Overpayments Ledger Sample Clauses
The Overpayments Ledger clause establishes a record-keeping mechanism for tracking any payments made in excess of the amounts due under an agreement. In practice, this clause requires the party receiving payments to maintain a detailed ledger that logs all overpayments, including the date, amount, and relevant transaction details. This ensures that any excess funds are properly documented and can be promptly identified for refund or credit, thereby preventing disputes and ensuring financial transparency between the parties.
Overpayments Ledger. The Cash Manager shall ensure that:
(a) with respect to the Non-Flexible Mortgage Loans:
(i) there shall be credited to the Non-Flexible Overpayments Sub Ledger all Overpayments (not being Capital Payments) made on Non-Flexible Mortgage Loans; and
(ii) there shall be debited from the Non-Flexible Overpayments Sub Ledger:
(A) all underpayments made by any Borrower on Non-Flexible Mortgage Loans which do not exceed the amount of the Overpayment previously made by such Borrower in the same calendar year; and
(B) on the first Trust Determination Date of each calendar year, all outstanding credits made to the Non-Flexible Overpayments Sub Ledger during the previous calendar year; and
(b) all Overpayments on the Flexible Mortgage Loans are recorded in the Flexible Overpayments Sub Ledger.