Common use of Active Portfolio Management Clause in Contracts

Active Portfolio Management. Based on the Seller's, the Servicer's and the Issuer's understanding of the spirit of article 20(7) of the UK Securitisation Regulation and the EBA STS Guidelines applicable to Non- ABCP Securitisations (insofar as they remain relevant in the UK in accordance with the FCA's guidance with respect to its approach to non-legislative material published by the EU), the Seller, the Servicer and the Issuer agree not to undertake active portfolio management of the Purchased Receivables included in the Portfolio on a discretionary basis.

Active Portfolio Management. Based on the Seller's, the Servicer's and the Issuer's understanding of the spirit of article Article 20(7) of the UK Securitisation Regulation and the EBA STS Guidelines applicable to Non- ABCP Securitisations (insofar as they remain relevant in the UK in accordance with the FCA's guidance with respect to its approach to non-legislative material published by the EU), the Seller, the Servicer and the Issuer agree not to undertake active portfolio management of the Purchased Receivables included in the Portfolio portfolio on a discretionary basis.

Active Portfolio Management. Based on the Seller's, the Servicer's and the Issuer's understanding of the spirit of article 20(7) of the UK Securitisation Regulation and the EBA STS Guidelines applicable to Non- Non-ABCP Securitisations (insofar as they remain relevant in the UK in accordance with the FCA's guidance with respect to its approach to non-non- legislative material published by the EU), the Seller, the Servicer and the Issuer agree not to undertake active portfolio management of the Purchased Receivables included in the Portfolio on a discretionary basis.

Active Portfolio Management. Based on the Seller's, the Servicer's and the Issuer's understanding of the spirit of article Article 20(7) of the UK Securitisation Regulation and the EBA STS Guidelines applicable to Non- ABCP Securitisations (insofar as they remain relevant in the UK in accordance with the FCA's guidance with respect to its approach to non-legislative material published by the EU), the Seller, the Servicer and the Issuer agree not to undertake active portfolio management of the Purchased Receivables included in the Portfolio on a discretionary basis.

Active Portfolio Management. Based on the Seller's, the ServicerXxxxxxxx's and the Issuer's understanding of the spirit of article Article 20(7) of the UK Securitisation Regulation and the EBA STS Guidelines applicable to Non- Non-ABCP Securitisations (insofar as they remain relevant in the UK in accordance with the FCA's guidance with respect to its approach to non-legislative material published by the EU)Securitisations, the Seller, the Servicer and the Issuer agree not to undertake active portfolio management of the Purchased Receivables included in the Portfolio on a discretionary basis.

Active Portfolio Management. Based on the Seller's, the Servicer's and the Issuer's understanding of the spirit of article 20(7) of the UK Securitisation Regulation and the EBA STS Guidelines applicable to Non- Non-ABCP Securitisations (insofar as they remain relevant in the UK in accordance with the FCA's guidance with respect to its approach to non-legislative material published by the EU)Securitisations, the Seller, the Servicer and the Issuer agree not to undertake active portfolio management of the Purchased Receivables included in the Portfolio on a discretionary basis.