, in order to make payments ) pursuant to subclauses (i) through (v) of Section 11.1(a)(i11.1(a)(A) and subclauses (i) through (v) of Section 11.1(a)(ii11.1(a)(B) on the next for such Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)Date; and (C) the Balance remaining in the Interest Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); (vii) for the Principal Collection Account: (A) the Balance on deposit in the Principal Collection Account at the end of the related Due Period; (B) the amounts, if any, payable from the Principal Collection Account (through a transfer to the Payment Account) as Interest Proceeds pursuant to Section 11.1(a)(A) and as Principal Proceeds pursuant to Section 11.1(a)(B) for such Payment Date (in each case determined as of the related Determination Date); and (viC) the Balance remaining in the Principal Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); (viii) the amount of Defaulted Interest, if any, with respect to any Class A Notes and the Collateral Management Fee (in each case determined as of the related Determination Date); (ix) the amount of any Class A Notes that have been issued after the Closing Date and the date of such issuances (determined as of the related Determination Date); (x) the Principal Payments received during the related Due Period; (xi) the Principal ▇▇▇▇▇▇▇▇ received during the related Due Period; (xii) the Interest Proceeds received during the related Due Period; (xiii) the amounts payable pursuant to each subclause of Section 11.1(a)(A) and Section 11.1(a)(B) on the related Payment Date (in each case determined as of the related Determination Date); (xiv) the identity of each Collateral Obligation that became a Defaulted Obligation during the related Due Period; (xv) the identity of any Collateral Obligations that were released for sale or other disposition, indicating whether such Collateral Obligation is a Defaulted Obligation, a Withholding Tax Security, an Equity Security or an Exchanged Equity Security and whether such Collateral Obligation, an Equity Security or Exchanged Equity Security was sold or disposed of pursuant to Section 12.1(a), (b), (c) or (e), since the last Valuation Report; and (xvi) such other information as the Trustee, Collateral Manager or the Majority of the Controlling Class may reasonably request. Each Distribution Report shall constitute instructions to request regarding the Trustee to withdraw funds from Class A Notes and the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIIICollateral therefor.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Initial PurchaserPlacement Agent, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Debt and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii11.1(a)(iv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Initial PurchaserPlacement Agent, the Rating Agency Agencies and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Debt and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii11.1(a)(iv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “"Distribution Report”"), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii11.1(a)(iv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment DateDate (other than any Payment Date resulting from clause (2) in the definition thereof), and shall make available such Distribution Report to the Trustee, the Collateral Portfolio Manager, the Initial Purchaser, the each Rating Agency and the Placement Agent, Creditflux (including its Affiliates), Intex Solutions, Inc., Bloomberg L.P., Semeris Ltd. (but solely with respect to any current Holder of Debt) and/or any other widely recognized data provider and, upon written request therefor, any Holder shown on and, upon written notice to the RegisterTrustee in the form of Exhibit C, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Debt not later than the one Business Day Days preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.6(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class C Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii), or each clause of Section 11.1(a)(iii) (to the extent that the related Payment Date is a Partial Redemption Date) or each clause of Section 11.1(a)(iii11.1(a)(iv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i), Section 11.1(a)(ii), Section 11.1(a)(iii) (to the extent that the related Payment Date is a Partial Redemption Date) and Section 11.1(a)(ii11.1(a)(iv) on the next Payment Date (net of amounts which the Collateral Portfolio Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Portfolio Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment DateDate (other than any Payment Date resulting solely from the proviso in the definition thereof), and shall make (or cause to be made) available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency then rating a Class of Secured Notes and the Initial Purchaser and, upon written request therefor, any Holder shown on the RegisterRegister and, any Shareholder shown on upon written notice to the Share Register and Trustee in the form of Exhibit C, any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Note not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.6(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes, and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes in respect of Subordinated Note Redemption Prices on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Account, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i), Section 11.1(a)(ii) and Section 11.1(a)(ii11.1(a)(iii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Secured Debt and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial PurchaserPlacement Agent, the Rating Agency Agencies and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii11.1(a)(iv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer Borrower shall render (compile or cause to be rendered) an accounting compiled a report (each a the “Distribution Valuation Report”) and the Borrower shall then provide, or cause to be provided, such Valuation Report to the Collateral Agent (who shall make such Valuation Report available to the Administrative Agent and the Lenders by access to its website or by email upon written request therefor) not later than one Business Day prior to the related Payment Date (or, with respect to the Maturity Date, on the Payment Date), determined . The Valuation Report shall contain the following information: (i) the Aggregate Principal Amount of the Collateral Obligations as of the close of business on each such Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, (A) Proceeds received on the next Payment Date Collateral Obligations with respect to the related Due Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes reinvestment of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date;103 (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A1) the Balance on deposit in the Interest Collection Account at the end of the related Collection Due Period; , in each Specified Currency and the Balance in Dollars after the conversion under Section 6.2(a); (B2) the amounts payable from the Interest Collection Account (through a transfer to the Payment Account) pursuant to subclauses (1) through (9) of the Interest Priority of Payments and subclauses (1) through (6) of the Principal Priority of Payments for such Payment Date, in order to make payments pursuant to Section 11.1(a)(i) each case in each Specified Currency; and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C3) the Balance remaining in the Interest Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); and(vii) for the Principal Collection Account: (vi1) the Balance on deposit in the Principal Collection Account at the end of the related Due Period, in each Specified Currency and the Balance in Dollars after the conversion under Section 6.2(a); (2) the amounts, if any, payable from the Principal Collection Account (through a transfer to the Payment Account) as Interest Proceeds pursuant to the Interest Priority of Payments and as Principal Proceeds pursuant to the Principal Priority of Payments for such Payment Date (in each case determined as of the related Determination Date), in each Specified Currency; and (3) the Balance remaining in the Principal Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date), in each Specified Currency; 104 (viii) the amount of unpaid interest, if any, with respect to any Loans (in each case determined as of the related Determination Date), in each Specified Currency; (ix) the Principal Payments received during the related Due Period, in each Specified Currency; (x) the Principal Proceeds received during the related Due Period, in each Specified Currency; (xi) the Interest Proceeds received during the related Due Period, in each Specified Currency; (xii) the amounts payable pursuant to each subclause of the Interest Priority of Payments and the Principal Priority of Payments on the related Payment Date in each Specified Currency (in each case determined as of the related Determination Date); and (xiii) such other information as the Collateral Agent, Collateral Manager or the Administrative Agent may reasonably requestrequest regarding the Loans and the Collateral therefor. Each Distribution Report Upon receipt of each Monthly Report, the Collateral Agent shall constitute instructions compare the information contained therein to the Trustee information contained in its records with respect to withdraw funds from the Payment Account Collateral and pay or transfer shall, within three Business Days after receipt of such amounts set forth in such Distribution Report Monthly Report, notify the Borrower and the Collateral Manager if the information contained in the manner specified Monthly Report does not conform to the information maintained by the Collateral Agent in its records and detail any discrepancies. If any discrepancy exists, the Collateral Agent and the Borrower, or the Collateral Manager on behalf of the Borrower, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Borrower shall appoint, within five Business Days, an Independent accountant to review such Monthly Report and the Collateral Agent’s records to determine the cause of such discrepancy. If such review reveals an error in accordance with the priorities established Monthly Report or the Collateral Agent’s records, the Monthly Report or the Collateral Agent’s records shall be revised accordingly and, as so revised, shall be utilized in Section 11.1 and Article XIIImaking all calculations pursuant to this Agreement.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, to the Collateral Manager and the Collateral Trustee (who shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial PurchaserPlacement Agent, the Rating Agency and Agency, any Holder shown on the RegisterRegisters, any Shareholder shown on the Share Register and any beneficial owner of a Security any Debt who has delivered a Beneficial Ownership Certificate to the Collateral Trustee and the Investor Information Services by posting such report to its website) not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.8(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class Secured Debt and (c) the amount of distributions, if any, to be made on the Preferred Shares Subordinated Notes on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; (vi) for each Account, a schedule showing the beginning balance, each credit or debit specifying the nature, source and amount, and the ending balance; (vii) a schedule showing for each of the following the beginning balance, the amount of Interest Proceeds received from the date of determination of the immediately preceding Distribution Report, and the ending balance for the Determination Date preceding the current Payment Date: (A) Interest Proceeds from Collateral Obligations; and (viB) Interest Proceeds from Eligible Investments; (viii) purchases, prepayments, and sales: (A) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any), Principal Proceeds and Interest Proceeds received, and date for (X) each Collateral Obligation that was released for sale or disposition pursuant to Section 12.1 since the Determination Date immediately preceding the last Distribution Report and (Y) each prepayment or redemption of a Collateral Obligation, and in the case of (X), whether such Collateral Obligation was a Credit Risk Obligation or a Credit Improved Obligation, whether the sale of such Collateral Obligation was a discretionary sale; and (B) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any) and Principal Proceeds and Interest Proceeds expended to acquire each Collateral Obligation acquired pursuant to Section 12.2 since the Determination Date immediately preceding the last Distribution Report; and (ix) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Initial PurchaserPlacement Agent, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii11.1(a)(iv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Secured Debt and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii11.1(a)(iiiiv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the each Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date is not also a Re-Pricing Date or Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class C-1 Notes, the Class C-2 Notes and the Class D Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributionspayments, if any, to be made on the Preferred Shares Subordinated Notes on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) [reserved]; (vii) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date and each Interim Determination Date preceding an Interim Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Initial PurchaserCo-Placement Agent, the Placement Agent, the Rating Agency and Agencies, any Holder shown on the Register, any Shareholder shown on Register or the Share Loan Register and any beneficial owner of a Security Debt who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date or Interim Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date or Interim Payment Date is not also a Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date or Interim Payment Date, the amount of any Deferred Interest on the Class B Notes or the Class C Notes and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date or Interim Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) other than a Distribution Report in connection with an Interim Payment Date, the amount of distributionspayments, if any, to be made on to the Preferred Shares Issuer for payment to Holders of the Subordinated Notes on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Datethe related Collection Period; (iv) (A) for each Payment Date, the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date and (B) for each Interim Payment Date, the amounts payable pursuant to Section 10.2(h); (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)) or Section 10.2(h) on the next Interim Payment Date; and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date or Interim Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 (subject to Section 10.2(h) with respect to an Interim Payment Date) and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “"Distribution Report”"), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Loan Agent the Collateral Manager, the Initial PurchaserPlacement Agent, the each Rating Agency and Agency, any Holder shown Class A-1 Lender listed on the Loan Register, any Shareholder shown Holder listed on the Share Note Register and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee Collateral Trustee, not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class of Secured Debt at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class of Secured Debt on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class of Secured Debt after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, distributions to be made paid on the Preferred Shares Subordinated Notes on the next Payment Date, the Aggregate Outstanding Amount of the Subordinated Notes on the next Payment Date and the amount of Permitted RIC Distributions, if any, made since the prior Distribution Report; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii) or each clause of Section 11.1(a)(iv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii‑203‑ 11.1 (a)(ii), or each clause of Section 11.1(a)(iii) or each clause of Section 11.1(a)(iv), as applicable, on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest re‑invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “"Distribution Report”"), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the each Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date is not also a Re-Pricing Date or Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class C Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributionspayments, if any, to be made on the Preferred Shares Subordinated Notes on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) [reserved]; (vii) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “"Distribution Report”"), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Loan Agent, the Collateral Manager, the Initial PurchaserPlacement Agents, the Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date is not also a Re-Pricing Date or Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributionspayments, if any, to be made on the Preferred Shares Subordinated Notes on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Agent, the Loan Agent (for delivery of the Class A-1 Lenders) the Collateral Manager, the Initial PurchaserPlacement Agents, the Rating Agency and Agency, any Holder shown listed on the Note Register, any Shareholder shown on the Share Register and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee Collateral Agent and each Holder of Subordinated Notes, not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class of Debt at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class of Debt on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class of Debt after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributionspayments, if any, to be made on the Preferred Shares Debt on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting to the Trustee (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, Date (and the Trustee shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the each Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee Trustee) not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributionspayments, if any, to be made on the Preferred Shares Interests on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; (vi) for each Account, a schedule showing the beginning balance, each credit or debit specifying the nature, source and amount, and the ending balance; (vii) a schedule showing for each of the following the beginning balance, the amount of Interest Proceeds received from the date of determination of the immediately preceding Distribution Report, and the ending balance for the Determination Date preceding the current Payment Date: (A) Interest Proceeds from Collateral Obligations; and (viB) Interest Proceeds from Eligible Investments; (viii) purchases, prepayments, and sales: (A) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any), Principal Proceeds and Interest Proceeds received, and date for (X) each Collateral Obligation that was released for sale or disposition pursuant to Section 12.1 since the Determination Date immediately preceding the last Distribution Report and (Y) each prepayment or redemption of a Collateral Obligation, and in the case of (X), whether such Collateral Obligation was a Credit Risk Obligation or a Credit Improved Obligation, whether the sale of such Collateral Obligation was a discretionary sale; (B) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any) and Principal Proceeds and Interest Proceeds expended to acquire each Collateral Obligation acquired pursuant to Section 12.2 or 12.3 since the Determination Date immediately preceding the last Distribution Report; and (C) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), Principal Proceeds and Interest Proceeds received, and date for each Collateral Obligation that was substituted pursuant to Section 12.3(a) or repurchased pursuant to Section 12.3(b) (and, in either case, an indication as to whether each such substitution or repurchase was a mandatory substitution or repurchase) since the Determination Date immediately preceding the last Distribution Report, all as reported to the Trustee by the Collateral Manager at the time of such purchase, repurchase or substitution; and (ix) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “"Distribution Report”"), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, S&P and the Initial PurchaserPlacement Agent and, the Rating Agency and upon written request therefor, any Holder shown on the RegisterRegister and, any Shareholder shown on upon written notice to the Share Register and Trustee in the form of Exhibit D, any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Note not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.10(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class B Notes and the Class C Notes, and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes in respect of Subordinated Note Redemption Prices on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date (and, in the case of the Class A-1R Notes, the Commitment Fees accrued for such Payment Date); (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i), Section 11.1(a)(ii) and Section 11.1(a)(ii11.1(a)(iii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial PurchaserPlacement Agent, the each Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Loan Agent, the Collateral Manager, the Initial PurchaserRating Agency, the Rating Agency and Placement Agent, ▇▇▇▇▇’▇ Analytics, Inc. and, upon written request therefor, any Holder shown on the Register or the Loan Register, any Shareholder shown on as applicable, and, upon written notice to the Share Register and Collateral Trustee in the form of Exhibit C, any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Note and any Class A-1L-R Lender not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class C Notes, and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes in respect of Subordinated Note Redemption Prices on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) [reserved]; (iv) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (ivv) the amounts payable pursuant to each clause of Section Sections 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iiithrough (iii), as applicable, on the related Payment Date; (vvi) for the each Collection Account: (A) the Balance on deposit in the such Collection Account at the end of the related Collection PeriodPeriod (or, with respect to each Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the each Collection Account to the Payment Account, in order to make payments pursuant to Section Sections 11.1(a)(i) and Section 11.1(a)(iithrough (iii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the each Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vivii) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, to the Collateral Manager and the Trustee (who shall make available such Distribution Report to the TrusteePlacement Agent, the Collateral Manager, the Initial Co-Placement AgentInitial Purchaser, S&P, ▇▇▇▇▇’▇ Analytics, Inc., Euronext Dublin (so long as any Listed Notes are listed on Euronext Dublin and so long as the Rating Agency and guidelines of such exchange so require), any Holder shown on in the Register, any Shareholder shown on the Share Registers,Note Register and any beneficial owner of a Security any Debt who has delivered a Beneficial Ownership Certificate to the Trustee and the Investor Information Services by posting such report to its website) not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: : (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.8(a); ; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes DebtNotes of such Class Secured Debt and (c) the amount of distributions, if any, to be made on the Preferred Shares Subordinated Notes on the next Payment Date; ; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the each Beneficial Owner, each Rating Agency and any other Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Note not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributionspayments, if any, to be made on the Preferred Shares Subordinated Notes on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate (including LIBOR for such Interest Accrual Period and the spread specified in Section 2.3) and accrued interest for each applicable Class of the Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Co-Initial PurchaserPurchasers, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) the Priority of Interest Proceeds and each clause of Section 11.1(a)(ii) the Priority of Principal Proceeds or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) the Priority of Interest Proceeds and Section 11.1(a)(ii) the Priority of Principal Proceeds on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Initial PurchaserPlacement Agent, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Secured Debt and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii11.1(a)(iv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a ““Distribution Report”” ), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Initial PurchaserLoan Agent, the Placement Agent, the Co-Placement Agent, the Rating Agency and any Holder shown on the Registerapplicable Register of a Secured Debt or Subordinated Securities, any Shareholder shown on the Share Register and any beneficial owner of a Security Secured Debt or Subordinated Securities who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt and Subordinated Securities of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt and Subordinated Securities of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the amount of distributions, if any, to be made on the Preferred Subordinated SecuritiesPreferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii11.1(a)(iiiiv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, each Rating Agency, the Initial Purchaser, the Rating Agency and Placement Agents and, upon written request therefor, any Holder shown on and, upon written notice to the RegisterTrustee in the form of Exhibit C, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Note not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.5(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i), Section 11.1(a)(ii) and Section 11.1(a)(ii11.1(a)(iii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, to the Collateral Manager and the Trustee (who shall make available such Distribution Report to the TrusteePlacement Agent, the Collateral ManagerS&P, the Initial Purchaser▇▇▇▇▇’▇ Analytics, the Rating Agency and Inc., any Holder shown on in the RegisterRegisters, any Shareholder shown on the Share Register and any beneficial owner of a Security any Debt who has delivered a Beneficial Ownership Certificate to the Trustee and the Investor Information Services by posting such report to its website) not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: : (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.8(a); ; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class Secured Debt and (c) the amount of distributions, if any, to be made on the Preferred Shares Subordinated Notes on the next Payment Date; ; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; ; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; ; (v) for the Collection Account: : (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; ; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and 196 (vi) for each Account, a schedule showing the beginning balance, each credit or debit specifying the nature, source and amount, and the ending balance; (vii) a schedule showing for each of the following the beginning balance, the amount of Interest Proceeds received from the date of determination of the immediately preceding Distribution Report, and the ending balance for the Determination Date preceding the current Payment Date: (A) Interest Proceeds from Collateral Obligations; and (B) Interest Proceeds from Eligible Investments; (viii) purchases, prepayments, and sales: (A) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any), Principal Proceeds and Interest Proceeds received, and date for (X) each Collateral Obligation that was released for sale or disposition pursuant to Section 12.1 since the Determination Date immediately preceding the last Distribution Report and (Y) each prepayment or redemption of a Collateral Obligation, and in the case of (X), whether such Collateral Obligation was a Credit Risk Obligation or a Credit Improved Obligation, whether the sale of such Collateral Obligation was a discretionary sale; and (B) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any) and Principal Proceeds and Interest Proceeds expended to acquire each Collateral Obligation acquired pursuant to Section 12.2 since the Determination Date immediately preceding the last Distribution Report; and (ix) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, to the Collateral Manager and the Trustee (who shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Placement Agents, each Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee Trustee) not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.8(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares Interests on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; (vi) for each Account, a schedule showing the beginning balance, each credit or debit specifying the nature, source and amount, and the ending balance; (vii) a schedule showing for each of the following the beginning balance, the amount of Interest Proceeds received from the date of determination of the immediately preceding Distribution Report, and the ending balance for the Determination Date preceding the current Payment Date: (A) Interest Proceeds from Collateral Obligations; and (viB) Interest Proceeds from Eligible Investments; (viii) purchases, prepayments, and sales: (A) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any), Principal Proceeds and Interest Proceeds received, and date for (X) each Collateral Obligation that was released for sale or disposition pursuant to Section 12.1 since the Determination Date immediately preceding the last Distribution Report and (Y) each prepayment or redemption of a Collateral Obligation, and in the case of (X), whether such Collateral Obligation was a Credit Risk Obligation or a Credit Improved Obligation, whether the sale of such Collateral Obligation was a discretionary sale; (B) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any) and Principal Proceeds and Interest Proceeds expended to acquire each Collateral Obligation acquired pursuant to Section 12.2 or 12.3 since the Determination Date immediately preceding the last Distribution Report; and (C) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), Principal Proceeds and Interest Proceeds received, and date for each Collateral Obligation that was substituted pursuant to Section 12.3(a) or repurchased pursuant to Section 12.3(b) (and, in either case, an indication as to whether each such substitution or repurchase was a mandatory substitution or repurchase) since the Determination Date immediately preceding the last Distribution Report, all as reported to the Trustee by the Collateral Manager at the time of such purchase, repurchase or substitution (or, if no Collateral Obligations were so substituted or repurchased during such period, a statement to that effect); and (ix) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date and each Interim Determination Date preceding an Interim Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Co-Placement Agent, the Initial Purchaser, the Rating Agency and Agencies, any Holder shown on the Register, any Shareholder shown on Register or the Share Loan Register and any beneficial owner of a Security Debt who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date or Interim Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date or Interim Payment Date is not also a Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date or Interim Payment Date, the amount of any Deferred Interest on the Class B Notes or the Class C Notes and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date or Interim Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) other than a Distribution Report in connection with an Interim Payment Date, the amount of distributionspayments, if any, to be made on to the Preferred Shares Issuer for payment to Holders of the Subordinated Notes on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Datethe related Collection Period; (iv) (A) for each Payment Date, the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date and (B) for each Interim Payment Date, the amounts payable pursuant to Section 10.2(h); (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)) or Section 10.2(h) on the next Interim Payment Date; and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date or Interim Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 (subject to Section 10.2(h) with respect to an Interim Payment Date) and Article XIII.

Payment Date Accounting. The Issuer shall render (render, or cause to be rendered) , an accounting (each a “"Distribution Report”"), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Portfolio Manager, the Initial PurchaserDesignated Successor Manager, the CLO Information Service, the Placement Agent, each Rating Agency and and, upon written request therefor, any Holder shown on the RegisterNote Register and, any Shareholder shown on upon written notice to the Share Register and Trustee in the form of Exhibit I, any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Note not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.6(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, Class and (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Note Deferred Interest on the Class C Notes, Class D Notes, Class E Notes or Class F Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment DateClass; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and ), each clause of Section 11.1(a)(ii) or and each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Portfolio Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII12); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Portfolio Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII13.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii11.1(a)(iiiiv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer Borrower shall render (compile or cause to be rendered) an accounting compiled a report (each a the “Distribution Valuation Report”) and the Borrower shall then provide, or cause to be provided, such Valuation Report to the Collateral Agent (who shall make such Valuation Report available to the Administrative Agent and the Lenders by access to its website or by email upon written request therefor) not later than one Business Day prior to the related Payment Date (or, with respect to the Maturity Date, on the Payment Date), determined . The Valuation Report shall contain the following information: (i) the Aggregate Principal Amount of the Collateral Obligations as of the close of business on each such Determination Date preceding a Payment Date, and shall make available such Distribution Report af ter giving ef fect to (A) Proceeds received on the Collateral Obligations with respect to the Trustee, related Due Period and the reinvestment of such Proceeds in Collateral Manager, the Initial Purchaser, the Rating Agency Obligations or Eligible Investments during such Due Period and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (iB) the information required to be in the Monthly Report pursuant to Section 10.7(a); release of any Collateral Obligations during such Due Period; (ii) (a) the Aggregate Outstanding Amount aggregate outstanding principal balance of the Secured Notes of each Class at the beginning of the Interest Accrual Period Loans, as an aggregate Dollar f igure and such amount as a percentage of the original Aggregate Outstanding Amount aggregate outstanding principal balance of the Secured Notes Loans at the beginning of such Classthe Due Period, (b) the amount of principal payments to be made on the Secured Notes of each Class Loans on the next Payment Date Date, the amount of any overdue interest and the Aggregate Outstanding Amount aggregate outstanding principal balance of the Secured Notes Loans as a Dollar figure and as a percentage of the original aggregate outstanding principal balance, in each Class case after giving effect to the principal payments, if any, on the next for such Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and Date; (ciii) the amount of distributions, if any, Accrued Interest payable to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Lenders for such Payment Date (and the components thereof under Section 2.5) and the amount of Interest Proceeds and Principal Proceeds payable to the Equity Holder (in each case determined as of the related Determination Date; ); (iv) the amounts payable amount of Principal Proceeds to be applied pursuant to clause (1) of the Principal Priority of Payments (in each clause case determined as of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Determination Date; ); (v) the Administrative Expenses payable for such Payment Date on an itemized basis (determined as of the related Determination Date); (vi) for the Interest Collection Account: (A1) the Balance on deposit in the Interest Collection Account at the end of the related Collection Due Period; , in each Specified Currency and the Balance in Dollars af ter the conversion under Section 6.2(a); 103 (B2) the amounts payable from f rom the Interest Collection Account (through a transfer to the Payment Account) pursuant to subclauses (1) through (9) of the Interest Priority of Payments and subclauses (1) through (6) of the Principal Priority of Payments for such Payment Date, in order to make payments pursuant to Section 11.1(a)(i) each case in each Specif ied Currency; and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C3) the Balance remaining in the Interest Collection Account immediately after af ter all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); and(vii) for the Principal Collection Account: (vi1) the Balance on deposit in the Principal Collection Account at the end of the related Due Period, in each Specified Currency and the Balance in Dollars af ter the conversion under Section 6.2(a); (2) the amounts, if any, payable f rom the Principal Collection Account (through a transfer to the Payment Account) as Interest Proceeds pursuant to the Interest Priority of Payments and as Principal Proceeds pursuant to the Principal Priority of Payments for such Payment Date (in each case determined as of the related Determination Date), in each Specif ied Currency; and (3) the Balance remaining in the Principal Collection Account immediately af ter all payments and deposits to be made on such Payment Date (determined as of the related Determination Date), in each Specif ied Currency; (viii) the amount of unpaid interest, if any, with respect to any Loans (in each case determined as of the related Determination Date), in each Specif ied Currency; (ix) the Principal Payments received during the related Due Period, in each Specified Currency; (x) the Principal Proceeds received during the related Due Period, in each Specified Currency; (xi) the Interest Proceeds received during the related Due Period, in each Specif ied Currency; (xii) the amounts payable pursuant to each subclause of the Interest Priority of Payments and the Principal Priority of Payments on the related Payment Date in each Specif ied Currency (in each case determined as of the related Determination Date); and (xiii) such other information as the Collateral Agent, Collateral Manager or the Administrative Agent may reasonably requestrequest regarding the Loans and the Collateral therefor. Each Distribution Report Upon receipt of each Monthly Report, the Collateral Agent shall constitute instructions compare the information contained therein to the Trustee information contained in its records with respect to withdraw funds from the Payment Account Collateral and pay or transfer shall, within three Business Days after receipt of such amounts set forth in such Distribution Report Monthly Report, notify the Borrower and the Collateral Manager if the information contained in the manner specified Monthly Report does not conform to the information maintained by the Collateral Agent in its records and detail any discrepancies. If any discrepancy exists, the Collateral Agent and the Borrower, or the Collateral Manager on behalf of the Borrower, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Borrower shall appoint, within f ive Business Days, an Independent accountant to review such Monthly Report and the Collateral Agent’s records to determine the cause of such discrepancy. If such review reveals an error in accordance with the priorities established in Section 11.1 and Article XIII.Monthly Report or the Collateral Agent’s records, the Monthly Report or the Collateral Agent’s records shall be

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting to the Trustee (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, Date (and the Trustee shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and Moody’s, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee Trustee) not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributionspayments, if any, to be made on the Preferred Shares Interests on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; (vi) for each Account, a schedule showing the beginning balance, each credit or debit specifying the nature, source and amount, and the ending balance; (vii) a schedule showing for each of the following the beginning balance, the amount of Interest Proceeds received from the date of determination of the immediately preceding Distribution Report, and the ending balance for the Determination Date preceding the current Payment Date: (A) Interest Proceeds from Collateral Obligations; and (viB) Interest Proceeds from Eligible Investments; (viii) purchases, prepayments, and sales: (A) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any), Principal Proceeds and Interest Proceeds received, and date for (X) each Collateral Obligation that was released for sale or disposition pursuant to Section 12.1 since the Determination Date immediately preceding the last Distribution Report and (Y) each prepayment or redemption of a Collateral Obligation, and in the case of (X), whether such Collateral Obligation was a Credit Risk Obligation or a Credit Improved Obligation, whether the sale of such Collateral Obligation was a discretionary sale; (B) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any) and Principal Proceeds and Interest Proceeds expended to acquire each Collateral Obligation acquired pursuant to Section 12.2 or 12.3 since the Determination Date immediately preceding the last Distribution Report; and (C) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), Principal Proceeds and Interest Proceeds received, and date for each Collateral Obligation that was substituted pursuant to Section 12.3(a) or repurchased pursuant to Section 12.3(b) (and, in either case, an indication as to whether each such substitution or repurchase was a mandatory substitution or repurchase) since the Determination Date immediately preceding the last Distribution Report, all as reported to the Trustee by the Collateral Manager at the time of such purchase, repurchase or substitution (or, if no Collateral Obligations were so substituted or repurchased during such period, a statement to that effect); and (ix) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “"Distribution Report”"), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make (or cause to be made) available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, each CLO Information Service, the Rating Agency and and, upon written request therefor, any Holder shown on the RegisterRegister and, any Shareholder shown on upon written notice to the Share Register and Trustee in the form of Exhibit C, any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Notes not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a) (Accountings); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on each Deferrable Class, and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes in respect of Subordinated Note Redemption Prices on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) (Disbursements of Monies from Payment Account) and each clause of Section 11.1(a)(ii) (Disbursements of Monies from Payment Account) or each clause of Section 11.1(a)(iii11.1(a)(iv) (Disbursements of Monies from Payment Account), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable to be transferred from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) (Disbursements of Monies from Payment Account), Section 11.1(a)(ii) (Disbursements of Monies from Payment Account) and Section 11.1(a)(ii11.1(a)(iv) (Disbursements of Monies from Payment Account) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)Date; and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; (vi) the aggregate amount received with respect to the prepayment of Collateral Obligations since the previous Distribution Report; and (vivii) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 (Disbursements of Monies from Payment Account) and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and the Initial Purchaser and, upon written request therefor, any Holder shown on the RegisterRegister and, any Shareholder shown on upon written notice to the Share Register and Trustee in the form of Exhibit C, any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Note not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class B Notes or the Class C Notes, as applicable, and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes in respect of Subordinated Note Redemption Prices on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) [reserved]; (iv) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (ivv) the amounts payable pursuant to each clause of Section Sections 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iiithrough (iii), as applicable, on the related Payment Date; (vvi) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section Sections 11.1(a)(i) and Section 11.1(a)(iithrough (iii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vivii) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral ManagerManager (who shall email a copy of such report to each Rating Agency), the Initial PurchaserPurchaser and, the Rating Agency and upon written request therefor, any Holder shown on the RegisterRegister and, any Shareholder shown on upon written notice to the Share Register and Trustee in the form of Exhibit D, any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Note not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.6(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the related Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class B Notes and/or the Class C Notes, and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next related Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes from Interest Proceeds and Principal Proceeds on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the related Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such the related Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and ), Section 11.1(a)(ii) on 11.1(a)(ii)and Section 11.1(a)(iii)on the next related Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such the related Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer Collateral Manager (on behalf of the Issuer) shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Placement Agent, the Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in amount of interest on the Monthly Report pursuant to Section 10.7(a)Secured Notes due and payable on such Payment Date; (ii) [reserved]; (aiii) the Aggregate Outstanding Amount outstanding principal balance of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, Notes; (biv) the amount of principal payments to be made on the Secured Notes of each Class on the next such Payment Date and in accordance with the Aggregate Outstanding Amount Priority of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment DatePayments; (iiiv) the Interest Rate and accrued interest for each applicable Class of Secured Notes for Collateral Management Fee payable to the Collateral Manager on such Payment Date; (ivvi) the amounts an itemized description of any Administrative Expenses payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related such Payment Date; (vvii) for the Collection Account:Aggregate Outstanding Amount of each Class as of such Payment Date, in each case after giving effect to all payments of principal on such Class to be made on such Payment Date; (Aviii) the Aggregate Principal Balance on deposit in of the Collection Account at Collateral Obligations as of the end last day of the related Collection Period; (ix) the aggregate unfunded funding obligations under all Delayed Draw Loans and Revolving Loans; (x) calculation of the Adjusted Pool Balance of the Collateral Obligations and the Class A Borrowing Base, the Class B Borrowing Base and the Aggregate Borrowing Base (as provided by the Collateral Manager) with respect to the Secured Notes; (xi) the number and Aggregate Principal Balance of Collateral Obligations that were Credit Risk Obligations, Delinquent Obligations and Defaulted Obligations as of the last day of the related Collection Period; (xii) the balance of each Account as of such Determination Date; (xiii) the purchase price of each Additional Collateral Obligation acquired since the last Distribution Report; (xiv) the calculation of each of the following: (A) the Level 1 Portfolio Test; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); andLevel 2 Portfolio Test; (C) the Balance remaining in Minimum Floating Spread Test; (D) the Collection Account immediately after all payments and deposits to be made on such Payment DateWeighted Average Life Test; and (viE) such other information the Concentration Limitations; (xv) the sale price of any Asset that was sold or has matured since the last Distribution Report, including the amount of cash received as Principal Proceeds; (xvi) the cumulative amount of any substitutions, purchases and sales of Collateral Manager may reasonably requestObligations; and (xvii) the maturity date, purchase date, interest rate, and classification of each Collateral Obligation. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer Collateral Manager (on behalf of the Issuer) shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Placement Agent, the Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in amount of interest on the Monthly Report pursuant to Section 10.7(a)Secured Notes due and payable on such Payment Date; (ii) [reserved]; (aiii) the Aggregate Outstanding Amount outstanding principal balance of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, Notes; (biv) the amount of principal payments to be made on the Secured Notes of each Class on the next such Payment Date and in accordance with the Aggregate Outstanding Amount Priority of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment DatePayments; (iiiv) the Interest Rate and accrued interest for each applicable Class of Secured Notes for Collateral Management Fee payable to the Collateral Manager on such Payment Date; (ivvi) the amounts an itemized description of any Administrative Expenses payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related such Payment Date; (vvii) for the Collection Account:Aggregate Outstanding Amount of each Class as of such Payment Date, in each case after giving effect to all payments of principal on such Class to be made on such Payment Date; (Aviii) the Aggregate Principal Balance on deposit in of the Collection Account at Collateral Obligations as of the end last day of the related Collection Period; (ix) the aggregate unfunded funding obligations under all Delayed Draw Loans and Revolving Loans; (x) calculation of the Adjusted Pool Balance of the Collateral Obligations and the Class A Borrowing Base, the Class B Borrowing Base and the Aggregate Borrowing Base (as provided by the Collateral Manager) with respect to the Secured Notes, including a statement as to whether each of the Class A Borrowing Base Condition, the Class B Borrowing Base Condition and the Aggregate Borrowing Base Condition are satisfied, which output may in each case be in the form of “Pass/Fail”; (xi) the number and Aggregate Principal Balance of Collateral Obligations that were Credit Risk Obligations, Delinquent Obligations and Defaulted Obligations as of the last day of the related Collection Period; (xii) the balance of each Account as of such Determination Date; (xiii) the purchase price of each Additional Collateral Obligation acquired since the last Distribution Report; (xiv) the calculation of each of the following: (A) the Level 1 Portfolio Test; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); andLevel 2 Portfolio Test; (C) the Balance remaining in Minimum Floating Spread Test; (D) the Collection Account immediately after all payments and deposits to be made on such Payment DateWeighted Average Life Test; and (viE) such other information the Concentration Limitations; (xv) the sale price of any Asset that was sold or has matured since the last Distribution Report, including the amount of cash received as Principal Proceeds; and (xvi) the cumulative amount of any substitutions, purchases and sales of Collateral Manager may reasonably requestObligations. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date is not also a Re-Pricing Date or Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Class C Notes and the Class D Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributionspayments, if any, to be made on the Preferred Shares Subordinated Notes on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) [reserved]; (vii) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date and each Interim Determination Date preceding an Interim Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Collateral ManagerServicer, the Co-Placement Agent, the Initial Purchaser, the Rating Agency and Agencies, any Holder shown on the Register, any Shareholder shown on Register or the Share Loan Register and any beneficial owner of a Security Debt who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date or Interim Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date or Interim Payment Date is not also a Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date or Interim Payment Date, the amount of any Deferred Interest on the Class C Notes or the Class D Notes and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date or Interim Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) other than a Distribution Report in connection with an Interim Payment Date, the amount of distributionspayments, if any, to be made on to the Preferred Shares Issuer for payment to Holders of the Subordinated Notes on the next Payment DateDate the amount of Permitted RIC Distributions, if any, made since the prior Distribution Report; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Datethe related Collection Period; (iv) (A) for each Payment Date, the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date and (B) for each Interim Payment Date, the amounts payable pursuant to Section 10.2(h); (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager Servicer intends to re-invest in additional Collateral Obligations pursuant to Article XII)) or Section 10.2(h) on the next Interim Payment Date; and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date or Interim Payment Date; and (vi) such other information as the Collateral Manager Servicer may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, to the Collateral Manager and the Trustee (who shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and Co-Placement Agent, S&P, any Holder shown on the RegisterRegisters, any Shareholder shown on the Share Register and any beneficial owner of a Security any Debt who has delivered a Beneficial Ownership Certificate to the Trustee and the Investor Information Services by posting such report to its website) not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: : (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.8(a); ; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class Secured Debt and (c) the amount of distributions, if any, to be made on the Preferred Shares Subordinated Notes on the next Payment Date; ; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; ; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; ; (v) for the Collection Account: : (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; ; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as for each Account, a schedule showing the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to beginning balance, each credit or debit specifying the Trustee to withdraw funds nature, source and amount, and the ending balance; (vii) a schedule showing for each of the following the beginning balance, the amount of Interest Proceeds received from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in date of determination of the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.immediately

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date and each Interim Determination Date preceding an Interim Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Placement Agent, the Initial PurchaserPurchaserSMBC, Apollo Global Securities, the Rating Agency and Agencies, any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date or Interim Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date or Interim Payment Date is not also a Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing in each case in whole but not in part; (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, and (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date or Interim Payment Date, the amount of any Deferred Interest on the Class C Notes or the Class D Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date or Interim Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) other than a Distribution Report in connection with an Interim Payment Date, the amount of distributionspayments, if any, to be made on to the Preferred Shares Issuer for payment to Holders of the Subordinated Notes on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Datethe related Collection Period; (iv) (A) for each Payment Date, the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date and (B) for each Interim Payment Date, the amounts payable pursuant to Section 10.2(h); (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)) or Section 10.2(h) on the next Interim Payment Date; and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date or Interim Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Agent, the Loan Agent (for delivery of the Class A-1 Lenders) the Collateral Manager, the Initial PurchaserPlacement AgentsAgent, the Co-Structuring Agent, the Rating Agency and Agency, any Holder shown listed on the Note Register, any Shareholder shown on the Share Register and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee Collateral Agent and each Holder of Subordinated Notes, not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class of Debt at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class of Debt on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class of Debt after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributionspayments, if any, to be made on the Preferred Shares Debt on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “"Distribution Report”"), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial PurchaserPlacement Agent, the each Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial PurchaserPlacement Agent, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii11.1(a)(iv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment DateDate (other than a Payment Date designated in accordance with the definition thereof or resulting solely from an Optional Redemption, a Tax Redemption or Refinancing, in each case, to redeem (or, in the case of the Class A-2 Loans, prepay) all of the Secured Debt in full), and shall make (or cause to be made) available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Initial PurchaserPurchaser (upon request), the each Rating Agency and and, upon written request therefor, any Holder shown on the Register or the Loan Register, any Shareholder shown on as applicable, and, upon written notice to the Share Register and Collateral Trustee in the form of Exhibit D, any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Note not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a) (Accountings); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date Date, the amount of any Deferred Interest on each Deferrable Class, and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes in respect of Subordinated Note Redemption Prices on the next Payment Date, and the Aggregate Outstanding Amount of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) (Disbursements of Monies from Payment Account) and each clause of Section 11.1(a)(ii) (Disbursements of Monies from Payment Account) or each clause of Section 11.1(a)(iii11.1(a)(iv) (Disbursements of Monies from Payment Account), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection PeriodPeriod (or, with respect to the Interest Collection Subaccount, the next Business Day); (B) the amounts payable to be transferred from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) (Disbursements of Monies from Payment Account), Section 11.1(a)(ii) (Disbursements of Monies from Payment Account) and Section 11.1(a)(ii11.1(a)(iv) (Disbursements of Monies from Payment Account) on the next Payment Date; provided, that the amount to be transferred to the Payment Account shall not include any amount that would be transferred back to the Principal Collection Subaccount on the related Payment Date (net for the purchase of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)Obligations; and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; (vi) after the Reinvestment Period only, the aggregate amount received with respect to the prepayment of Collateral Obligations since the previous Distribution Report; and (vivii) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 (Disbursements of Monies from Payment Account) and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting to the Trustee (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, Date (and the Trustee shall make available such Distribution Report to the Trustee, the Collateral Manager, the Initial PurchaserPlacement Agent, the each Rating Agency and Agency, any Holder shown on the Register, any Shareholder shown on the Share Register of a Note and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee Trustee) not later than the Business Day preceding related Payment Date. For purposes of calculating the Outstanding Principal Balance in connection with payments to be made on a Payment Date, the Issuer shall include as a supplement to the Distribution Report provided to the Trustee prior to each Payment Date (i) any adjustments to the Aggregate Outstanding Amount of the Class A-R Notes arising after the end of the related Collection Period and before the related Payment DateDate which will be taken into account in determining any pro rata payments on such Payment Date and (ii) the effect of such adjustments on the related pro rata payments, which supplement to the related Distribution Report shall be posted on the Trustee’s internet website. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributionspayments, if any, to be made on the Preferred Shares Interests on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; (vi) for each Account, a schedule showing the beginning balance, each credit or debit specifying the nature, source and amount, and the ending balance; (vii) a schedule showing for each of the following the beginning balance, the amount of Interest Proceeds received from the date of determination of the immediately preceding Distribution Report, and the ending balance for the Determination Date preceding the current Payment Date: (A) Interest Proceeds from Collateral Obligations; and (viB) Interest Proceeds from Eligible Investments; (viii) purchases, prepayments, and sales: (A) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any), Principal Proceeds and Interest Proceeds received, and date for (X) each Collateral Obligation that was released for sale or disposition pursuant to Section 12.1 since the Determination Date immediately preceding the last Distribution Report and (Y) each prepayment or redemption of a Collateral Obligation, and in the case of (X), whether such Collateral Obligation was a Credit Risk Obligation or a Credit Improved Obligation, whether the sale of such Collateral Obligation was a discretionary sale; (B) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any) and Principal Proceeds and Interest Proceeds expended to acquire each Collateral Obligation acquired pursuant to Section 12.2 or 12.3 since the Determination Date immediately preceding the last Distribution Report; and (C) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), Principal Proceeds and Interest Proceeds received, and date for each Collateral Obligation that was substituted pursuant to Section 12.3(a) or repurchased pursuant to Section 12.3(b) (and, in either case, an indication as to whether each such substitution or repurchase was a mandatory substitution or repurchase) since the Determination Date immediately preceding the last Distribution Report, all as reported to the Trustee by the Collateral Manager at the time of such purchase, repurchase or substitution (or, if no Collateral Obligations were so substituted or repurchased during such period, a statement to that effect); and (ix) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Collateral Trustee, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register or the Loan Register, any Shareholder shown on the Share Register and any beneficial owner of a Security Debt who has delivered a Beneficial Ownership Certificate to the Collateral Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii11.1(a)(iv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Collateral Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (compile or cause to be rendered) an accounting compiled a report (each a the “Distribution Valuation Report”)) and the Issuer shall then provide, determined as of the close of business on each Determination Date preceding a Payment Dateor cause to be provided, and shall make available such Distribution Valuation Report to the Trusteeby facsimile, the Collateral Manager, the Initial Purchaser, the Rating Agency and any Holder shown on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate overnight courier or electronic mail to the Trustee (who shall make such Valuation Report available to any Holder of Class A Notes (or its designee) by access to its website or by first class mail upon written request therefor in the form of Exhibit D attached hereto) not later than the one Business Day preceding prior to the related Payment Date (or, with respect to the Stated Maturity of any Class A Note, on the Payment Date). The Distribution Valuation Report shall contain the following information: (i) the information required Aggregate Principal Amount of the Collateral Obligations as of the close of business on such Determination Date, after giving effect to be (A) Proceeds received on the Collateral Obligations with respect to the related Due Period and the reinvestment of such Proceeds in Substitute Collateral Obligations or Eligible Investments during such Due Period and (B) the Monthly Report pursuant to Section 10.7(a)release of any Collateral Obligations during such Due Period; (ii) (a) the Aggregate Outstanding Amount of the Secured Class A Notes of each Class at the beginning of the Interest Accrual Period as a Dollar figure and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Class A Notes at the beginning of such Classthe Due Period, (b) the amount of principal payments to be made on the Secured Class A Notes of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Class A Notes as a Dollar figure and as a percentage of the original Aggregate Outstanding Amount of the Class A Notes, in each Class case after giving effect to the principal payments, if any, on the next Payment Date and for such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, to be made on the Preferred Shares on the next Payment Date; (iii) the Class A Interest Rate and accrued interest for each applicable Distribution Amount payable to the Holders of the Class of Secured A Notes for such Payment Date (in the aggregate) and the amount of Interest Proceeds and Principal Proceeds payable to the Equity Owner (in each case determined as of the related Determination Date); (iv) the amounts payable amount of Principal Proceeds to be applied pursuant to Section 11.1(a)(B)(i) (in each clause case determined as of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Determination Date); (v) the Administrative Expenses payable for such Payment Date on an itemized basis (determined as of the related Determination Date); (vi) for the Interest Collection Account: (A) the Balance on deposit in the Interest Collection Account at the end of the related Collection Due Period; (B) the amounts payable from the Interest Collection Account (through a transfer to the Payment Account, in order to make payments ) pursuant to subclauses (i) through (v) of Section 11.1(a)(i11.1(a)(A) and subclauses (i) through (v) of Section 11.1(a)(ii11.1(a)(B) on the next for such Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII)Date; and (C) the Balance remaining in the Interest Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); (vii) for the Principal Collection Account: (A) the Balance on deposit in the Principal Collection Account at the end of the related Due Period; (B) the amounts, if any, payable from the Principal Collection Account (through a transfer to the Payment Account) as Interest Proceeds pursuant to Section 11.1(a)(A) and as Principal Proceeds pursuant to Section 11.1(a)(B) for such Payment Date (in each case determined as of the related Determination Date); and (viC) the Balance remaining in the Principal Collection Account immediately after all payments and deposits to be made on such Payment Date (determined as of the related Determination Date); (viii) the amount of Defaulted Interest, if any, with respect to any Class A Notes and the Collateral Management Fee (in each case determined as of the related Determination Date); (ix) the amount of any Class A Notes that have been issued after the Closing Date and the date of such issuances (determined as of the related Determination Date); (x) the Principal Payments received during the related Due Period; (xi) the Principal Proceeds received during the related Due Period; (xii) the Interest Proceeds received during the related Due Period; (xiii) the amounts payable pursuant to each subclause of Section 11.1(a)(A) and Section 11.1(a)(B) on the related Payment Date (in each case determined as of the related Determination Date); (xiv) the identity of each Collateral Obligation that became a Defaulted Obligation during the related Due Period; (xv) the identity of any Collateral Obligations that were released for sale or other disposition, indicating whether such Collateral Obligation is a Defaulted Obligation, a Withholding Tax Security, an Equity Security or an Exchanged Equity Security and whether such Collateral Obligation, an Equity Security or Exchanged Equity Security was sold or disposed of pursuant to Section 12.1(a), (b), (c) or (e), since the last Valuation Report; and (xvi) such other information as the Trustee, Collateral Manager or the Majority of the Controlling Class may reasonably request. Each Distribution Report shall constitute instructions to request regarding the Trustee to withdraw funds from Class A Notes and the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIIICollateral therefor.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment DateDate (other than any Payment Date resulting from clause (2) in the definition thereof), and shall make available such Distribution Report to the Trustee, the Collateral Portfolio Manager, the Initial Purchaser, the each Rating Agency and the Placement Agent, Creditflux (including its Affiliates), Intex Solutions, Inc., Bloomberg L.P., Dealview Technologies Ltd. (DBA DealX), Semeris Ltd and/or any other widely recognized data provider and, upon written request therefor, any Holder shown on and, upon written notice to the RegisterTrustee in the form of Exhibit C, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee Debt not later than the one Business Day Days preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a10.6(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class, (b) the amount of principal payments to be made on the Secured Notes Debt of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes Debt of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest Accrual Period and the amount of distributions, if any, payments to be made on the Preferred Shares Subordinated Notes on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii), or each clause of Section 11.1(a)(iii) (to the extent that the related Payment Date is a Partial Redemption Date) or each clause of Section 11.1(a)(iii11.1(a)(iv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i), Section 11.1(a)(ii), Section 11.1(a)(iii) (to the extent that the related Payment Date is a Partial Redemption Date) and Section 11.1(a)(ii11.1(a)(iv) on the next Payment Date (net of amounts which the Collateral Portfolio Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Portfolio Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.

Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a “Distribution Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Loan Agent, the Collateral Manager, the Initial PurchaserPlacement Agents, the each Rating Agency and Agency, Euronext Dublin (so long as any Holder shown Debt is listed on Euronext Dublin) any Lender listed on the Loan Register, any Shareholder shown Holder listed on the Share Note Register and any beneficial owner of a Security Note who has delivered a Beneficial Ownership Certificate to the Trustee Trustee, not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.7(a); (ii) (a) the Aggregate Outstanding Amount of the Secured Notes of each Class of Secured Debt at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments to be made on the Secured Notes of each Class of Secured Debt on the next Payment Date Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class of Secured Debt after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions, if any, distributions to be made paid on the Preferred Shares Subordinated Notes on the next Payment Date, the Aggregate Outstanding Amount of the Subordinated Notes on the next Payment Date and the amount of Permitted RIC Distributions, if any, made since the prior Distribution Report; (iii) the Interest Rate and accrued interest for each applicable Class of Secured Notes Debt for such Payment Date; (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii) or each clause of Section 11.1(a)(iv), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii), or each clause of Section 11.1(a)(iii) or each clause of Section 11.1(a)(iv), as applicable, on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and (vi) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.