Common use of Asset Conditions Clause in Contracts

Asset Conditions. (a) Without prejudice to any subsequent determination of a breach of Asset Conditions (which includes a breach of Loan Warranty), the Servicer shall test the compliance with the Asset Conditions (including the Loan Warranties) applicable to Further Advances, Product Switches and Underpayment Options (where such Underpayment Option is a Tested Underpayment Option) on the Monthly Test Date immediately following the Monthly Period in which the Further Advance, Product Switch or Underpayment Option (where such Underpayment Option is a Tested Underpayment Option) occurred, by reference to the circumstances existing as at the last day of the Monthly Period in which such Further Advance, Product Switch or Underpayment Option occurred and shall notify the Seller in writing of any breach of such Asset Conditions within five (5) Business Days of the relevant Monthly Test Date.

Asset Conditions. (a) Without prejudice to any subsequent determination of a breach of Asset Conditions (which includes a breach of Loan Warranty), the Servicer shall test the compliance with the Asset Conditions (including the Loan Warranties) applicable to Further Advances, Product Switches and Underpayment Options (where such Underpayment Option is a Tested Underpayment Option) on the Monthly Test Date immediately following the Monthly Period in which the Further Advance, Product Switch or Underpayment Option (where such Underpayment Option is a Tested Underpayment Option) occurred, by reference to the circumstances existing as at the last day of the Monthly Period in which such Further Advance, Product Switch or Underpayment Option occurred oc curred and shall notify the Seller in writing of any breach of such Asset Conditions within five (5) Business Busines s Days of the relevant Monthly Test Date.