Common use of Ledgers Clause in Contracts

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. 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. Eitherx. Xxxxxx: (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.