Common use of Mortgages Trustee Ledgers Clause in Contracts

Mortgages Trustee Ledgers. (a) The Cash Manager shall open and maintain in the books of the Mortgages Trustee the following ledgers on behalf of the Mortgages Trustee: (i) the Principal Ledger, which shall separately reflect all Principal Receipts standing to the credit of each of the Mortgages Trustee GIC Account and the Mortgages Trustee Transaction Account from time to time and distribution of the same to Funding and the Seller; (ii) the Revenue Ledger, which shall separately reflect all Revenue Receipts standing to the credit of each of the Mortgages Trustee GIC Account and the Mortgages Trustee Transaction Account from time to time and distribution of the same to Funding and the Seller; (iii) the Losses Ledger, which shall record Losses on the Mortgage Portfolio; (iv) the Funding Share/Seller Share Ledger which shall record the Funding Share, the Seller Share, the Funding Share Percentage and the Seller Share Percentage of the Trust Property; (v) the Overpayments Ledger, which will reflect each Revenue Receipt and/or Principal Receipt paid by a Borrower in excess of the amount required under the terms of the relevant Mortgage Loan (and in the case of any non-Flexible Mortgage Loan any payment which is not a Capital Payment), which shall be divided into (A) the Non-Flexible Overpayments Sub Ledger to record Overpayments on Non-Flexible Mortgage Loans and (B) the Flexible Overpayments Sub Ledger to record Overpayments on Flexible Mortgage Loans, in each case as received into and paid out of the Mortgages Trustee GIC Account from time to time; (vi) the Non-Flexible Underpayments Ledger, which shall record Underpayments on Non-Flexible Mortgage Loans from time to time; (vii) the Re-Draws Ledger, which will record Re-Draws on the Flexible Mortgage Loans and which shall be divided into (A) the Cash Re-Draws Sub Ledger to record Cash Re-Draws made in respect of Flexible Mortgage Loans and (B) the Non-Cash Re-Draws Sub Ledger to record Non-Cash Re-Draws made in respect of Flexible Mortgage Loans; (viii) the Contributions Ledger, which will be divided into sub ledgers to record (i) the making by Funding to the Mortgages Trustee of Contributions to the Mortgages Trust pursuant to the Mortgages Trust Deed (ii) the making by the Seller to the Mortgages Trustee of Contributions to the Mortgages Trust pursuant to the Mortgages Trust Deed and the application of such Contributions in accordance with the terms of the Mortgages Trust Deed by (iii) the payment by the Mortgages Trustee to the Seller of either (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 Mortgage Sale Agreement (b) amounts of Deferred Purchase Price in accordance with the Mortgage Sale Agreement and (iv) the payment by the Mortgages Trustee to the Seller of any Initial Consideration in accordance with the Mortgages Trust Deed; and (ix) the Further Draws Ledger, which will record Further Draws on Personal Secured Loans from time to time. (b) The Cash Manager shall make credits and debits to the Mortgages Trustee Ledgers in the manner described in paragraphs 10, 11, 12, 13, 20, 21 and 22 of Schedule 2 hereto.

Mortgages Trustee Ledgers. (a) The Cash Manager shall open and maintain in the books of the Mortgages Trustee the following ledgers on behalf of the Mortgages Trustee: (i) the Principal Ledger, which shall separately reflect all Principal Receipts standing to the credit of each of the Mortgages Trustee GIC Account and the Mortgages Trustee Transaction Account from time to time and distribution of the same to Funding and the SellerBeneficiaries; (ii) the Revenue Ledger, which shall separately reflect all Revenue Receipts standing to the credit of each of the Mortgages Trustee GIC Account and the Mortgages Trustee Transaction Account from time to time and distribution of the same to Funding and the SellerBeneficiaries; (iii) the Losses Ledger, which shall record Losses on the Mortgage Portfolio; (iv) the Funding Share/Funding 2 Share/Seller Share Ledger which shall record the Funding Share, the Funding 2 Share, the Seller Share, the Funding Share Percentage, the Funding 2 Share Percentage and the Seller Share Percentage of the Trust Property; (v) the Overpayments Ledger, which will reflect each Revenue Receipt and/or Principal Receipt paid by a Borrower in excess of the amount required under the terms of with respect to the relevant Mortgage Loan (and in the case of any non-Flexible Mortgage Loan any payment which is not a Capital Payment), which shall be divided into (A) the Non-Flexible Overpayments Sub Ledger to record Overpayments on Non-Flexible Mortgage Loans and (B) the Flexible Overpayments Sub Ledger to record Overpayments on Flexible Mortgage Loans, in each case as received into and paid out of the Mortgages Trustee GIC Account from time to time; (vi) the Non-Flexible Underpayments Ledger, which shall record Underpayments on Non-Flexible Mortgage Loans from time to time; (vii) the Re-Draws Ledger, which will record Re-Draws on the Flexible Mortgage Loans and which shall be divided into (A) the Cash Re-Draws Sub Ledger to record Cash Re-Draws made in respect of Flexible Mortgage Loans and (B) the Non-Cash Re-Draws Sub Ledger to record Non-Cash Re-Draws made in respect of Flexible Mortgage Loans; (viii) the Contributions Ledger, which will be divided into sub ledgers to record (i) the making by Funding to the Mortgages Trustee of Contributions to the Mortgages Trust Trustee pursuant to the Mortgages Trust Deed (ii) by each of the making by Funding Beneficiaries and the Seller to the Mortgages Trustee of Contributions to the Mortgages Trust pursuant to the Mortgages Trust Deed and the application of such Contributions in accordance with the terms of the Mortgages Trust Deed by by: (iiiA) the payment by the Mortgages Trustee to the Seller of either (a1) 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 Mortgage Sale Agreement (b2) amounts of Deferred Purchase Price in accordance with the Mortgage Sale Agreement and or (iv3) amounts of any Special Distribution in accordance with the Mortgages Trust Deed; (B) the payment by the Mortgages Trustee to the Seller Funding of amounts of any Initial Consideration Special Distribution in accordance with the Mortgages Trust Deed; and (ix) the Further Draws Ledger, which will record Further Draws on Personal Secured Loans from time to time. (b) The Cash Manager shall make credits and debits to the Mortgages Trustee Ledgers in the manner described in paragraphs 10, 11, 12, 13, 2014, 21 31, 32, 33 and 22 34 of Schedule 2 hereto.

Mortgages Trustee Ledgers. (a) The Cash Manager shall open and maintain in the books of the Mortgages Trustee the following ledgers on behalf of the Mortgages Trustee: (i) the Mortgages Trustee Principal Ledger, which shall separately reflect all Principal Receipts standing to the credit of each of the Mortgages Trustee GIC Account and the Mortgages Trustee Transaction Account from time to time and distribution of the same to Funding and the Seller; (ii) the Mortgages Trustee Revenue Ledger, which shall separately reflect all Revenue Receipts standing to the credit of each of the Mortgages Trustee GIC Account and the Mortgages Trustee Transaction Account from time to time and distribution of the same to Funding and the Seller; (iii) the Losses Ledger, which shall record Losses on the Mortgage Portfolio; (iv) the Funding Share/Seller Share Ledger which shall record the Funding Share, the Seller Share, the Funding Share Percentage and the Seller Share Percentage of the Trust Property; (v) the Overpayments Ledger, which will reflect each Revenue Receipt and/or Principal Receipt paid by a Borrower in excess of the amount required under the terms of the relevant Mortgage Loan (and in the case of any non-Flexible Mortgage Loan any payment which is not a Capital Payment), which shall be divided into (A) the Non-Flexible Overpayments Sub Ledger to record Overpayments on Non-Flexible Mortgage Loans and (B) the Flexible Overpayments Sub Ledger to record Overpayments on Flexible Mortgage Loans, in each case as received into and paid out of the Mortgages Trustee GIC Account from time to time; (vi) the Non-Flexible Underpayments Ledger, which shall record Underpayments on Non-Flexible Mortgage Loans from time to time; (vii) the Re-Draws Ledger, which will record Re-Draws on the Flexible Mortgage Loans and which shall be divided into (A) the Cash Re-Draws Sub Ledger to record Cash Re-Draws made in respect of Flexible Mortgage Loans and (B) the Non-Cash Re-Draws Sub Ledger to record Non-Cash Re-Draws made in respect of Flexible Mortgage Loans;; and (viii) the Contributions Ledger, which will be divided into sub ledgers to record (i) the making by Funding to the Mortgages Trustee of Contributions to the Mortgages Trust pursuant to the Mortgages Trust Deed (ii) the making by the Seller to the Mortgages Trustee of Contributions to the Mortgages Trust pursuant to the Mortgages Trust Deed and the application of such Contributions in accordance with the terms of the Mortgages Trust Deed by (iii) the payment by the Mortgages Trustee to the Seller of either (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 Mortgage Sale Agreement (b) amounts of Deferred Purchase Price in accordance with the Mortgage Sale Agreement and (iv) the payment by the Mortgages Trustee to the Seller of any Initial Consideration Special Distribution in accordance with the Mortgages Trust Deed; and (ix) the Further Draws Ledger, which will record Further Draws on Personal Secured Loans from time to time. (b) The Cash Manager shall make credits and debits to the Mortgages Trustee Ledgers in the manner described in paragraphs 10, 11, 12, 13, 20, 21 and 22 of Schedule 2 hereto.

Mortgages Trustee Ledgers. (a) The Cash Manager shall open and maintain in the books of the Mortgages Trustee the following ledgers on behalf of the Mortgages Trustee: (i) the Mortgages Trustee Principal Ledger, which shall separately reflect all Principal Receipts standing to the credit of each of the Mortgages Trustee GIC Account and the Mortgages Trustee Transaction Account from time to time and distribution of the same to Funding and the Seller; (ii) the Mortgages Trustee Revenue Ledger, which shall separately reflect all Revenue Receipts standing to the credit of each of the Mortgages Trustee GIC Account and the Mortgages Trustee Transaction Account from time to time and distribution of the same to Funding and the Seller; (iii) the Losses Ledger, which shall record Losses on the Mortgage Portfolio; (iv) the Funding Share/Seller Share Ledger which shall record the Funding Share, the Seller Share, the Funding Share Percentage and the Seller Share Percentage of the Trust Property; (v) the Overpayments Ledger, which will reflect each Revenue Receipt and/or Principal Receipt paid by a Borrower in excess of the amount required under the terms of the relevant Mortgage Loan (and in the case of any non-Flexible Mortgage Loan any payment which is not a Capital Payment), which shall be divided into (A) the Non-Flexible Overpayments Sub Ledger to record Overpayments on Non-Non- Flexible Mortgage Loans and (B) the Flexible Overpayments Sub Ledger to record Overpayments on Flexible Mortgage Loans, in each case as received into and paid out of the Mortgages Trustee GIC Account from time to time; (vi) the Non-Flexible Underpayments Ledger, which shall record Underpayments on Non-Flexible Mortgage Loans from time to time; (vii) the Re-Draws Ledger, which will record Re-Draws on the Flexible Mortgage Loans and which shall be divided into (A) the Cash Re-Draws Sub Ledger to record Cash Re-Draws made in respect of Flexible Mortgage Loans and (B) the Non-Cash Re-Re- Draws Sub Ledger to record Non-Cash Re-Draws made in respect of Flexible Mortgage Loans;; and (viii) the Contributions Ledger, which will be divided into sub ledgers to record (i) the making by Funding to the Mortgages Trustee of Contributions to the Mortgages Trust pursuant to the Mortgages Trust Deed (ii) the making by the Seller to the Mortgages Trustee of Contributions to the Mortgages Trust pursuant to the Mortgages Trust Deed and the application of such Contributions in accordance with the terms of the Mortgages Trust Deed by (iii) the payment by the Mortgages Trustee to the Seller of either (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 Mortgage Sale Agreement (b) amounts of Deferred Purchase Price in accordance with the Mortgage Sale Agreement and (iv) the payment by the Mortgages Trustee to the Seller of any Initial Consideration Special Distribution in accordance with the Mortgages Trust Deed; and (ix) the Further Draws Ledger, which will record Further Draws on Personal Secured Loans from time to time. (b) The Cash Manager shall make credits and debits to the Mortgages Trustee Ledgers in the manner described in paragraphs 10, 11, 12, 13, 20, 21 and 22 of Schedule 2 hereto.

Mortgages Trustee Ledgers. (a) The Cash Manager shall open and maintain in the books of the Mortgages Trustee certain ledgers to be known as the following ledgers on behalf of the Mortgages Trustee: (i) Revenue Ledger, the Principal Ledger, Ledger and the Contributions Ledger which shall separately together reflect the aggregate of all Principal Receipts amounts of cash standing to the credit of each of the Mortgages Trustee GIC Account Bank Accounts and the Mortgages Trustee Transaction Account from time to time and distribution of the same to Funding and the Seller; (ii) the Revenue Ledger, which shall separately reflect all Revenue Receipts amounts invested in Authorised Investments purchased using amounts standing to the credit of each of the Mortgages Trustee GIC Account and the Mortgages Trustee Transaction Account from time to time and distribution of the same to Funding and the Seller; (iii) the Losses Ledger, which shall record Losses on the Mortgage Portfolio; (iv) the Funding Share/Seller Share Ledger which shall record the Funding Share, the Seller Share, the Funding Share Percentage and the Seller Share Percentage of the Trust Property; (v) the Overpayments Ledger, which will reflect each Revenue Receipt and/or Principal Receipt paid by a Borrower in excess of the amount required under the terms of the relevant Mortgage Loan (and in the case of any non-Flexible Mortgage Loan any payment which is not a Capital Payment), which shall be divided into (A) the Non-Flexible Overpayments Sub Ledger to record Overpayments on Non-Flexible Mortgage Loans and (B) the Flexible Overpayments Sub Ledger to record Overpayments on Flexible Mortgage Loans, in each case as received into and paid out of the Mortgages Trustee GIC Account from time to time; (vi) the Non-Flexible Underpayments Ledger, which shall record Underpayments on Non-Flexible Mortgage Loans from time to time; (vii) the Re-Draws Ledger, which will record Re-Draws on the Flexible Mortgage Loans and which shall be divided into (A) the Cash Re-Draws Sub Ledger to record Cash Re-Draws made in respect of Flexible Mortgage Loans and (B) the Non-Cash Re-Draws Sub Ledger to record Non-Cash Re-Draws made in respect of Flexible Mortgage Loans; (viii) the Contributions Ledger, which will be divided into sub ledgers to record (i) the making by Funding to the Mortgages Trustee of Contributions to the Mortgages Trust pursuant to the Mortgages Trust Deed (ii) the making by the Seller to the Mortgages Trustee of Contributions to the Mortgages Trust pursuant to the Mortgages Trust Deed and the application of such Contributions in accordance with the terms of the Mortgages Trust Deed by (iii) the payment by the Mortgages Trustee to the Seller of either (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 Mortgage Sale Agreement (b) amounts of Deferred Purchase Price in accordance with the Mortgage Sale Agreement and (iv) the payment by the Mortgages Trustee to the Seller of any Initial Consideration in accordance with the Mortgages Trust Deed; and (ix) the Further Draws Ledger, which will record Further Draws on Personal Secured Loans Bank Accounts from time to time. (b) The Cash Manager shall also open and maintain in the books of the Mortgages Trustee certain other ledgers to be known as the Losses Ledger (to record Losses on the Loans (including any Funding 1 Loan Losses)), the Funding 1 Share Ledger, a share ledger for each Further Funding Company and the Seller Share Ledger (in each case, to record each such Beneficiary's Share and Share Percentage in the Mortgages Trust). (c) If the Cash Manager is depositing amounts into the Mortgages Trustee GIC Account held with Santander UK as the Mortgages Trustee Account Bank and Santander UK ceases to satisfy the Account Bank Ratings Requirement, the Cash Manager shall open and maintain in the books of the Mortgages Trustee the Mortgages Trustee Designated Mortgages Amount Ledger. (d) The Cash Manager shall make credits and debits to the Mortgages Trustee Ledgers in the manner described in paragraphs 10, 11, 12, 13, 20, 21 and 22 of accordance with Schedule 2 hereto(Cash Management and Maintenance Ledgers). (e) The Cash Manager shall, upon the accession of a New Beneficiary to this Agreement and the Mortgages Trust Deed, open and maintain in the books of the Mortgages Trustee each relevant ledger for such New Beneficiary.

Mortgages Trustee Ledgers. (a) The Cash Manager shall open and maintain in the books of the Mortgages Trustee the following ledgers on behalf of the Mortgages Trustee: (i) the Mortgages Trustee Principal Ledger, which shall separately reflect all Principal Receipts standing to the credit of each of the Mortgages Trustee GIC Account and the Mortgages Trustee Transaction Account from time to time and distribution of the same to Funding and the Seller; (ii) the Mortgages Trustee Revenue Ledger, which shall separately reflect all Revenue Receipts standing to the credit of each of the Mortgages Trustee GIC Account and the Mortgages Trustee Transaction Account from time to time and distribution of the same to Funding and the Seller; (iii) the Losses Ledger, which shall record Losses on the Mortgage Portfolio; (iv) the Funding Share/Seller Share Ledger which shall record the Funding Share, the Seller Share, the Funding Share Percentage and the Seller Share Percentage of the Trust Property; (v) the Overpayments Ledger, which will reflect each Revenue Receipt and/or Principal Receipt paid by a Borrower in excess of the amount required under the terms of the relevant Mortgage Loan (and in the case of any non-Flexible Mortgage Loan any payment which is not a Capital Payment), which shall be divided into (A) the Non-Flexible Overpayments Sub Ledger to record Overpayments on Non-Flexible Mortgage Loans and (B) the Flexible Overpayments Sub Ledger to record Overpayments on Flexible Mortgage Loans, in each case as received into and paid out of the Mortgages Trustee GIC Account from time to time; (vi) the Non-Flexible Underpayments Ledger, which shall record Underpayments on Non-Flexible Mortgage Loans from time to time; (vii) the Re-Draws Ledger, which will record Re-Draws on the Flexible Mortgage Loans and which shall be divided into (A) the Cash Re-Draws Sub Ledger to record Cash Re-Draws made in respect of Flexible Mortgage Loans and (B) the Non-Cash Re-Re- Draws Sub Ledger to record Non-Cash Re-Draws made in respect of Flexible Mortgage Loans;; and (viii) the Contributions Ledger, which will be divided into sub ledgers to record (i) the making by Funding to the Mortgages Trustee of Contributions to the Mortgages Trust pursuant to the Mortgages Trust Deed (ii) the making by the Seller to the Mortgages Trustee of Contributions to the Mortgages Trust pursuant to the Mortgages Trust Deed and the application of such Contributions in accordance with the terms of the Mortgages Trust Deed by (iii) the payment by the Mortgages Trustee to the Seller of either (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 Mortgage Sale Agreement (b) amounts of Deferred Purchase Price in accordance with the Mortgage Sale Agreement and (iv) the payment by the Mortgages Trustee to the Seller of any Initial Consideration Special Distribution in accordance with the Mortgages Trust Deed; and (ix) the Further Draws Ledger, which will record Further Draws on Personal Secured Loans from time to time. (b) The Cash Manager shall make credits and debits to the Mortgages Trustee Ledgers in the manner described in paragraphs 10, 11, 12, 13, 20, 21 and 22 of Schedule 2 hereto.

Mortgages Trustee Ledgers. (a) The Cash Manager shall open and maintain in the books of the Mortgages Trustee the following ledgers on behalf of the Mortgages Trustee: (i) the Principal Ledger, which shall separately reflect all Principal Receipts standing to the credit of each of the Mortgages Trustee GIC Account and the Mortgages Trustee Transaction Account from time to time and distribution of the same to Funding and the SellerBeneficiaries; (ii) the Revenue Ledger, which shall separately reflect all Revenue Receipts standing to the credit of each of the Mortgages Trustee GIC Account and the Mortgages Trustee Transaction Account from time to time and distribution of the same to Funding and the SellerBeneficiaries; (iii) the Losses Ledger, which shall record Losses on the Mortgage Portfolio; (iv) the Funding Share/Funding 2 Share/Seller Share Ledger which shall record the Funding Share, the Funding 2 Share, the Seller Share, the Funding Share Percentage, the Funding 2 Share Percentage and the Seller Share Percentage of the Trust Property; (v) the Overpayments Ledger, which will reflect each Revenue Receipt and/or Principal Receipt paid by a Borrower in excess of the amount required under the terms of the relevant Mortgage Loan (and in the case of any non-Flexible Mortgage Loan any payment which is not a Capital Payment), which shall be divided into (A) the Non-Flexible Overpayments Sub Ledger to record Overpayments on Non-Flexible Mortgage Loans and (B) the Flexible Overpayments Sub Ledger to record Overpayments on Flexible Mortgage Loans, in each case as received into and paid out of the Mortgages Trustee GIC Account from time to time; (vi) the Non-Flexible Underpayments Ledger, which shall record Underpayments on Non-Flexible Mortgage Loans from time to time; (vii) the Re-Draws Ledger, which will record Re-Draws on the Flexible Mortgage Loans and which shall be divided into (A) the Cash Re-Draws Sub Ledger to record Cash Re-Draws made in respect of Flexible Mortgage Loans and (B) the Non-Cash Re-Draws Sub Ledger to record Non-Cash Re-Draws made in respect of Flexible Mortgage Loans; (viii) the Contributions Ledger, which will be divided into sub ledgers to record (i) the making by Funding to the Mortgages Trustee of Contributions to the Mortgages Trust Trustee pursuant to the Mortgages Trust Deed (ii) by each of the making by Funding Beneficiaries and the Seller to the Mortgages Trustee of Contributions to the Mortgages Trust pursuant to the Mortgages Trust Deed and the application of such Contributions in accordance with the terms of the Mortgages Trust Deed by by: (iiiA) the payment by the Mortgages Trustee to the Seller of either (a1) 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 Mortgage Sale Agreement (b2) amounts of Deferred Purchase Price in accordance with the Mortgage Sale Agreement and or (iv3) amounts of any Special Distribution in accordance with the Mortgages Trust Deed; (B) the payment by the Mortgages Trustee to the Seller Funding of amounts of any Initial Consideration Special Distribution in accordance with the Mortgages Trust Deed; and (ix) the Further Draws Ledger, which will record Further Draws on Personal Secured Loans from time to time. (b) The Cash Manager shall make credits and debits to the Mortgages Trustee Ledgers in the manner described in paragraphs 10, 11, 12, 13, 20, 21 and 22 of Schedule 2 hereto.