Common use of Reports by Trustee to Noteholders Clause in Contracts

Reports by Trustee to Noteholders. (a) On each Payment Date, the Servicer, on behalf of the Trustee, shall account to the Holders of Notes of each Series and to Fitch on which payments of principal and interest are then being made the amount which represents principal and the amount which represents interest, and shall contemporaneously advise the Issuer of all such payments. The Servicer, on behalf of the Trustee, may satisfy its obligations under this Section 12.04 by delivering the Monthly Servicer's Report to each such Noteholder, Fitch and the Issuer. On or before the 10th day prior to the Final Payment Date for a Series, the Trustee shall provide notice to Fitch and to the Holders of the Notes of such Series of such Final Payment Date. Such notice shall include a statement that if the Notes of such Series are paid in full on such Final Payment Date, interest shall cease to accrue as of the last day preceding the date on which such Final Payment Date occurs. (b) The Issuer shall, on a monthly basis beginning on the first Calculation Date, confirm the credit rating or, if more than one credit rating has been assigned, each such credit rating of each institution in which funds are invested pursuant to clause (vi) of the definition of Eligible Investments and shall promptly notify the Trustee and the Noteholders if any such credit rating has been lowered. (c) At least annually, the Trustee shall distribute to Noteholders any Form 1099 or similar information returns required by applicable tax law to be distributed to the Noteholders and received in accordance with the next sentence. The Trustee shall prepare or cause to be prepared all such information for distribution by the Trustee to the Noteholders.

Reports by Trustee to Noteholders. (a) On each Payment Date, Date the Servicer, on behalf of the Trustee, Trustee shall account to the Holders each Holder of Notes of each Series and to Fitch on which payments of principal and interest are then being made the amount which represents principal and the amount which represents interest, and shall contemporaneously advise the Issuer of all such payments. The Servicer, on behalf of the Trustee, Trustee may satisfy its obligations under this Section 12.04 by delivering the Monthly Servicer's Report to each such NoteholderHolder of the Notes, Fitch and the Issuer. On or before the 10th day prior to the Final Payment Date for a SeriesDate, the Trustee shall provide notice to Fitch and to the Holders of the Notes of such Series of such the Final Payment Date. Such notice shall include a statement that if the Notes of such Series are paid in full on such the Final Payment Date, Date interest shall cease to accrue as of the last day preceding the date on which such Final Payment Date occurs. (b) The Issuer shall, on a monthly basis beginning on the first Calculation Date, confirm the credit rating or, if more than one credit rating has been assigned, each such credit rating of each institution in which funds are invested pursuant to clause (vi) of the -68- 74 definition of Eligible Investments and shall promptly notify the Trustee and the Noteholders if any such credit rating has been lowered. (c) At least annually, the Trustee shall distribute to Noteholders any Form 1099 or similar information returns required by applicable tax law to be distributed to the Noteholders and received in accordance with the next sentence. The Trustee shall prepare or cause to be prepared all such information for distribution by the Trustee to the Noteholders.