Common use of Payment Date Accounting Clause in Contracts

Payment Date Accounting. The Borrower shall render (or cause to be rendered) an accounting (each, a “Payment Date Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall deliver (or cause to be delivered) such Payment Date Report to the Agents, the Collateral Manager and each Lender not later than the Business Day preceding the related Payment Date. The Payment Date Report shall contain the information set forth in Part 2 of Schedule 2 hereto. Simultaneous with the delivery of each Payment Date Report, the Borrower or the Collateral Manager shall provide a certificate certifying that no Default or Event of Default occurred during the period covered by such Payment Date Report or if any Default or Event of Default occurred during such period, setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto. In addition, the Borrower or the Collateral Manager shall provide for inclusion in each Payment Date Report a statement setting forth in reasonable detail each amendment, modification or waiver under any Related Document for each Collateral Obligation that could reasonably have a material adverse effect on the lenders in the underlying Collateral Obligation and that became effective during the three month period ending on the Determination Date for the related Payment Date.