Ledgers. The Mortgages Trustee shall maintain, or shall procure that there are maintained, the following Mortgages Trustee Ledgers:
(a) the Principal Ledger, which shall record all receipts of Principal Receipts and distribution of the same to Funding 1 and the Seller;
(b) the Revenue Ledger, which shall record all receipts of Revenue Receipts and distribution of the same to Funding 1 and the Seller;
(c) the Losses Ledger, which shall record Losses in relation to the Loans; and
(d) the Funding 1 Share/Seller Share Ledger which shall record the Current Funding 1 Share, the Current Seller Share of the Trust Property, the Current Funding 1 Share Percentage and the Current Seller Share Percentage.
Ledgers. The Mortgages Trustee shall maintain, or shall procure that the Cash Manager shall maintain, the following Mortgages Trustee Ledgers:
(a) the Principal Ledger, which shall record all receipts of Principal Receipts and distribution of the same to Funding and the Seller;
(b) the Revenue Ledger, which shall record all receipts of Revenue Receipts and distribution of the same in accordance with this Deed;
(c) the Losses Ledger, which shall record Losses in relation to the Mortgage Loans;
(d) the Funding Share/Seller Share Ledger which shall record the Funding Share, the Seller Share of the Trust Property, the Funding Share Percentage and the Seller Share Percentage;
(e) the Overpayments Ledger; which shall be divided into sub ledgers to record (i) Overpayments on Non-Flexible Mortgage Loans received into and paid out of the Mortgages Trustee GIC Account from time to time and (ii) Overpayments on Flexible Mortgage Loans;
(f) the Non-Flexible Underpayments Ledger; which shall record Underpayments on Non-Flexible Mortgage Loans from time to time;
(g) the Re-Draw Ledger, which shall be divided into sub ledgers to record (i) Cash Re-Draws made in respect of Flexible Mortgage Loans and (ii) Non-Cash Re-Draws made in respect of Flexible Mortgage Loans; and
(h) the Contributions Ledger, which will be divided into sub ledgers to record (i) the making by Funding of Contributions to the Mortgages Trust, (ii) the making by the Seller of Contributions to the Mortgages Trust and the application of such Contributions by the Mortgages Trustee in payment to the Seller of (a) amounts of Initial Purchase Price for the sale of any New Mortgage Portfolio which is acquired by the Mortgages Trustee from the Seller under the provisions of the Mortgage Sale Agreement or (b) amounts of Deferred Purchase Price in accordance with the Mortgage Sale Agreement or (c) any Special Distribution in accordance with the Mortgages Trust Deed.
Ledgers. 6.1 The Administrator undertakes that it will open and maintain in the books of the CBC the following ledgers (the "Ledgers")
(i) in respect of amounts received in or withdrawn from the CBC Account: the Revenue Ledger and the Principal Ledger and (ii) in the event the CBC enters into a Swap Agreement, in respect of amounts forming part of the Swap Replacement Amounts received in or withdrawn from the Swap Collateral Account: the Swap Replacement Ledger.
6.2 The Administrator shall:
(a) credit all amounts forming part of the Available Revenue Funds received by the CBC in the CBC Account to a Ledger established for this purpose (the "Revenue Ledger"); and
(b) debit to the Revenue Ledger all amounts paid by the CBC from the CBC Account in accordance with Clause 12 and 13 of the Trust Deed.
6.3 The Administrator shall:
(a) credit all amounts forming part of the Available Principal Funds received by the CBC in the CBC Account to a Ledger established for this purpose (the "Principal Ledger"); and
(b) debit to the Principal Ledger all amounts paid by the CBC from the CBC Account in accordance with Clause 12 and 13 of the Trust Deed.
6.4 In the event the CBC enters into a Swap Agreement, the Administrator shall:
(a) credit all amounts forming part of the Swap Replacement Amount received in the Swap Cash Collateral Account or if such account is not (yet) opened the amounts forming part of the Swap Replacement Amount received by the CBC in a different account to a Ledger established for this purpose (the "Swap Replacement Ledger"); and
(b) debit to the Swap Replacement Ledger any amounts paid by the CBC from the Swap Cash Collateral Account or if such account is not (yet) opened from a different account of the CBC to the Swap Counterparty in accordance with Clause 16.2 of the Trust Deed.
Ledgers. On or before April 1 of each year, the Escrow Agent shall provide each Beneficiary State and the Company with:
i. a Ledger prepared by the Escrow Agent (“Escrow Agent Initiated Ledger”) reflecting all deposits, withdrawals, and Returns tracked by Deposit Date and Sales Year that have occurred since, at least, the date of the Company’s first QEF Principal deposit with the Escrow Agent tracked by Deposit Date and Sales year. The Ledger shall also reflect the Minimum QEF Principal On-Deposit for the Beneficiary State’s QEF Sub-Account; or
ii. written notice that the Escrow Agent intends to exercise its right to reasonably rely upon a Ledger initiated by a Beneficiary State (“Beneficiary State Initiated Ledger”). A Beneficiary State Initiated Ledger applies where:
a. A Beneficiary State sends the Company an accurate Ledger and provides notice pursuant to Section 6 of this Escrow Agreement; and
b. Either: (I) the Company confirms the Beneficiary State Initiated Ledger is correct in writing; or (II) thirty (30) days passes without a response from the Company; and
c. the Beneficiary State sends the Escrow Agent a copy of the cover-letter and Beneficiary State Initiated Ledger sent to Company in subdivision (a) above and either: (I) the writing by the Company confirming the accuracy of the Beneficiary State Initiated Ledger; or (II) written confirmation by the Beneficiary State that it did not receive any response from the Company; or
iii. written notice that the Escrow Agent considers the deposit history to be disputed and/or incomplete. Over a reasonable period of time, the Company, Beneficiary State, and Escrow Agent shall work collaboratively to create an accurate Ledger, if possible. To the extent available, the Escrow Agent will provide the Company and Beneficiary State with the records necessary to create an accurate Ledger over a reasonable period of time.
Ledgers. (a) The Cash Manager shall open and maintain in the books of the Issuer certain Xxxxxxx to be known as:
(i) the Principal Xxxxxx;
(ii) the Revenue Ledger;
(iii) the General Reserve Ledger;
(iv) (upon the establishment of the Liquidity Reserve Fund) the Liquidity Reserve Ledger;
(v) the Issuer Profit Xxxxxx; and
(vi) the Retained Principal Xxxxxx, and all the foregoing Ledgers shall together reflect the aggregate of all amounts of cash standing to the credit of the GIC Account and all amounts invested in Authorised Investments purchased from amounts standing to the credit of the GIC Account from time to time.
(b) The Cash Manager shall also open and maintain in the books of the Issuer the Principal Deficiency Ledgers, which record deficiencies arising from Losses on the Portfolio and allocated against each Class of Notes and corresponding drawings from the Liquidity Reserve Fund (if established) and Principal Receipts used to pay a Revenue Deficiency. The Principal Deficiency Ledgers will record as a credit Available Revenue Receipts applied pursuant to paragraphs (g) and (i) of the Pre-Acceleration Revenue Priority of Payments (if any) (which amounts shall, for the avoidance of doubt, thereupon become Available Principal Receipts).
(c) For the avoidance of doubt, the Ledgers will not be required to be kept in physical form and where it is expressed in the Transaction Documents that amounts are standing to the credit of the relevant Ledger this means that amounts can be identified as being of the particular nature to be recorded on such Ledger.
(d) The Cash Manager shall make credits and debits to the Ledgers in accordance with Schedule 2 (Cash Management and Maintenance of Ledgers).
Ledgers. (a) The Cash Manager shall open and maintain in the books of the Guarantor LP certain ledgers to be known as:
(i) the Revenue Ledger;
(ii) the Principal Ledger;
(iii) the Reserve Ledger; and
(iv) the Capital Account Ledgers, and all the foregoing ledgers shall together reflect the aggregate of all amounts (A) held by the Cash Manager for and on behalf of the Guarantor LP, (B) standing in any Guarantor LP Accounts, and (C) invested in Substitute Assets for or on behalf of the Guarantor LP.
(b) The Cash Manager shall also open and maintain in the books of the Guarantor LP the Intercompany Loan Ledger which shall record amounts repaid in respect of each amount borrowed under the Intercompany Loan and the Payment Ledger to which it will record all amounts paid by or on behalf of the Guarantor LP and the Persons to whom such payments are made.
(c) The Cash Manager shall make credits and debits to the Ledgers in accordance with Schedule 2 hereto.
Ledgers. (a) The Cash Manager shall open and maintain in the books of the Guarantor certain ledgers to be known as:
(i) the Revenue Ledger;
(ii) the Principal Ledger;
(iii) the Reserve Ledger;
(iv) the Capital Account Ledgers; and
(v) the Pre-Maturity Liquidity Ledger; and all the foregoing ledgers shall together reflect the aggregate of all amounts
(A) held by the Cash Manager for and on behalf of the Guarantor, (B) standing in any Guarantor Accounts, and (C) invested in Substitute Assets for or on behalf of the Guarantor.
(b) The Cash Manager shall also open and maintain in the books of the Guarantor the Intercompany Loan Ledger, which shall record each Advance, each repayment, all payments of interest and repayments of principal on each Advance under the Intercompany Loan Agreement and the Payment Ledger to which it will record all amounts paid by or on behalf of the Guarantor and the Persons to whom such payments are made.
(c) The Cash Manager shall make credits and debits to the Ledgers in accordance with Schedule 2 hereto.
Ledgers. The Cash Manager shall open and maintain in the books of Funding 1 certain ledgers to be known as the Funding 1 Revenue Ledger, the Funding 1 Principal Ledger, the Funding 1 General Reserve Ledger, the Funding 1 Cash Accumulation Ledger and, if the Funding 1 Liquidity Reserve Fund is established, the Funding 1 Liquidity Reserve Ledger which shall together reflect the aggregate of all amounts of cash standing to the credit of the Funding 1 GIC Account and the Funding 1 Transaction Account and all amounts invested in Authorised Investments purchased from amounts standing to the credit of the Funding 1 GIC Account and the Funding 1 Transaction Account from time to time.
Ledgers. (a) The Cash Manager will open and maintain in the books or records of the Guarantor certain Ledgers to be known as:
(i) the Revenue Ledger;
(ii) the Principal Ledger;
(iii) the Reserve Ledger, if applicable;
(iv) the Intercompany Loan Ledger;
(v) the Payment Ledger;
(vi) the Capital Account Ledgers; and
(vii) the Pre-Maturity Liquidity Ledger; and all the foregoing Ledgers will together reflect the aggregate of: (A) all amounts held by the Cash Manager for and on behalf of the Guarantor; (B) all amounts standing to the credit of the GDA Account (or, as applicable, the Stand-By GDA Account); and (C) all amounts invested in Substitution Assets for and on behalf of the Guarantor.
(b) The Cash Manager will open and maintain in the books or records of the Guarantor the Intercompany Loan Ledger which will record amounts repaid in respect of each Advance borrowed under the Intercompany Loan in accordance with the terms and conditions of the Intercompany Loan Agreement.
(c) The Cash Manager will make credits and debits to the Ledgers in accordance with Schedule 2 (Cash Management and Maintenance of Ledgers) hereto.
(d) Without limiting any other provision, it will hold all cash solely in the Guarantor Accounts on a segregated basis and will not commingle with other funds.
Ledgers. All money transactions to be recorded on the computer and entered weekly, all receipts, bills, etc. to be filed and retained for seven (7) years. The Park will prepare its records on a computer program with all modules of accounts receivable, accounts payable, payroll and general ledger. Computer software should also include the ability to format financial statements and trial balances.
