Common use of Current Issuer Principal Deficiency Ledger Clause in Contracts

Current Issuer Principal Deficiency Ledger. (a) Without prejudice to paragraph 7, the Current Issuer Cash Manager shall ensure that there shall be debited to the Current Issuer Principal Deficiency Ledger: (i) principal deficiencies arising from Losses on the Mortgage Loans which have been allocated by Funding to the Current Issuer Intercompany Loan; (ii) the use of Current Issuer Available Principal Receipts to meet any deficiency in Current Issuer Available Revenue Receipts; and (iii) the use of Funding Available Principal Receipts to fund the Current Issuer Liquidity Reserve Fund, if any. (b) The Current Issuer Cash Manager shall ensure that there shall be credited to the Current Issuer Principal Deficiency Ledger any amount to be credited in accordance with paragraph 3 above. (c) Amounts to be debited to the Current Issuer Principal Deficiency Ledger shall be debited in the following order: (i) first, on the Class C Principal Deficiency Sub Ledger, until the balance of the Class C Principal Deficiency Sub Ledger is equal to the aggregate Outstanding Principal Balance of the Class C Notes; (ii) Second, on the Class B Principal Deficiency Sub Ledger, until the balance of the Class B Principal Deficiency Sub Ledger is equal to the aggregate Outstanding Principal Balance of the Class B Notes; and (iii) last, on the Class A Principal Deficiency Sub Ledger, at which point an Asset Trigger Event will have occurred.

Current Issuer Principal Deficiency Ledger. (a) Without prejudice to paragraph 7, the Current Issuer Cash Manager shall ensure that there shall be debited to the Current Issuer Principal Deficiency Ledger: (i) principal deficiencies arising from Losses on the Mortgage Loans which have been allocated by Funding to the Current Issuer Intercompany Loan; (ii) the use of Current Issuer Available Principal Receipts to meet any deficiency in Current Issuer Available Revenue Receipts; and (iii) the use of Funding Available Principal Receipts to fund the Current Issuer Liquidity Reserve Fund, if any. (b) The Current Issuer Cash Manager shall ensure that there shall be credited to the Current Issuer Principal Deficiency Ledger any amount to be credited in accordance with paragraph 3 above. (c) Amounts to be debited to the Current Issuer Principal Deficiency Ledger shall be debited in the following order: (i) first, on the Class C Principal Deficiency Sub Ledger, until the balance of the Class C Principal Deficiency Sub Ledger is equal to the aggregate Outstanding Principal Balance of the Class C Notes; (ii) Second, on the Class B Principal Deficiency Sub Ledger, until the balance of the Class B Principal Deficiency Sub Ledger is equal to the aggregate Outstanding Principal Balance of the Class B Notes; and (iii) last, on the Class A Principal Deficiency Sub Ledger, at which point an Asset Trigger Event will have occurred. (d) The Current Issuer Cash Manager shall ensure that there shall be credited to the Current Issuer Principal Deficiency Ledger amounts to be credited to cure the deficiencies set out below and each time such a credit is made, the Current Issuer shall deemed to have cured the relevant deficiency in the following order: (i) first, deficiencies which have resulted from the application of Current Issuer Available Principal Receipts to meet any deficiency in Current Issuer Available Revenue Receipts; (ii) second, deficiencies which have arisen from Principal Losses on the Mortgage Loans being allocated by Funding to the Current Issuer Intercompany Loan; and (iii) last, deficiencies which have arisen from the application by Funding of Funding Allocable Principal Receipts to fund the Current Issuer Liquidity Reserve Fund. (e) If, on any Payment Date, any Funding Available Revenue Receipts are applied by Funding as Funding Available Principal Receipts pursuant to rule 4 of the rules of application of Funding Available Revenue Receipts as set forth in Part 1 of Schedule 3 to the Funding Deed of Charge, then on such Payment Date the Current Issuer Cash Manger shall ensure that there shall be credited to the Current Issuer Principal Deficiency Ledger an amount equal to the amount so applied as Funding Available Principal Receipts.

Current Issuer Principal Deficiency Ledger. (a) Without prejudice to paragraph 7, the Current Issuer Cash Manager shall ensure that there shall be debited to the Current Issuer Principal Deficiency Ledger: (i) principal deficiencies arising from Losses on the Mortgage Loans which have been allocated by Funding to the Current Issuer Intercompany Loan; (ii) the use of Current Issuer Available Principal Receipts to meet any deficiency in Current Issuer Available Revenue Receipts; and (iii) the use of Funding Available Principal Receipts to fund the Current Issuer Liquidity Reserve Fund, if any. (b) The Current Issuer Cash Manager shall ensure that there shall be credited to the Current Issuer Principal Deficiency Ledger any amount to be credited in accordance with paragraph 3 above. (c) Amounts to be debited to the Current Issuer Principal Deficiency Ledger shall be debited in the following order: (i) first, on the Class C Principal Deficiency Sub Ledger, until the balance of the Class C Principal Deficiency Sub Ledger is equal to the aggregate Outstanding Principal Balance of the Class C Notes; (ii) Secondsecond, on the Class M Principal Deficiency Sub Ledger, until the balance of the Class M Principal Deficiency Sub Ledger is equal to the aggregate Outstanding Principal Balance of the Class M Notes; (iii) third, on the Class B Principal Deficiency Sub Ledger, until the balance of the Class B Principal Deficiency Sub Ledger is equal to the aggregate Outstanding Principal Balance of the Class B Notes; and (iiiiv) last, on the Class A Principal Deficiency Sub Ledger, at which point an Asset Trigger Event will have occurred. (d) The Current Issuer Cash Manager shall ensure that there shall be credited to the Current Issuer Principal Deficiency Ledger amounts to be credited to cure the deficiencies set out below and each time such a credit is made, the Current Issuer shall deemed to have cured the relevant deficiency in the following order: (i) first, deficiencies which have resulted from the application of Current Issuer Available Principal Receipts to meet any deficiency in Current Issuer Available Revenue Receipts; (ii) second, deficiencies which have arisen from Principal Losses on the Mortgage Loans being allocated by Funding to the Current Issuer Intercompany Loan; and (iii) last, deficiencies which have arisen from the application by Funding of Funding Allocable Principal Receipts to fund the Current Issuer Liquidity Reserve Fund. (e) If, on any Payment Date, any Funding Available Revenue Receipts are applied by Funding as Funding Available Principal Receipts pursuant to rule 4 of the rules of application of Funding Available Revenue Receipts as set forth in Part 1 of Schedule 3 to the Funding Deed of Charge, then on such Payment Date the Current Issuer Cash Manger shall ensure that there shall be credited to the Current Issuer Principal Deficiency Ledger an amount equal to the amount so applied as Funding Available Principal Receipts.

Current Issuer Principal Deficiency Ledger. (a) Without prejudice to paragraph 7, the Current Issuer Cash Manager shall ensure that there shall be debited to the Current Issuer Principal Deficiency Ledger: (i) principal deficiencies arising from Losses on the Mortgage Loans which have been allocated by Funding to the Current Issuer Intercompany Loan; (ii) the use of Current Issuer Available Principal Receipts to meet any deficiency in Current Issuer Available Revenue Receipts; and (iii) the use of Funding Available Principal Receipts to fund the Current Issuer Liquidity Reserve Fund, if any. (b) The Current Issuer Cash Manager shall ensure that there shall be credited to the Current Issuer Principal Deficiency Ledger any amount to be credited in accordance with paragraph 3 above. (c) Amounts to be debited to the Current Issuer Principal Deficiency Ledger shall be debited in the following order: (i) first, on the Class C Principal Deficiency Sub Ledger, until the balance of the Class C Principal Deficiency Sub Ledger is equal to the aggregate Outstanding Principal Balance of the Class C Notes; (ii) SecondThird, on the Class B Principal Deficiency Sub Ledger, until the balance of the Class B Principal Deficiency Sub Ledger is equal to the aggregate Outstanding Principal Balance of the Class B Notes; and (iii) last, on the Class A Principal Deficiency Sub Ledger, at which point an Asset Trigger Event will have occurred.

Current Issuer Principal Deficiency Ledger. (a) Without prejudice to paragraph 7, the Current Issuer Cash Manager shall ensure that there shall be debited to the Current Issuer Principal Deficiency Ledger: (i) principal deficiencies arising from Losses on the Mortgage Loans which have been allocated by Funding to the Current Issuer Intercompany Loan; (ii) the use of Current Issuer Available Principal Receipts to meet any deficiency in Current Issuer Available Revenue Receipts; and (iii) the use of Funding Available Principal Receipts to fund the Current Issuer Liquidity Reserve Fund, if any. (b) The Current Issuer Cash Manager shall ensure that there shall be credited to the Current Issuer Principal Deficiency Ledger any amount to be credited in accordance with paragraph 3 above. (c) Amounts to be debited to the Current Issuer Principal Deficiency Ledger shall be debited in the following order:: 45 (i) first, on the Class C Principal Deficiency Sub Ledger, until the balance of the Class C Principal Deficiency Sub Ledger is equal to the aggregate Outstanding Principal Balance of the Class C Notes; (ii) Second, on the Class B Principal Deficiency Sub Ledger, until the balance of the Class B Principal Deficiency Sub Ledger is equal to the aggregate Outstanding Principal Balance of the Class B Notes; and (iii) last, on the Class A Principal Deficiency Sub Ledger, at which point an Asset Trigger Event will have occurred.