Reporting of Collection Account Remittance Exceptions. The Manager will provide written notice to the Initial Member each time the Manager permits a monthly deposit cycle pursuant to Section 12.7(b) above or the Manager (or the Servicer or any Subservicer) otherwise uses (or permits use of) Asset Proceeds pursuant to the proviso to Section 12.7(a) above, in each case setting forth the details thereof, and the Manager will certify that the Manager is and will remain in compliance with all reporting requirements with respect to all such Asset Proceeds. In addition, the Manager will include auditable details of any netting and use of Asset Proceeds under this Section 12.7 in the reporting provided pursuant to the Reporting and Access Schedule.
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement, Interest Sale and Assignment Agreement, Limited Liability Company Operating Agreement
Reporting of Collection Account Remittance Exceptions. The Manager will provide written notice to the Initial Member and the PMN Agent each time the Manager permits a monthly deposit cycle pursuant to Section 12.7(b) above or the Manager (or the Servicer or any Subservicer) otherwise uses (or permits use of) Asset Proceeds pursuant to the proviso to Section 12.7(a) above, in each case setting forth the details thereof, and the Manager will certify that the Manager is and will remain in compliance with all reporting requirements with respect to all such Asset Proceeds. In addition, the Manager will include auditable details of any netting and use of Asset Proceeds under this Section 12.7 in the reporting provided pursuant to the Reporting and Access Schedule.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement, Private Owner Interest Sale and Assignment Agreement
