Current Issuer Ledgers Sample Clauses
The 'Current Issuer Ledgers' clause defines the requirement for maintaining up-to-date and accurate records of all transactions and holdings related to the issuer. In practice, this clause obligates the issuer to keep detailed ledgers that reflect the current status of securities, ownership, and any changes resulting from transfers or other corporate actions. By ensuring that these records are current and reliable, the clause helps prevent disputes over ownership, facilitates smooth transaction processing, and supports regulatory compliance.
Current Issuer Ledgers. (a) The Current Issuer Cash Manager shall open and maintain in the books of the Current Issuer the following ledgers:
(i) the Current Issuer Revenue Ledger, which shall record all Current Issuer Revenue Receipts standing to the credit of the Current Issuer Transaction Accounts from time to time;
(ii) the Current Issuer Principal Ledger, which shall record all Current Issuer Principal Receipts standing to the credit of the Current Issuer Transaction Accounts from time to time;
(iii) the Current Issuer Principal Deficiency Ledger, which shall comprise four sub-ledgers to be known as the Class A Principal Deficiency Sub Ledger, the Class B Principal Deficiency Sub Ledger, the Class M Principal Deficiency Sub Ledger and the Class C Principal Deficiency Sub Ledger, and which shall record (A) any principal deficiencies arising from Losses on the Mortgage Loans which have been allocated by Funding to the Current Issuer Intercompany Loan, (B) the application of Current Issuer Principal Receipts to meet any deficiency in Current Issuer Revenue Receipts, (C) the application of Funding Available Principal Receipts to fund the Current Issuer Liquidity Reserve Fund and (D) the application of Current Issuer Available Revenue Receipts to be applied to reduce the balances on the Current Issuer Principal Deficiency Ledger; and
(iv) the Swap Collateral Ledger, (which shall comprise of such sub-ledgers as the Current Issuer Cash Manager considers appropriate) to record all payments, transfers and receipts in connection with Swap Collateral, including, without limitation:
(A) the receipt of any Swap Collateral by the Current Issuer from the Swap Providers;
(B) the receipt of any income or distributions in respect of such Swap Collateral;
(C) the payment or transfer of all, or any part of, such Swap Collateral to the relevant Current Issuer Swap Provider; and
(D) the realisation of such Swap Collateral, provided that the Swap Collateral Ledger (and sub-ledgers) shall only be established in the event that any Current Issuer Swap Provider pays or transfers Swap Collateral to the Issuer in accordance with the relevant Current Issuer Swap Agreement.
Current Issuer Ledgers. (a) The Current Issuer Cash Manager shall open and maintain in the books of the Current Issuer the following ledgers:
(i) the Current Issuer Revenue Ledger, which shall record all Current Issuer Revenue Receipts standing to the credit of the Current Issuer Transaction Accounts from time to time;
(ii) the Current Issuer Principal Ledger, which shall record all Current Issuer Principal Receipts standing to the credit of the Current Issuer Transaction Accounts from time to time;
(iii) the Current Issuer Principal Deficiency Ledger, which shall comprise three sub-ledgers to be known as the Class A Principal Deficiency Sub Ledger, the Class B Principal Deficiency Sub Ledger and the Class C Principal Deficiency Sub Ledger, and which shall record (A) any principal deficiencies arising from Losses on the Mortgage Loans which have been allocated by Funding to the Current Issuer Intercompany Loan, (B) the application of Current Issuer Principal Receipts to meet any deficiency in Current Issuer Revenue Receipts and (C) the application of Funding Available Principal Receipts to fund the Current Issuer Liquidity Reserve Fund.
(b) The Current Issuer Cash Manager shall make credits and debits to the Current Issuer Ledgers in accordance with the provisions of paragraphs 5, 6, 7, 8 and 9 of Schedule 2 hereto.