Common use of Report to Noteholders Clause in Contracts

Report to Noteholders. With respect to each Payment Date, no later than the fifteenth (15th) calendar day of each month (or if such day is not a Business Day, the following Business Day), the Master Servicer shall forward the Loan Level Data Report to the Depositor and the Indenture Trustee. Based primarily on the information in the Loan Level Data Report, the Indenture Trustee shall prepare the Report to Noteholders with respect to each Payment Date. The Indenture Trustee, pursuant to Section 3.25 of the Indenture, shall make available to each Securityholder, the Owner Trustee, each Paying Agent (if other than the Indenture Trustee) and each Rating Agency, the Report to Noteholders setting forth the following information, to the extent applicable:

Report to Noteholders. With respect to each Payment Date, no later than the fifteenth (15th) calendar day of each month (or if such day is not a Business Day, the following Business Day), the Master Servicer shall forward the Loan Level Data Report to the Depositor and the Indenture Trustee. Based primarily in part on the information in the Loan Level Data Report, the Indenture Trustee shall prepare the Report to Noteholders with respect to each Payment Date. The Indenture Trustee, pursuant to Section 3.25 of the Indenture, shall make available to each Securityholder, the Owner Trustee, each Paying Agent (if other than the Indenture Trustee) and ), each Rating AgencyAgency and, so long as the Policy is outstanding or amounts are owed to the Enhancer under the Insurance Agreement, the Enhancer, the Report to Noteholders setting forth the following information, to the extent applicable: