Common use of Electronic Ledger Clause in Contracts

Electronic Ledger. The electronic master record of home equity loan ----------------- accounts maintained by the Master Servicer. Eligible Account: Either (i) an account (or accounts) that is maintained ---------------- with a depository institution or trust company organized under the laws of the United States of America or any one of the states thereof, the long term unsecured debt obligations of which are rated by each Rating Agency BBB- by S&P and A2 by Moody's and the short term unsecured debt obligations of which are rated not lower than A-1 by S&P and P-1 by Moody's (or such other categories as will not result in the rating of the Certificates being reduced below the rating on the Closing Date or the shadow rating assigned by the Rating Agencies and as to which the Rating Agencies and the Insurer may otherwise agree in writing), or (ii) to the extent approved by the Rating Agencies and the Insurer, an account or accounts the deposits in which are fully insured by the FDIC and such deposits are not in excess of the insured amount, or (iii) an account or accounts in a depository institution in which such accounts are partially insured by the FDIC (to the limits established by the FDIC), the uninsured deposits in which accounts are otherwise secured such that, as evidenced by an Opinion of Counsel delivered to, and acceptable to, the Trustee, the Insurer and the Rating Agencies, the Trustee on behalf of the Certificateholders has a claim with respect to the funds in such account or a first priority perfected security interest against any collateral (which shall be limited to Eligible Investments) securing such funds that is superior to claims of any other depositors or creditors of the depository institution or trust company with which such account is maintained and which would be enforceable notwithstanding a conservatorship or receivership of such depository institution or trust company, or (iv) a fully segregated trust account or -accounts maintained with the trust department of a federal or state chartered depository institution or trust company acting in its fiduciary capacity in each case, including the Trustee.