Common use of Administration and Enforcement of Mortgages Clause in Contracts

Administration and Enforcement of Mortgages. (a) The Mortgages Trustee as trustee for the Beneficiaries hereby directs the Administrator to administer the Mortgage Loans comprised in the Mortgage Portfolio and carry out its specific obligations under this Agreement in accordance with the Administration Procedures. (b) The Administrator will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolio, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to the interests of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG Policy, provided that: (i) the Administrator shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (ii) it is acknowledged by the Beneficiaries that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator may exercise such discretion as would a reasonable and prudent mortgage lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interest of Funding in the Mortgage Portfolio is not materially prejudiced; and (iii) in any case where any of the Insurance Policies requires exact compliance with certain enforcement procedures, the Administrator shall procure the prior written consent of the relevant insurance company for any deviation by it from such enforcement procedures.

Administration and Enforcement of Mortgages. (a) The Mortgages Trustee as trustee for and the Beneficiaries hereby directs direct the Administrator Servicer to administer the Mortgage Loans comprised in the Mortgage Portfolio and carry out its specific obligations under this Agreement in accordance with the Administration ProceduresSeller's Policy. (b) The Administrator Servicer will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolio, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to the interests of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG Policy, provided that: (i) the Administrator Servicer shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (ii) it is acknowledged by the Beneficiaries that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator Servicer may exercise such discretion as would a reasonable and prudent mortgage lender Reasonable, Prudent Mortgage Lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interest of Funding 1 in the Mortgage Portfolio is not materially prejudiced; and (iii) in any case where any of the Insurance Policies requires exact compliance with certain enforcement procedures, procedures the Administrator Servicer shall procure the prior written consent of the relevant insurance company for any deviation by it from such enforcement procedures.

Administration and Enforcement of Mortgages. (a) The Mortgages Trustee as trustee for and the Beneficiaries hereby directs direct the Administrator Servicer to administer the Mortgage Loans sold by the Seller to the Mortgages Trustee comprised in the Mortgage Portfolio and carry out its specific obligations under this Agreement in accordance with the Administration ProceduresSeller's Policy. (b) The Administrator Servicer will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage sold by the Seller to the Mortgages Trustee comprised in the Mortgage Portfolio, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take with the usual procedures undertaken by a Reasonable, Prudent Mortgage Lender on behalf of the Mortgages Trustee and provided that any such action as is not materially prejudicial to the interests of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG PolicyBeneficiaries, provided thatPROVIDED THAT: (i) the Administrator Servicer shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (ii) it is acknowledged by the Beneficiaries that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator Servicer may exercise such discretion as would a reasonable and prudent mortgage lender Reasonable, Prudent Mortgage Lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that PROVIDED THAT in exercising such discretion the interest of the Funding in the Mortgage Portfolio Companies is not materially prejudiced; and (iii) in any case where any of the Insurance Policies requires exact compliance with certain enforcement procedures, the Administrator Servicer shall procure the prior written consent of the relevant insurance company for any deviation by it from such enforcement procedures.

Administration and Enforcement of Mortgages. (a) The Mortgages Trustee as trustee for and the Beneficiaries hereby directs direct the Administrator Servicer to administer the Mortgage Loans comprised in the Mortgage Portfolio and carry out its specific obligations under this Agreement in accordance with the Administration ProceduresSeller's Policy. (b) The Administrator Servicer will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolio, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to the interests of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG Policy, provided that: (i) the Administrator Servicer shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (ii) it is acknowledged by the Beneficiaries that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator Servicer may exercise such discretion as would a reasonable and prudent mortgage lender Reasonable, Prudent Mortgage Lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interest of Funding 1 and/or Funding 2 in the Mortgage Portfolio is not materially prejudiced; and (iii) in any case where any of the Insurance Policies requires exact compliance with certain enforcement procedures, procedures the Administrator Servicer shall procure the prior written consent of the relevant insurance company for any deviation by it from such enforcement procedures.

Administration and Enforcement of Mortgages. (a) The Mortgages Trustee as trustee for and the Beneficiaries hereby directs direct the Administrator Servicer to administer the Mortgage Loans comprised in the Mortgage Portfolio and carry out its specific obligations under this Agreement in accordance with the Administration ProceduresSeller’s Policy. (b) The Administrator Servicer will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolio, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to the interests of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG Policy, provided that: (i) the Administrator Servicer shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (ii) it is acknowledged by the Beneficiaries that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator Servicer may exercise such discretion as would a reasonable and prudent mortgage lender Reasonable, Prudent Mortgage Lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interest of Funding 1 in the Mortgage Portfolio is not materially prejudiced; and (iii) in any case where any of the Insurance Policies requires exact compliance with certain enforcement procedures, procedures the Administrator Servicer shall procure the prior written consent of the relevant insurance company for any deviation by it from such enforcement procedures.

Administration and Enforcement of Mortgages. (a) The Mortgages Trustee as trustee for the Beneficiaries hereby directs the Administrator Servicer to administer and service the Mortgage Loans comprised in the Mortgage Portfolio and carry out its specific obligations under this Agreement in accordance with the Administration Procedures. (b) The Administrator Servicer will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolio, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to the interests of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG Policy, provided that: (i) the Administrator Servicer shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (ii) it is acknowledged by the Beneficiaries that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator Servicer may exercise such discretion as would a reasonable and prudent mortgage lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interest of Funding and/or Funding 2 in the Mortgage Portfolio is not materially prejudiced; and (iii) in any case where any of the Insurance Policies requires exact compliance with certain enforcement procedures, the Administrator Servicer shall procure the prior written consent of the relevant insurance company for any deviation by it from such enforcement procedures.

Administration and Enforcement of Mortgages. (a) The Mortgages Trustee as trustee for and the Beneficiaries hereby directs direct the Administrator Servicer to administer the Mortgage Loans comprised in the Mortgage Portfolio and carry out its specific obligations under this Agreement in accordance with the Administration ProceduresSeller's Policy. (b) The Administrator Servicer will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolio, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to the interests of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG PolicyBeneficiaries, provided that: (i) the Administrator Servicer shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (ii) it is acknowledged by the Beneficiaries that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator Servicer may exercise such discretion as would a reasonable and reasonable, prudent mortgage lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interest of Funding in the Mortgage Portfolio is not materially prejudiced; and (iii) in any case where any of the Insurance Policies requires require exact compliance with certain enforcement procedures, procedures the Administrator Servicer shall procure the prior written consent of the relevant insurance company for any deviation by it from such enforcement procedures.

Administration and Enforcement of Mortgages. (a) The Mortgages Trustee as trustee for the Beneficiaries LLP hereby directs the Administrator Servicer to administer the Mortgage Loans and their Related Security comprised in the Mortgage Portfolio in accordance with this Agreement: (i) as if the Loans and carry out its specific obligations under this Agreement their Related Security in the Portfolio had not been sold to the LLP but remained with the Seller; and (ii) in accordance with the Administration ProceduresSeller's administration, arrears and enforcement policies and procedures forming part of the Servicer Policy from time to time as they apply to those Loans. (b) The Administrator Servicer will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolio, comply enforce the Loan or Mortgage in accordance with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to with the interests procedures that would be undertaken by a Reasonable, Prudent Mortgage Lender on behalf of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG PolicyLLP, provided that: (i) the Administrator Servicer shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (ii) it is acknowledged by the Beneficiaries LLP and the Security Trustee that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator Servicer may exercise such discretion as would a reasonable and prudent mortgage lender Reasonable, Prudent Mortgage Lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interest interests of Funding in the Mortgage Portfolio is LLP are not materially prejudiced; and (iii) in any case where any of the Insurance Policies requires exact compliance with certain enforcement procedures, the Administrator Servicer shall procure the prior written consent of the relevant insurance company for any deviation by it from such enforcement procedures.

Administration and Enforcement of Mortgages. (aA) The Mortgages Trustee as trustee for and the Beneficiaries hereby directs direct the Administrator Servicer to administer the Mortgage Loans comprised in the Mortgage Portfolio and carry out its specific obligations under this Agreement in accordance with the Administration ProceduresSeller's Policy. (bB) The Administrator Servicer will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolio, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to the interests of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG Policy, provided that: (i) the Administrator Servicer shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (ii) it is acknowledged by the Beneficiaries that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator Servicer may exercise such discretion as would a reasonable and reasonable, prudent mortgage lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interest of Funding in the Mortgage Portfolio is not materially prejudiced; and (iii) in any case where any of the Insurance Policies requires exact compliance with certain enforcement procedures, procedures the Administrator Servicer shall procure the prior written consent of the relevant insurance company for any deviation by it from such enforcement procedures.

Administration and Enforcement of Mortgages. (aA) The Mortgages Trustee as trustee for and the Beneficiaries hereby directs direct the Administrator Servicer to administer the Mortgage Loans comprised in the Mortgage Portfolio and carry out its specific obligations under this Agreement in accordance with the Administration ProceduresSeller's Policy. (bB) The Administrator Servicer will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolio, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to the interests of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG Policy, provided that: (i) the Administrator Servicer shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (ii) it is acknowledged by the Beneficiaries that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator Servicer may exercise such discretion as would a reasonable and prudent mortgage lender Reasonable, Prudent Mortgage Lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interest of Funding 1 in the Mortgage Portfolio is not materially prejudiced; and (iii) in any case where any of the Insurance Policies requires exact compliance with certain enforcement procedures, procedures the Administrator Servicer shall procure the prior written consent of the relevant insurance company for any deviation by it from such enforcement procedures.

Administration and Enforcement of Mortgages. (a) The Mortgages Trustee as trustee for and the Beneficiaries hereby directs direct the Administrator Servicer to administer the Mortgage Loans comprised in the Mortgage Portfolio and carry out its specific obligations under this Agreement in accordance with the Administration ProceduresSeller's Policy. (b) The Administrator Servicer will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolio, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to the interests of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG Policy, provided that: (i) the Administrator Servicer shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (ii) it is acknowledged by the Beneficiaries that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator Servicer may exercise such discretion as would a reasonable and reasonable, prudent mortgage lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interest of Funding in the Mortgage Portfolio is not materially prejudiced; and (iii) in any case where any of the Insurance Policies requires exact compliance with certain enforcement procedures, procedures the Administrator Servicer shall procure the prior written consent of the relevant insurance company for any deviation by it from such enforcement procedures.

Administration and Enforcement of Mortgages. (a) The Mortgages Trustee as trustee for and the Beneficiaries hereby directs direct the Administrator Servicer to administer the Mortgage Loans comprised in the Mortgage Portfolio and carry out its specific obligations under this Agreement in accordance with the Administration ProceduresSeller's Policy. (b) The Administrator Servicer will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolio, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to the interests of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG Policy, provided that:that:‌ (i) the Administrator Servicer shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (ii) it is acknowledged by the Beneficiaries that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator Servicer may exercise such discretion as would a reasonable and reasonable, prudent mortgage lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interest of Funding in the Mortgage Portfolio is not materially prejudiced; and (iii) in any case where any of the Insurance Policies requires require exact compliance with certain enforcement procedures, procedures the Administrator Servicer shall procure the prior written consent of the relevant insurance company for any deviation by it from such enforcement procedures.

Administration and Enforcement of Mortgages. (a) 10.2.1 The Mortgages Trustee as trustee for the Beneficiaries Issuer hereby directs the Administrator to administer and manage the Mortgage Loans comprised in the Mortgage Portfolio and carry out its specific obligations under this Agreement in accordance with the Administration Procedures.Seller's Policies and, in particular, but without limitation to: (a) notify relevant Borrowers of any change in their Monthly Payments; (b) provide a redemption statement upon the request of a relevant Borrower or the Borrower's solicitor or otherwise at the discretion of the Administrator; (c) notify the relevant Borrowers of any other matter or thing which the applicable Mortgage Conditions require them to be notified of in the manner and at the time required by the relevant Mortgage Conditions; (d) subject to the provisions of this Agreement, take all reasonable steps, in accordance with the usual procedures undertaken by a Prudent Mortgage Lender to recover all sums due to the Issuer including, without limitation, the institution of proceedings and/or the enforcement of the Related Security in respect of Mortgage Loans; (e) take all other action and do all other things which it would be reasonable to expect a Prudent Mortgage Lender to do in administering and managing the Mortgage Loans and the Related Security. 10.2.2 The Administrator will, in relation to any default by a any Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolioits Related Security, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to comply with the interests usual procedures undertaken by a Prudent Mortgage Lender in connection with defaults of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG Policy, a similar nature provided that: (ia) the Administrator shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (iib) it is acknowledged by the Beneficiaries Issuer that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator may exercise such discretion as would a reasonable and prudent mortgage lender Prudent Mortgage Lender in applying the Enforcement Procedures to any particular defaulting Borrower or in taking action as aforesaid, provided that in exercising such discretion the interest interests of Funding the Issuer in the Mortgage Portfolio are not materially prejudiced and, in particular but without limitation, the ability of the Issuer to claim for breach of warranty under the Mortgage Sale Agreement is not materially prejudiced; (c) it is further acknowledged by the Issuer that the Administrator will at all times, in administering the Mortgage Loans, be required to act in accordance with the requirements of the Arrears Code, the CPC (where applicable), the SME Regulations (where applicable) and the Arrears Policy which complies with the requirements of the Arrears Code; (d) it is further acknowledged by the Issuer that the Administrator will at all times, in administering the Mortgage Loans, be required to act in accordance with the requirements of the Personal Insolvency Act; and (iiie) in any case where any of the Insurance Policies requires require exact compliance with certain enforcement procedures, the Administrator shall procure the prior written consent of the relevant insurance company for any deviation by it the Administrator from such enforcement procedures. 10.2.3 The Administrator shall procure that if, upon completion of the Enforcement Procedures, an amount in excess of all sums due from the relevant Borrower under the relevant Mortgage Loan and its Related Security is recovered or received, the balance, after discharge of all sums due from that Borrower under the relevant Mortgage Loan and its Related Security, is paid to the relevant Borrower or the person or persons entitled thereto or, if such person cannot be found, is paid into court. 10.2.4 The Issuer shall, on demand, indemnify the Administrator against all costs, claims or expenses which may be incurred or suffered by the Administrator in the enforcement of any Mortgage Loan or the Issuer's and/or the Trustee's rights and remedies in relation thereto (save for any costs or claims incurred or suffered as a result of a Breach of Duty on the part of the Administrator).

Administration and Enforcement of Mortgages. (a) The Mortgages Trustee as trustee for and the Beneficiaries hereby directs direct the Administrator Servicer to administer the Mortgage Loans comprised in the Mortgage Portfolio and carry out its specific obligations under this Agreement in accordance with the Administration ProceduresSeller’s Policy. (b) The Administrator Servicer will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolio, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to the interests of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG Policy, provided that: (i) the Administrator Servicer shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (ii) it is acknowledged by the Beneficiaries that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator Servicer may exercise such discretion as would a reasonable and reasonable, prudent mortgage lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interest of Funding in the Mortgage Portfolio is not materially prejudiced; and (iii) in any case where any of the Insurance Policies requires exact compliance with certain enforcement procedures, procedures the Administrator Servicer shall procure the prior written consent of the relevant insurance company for any deviation by it from such enforcement procedures.

Administration and Enforcement of Mortgages. (a) The Mortgages Trustee as trustee for the Beneficiaries hereby directs the Administrator to administer the Mortgage Loans comprised in the Mortgage Portfolio and carry out its specific obligations under this Agreement in accordance with the Administration Procedures. (b) The Administrator will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolio, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to the interests of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG PolicyIssuer, provided that: (i) the Mortgage Administrator shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (ii) it is acknowledged by the Beneficiaries Issuer that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Mortgage Administrator may exercise such discretion as would a reasonable and prudent mortgage lender Prudent Mortgage Lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interest of Funding the Issuer in the Mortgage Portfolio is not materially prejudiced. For the avoidance of doubt, nothing in this Clause 5.2 is intended to inhibit the fair treatment of the Borrowers and in performing its obligations hereunder, the Mortgage Administrator shall have due regard to the legal and regulatory requirements relating to the fair treatment of Borrowers in default; and (iii) in any case where any of the Insurance relevant Building Policies requires require exact compliance with certain enforcement procedures, the Mortgage Administrator shall procure use all reasonable endeavours to obtain the prior written consent of the relevant insurance company for any deviation by it the Mortgage Administrator from such enforcement procedures.

Administration and Enforcement of Mortgages. (a) The Mortgages Trustee as trustee for the Beneficiaries hereby directs the Administrator to administer the Mortgage Loans comprised in the Mortgage Portfolio and carry out its specific obligations under this Agreement in accordance with the Administration Procedures. (b) The Administrator will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolio, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to the interests of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG Policy, provided that: (i) the Administrator shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (ii) it is acknowledged by the Beneficiaries that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator may exercise such discretion as would a reasonable and prudent mortgage lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interest of Funding and/or Funding 2 in the Mortgage Portfolio is not materially prejudiced; and (iii) in any case where any of the Insurance Policies requires exact compliance with certain enforcement procedures, the Administrator shall procure the prior written consent of the relevant insurance company for any deviation by it from such enforcement procedures.

Administration and Enforcement of Mortgages. (a) The Mortgages Trustee as trustee for and the Beneficiaries hereby directs direct the Administrator Servicer to administer the Mortgage Loans comprised in the Mortgage Portfolio and carry out its specific obligations under this Agreement in accordance with the Administration ProceduresSeller's Policy and having regard to the Seller's participation in the UK Government's Homeowner Mortgage Support Scheme. (b) The Administrator Servicer will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolio, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to the interests of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG Policy, provided that: (i) the Administrator Servicer shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default; (ii) it is acknowledged by the Beneficiaries that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator Servicer may exercise such discretion as would a reasonable and prudent mortgage lender Reasonable, Prudent Mortgage Lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interest of Funding 1 and/or Funding 2 in the Mortgage Portfolio is not materially prejudiced; and (iii) in any case where any of the Insurance Policies requires exact compliance with certain enforcement procedures, procedures the Administrator Servicer shall procure the prior written consent of the relevant insurance company for any deviation by it from such enforcement procedures.

Administration and Enforcement of Mortgages. (a) The Mortgages Trustee as trustee for the Beneficiaries Fund hereby directs the Administrator Servicer to administer the Mortgage Loans and their Related Security comprised in the Mortgage Portfolio as if the Loans and their Related Security had not been sold to the Fund but remained with the Seller and carry out its specific obligations under this Agreement in accordance with this Agreement and the Administration ProceduresSeller's Policy. (b) The Administrator Servicer will, in relation to any default by a Borrower under or in connection with a Mortgage Loan or a Mortgage comprised in the Mortgage Portfolio, comply with the Enforcement Procedures or, to the extent that the Enforcement Procedures are not applicable having regard to the nature of the default in question, take such action as is not materially prejudicial to with the interests procedures that would be undertaken by a Reasonable, Prudent Mortgage Lender on behalf of the Mortgages Trustee (as trustee for the Beneficiaries) and the Beneficiaries under the relevant MIG Policy, Fund provided that: (i) the Administrator Servicer shall only become obliged to comply with the Enforcement Procedures (to the extent applicable) or to take action as aforesaid after it has become aware of the default;; and (ii) it is acknowledged by the Beneficiaries Fund and the Representative that mortgage lenders generally exercise discretion in pursuing their respective enforcement procedures and that the Administrator Servicer may exercise such discretion as would a reasonable and prudent mortgage lender Reasonable, Prudent Mortgage Lender in applying the Enforcement Procedures to any particular defaulting Borrower or taking action as aforesaid, provided that in exercising such discretion the interest of Funding in the Mortgage Portfolio Fund is not materially prejudiced; and (iii) in any case where any of the Insurance Policies requires exact compliance with certain enforcement procedures, the Administrator shall procure the prior written consent of the relevant insurance company for any deviation by it from such enforcement procedures.