Common use of Interest Payments Absent an Event of Default Clause in Contracts

Interest Payments Absent an Event of Default. On each Payment Date, so long as no Event of Default has occurred, and in any case prior to the Facility Maturity Date, the Servicer shall (as directed pursuant to the first paragraph of this Section 2.04) transfer Interest Collections held by the Bank in the Collection Account, in accordance with the Servicing Report, to the following Persons in the following amounts, calculated as of the Determination Date immediately preceding any Payment Date, and priority:

Interest Payments Absent an Event of Default. On each Payment Date, so So long as no Event of Default has occurredoccurred and, and in any case case, prior to the declaration, or automatic occurrence, of the Facility Maturity Date, the Servicer shall (as directed pursuant shall, and if the Servicer fails to do so the first paragraph of this Section 2.04) Agent may, on each Payment Date, direct the Trustee to transfer Interest Collections held by the Bank in the Collection AccountAccount which were received in the immediately prior Remittance Period, in accordance with the Servicing Report, to the following Persons in the following amounts, calculated as of the Determination Date immediately preceding any Payment Date, amounts and priority: