Confirming accuracy of Latest Valuation determinations. The Asset Monitor shall obtain a schedule of the Latest Valuation for each Eligible Loan in respect of (a) the last day of the Calculation Period to which the Subject Investor Report relates, or (b) in respect of the Annual Asset Monitor Report delivered in connection with the First Issue Date, the last day of a month ending not more than 45 days prior to the date of such report.
Confirming accuracy of Latest Valuation determinations. (a) The Cover Pool Monitor shall obtain a schedule of the Latest Valuation for each Eligible Loan in respect of the last day of the Calculation Period to which the Selected Investor Report relates (or, in the case of the Annual Cover Pool Monitor Report to be delivered no later than five Canadian Business Days prior to the First Issue Date, the Selected Investor Report must be for a Calculation Period ending not more than 45 days prior to the date of the Annual Cover Pool Monitor Report).
(b) Using the Sample (or another sample of Loans that is of an Industry Standard Sampling Size), inspect that, for each Loan in the relevant sample:
(i) on or before July 1, 2014, the Latest Valuation has been determined by either (i) adjusting the original value given to the related Property, at least quarterly, to account for subsequent price developments, or (ii) by reference to the original value given to the related Property; and
(ii) after July 1, 2014, the Latest Valuation has been determined by adjusting the original value given to the related Property, at least quarterly, to account for subsequent price developments.
Confirming accuracy of Latest Valuation determinations. The Asset Monitor shall obtain a schedule of the Latest Valuation for each Eligible Loan in respect of
