Authority to agree Product Switches Sample Clauses

Authority to agree Product Switches. (a) Prior to the earlier of (a) the Step-Up Date, (b) the occurrence of an Insolvency Event in respect of the Originator and (c) the occurrence and continuation of an Event of Default and subject to the provisions of the applicable Mortgage Conditions, applicable law and regulations and any Regulatory Direction binding on the Mortgage Administrator or the Issuer from time to time and subject further to the following provisions of this Clause 7 (Product Switches), the Mortgage Administrator shall have full right, liberty and authority from time to time, at the request of a Borrower, to vary certain of the financial terms and conditions of any Mortgage Loan from time to time including: (i) to amend the principal repayment on a Mortgage Loan; (ii) to amend the interest rate basis from fixed to floating rate and vice versa; (iii) to amend the Mortgage Conditions applicable to a Mortgage Loan so that they are replaced with the Mortgage Conditions applicable to any different type of mortgage product offered by the Originator (other than a buy-to-let mortgage product); and (iv) to make adjustments to the Related Security from time to time. (b) In exercising such right, liberty and authority the Mortgage Administrator will act as a Prudent Mortgage Lender and the consent of the Issuer need not be obtained except where any variations are not in accordance with the practices of a Prudent Mortgage Lender acting reasonably or where the variations are, in the opinion of the Mortgage Administrator, not in the best interests of the Issuer. (c) Subject to Clause 7.3 below, in exercising such right, liberty and authority the Mortgage Administrator undertakes to each of the other parties to this Deed that it shall ensure that, subsequent to any Product Switch made in respect of any Mortgage Loan, any Converted Loan and the Mortgage Portfolio will continue to comply in all respects with the Product Switch Conditions and that, as a result of such Product Switch, the Converted Loan would not breach any Originator Asset Warranties were such warranties to be made on the date of the Product Switch. (d) For the avoidance of doubt, any changes, where made by the Mortgage Administrator in accordance with the practice of a Prudent Mortgage Lender and where the Mortgage Administrator considers that such changes would be in the best interests of the Originator Trust Beneficiaries, do not result in a Product Switch if such changes relate to: (i) an addition or release of a party to the ...
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Related to Authority to agree Product Switches

  • Third-Party Applications Oracle or third party providers may offer Third Party Applications. Except as expressly set forth in the Estimate/Order Form, Oracle does not warrant any such Third Party Applications, regardless of whether or not such Third Party Applications are provided by a third party that is a member of an Oracle partner program or otherwise designated by Oracle as “Built For NetSuite,” "certified," "approved" or “recommended.” Any procurement by Customer of such Third Party Applications or services is solely between Customer and the applicable third party provider. Customer may not use Third Party Applications to enter and/or submit transactions to be processed and/or stored in the Cloud Service, unless Customer has procured the applicable subscription to the Cloud Service for such use and access.

  • Product Changes Vocera shall have the right, in its absolute discretion, without liability to End User, to update to provide new functionality or otherwise change the design of any Product or to discontinue the manufacture or sale of any Product. Vocera shall notify End User at least 90 days prior to the delivery of any Product which incorporates a change that adversely affects form, fit or function (“Material Change”). Vocera shall also notify End User at least 90 days prior to the discontinuance of manufacture of any Product. Notification will be made as soon as reasonably practical for changes associated with regulatory or health and safety issues.

  • Product ACCEPTANCE Unless otherwise provided by mutual agreement of the Authorized User and the Contractor, Authorized User(s) shall have thirty (30) days from the date of delivery to accept hardware products and sixty (60) days from the date of delivery to accept all other Product. Where the Contractor is responsible for installation, acceptance shall be from completion of installation. Failure to provide notice of acceptance or rejection or a deficiency statement to the Contractor by the end of the period provided for under this clause constitutes acceptance by the Authorized User(s) as of the expiration of that period. The License Term shall be extended by the time periods allowed for trial use, testing and acceptance unless the Commissioner or Authorized User agrees to accept the Product at completion of trial use. Unless otherwise provided by mutual agreement of the Authorized User and the Contractor, Authorized User shall have the option to run testing on the Product prior to acceptance, such tests and data sets to be specified by User. Where using its own data or tests, Authorized User must have the tests or representative set of data available upon delivery. This demonstration will take the form of a documented installation test, capable of observation by the Authorized User, and shall be made part of the Contractor’s standard documentation. The test data shall remain accessible to the Authorized User after completion of the test. In the event that the documented installation test cannot be completed successfully within the specified acceptance period, and the Contractor or Product is responsible for the delay, Authorized User shall have the option to cancel the order in whole or in part, or to extend the testing period for an additional thirty (30) day increment. Authorized User shall notify Contractor of acceptance upon successful completion of the documented installation test. Such cancellation shall not give rise to any cause of action against the Authorized User for damages, loss of profits, expenses, or other remuneration of any kind. If the Authorized User elects to provide a deficiency statement specifying how the Product fails to meet the specifications within the testing period, Contractor shall have thirty (30) days to correct the deficiency, and the Authorized User shall have an additional sixty (60) days to evaluate the Product as provided herein. If the Product does not meet the specifications at the end of the extended testing period, Authorized User, upon prior written notice to Contractor, may then reject the Product and return all defective Product to Contractor, and Contractor shall refund any monies paid by the Authorized User to Contractor therefor. Costs and liabilities associated with a failure of the Product to perform in accordance with the functionality tests or product specifications during the acceptance period shall be borne fully by Contractor to the extent that said costs or liabilities shall not have been caused by negligent or willful acts or omissions of the Authorized User’s agents or employees. Said costs shall be limited to the amounts set forth in the Limitation of Liability Clause for any liability for costs incurred at the direction or recommendation of Contractor.

  • New Products You agree to comply with NASD Notice to Members 5-26 recommending best practices for reviewing new products.

  • Provisional Application Upon signature of this Compact, and until this Compact has entered into force in accordance with Section 7.3, the Parties will provisionally apply the terms of this Compact; provided that, no MCC Funding, other than Compact Implementation Funding, will be made available or disbursed before this Compact enters into force.

  • Product Labeling The labeling of all Licensed Products sold or offered for sale under this Agreement shall expressly state that the Licensed Product is manufactured under a license from the Medicines Patent Pool.

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