Common use of Reports to Noteholders Clause in Contracts

Reports to Noteholders. (a) On each Payment Date, the Paying Agent shall forward to each Group II Noteholder of record as of the immediately preceding Record Date of each Series of Group II Notes Outstanding the Monthly Noteholders’ Statement with respect to such Series of Group II Notes, with a copy to the Rating Agencies and any Group II Series Enhancement Provider with respect to such Series of Group II Notes, which delivery may be satisfied by the Paying Agent posting, or causing to be posted, such Monthly Noteholders’ Statement to a password-protected website made available to such Group II Noteholders, the Rating Agencies and such Group II Series Enhancement Providers or by any other reasonable means of electronic transmission (including, without limitation, e-mail, file transfer protocol or otherwise).

Reports to Noteholders. (a) On each Payment Date, the Paying Agent shall forward to each Group II I Noteholder of record as of the immediately preceding Record Date of each Series of Group II I Notes Outstanding the Monthly Noteholders’ Statement with respect to such Series of Group II I Notes, with a copy to the Rating Agencies and any Group II I Series Enhancement Provider with respect to such Series of Group II I Notes, which delivery may be satisfied by the Paying Agent posting, or causing to be posted, such Monthly Noteholders’ Statement to a password-protected website made available to such Group II I Noteholders, the Rating Agencies and such Group II I Series Enhancement Providers or by any other reasonable means of electronic transmission (including, without limitation, e-mail, file transfer protocol or otherwise).