Common use of Cash Collection and Administration Clause in Contracts

Cash Collection and Administration. (a) Payments on pool assets are deposited into the appropriate custodial bank accounts - the Permanent Mortgage Trustee GIC control account - no more than two business days of receipt. (b) Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. (c) The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g. with respect to commingling of cash) as set forth in the transaction agreements. (d) Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts - namely, the Permanent Mortgages Trustee GIC account, Permanent Funding (No.1) GIC account, Permanent Financing (No.6) capital account and Permanent Financing (No.6) transaction account. These reconciliations: (i) Are mathematically accurate; (ii) Are prepared within 30 calendar days after the bank statement cut-off date; (iii) Are reviewed and approved by someone other than the person who prepared the reconciliation; and (iv) Contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification.

Cash Collection and Administration. (a) Payments on pool assets are deposited into the appropriate custodial bank accounts - the Permanent Mortgage Trustee GIC control account - no more than two business days of receipt. (b) Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. (c) The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g. with respect to commingling of cash) as set forth in the transaction agreements. (d) Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts - namely, the Permanent Mortgages Trustee GIC account, Permanent Funding (No.1) GIC account, Permanent Financing (No.6No.5) capital account and Permanent Financing (No.6No.5) transaction account. These reconciliations: (i) Are mathematically accurate; (ii) Are prepared within 30 calendar days after the bank statement cut-off date; (iii) Are reviewed and approved by someone other than the person who prepared the reconciliation; and and (iv) Contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification.

Cash Collection and Administration. (a) Payments on pool assets are deposited into the appropriate custodial bank accounts - -- the Permanent Mortgage Trustee GIC control account - -- no more than two business days of receipt. (b) Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. (c) The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g. with respect to commingling of cash) as set forth in the transaction agreements. (d) Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts - -- namely, the Permanent Mortgages Trustee GIC account, Permanent Funding (No.1) GIC account, Permanent Financing (No.6) capital account and Permanent Financing (No.6) transaction account. These reconciliations: (i) Are mathematically accurate; (ii) Are prepared within 30 calendar days after the bank statement cut-cut- off date; (iii) Are reviewed and approved by someone other than the person who prepared the reconciliation; and (iv) Contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification.

Cash Collection and Administration. (a) Payments on pool assets are deposited into the appropriate custodial bank accounts - the Permanent Mortgage Trustee GIC control account - no more than two business days of receipt. (b) Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. (c) The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g. with respect to commingling of cash) as set forth in the transaction agreements. (d) Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts - namely, the Permanent Mortgages Trustee GIC account, Permanent Funding (No.1) GIC account, Permanent Financing (No.6No.3) capital account and Permanent Financing (No.6No.3) transaction account. These reconciliations: (i) Are mathematically accurate; (ii) Are prepared within 30 calendar days after the bank statement cut-cut- off date; (iii) Are reviewed and approved by someone other than the person who prepared the reconciliation; and (iv) Contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification.