Common use of Payment Date Report Clause in Contracts

Payment Date Report. By no later than 3:00 p.m. New York City time on each Payment Date, the Indenture Trustee shall prepare and deliver to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) and each Note Rating Agency a report (the “Payment Date Report”) reporting the following for such Payment Date and the Monthly Advance Collection Period preceding such Payment Date: (i) the amount on deposit in the Collection and Funding Account as of the opening of business on the first (1st) day of such Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and (F) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date); (xi) the amount of Fees to be paid on such Payment Date; (xii) (A) the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) the Senior Interest Amount, the Senior Cumulative Interest Shortfall Amount and the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5.

Payment Date Report. By no Not later than 3:00 p.m. New York City time on the eighth Business Day after the last day of each Payment DateMonthly Period and commencing in June 2013, the Indenture Trustee Issuer shall prepare compile and deliver make available (or cause the Collateral Administrator to compile and make available) to the IssuerTrustee, the Calculation AgentCollateral Manager, the AdministratorValuation Agent and, upon written request therefor, to any Holder shown on the Paying AgentNote Registers, the Administrative Agent, a monthly payment date report on a trade date basis (each VFN Noteholder, each Derivative Counterparty (such report a Payment Date Report). The first Payment Date Report shall be delivered in June 2013 as applicable, described above and shall be determined with respect to the related Series of Notes) and each Note Rating Agency a report (the “Monthly Period ending in May 2013. The Payment Date Report”) reporting Report for a calendar month shall contain the following information with respect to the Portfolio Assets and Eligible Investments included in the Collateral, and shall be determined as of the Determination Date for such Payment Date and the Monthly Advance Collection Period preceding such Payment Datecalendar month: (i) A schedule titled “Distributions” showing: (A) The Aggregate Outstanding Amount of the Class A Notes at the beginning of the Monthly Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Notes; (B) the Outstanding Class A-R Funded Amount at the beginning of the Monthly Period; (C) Interest Collections payable on the next Payment Date; and (D) the amount of Outstanding Class A-R Funded Amount (if any) to be repaid on the next Payment Date. (ii) The amounts payable pursuant to each clause of Section 11.1(a)(i), each clause of Section 11.1(a)(ii) and each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date. (iii) For the Collection Account: (A) the Balance on deposit in the Collection and Funding Account as at the end of the opening of business on the first (1st) day of such related Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior amounts of (x) Interest Amount for each Class of Notes for Collections payable from the Interest Accrual Period related Collection Subaccount and (y) Principal Collections payable from the Principal Collection Subaccount, in each case to such 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;; and (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series Balance remaining in the aggregate; (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and (F) the unpaid Note Balance for each Class Collection Account immediately after all payments and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments deposits to be made on such Payment Date); (xi) . Upon receipt of each Payment Date Report, the amount of Fees to be paid on such Payment Date; (xii) (A) Trustee shall compare the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on information contained in such Payment Date for each Outstanding Series of Notes, (B) Report to the amount on deposit information contained in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether its records with respect to the Collateral Test was satisfied at such time and whether it will be satisfied as shall, within three Business Days after receipt of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) Report, notify the Senior Interest AmountIssuer, the Senior Cumulative Interest Shortfall Amount Collateral Administrator, the Valuation Agent, the Revolving Credit Note Agent, and the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for Collateral Manager if the Interest Accrual Period related information contained in the Payment Date Report does not conform to the upcoming information maintained by the Trustee with respect to the Collateral. In the event that any discrepancy exists, the Trustee and the Issuer, or the Collateral Manager on behalf of the Issuer, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Trustee shall within five Business Days notify the Collateral Manager and the Valuation Agent, and the Valuation Agent shall review such Payment DateDate Report and the Trustee’s records to determine the cause of such discrepancy. The If such review reveals an error in the Payment Date Report or the Trustee’s records, the Payment Date Report or the Trustee’s records shall be revised accordingly and, as so revised, shall be utilized in making all calculations pursuant to this Indenture and notice of any error in the Payment Date Report shall also state any other information required pursuant be sent as soon as practicable by the Issuer to any related Indenture Supplement necessary for all recipients of such report which may be accomplished by making a notation of such error in the Paying Agent and subsequent Payment Date Report. Each Payment Date Report shall constitute instructions to the Indenture Trustee to make withdraw funds from the payments required by Payment Account and pay or transfer such amounts set forth in such Payment Date Report in the manner specified and in accordance with the priorities established in Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.511.1.

Payment Date Report. By no later than 3:00 p.m. New York City time Eastern Time on the Business Day before each Payment Date, the Indenture Trustee shall prepare and deliver to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, with respect to Holder and the related Series of Notes) and each Note Rating Agency a report (the “Payment Date Report”) reporting the following for such Payment Date and the Monthly Advance Collection Period preceding such Payment Date: (i) the amount on deposit in the Collection and Funding Account as of the opening of business on the first (1st) day of such Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) if any Class A-2 Notes is Outstanding, payments in respect of each such Class of Notes (separately identifying interest and principal paid on each ClassClass A-2 Notes) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs), and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, Target Amortization the Note Principal Accumulation Account, Account and the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items item reported in clause (vi), plus the items product of the item reported in clause (vii)); (ix) the amount on deposit in the Series General Reserve Account for each SeriesAccount, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series the General Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series Class of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series General Reserve Required Amount for each Series Class of Notes then Outstanding; (E) the Target Amortization Principal Payment Amount to be paid on such Payment Date on each Class of Outstanding Notes that is are in its Target their Amortization PeriodPeriods; and (F) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date); (xi) the amount of Fees to be paid on such Payment Date; (xii) the Interest Allocation Percentage and the Stressed Time Percentage for such Payment Date; (xiii) (A) the aggregate Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of NotesDate, (B) the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Note Principal Accumulation Account, the Target Amortization Principal Fee Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement Account and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiiixiv) the Senior Interest Amount, the Senior Cumulative Interest Shortfall Amount and the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5.

Payment Date Report. By no later than 3:00 p.m. New York City time on each Payment Date, the Indenture Trustee shall prepare and deliver to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) and each Note Rating Agency a report (the “Payment Date Report”) reporting the following for such Payment Date and the Monthly Advance Collection Period preceding such Payment Date: (i) the amount on deposit in the Collection and Funding Account as of the opening of business on the first (1st) day of such Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and (F) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date); (xi) the amount of Fees to be paid on such Payment Date; (xii) (A) the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) the Senior Interest Amount, the Senior Cumulative Interest Shortfall Amount Amount, the Default Supplemental Fees, the Cumulative Default Supplemental Fee Shortfall Amount, the ERD Supplemental Fees and the Subordinated Cumulative Interest ERD Supplemental Fee Shortfall Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5.

Payment Date Report. By no later than 3:00 p.m. New York City time on each Payment Date, the Indenture Trustee shall prepare and deliver to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) and each Note Rating Agency a report (the “Payment Date Report”) reporting the following for such Payment Date and the Monthly Advance Collection Period preceding such Payment Date: (i) the amount on deposit in the Collection and Funding Account as of the opening of business on the first (1st) day of such Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and (F) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date); (xi) the amount of Fees to be paid on such Payment Date; (xii) (A) the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) the Senior Interest Amount, the Senior Cumulative Interest Shortfall Amount and the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5.

Payment Date Report. By no later than 3:00 p.m. New York City time Eastern Time on the Business Day before each Payment Date, the Indenture Trustee shall prepare and deliver to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) Holder and each Note Rating Agency a report (the “Payment Date Report”) reporting the following for such Payment Date and the Monthly Advance Collection Period preceding such Payment Date: (i) the amount on deposit in the Collection and Funding Account as of the opening of business on the first (1st) day of such Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, the Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series General Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series General Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series General Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and (F) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date); (xi) the amount of Fees to be paid on such Payment Date; (xii) (A) the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes and the sum of the Collateral Values for all Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Target Amortization Principal Accumulation Account, the Target Amortization Principal Fee Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) the Senior Interest Amount, the Senior Cumulative Interest Shortfall Amount and the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5.

Payment Date Report. By no later than 3:00 p.m. New York City time on each Payment Date, the Indenture Trustee shall prepare and deliver to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) and each Note Rating Agency a report (the “Payment Date Report”) reporting the following for such Payment Date and the Monthly Advance Collection Period preceding such Payment Date: (i) the amount on deposit in the Collection and Funding Account as of the opening of business on the first (1st) day of such Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and (F) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date); (xi) the amount of Fees to be paid on such Payment Date; (xii) (A) the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) the Senior Interest Amount, the Senior Cumulative Interest Shortfall Amount Amount, the Default Supplemental Fees, the Cumulative Default Supplemental Fee Shortfall Amount, the ERD Supplemental Fees and the Subordinated Cumulative Interest ERD Supplemental Fee Shortfall Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5.

Payment Date Report. By no later than 3:00 p.m. New York City time on each Payment Date, the Indenture Trustee shall prepare and deliver to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, Noteholder each Derivative Counterparty (as applicable, with respect to the related Series of Notes) and each Note Rating Agency a report (the “Payment Date Report”) reporting the following for such Payment Date and the Monthly Advance Collection Period preceding such Payment Date: (i) the amount on deposit in the Collection and Funding Account as of the opening of business on the first (1st) day of such Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Facility Eligible Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Net Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and; (F) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date); (xi) the amount of Fees to be paid on such Payment Date; (xii) (A) the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether confirmation that the Collateral Test was satisfied at such time and whether it will be satisfied as of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); provided that sufficient information has been provided by the Servicer; and (xiii) the Senior Interest Amount, the Senior Cumulative Interest Shortfall Amount Amount, the Default Supplemental Fees, the Cumulative Default Supplemental Fee Shortfall Amount, the ERD Supplemental Fees and the Subordinated Cumulative Interest ERD Supplemental Fee Shortfall Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5.

Payment Date Report. By no later than 3:00 p.m. New York City time on (a) On each Payment Date, the Indenture Trustee Securities Administrator shall prepare and deliver make available to the Issuerother parties hereto a report containing information with respect to such Payment Date (each, a "PAYMENT DATE REPORT"), including the Calculation Agent, following items (on the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, basis of information provided with respect to the related Series of Notes) and each Note Rating Agency a report (Mortgage Loans on the “Payment Date Servicer Report”) reporting the following for such Payment Date and the Monthly Advance Collection Period preceding such Payment Date:): (i) the Current Interest of each class of Offered Notes and the calculation thereof, and the amount on deposit in the Collection and Funding Account as of the opening of business on the first (1st) day of such Monthly Advance Collection Periodany Deferred Interest with respect to any Class M Notes; (ii) the amount, if any, of Basis Risk Shortfall and Deferred Interest Basis Risk Shortfalls, for such Payment Date, and the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Periodthereof; (iii) the aggregate amount of Indemnity Payments deposited into interest accrued on the Collection Class N Notes during the related Interest Accrual Period and Funding Account during such Monthly Advance Collection Periodthe Interest Payment Amount; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Note Interest Rate applicable to such Payment Date and with respect to each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect class of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection PeriodNotes; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection PeriodInterest Proceeds; (vi) the Principal Proceeds, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount on deposit attributable to Scheduled Monthly Payments of principal and unscheduled payments in the nature of principal; (vii) the Principal Payment Amount of each Class of Notes, including the Class N Principal Payment Amount. (viii) the Class Principal Amount of each class of Notes, to the extent applicable, as of such Payment Date after giving effect to payments allocated to principal reported under subclause (vii) above and the Class Impairment Amount, if any, of each class of Class M Notes; (ix) the amount, if any, of any payment to the Certificateholder; (x) the amount of any Realized Losses incurred with respect to the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the aggregate since the Cut-off Date; (xi) the amount of the Interest Accumulation AccountServicing Fees and Master Servicing Fees paid during the Due Period to which such Payment Date relates; (xii) the number and aggregate Scheduled Principal Balance of Mortgage Loans, Target Amortization Principal Accumulation Account, as reported to the Fee Accumulation Account Master Servicer and any other Trust Accounts set forth under any Indenture Supplement the Securities Administrator by the Servicer: (A) remaining outstanding, (B) delinquent 30 to 59 days on a contractual basis, (C) delinquent 60 to 89 days on a contractual basis, (D) delinquent 90 or more days on a contractual basis, (E) as to which foreclosure proceedings have been commenced as of the close of business on the last Interim Payment Date before such Payment Date; (vii) Business Day of the aggregate amount of Collections received during calendar month immediately preceding the Monthly Advance Collection Period; (viii) the amount of Available Funds for month in which such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; andoccurs, (F) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate bankruptcy, and (before and after giving effect to any principal payments to be made on such Payment Date)G) that are REO Properties; (xixiii) the amount aggregate Scheduled Principal Balance of Fees any Mortgage Loans with respect to be paid on such Payment Date; (xii) (A) which the Collateral Value of all Facility Eligible Receivables, related Mortgaged Property became an REO Property as of the close of business on the last day of such Monthly Advance Collection Period and as Business Day of the close of business on calendar month immediately preceding the month in which such Payment Date for occurs; (xiv) with respect to substitution of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Outstanding Series Deleted Mortgage Loan and of Notes, each Qualified Substitute Mortgage Loan; (Bxv) the aggregate amount of any Monthly Advances made by or on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as behalf of the close of business on Servicer (or the last day of such Monthly Advance Collection Period and as of Master Servicer) solely to the close of business on such Payment Date, and (C) a calculation demonstrating whether extent reported to the Collateral Test was satisfied at such time and whether it will be satisfied as of Securities Administrator by the close of business on such Payment Date after all payments and distributions described in Section 4.5(a)Master Servicer; and (xiiixvi) LIBOR with respect to such Payment Date and the Senior following Interest AmountAccrual Period. (b) The Securities Administrator will make such report and additional loan level information (and, at its option, any additional files containing the same information in an alternative format) available each month to the Rating Agencies, the Senior Cumulative Interest Shortfall Amount Indenture Trustee, the Noteholders, the Certificateholder, the Depositor, and the Subordinated Cumulative Interest Shortfall Amount for each Series Cap Provider via the Securities Administrator's website. The Securities Administrator's website can be accessed at _________. Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk at __________. Such parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by notifying the Securities Administrator at the address set forth herein, and Class of Notes for indicating such. The Securities Administrator shall have the Interest Accrual Period related right to change the way such statements are distributed in order to make such distribution more convenient and/or more accessible to the upcoming Payment Date. above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. (c) The Payment Date Report foregoing information and reports shall also state any other information required be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Master Servicer and the Securities Administrator by the Servicer pursuant to Section 4.16. In preparing or furnishing the foregoing information, the Securities Administrator shall be entitled to rely conclusively on the accuracy of the information or data regarding the Mortgage Loans and the related REO Property that have been provided to the Master Servicer and the Securities Administrator by the Servicer, and neither the Securities Administrator nor the Master Servicer shall be obligated to verify, recompute, reconcile or recalculate any related Indenture Supplement necessary for such information or data. (d) Upon the Paying Agent reasonable advance written request of any Noteholder that is a savings and loan, bank or insurance company, which request, if received by the Indenture Trustee shall be forwarded promptly to make the payments Securities Administrator, the Securities Administrator shall provide, or cause to be provided (or, to the extent that such information or documentation is not required to be provided by the Servicer, shall use reasonable efforts to obtain such information and documentation from the Servicer, and provide), to such Noteholder such reports and access to information and documentation regarding the Mortgage Loans as such Noteholder may reasonably deem necessary to comply with applicable regulations of the Office of Thrift Supervision or its successor or other regulatory authorities with respect to an investment in the Notes; provided, however, that the Securities Administrator shall be entitled to be reimbursed by such Noteholder for actual expenses incurred in providing such reports and access. (e) Within 90 days, or such shorter period as may be required by Section 4.5(a) statute or regulation, after the end of each calendar year, upon written request, the Securities Administrator shall have prepared and all information necessary for the Indenture Trustee to shall make available to each Person who at any time during the calendar year was a Noteholder of record, and make available to such Noteholders, to the extent required by and in accordance with applicable regulations, a report summarizing the items provided to the Noteholders pursuant to Section 3.55.5(a) above on an annual basis as may be required to enable such Noteholders to prepare their federal income tax returns; provided, however, that this Section 5.5(e) shall not be applicable where relevant reports or summaries are required elsewhere in this Agreement. Such information shall include the amount of original issue discount accrued on each class of Notes and information regarding the expenses of the Issuing Entity. The Securities Administrator shall be deemed to have satisfied such requirement if it forwards such information in any other format permitted by the Code. (f) The Securities Administrator shall furnish any other information that is required by the Code and regulations thereunder to be made available to the Noteholders and the Certificateholder.

Payment Date Report. By no later than 3:00 p.m. New York City time on each Payment Date, the Indenture Trustee shall prepare and deliver make available on its website to the Issuer, the Credit Manager, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) and each Note Rating Agency and Xxxxxx Xxx a report (the “Payment Date Report”) reporting the following for such Payment Date and the Monthly Advance related Collection Period preceding such Payment Date:Date (to the extent such information is received from the Administrator): (i) the amount of Available Funds (including both Servicing Spread Available Funds and Advance Reimbursement Available Funds) and Required Available Funds (including the portion allocable from both Servicing Spread Available Funds and Advance Reimbursement Available Funds) for such Payment Date (segregating out any cash amounts that are on deposit in the Collection and Funding Account which the Administrator has instructed the Indenture Trustee to use in accordance with Section 4.5(a)(1)(viii) or 4.5(a)(2)(iv), as of the opening of business on the first (1st) day of such Monthly Advance Collection Periodapplicable); (ii) (A) the aggregate amount of all Collections received and deposited into the Collection and Funding Account during such Monthly Collection Period and the portion allocated to the Advance Reimbursement Available Funds Subaccount and the portion allocated to the Servicing Spread Available Funds Subaccount, (B) the aggregate amount of all Collections (1) received with respect to MBS Advance Reimbursement Amounts during such Collection PeriodPeriod and (2) disbursed from the Advance Reimbursement Available Funds Subaccount to the related SPIA VFN Noteholders during such Collection Period and (C) the Total Collections for such Payment Date; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (viiv) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ixv) the amount on deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (xvi) the amount on deposit in the Expense Reserve Account, and, if applicable, the amount the Indenture Trustee is to withdraw from the Expense Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (vii) the amount on deposit in the Credit Manager Expense Reserve Account; (viii) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and (Fix) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date);; and (xix) the amount of Fees to be paid on a statement indicating whether a Borrowing Base Deficiency existed at such Payment Date; (xii) (A) the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Accounttime, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of applicable Series with respect which such Monthly Advance Collection Period and as of the close of business on such Payment DateBorrowing Base Deficiency exists, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied exist as of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) the Senior Interest Amount, the Senior Cumulative Interest Shortfall Amount and the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5.

Payment Date Report. By no Not later than 3:00 p.m. New York City time on the eighth Business Day after the last day of each Payment DateMonthly Period and commencing in July 2019, the Indenture Trustee Issuer shall prepare compile and deliver make available (or cause the Collateral Administrator to compile and make available) to the IssuerTrustee, the Calculation AgentCollateral Manager, the AdministratorValuation Agent and, upon written request therefor, to any Holder shown on the Paying AgentNote Registers, the Administrative Agent, a monthly payment date report on a trade date basis (each VFN Noteholder, each Derivative Counterparty (such report a Payment Date Report). The first Payment Date Report shall be delivered in July 2019 as applicable, described above and shall be determined with respect to the related Series of Notes) and each Note Rating Agency a report (the “Payment Date Report”) reporting the following for such Payment Date Monthly Period ending in June 2019 and the Monthly Advance Collection Period preceding ending in July 2019. The Payment Date Report for a calendar month shall contain the following information with respect to the Portfolio Assets and Eligible Investments included in the Collateral, and shall be determined as of the Determination Date for such Payment Datecalendar month: (i) A schedule titled “Distributions” showing: (A) The Aggregate Outstanding Amount of the Class A Notes at the beginning of the Monthly Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Notes; (B) the Outstanding Class A-R Funded Amount at the beginning of the Monthly Period; (C) Interest Collections payable to the Sole Shareholder by way of dividend on the next Payment Date; and (D) the amount of Outstanding Class A-R Funded Amount (if any) to be repaid on the next Payment Date. (ii) The amounts payable pursuant to each clause of Section 11.1(a)(i), each clause of Section 11.1(a)(ii) and each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date. (iii) For the Collection Account: (A) the Balance on deposit in the Collection and Funding Account as at the end of the opening of business on the first (1st) day of such related Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior amounts of (x) Interest Amount for each Class of Notes for Collections payable to the Sole Shareholder from the Interest Accrual Period related Collection Subaccount and (y) Principal Collections payable from the Principal Collection Subaccount, in each case to such 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;; and (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series Balance remaining in the aggregate; (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and (F) the unpaid Note Balance for each Class Collection Account immediately after all payments and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments deposits to be made on such Payment Date); (xi) . Upon receipt of each Payment Date Report, the amount of Fees to be paid on such Payment Date; (xii) (A) Trustee shall compare the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on information contained in such Payment Date for each Outstanding Series of Notes, (B) Report to the amount on deposit information contained in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether its records with respect to the Collateral Test was satisfied at such time and whether it will be satisfied as shall, within three Business Days after receipt of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) Report, notify the Senior Interest AmountIssuer, the Senior Cumulative Interest Shortfall Amount Collateral Administrator, the Valuation Agent, the Revolving Credit Note Agent, and the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for Collateral Manager if the Interest Accrual Period related information contained in the Payment Date Report does not conform to the upcoming information maintained by the Trustee with respect to the Collateral. In the event that any discrepancy exists, the Trustee and the Issuer, or the Collateral Manager on behalf of the Issuer, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Trustee shall within five Business Days notify the Collateral Manager and the Valuation Agent, and the Valuation Agent shall review such Payment DateDate Report and the Trustee’s records to determine the cause of such discrepancy. The If such review reveals an error in the Payment Date Report or the Trustee’s records, the Payment Date Report or the Trustee’s records shall be revised accordingly and, as so revised, shall be utilized in making all calculations pursuant to this Indenture and notice of any error in the Payment Date Report shall also state any other information required pursuant be sent as soon as practicable by the Issuer to any related Indenture Supplement necessary for all recipients of such report which may be accomplished by making a notation of such error in the Paying Agent and subsequent Payment Date Report. Each Payment Date Report shall constitute instructions to the Indenture Trustee to make withdraw funds from the payments required by Payment Account and pay or transfer such amounts set forth in such Payment Date Report in the manner specified and in accordance with the priorities established in Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.511.1.

Payment Date Report. By no later than 3:00 p.m. New York City time on each Payment Date, the Indenture Trustee shall prepare and deliver to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) Noteholder and each Note Rating Agency a report (the “Payment Date Report”) reporting the following for such Payment Date and the Monthly Advance Collection Period preceding such Payment Date: (i) the amount on deposit in the Collection and Funding Account as of the opening of business on the first (1st) day of such Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series General Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series General Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series General Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; Period and (F) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date); (xi) the amount of Fees to be paid on such Payment Date; (xii) (A) the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) the Senior Interest Amount, the Senior Cumulative Interest Shortfall Amount and the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5.

Payment Date Report. By no later than 3:00 p.m. New York City time Eastern Time on the Business Day before each Payment Date, the Indenture Trustee shall prepare and deliver to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) Noteholder and each Note Rating Agency a report (the “Payment Date Report”) reporting the following for such Payment Date and the Monthly Advance Collection Period preceding such Payment Date: (i) the amount on deposit in the Collection and Funding Account as of the opening of business on the first (1st) day of such Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, the Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series General Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series General Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series General Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and (F) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date); (xi) the amount of Fees to be paid on such Payment Date; (xii) (A) the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes and the sum of the Collateral Values for all Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Target Amortization Principal Accumulation Account, the Target Amortization Principal Fee Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) the Senior Interest Amount, the Senior Cumulative Interest Shortfall Amount Amount, the Default Supplemental Fees and the Subordinated Cumulative Interest Default Supplemental Fee Shortfall Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5.

Payment Date Report. By no Not later than 3:00 p.m. New York City time on the tenth Business Day after the last day of each Payment DateMonthly Period and commencing in July, 2017, the Indenture Issuer shall compile and make available (or cause the Collateral Administrator to compile and make available) to the Trustee, the Collateral Manager, the Liquidation Agent and, upon written request therefor, to any Holder shown on the Note Register, and upon written notice to the Trustee substantially in the form of Exhibit C, the Trustee shall prepare make available to any holder of a beneficial interest in a Note, a monthly payment date report on a trade date basis with respect to such Monthly Period (each such report a Payment Date Report). The first Payment Date Report shall be delivered in July, 2017 as described above and deliver to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, shall be determined with respect to the related Series of NotesMonthly Period ending on (but excluding) and each Note Rating Agency a report (the “July 1, 2017. The Payment Date Report”) reporting Report for a Monthly Period shall contain the following for information with respect to the Portfolio Assets and Eligible Investments included in the Collateral, and shall be determined as of the Determination Date occurring on the last day of such Payment Date and the Monthly Advance Collection Period preceding such Payment DatePeriod: (i) A schedule titled “Distributions” showing: (A) The Aggregate Outstanding Amount of the Notes at the beginning of the Monthly Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Notes; and (B) Interest Collections payable on the related Payment Date. (ii) The amounts payable pursuant to each clause of Section 11.1(a), each clause of Section 11.1(b) and each clause of Section 11.1(c), as applicable, on the related Payment Date. (iii) For the Collection Account: (A) the Balance on deposit in the Collection and Funding Account as at the end of the opening of business on the first (1st) day of such related Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior amounts of (x) Interest Amount for each Class of Notes for Collections payable from the Interest Accrual Period related Collection Subaccount and (y) Principal Collections payable from the Principal Collection Subaccount, in each case to such the Payment Date;Account in order to make payments pursuant to Section 11.1(a) and Section 11.1(b) on the next Payment Date including, with respect to Section 11.1(a), the respective amounts of Priority Administrative Expenses payable pursuant to Section 11.1(a)(i), the respective amounts of Collateral Manager Advances and Collateral Manager Expenses payable pursuant to Section 11.1(a)(ii) and the respective amounts of other Administrative Expenses payable pursuant to Section 11.1(a)(iii); and (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series Balance remaining in the aggregate; (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and (F) the unpaid Note Balance for each Class Collection Account immediately after all payments and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments deposits to be made on such Payment Date); (xi) . Upon receipt of each Payment Date Report, the amount of Fees to be paid on such Payment Date; (xii) (A) Trustee shall compare the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on information contained in such Payment Date for each Outstanding Series of Notes, (B) Report to the amount on deposit information contained in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether its records with respect to the Collateral Test was satisfied at such time and whether it will be satisfied as shall, within three Business Days after receipt of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) Report, notify the Senior Interest AmountIssuer, the Senior Cumulative Interest Shortfall Amount Collateral Administrator, the Liquidation Agent and the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for Collateral Manager if the Interest Accrual Period related information contained in the Payment Date Report does not conform to the upcoming information maintained by the Trustee with respect to the Collateral. In the event that any discrepancy exists, the Trustee and the Issuer, or the Collateral Manager on behalf of the Issuer, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Trustee shall within five Business Days notify the Collateral Manager and the Liquidation Agent, and the Liquidation Agent shall review such Payment DateDate Report and the Trustee’s records to determine the cause of such discrepancy. The If such review reveals an error in the Payment Date Report or the Trustee’s records, the Trustee shall notify the Issuer and the Collateral Manager of such error and the Payment Date Report or the Trustee’s records shall be revised accordingly and, as so revised, shall be utilized in making all calculations pursuant to this Indenture. After the Issuer receives notice of any error in the Payment Date Report, the Issuer shall forward notice of such error to all recipients of such report not later than the delivery of the subsequent Payment Date Report, which may be accomplished by making a notation of such error in such subsequent Payment Date Report. Each Payment Date Report shall also state any other information required pursuant constitute instructions to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make withdraw funds from the payments required by Payment Account and pay or transfer such amounts set forth in such Payment Date Report in the manner specified and in accordance with the priorities established in Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.511.1.

Payment Date Report. By no later than 3:00 p.m. New York City time on each Payment Date, the Indenture Trustee shall prepare and deliver make available on its website to the Issuer, the Credit Manager, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) and each Note Rating Agency and Xxxxxx Xxx a report (the “Payment Date Report”) reporting the following for such Payment Date and the Monthly Advance related Collection Period preceding such Payment Date:Date (to the extent such information is received from the Administrator): (i) the amount of Available Funds (including both Servicing Spread Available Funds and Advance Reimbursement Available Funds) and Required Available Funds (including the portion allocable from both Servicing Spread Available Funds and Advance Reimbursement Available Funds) for such Payment Date (segregating out any cash amounts that are on deposit in the Collection and Funding Account which the Administrator has instructed the Indenture Trustee to use in accordance with Section 4.5(a)(1)(viii) or 4.5(a)(2)(iv), as of the opening of business on the first (1st) day of such Monthly Advance Collection Periodapplicable); (ii) (A) the aggregate amount of all Collections received and deposited into the Collection and Funding Account during such Monthly Collection Period and the portion allocated to the Advance Reimbursement Available Funds Subaccount and the portion allocated to the Servicing Spread Available Funds Subaccount, (B) the aggregate amount of all Collections (1) received with respect to MBS Advance Reimbursement Amounts during such Collection PeriodPeriod and (2) disbursed from the Advance Reimbursement Available Funds Subaccount to the related SPIA VFN Noteholders during such Collection Period and (C) the Total Collections for such Payment Date; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (viiv) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ixv) the amount on deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (xvi) the amount on deposit in the Expense Reserve Account, and, if applicable, the amount the Indenture Trustee is to withdraw from the Expense Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (vii) the amount on deposit in the Credit Manager Expense Reserve Account; (viii) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and (Fix) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date);; and (xix) the amount of Fees to be paid on a statement indicating whether a Borrowing Base Deficiency existed at such Payment Date; (xii) (A) the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Accounttime, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of applicable Series with respect which such Monthly Advance Collection Period and as of the close of business on such Payment DateBorrowing Base Deficiency exists, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied exist as of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) the Senior Interest Amount, the Senior Cumulative Interest Shortfall Amount and the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5.. On each day on which a Payment Date Report is to be delivered, PLS shall deliver to the Indenture Trustee a certification substantially in the form attached hereto as Exhibit F.

Payment Date Report. By no later than 3:00 p.m. New York City time on each Payment DateDate and with respect to any reporting related to the SA VFN and the PIA VFN, beginning on the Determination Date prior to the date any such VFN is funded under the Series 0000-XXXX0 Xxxxxxxxxx Agreement or the Series 0000-XXXXX0 Xxxxxxxxxx Agreement, the Indenture Trustee shall prepare and deliver make available on its website to the Issuer, the Credit Manager, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, with respect to the related Noteholder of any Outstanding Series of Term Notes) and , each Note Rating Agency and Xxxxxx Xxx a report (the “Payment Date Report”) reporting the following for such Payment Date and the Monthly Advance related Collection Period preceding such Payment Date: (i) the amount on deposit aggregate unpaid principal balance of the Mortgage Loans subject to the Xxxxxx Mae Contract as reported by the Administrator in the Collection and Funding Account as of the opening of business on the first (1st) day of such Monthly Advance Collection PeriodDetermination Date Report; (ii) the amount of Required Available Funds (including the portion allocable from each of Servicing Spread Available Funds, P&I Advance Reimbursement Available Funds and Servicing Advance Reimbursement Available Funds) for such Payment Date; (iii) the aggregate Available Funds collected (including each of Servicing Spread Available Funds, Servicing Advance Reimbursement Available Funds and P&I Advance Reimbursement Available Funds) identifying the aggregate amount of proceeds collected during the Collection Period preceding the upcoming Payment Date for each Participation Certificate less any amounts distributed on any Interim Payment Date during such Collection Period; and separately identifying any Repurchase Price; (iv) (A) the aggregate amount of all Collections received and deposited into the Collection and Funding Account during such Monthly Collection Period and the portion allocated to the P&I Advance Collection Period; Reimbursement Available Funds Account, the Servicing Advance Reimbursement Available Funds Account and the Servicing Spread Available Funds Account, (iiiB) the aggregate amount of Indemnity Payments deposited into the Collection all Collections (1) received with respect to each of MBS Advance Reimbursement Amounts and Funding Account Servicing Advance Reimbursement Amounts during such Monthly Collection Period and (2) disbursed from the P&I Advance Reimbursement Available Funds Account to the related PIA VFN Noteholders during such Collection PeriodPeriod or from the Servicing Advance Reimbursement Available Funds Account to the related SA VFN Noteholders during such Collection Period and (C) the Total Collections for such Payment Date; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (Bv) all New Receivables Funding Amounts VFN Draws paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (vvi) all VFN Draws that were paid in respect of any Participation Certificate created or acquired on or after the amount transferred Cut-off Date and sold by loanDepot to the Issuer under the PC Repurchase Agreement during such Collection Period, separately identifying the portion thereof paid from funds on deposit in the Collection and Funding Account related to proceeds of sale of any new Series of Notes and the portion thereof paid using proceeds of an increase in VFN Principal Balance(s) for each Class of VFNs; (vii) if the Full Amortization Period is in effect, the VFN Series Available Funds for each Series of VFNs and the Term Note Series Available Funds for each Series of Term Notes for the upcoming Payment Account Date; (viii) if required by any VFN Noteholder, the aggregate VFN Draws to be drawn on each Class of VFNs Outstanding in respect of the Payment Date that occurred during such Monthly Advance Collection PeriodVFN Draw; (viix) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ixx) the amount on deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (xxi) the amount on deposit in the Expense Reserve Account, and, if applicable, the amount the Indenture Trustee is to withdraw from the Expense Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (xii) the amount on deposit in the Credit Manager Expense Reserve Account; (xiii) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and (Fxiv) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date); (xixv) the amount of Fees to be paid on a statement indicating whether a Borrowing Base Deficiency existed at such Payment Date; (xii) (A) the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Accounttime, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of applicable Series with respect which such Monthly Advance Collection Period and as of the close of business on such Payment DateBorrowing Base Deficiency exists, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied exist as of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); (xvi) the Weighted Average Advance Rate for all Outstanding Series of VFNs to be used in calculating whether a Borrowing Base Deficiency exists; and (xiiixvii) the Senior Interest AmountSeries Invested Amount and, if applicable, the Senior Cumulative Interest Shortfall Amount and the Subordinated Cumulative Interest Shortfall Class Invested Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. On each day on which a Payment Date Report is to be delivered, loanDepot shall deliver to the Indenture Trustee a certification substantially in the form attached hereto as Exhibit F. The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5.

Payment Date Report. By no Not later than 3:00 p.m. New York City time on the tenth day of January, April, July and October of each Payment Datecalendar year (or, if such date is not a Business Day, the Indenture following Business Day) and commencing in April 10, 2020, the Issuer shall compile and make available (or cause the Collateral Administrator to compile and make available) to the Trustee, the Collateral Manager, the Valuation Agent and, upon written request therefor, to any Holder shown on the Note Register, and upon written notice to the Trustee substantially in the form of Exhibit C, the Trustee shall prepare and deliver make available to the Issuerholder of the beneficial interest in the Notes, a quarterly payment date report on a trade date basis (each such report a Payment Date Report). The Payment Date Report for a Quarterly Period shall contain the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, following information with respect to the related Series Portfolio Assets and Eligible Investments included in the Collateral, and shall be determined as of Notes) and each Note Rating Agency a report (the “Payment Determination Date Report”) reporting the following for such Payment Date and the Monthly Advance Collection Period preceding such Payment Datecalendar quarter: (i) A schedule titled "Distributions" showing the amount on deposit in the Collection and Funding Account as Aggregate Outstanding Amount of the opening Class A Notes at the beginning of business on the first (1st) day Quarterly Period and such amount as a percentage of such Monthly Advance Collection Period;the original Aggregate Outstanding Amount of the Notes. (ii) the aggregate amount The amounts payable pursuant to each clause of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iiiSection 11.1(a)(i) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect clause of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (viSection 11.1(a)(ii), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in on the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes related Payment Date. Upon receipt of each Series Payment Date Report, the Trustee (if not the same Person as the Collateral Administrator) shall compare the information contained in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is Report to the information contained in its Target Amortization Period; and (F) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect records with respect to any principal payments to be made on such Payment Date); (xi) the amount of Fees to be paid on such Payment Date; (xii) (A) the Collateral Value and shall, within three Business Days after receipt of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of NotesReport, (B) notify the amount on deposit Issuer, the Collateral Administrator, the Valuation Agent, and the Collateral Manager if the information contained in the Collection and Funding AccountPayment Date Report does not conform to the information maintained by the Trustee with respect to the Collateral. In the event that any discrepancy exists, the Interest Accumulation AccountTrustee and the Issuer, or the Collateral Manager on behalf of the Issuer, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Fee Accumulation Account, Trustee shall within five Business Days notify the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement Collateral Manager and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment DateValuation Agent, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the close of business on Valuation Agent shall review such Payment Date after all payments Report and distributions described the Trustee's records to determine the cause of such discrepancy. If such review reveals an error in Section 4.5(a); and (xiii) the Senior Interest AmountPayment Date Report or the Trustee's records, the Senior Cumulative Interest Shortfall Amount Payment Date Report or the Trustee's records shall be revised accordingly and, as so revised, shall be utilized in making all calculations pursuant to this Indenture and notice of any error in the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant be sent as soon as practicable by the Issuer to any related Indenture Supplement necessary for all recipients of such report which may be accomplished by making a notation of such error in the Paying Agent and subsequent Payment Date Report. Each Payment Date Report shall constitute instructions to the Indenture Trustee to make withdraw funds from the payments required by Payment Account and pay or transfer such amounts set forth in such Payment Date Report in the manner specified and in accordance with the priorities established in Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.511.1.

Payment Date Report. By no Not later than 3:00 p.m. New York City time on the eighth Business Day after the last day of each Payment DateMonthly Period and commencing in July 2019, the Indenture Trustee Issuer shall prepare compile and deliver make available (or cause the Collateral Administrator to compile and make available) to the IssuerTrustee, the Calculation AgentCollateral Manager, the AdministratorValuation Agent and, upon written request therefor, to any Holder shown on the Paying AgentNote Registers, the Administrative Agent, a monthly payment date report on a trade date basis (each VFN Noteholder, each Derivative Counterparty (such report a Payment Date Report). The first Payment Date Report shall be delivered in July 2019 as applicable, described above and shall be determined with respect to the related Series of Notes) and each Note Rating Agency a report (the “Payment Date Report”) reporting the following for such Payment Date Monthly Period ending in June 2019 and the Monthly Advance Collection Period preceding ending in July 2019. The Payment Date Report for a calendar month shall contain the following information with respect to the Portfolio Assets and Eligible Investments included in the Collateral, and shall be determined as of the Determination Date for such Payment Datecalendar month: (i) A schedule titled “Distributions” showing: (A) The Aggregate Outstanding Amount of the Class A Notes at the beginning of the Monthly Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Notes; (B) the Outstanding Class A-R Funded Amount at the beginning of the Monthly Period; (C) Interest Collections payable on the next Payment Date; and (D) the amount of Outstanding Class A-R Funded Amount (if any) to be repaid on the next Payment Date. (ii) The amounts payable pursuant to each clause of Section 11.1(a)(i), each clause of Section 11.1(a)(ii) and each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date. (iii) For the Collection Account: (A) the Balance on deposit in the Collection and Funding Account as at the end of the opening of business on the first (1st) day of such related Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior amounts of (x) Interest Amount for each Class of Notes for Collections payable from the Interest Accrual Period related Collection Subaccount and (y) Principal Collections payable from the Principal Collection Subaccount, in each case to such 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;; and (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series Balance remaining in the aggregate; (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and (F) the unpaid Note Balance for each Class Collection Account immediately after all payments and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments deposits to be made on such Payment Date); (xi) . Upon receipt of each Payment Date Report, the amount of Fees to be paid on such Payment Date; (xii) (A) Trustee shall compare the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on information contained in such Payment Date for each Outstanding Series of Notes, (B) Report to the amount on deposit information contained in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether its records with respect to the Collateral Test was satisfied at such time and whether it will be satisfied as shall, within three Business Days after receipt of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) Report, notify the Senior Interest AmountIssuer, the Senior Cumulative Interest Shortfall Amount Collateral Administrator, the Valuation Agent, the Revolving Credit Note Agent, and the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for Collateral Manager if the Interest Accrual Period related information contained in the Payment Date Report does not conform to the upcoming information maintained by the Trustee with respect to the Collateral. In the event that any discrepancy exists, the Trustee and the Issuer, or the Collateral Manager on behalf of the Issuer, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Trustee shall within five Business Days notify the Collateral Manager and the Valuation Agent, and the Valuation Agent shall review such Payment DateDate Report and the Trustee’s records to determine the cause of such discrepancy. The If such review reveals an error in the Payment Date Report or the Trustee’s records, the Payment Date Report or the Trustee’s records shall be revised accordingly and, as so revised, shall be utilized in making all calculations pursuant to this Indenture and notice of any error in the Payment Date Report shall also state any other information required pursuant be sent as soon as practicable by the Issuer to any related Indenture Supplement necessary for all recipients of such report which may be accomplished by making a notation of such error in the Paying Agent and subsequent Payment Date Report. Each Payment Date Report shall constitute instructions to the Indenture Trustee to make withdraw funds from the payments required by Payment Account and pay or transfer such amounts set forth in such Payment Date Report in the manner specified and in accordance with the priorities established in Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.511.1.

Payment Date Report. By no Not later than 3:00 p.m. New York City time on the tenth Business Day of January, April, July and October of each Payment Datecalendar year (or, if such date is not a Business Day, the Indenture following Business Day) and commencing in April 10, 2020, the Issuer shall compile and make available (or cause the Collateral Administrator to compile and make available) to the Trustee, the Collateral Manager, the Valuation Agent and, upon written request therefor, to any Holder shown on the Note Register, and upon written notice to the Trustee substantially in the form of Exhibit C, the Trustee shall prepare and deliver make available to the Issuerholder of the beneficial interest in the Notes, a quarterly payment date report on a trade date basis (each such report a Payment Date Report). The Payment Date Report for a Quarterly Period shall contain the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, following information with respect to the related Series Portfolio Assets and Eligible Investments included in the Collateral, and shall be determined as of Notes) and each Note Rating Agency a report (the “Payment Determination Date Report”) reporting the following for such Payment Date and the Monthly Advance Collection Period preceding such Payment Datecalendar quarter: (i) A schedule titled “Distributions” showing the amount on deposit in the Collection and Funding Account as Aggregate Outstanding Amount of the opening Class A Notes at the beginning of business on the first (1st) day Quarterly Period and such amount as a percentage of such Monthly Advance Collection Period;the original Aggregate Outstanding Amount of the Notes. (ii) the aggregate amount The amounts payable pursuant to each clause of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iiiSection 11.1(a)(i) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect clause of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (viSection 11.1(a)(ii), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in on the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes related Payment Date. Upon receipt of each Series Payment Date Report, the Trustee (if not the same Person as the Collateral Administrator) shall compare the information contained in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is Report to the information contained in its Target Amortization Period; and (F) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect records with respect to any principal payments to be made on such Payment Date); (xi) the amount of Fees to be paid on such Payment Date; (xii) (A) the Collateral Value and shall, within three Business Days after receipt of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of NotesReport, (B) notify the amount on deposit Issuer, the Collateral Administrator, the Valuation Agent, and the Collateral Manager if the information contained in the Collection and Funding AccountPayment Date Report does not conform to the information maintained by the Trustee with respect to the Collateral. In the event that any discrepancy exists, the Interest Accumulation AccountTrustee and the Issuer, or the Collateral Manager on behalf of the Issuer, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Fee Accumulation Account, Trustee shall within five Business Days notify the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement Collateral Manager and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment DateValuation Agent, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the close of business on Valuation Agent shall review such Payment Date after all payments Report and distributions described the Trustee’s records to determine the cause of such discrepancy. If such review reveals an error in Section 4.5(a); and (xiii) the Senior Interest AmountPayment Date Report or the Trustee’s records, the Senior Cumulative Interest Shortfall Amount Payment Date Report or the Trustee’s records shall be revised accordingly and, as so revised, shall be utilized in making all calculations pursuant to this Indenture and notice of any error in the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant be sent as soon as practicable by the Issuer to any related Indenture Supplement necessary for all recipients of such report which may be accomplished by making a notation of such error in the Paying Agent and subsequent Payment Date Report. Each Payment Date Report shall constitute instructions to the Indenture Trustee to make withdraw funds from the payments required by Payment Account and pay or transfer such amounts set forth in such Payment Date Report in the manner specified and in accordance with the priorities established in Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.511.1.

Payment Date Report. By no later than 3:00 p.m. New York City time Eastern Time on the Business Day before each Payment Date, the Indenture Trustee shall prepare and deliver to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) Noteholder and each Note Rating Agency a report (the “Payment Date Report”) reporting the following for such Payment Date and the Monthly Advance Collection Period preceding such Payment Date: (i) the amount on deposit in the Collection and Funding Account as of the opening of business on the first (1st) day of such Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, the Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series General Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series General Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series General Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and (F) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date); (xi) the amount of Fees to be paid on such Payment Date; (xii) (A) the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Target Amortization Principal Accumulation Account, the Target Amortization Principal Fee Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) the Senior Interest Amount, the Senior Cumulative Interest Shortfall Amount and the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5.

Payment Date Report. By no later than 3:00 p.m. New York City time on each Payment DateDate (or such other time as may be agreed to from time to time by the Servicer, the Administrator, the Indenture Trustee and the Administrative Agent), the Indenture Trustee shall prepare and deliver by electronic means (including posting on its website to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, Noteholder and each Derivative Counterparty Note Rating Agency (as if applicable, with respect to the related Series of Notes) and each Note Rating Agency a report (the “Payment Date Report”) reporting the following for such Payment Date and the related Monthly Advance Collection Period preceding such Payment DateDate to the extent such information is received from the Servicer: (i) the amount on deposit in the Collection and Funding Account as of the opening of business on the first (1st) day of such Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series General Reserve Account Fund for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series General Reserve Account Fund and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series General Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and (F) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date); (xi) the amount of Fees to be paid on such Payment Date; (xii) (A) the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating an indication (yes or no) as to whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) the Senior Interest Amount, the Senior Cumulative Interest Shortfall Amount and the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5.

Payment Date Report. By no later than 3:00 p.m. New York City time Eastern Time on the Business Day before each Payment Date, the Indenture Trustee shall prepare and deliver to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) Holder and each Note Rating Agency a report (the “Payment Date Report”) reporting the following for such Payment Date and the Monthly Advance Collection Period preceding such Payment Date: (i) the amount on deposit in the Collection and Funding Account as of the opening of business on the first (1st) day of such Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, (C) all Excess Receivables Funding Amounts that were paid on the Payment Date and each Interim Payment Date during the Monthly Advance Collection Period, and (CD) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, the Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series General Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series General Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (DC) the Series General Reserve Required Amount for each Series of Notes then Outstanding; (ED) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; and (FE) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date); (xi) the amount of Fees to be paid on such Payment Date; (xii) (A) the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes and the sum of the Collateral Values for all Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Target Amortization Principal Accumulation Account, the Target Amortization Principal Fee Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) the Senior Interest Payment Amount, the Senior Cumulative Interest Shortfall Amount, the Cumulative Default Fee Amount and the Subordinated Cumulative Interest Shortfall ERD Fee Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5.

Payment Date Report. By no later than 3:00 2:00 p.m. New York City time Eastern Time on each Payment Date, the Indenture Trustee shall prepare and deliver by electronic means (including posting on the website pursuant to Section 3.5(a)) to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, Noteholder and each Derivative Counterparty (as applicable, with respect to the related Series of Notes) and each Note Rating Agency a report (the “Payment Date Report”) reporting the following for such Payment Date and the Monthly Advance Collection Period preceding such Payment DateDate to the extent such information is received from the Servicer: (i) the amount on deposit in the Collection and Funding Account as of the opening of business on the first (1st) day of such Monthly Advance Collection Period; (ii) the aggregate amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance Collection Period; (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Facility Eligible Receivables during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; (v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date that occurred during such Monthly Advance Collection Period; (vi) the amount on deposit in each of the Interest Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; (viii) the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus the items reported in clause (vii)); (ix) the amount on deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the related Series of Notes; (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of (A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment Date; (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; (E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target Amortization Period; Period and (F) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date); (xi) the amount of Fees to be paid on such Payment Date; (xii) (A) the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating an indication (yes or no) as to whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and (xiii) the Senior Interest Amount, the Senior Cumulative Interest Shortfall Amount and Amount, the Subordinated Cumulative Interest Shortfall Amount Amount, the Default Supplemental Fees, the Cumulative Default Supplemental Fee Shortfall Amount, the ERD Supplemental Fees and the Cumulative ERD Supplemental Fee Shortfall Amount, for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5.