Common use of Collection of Payments Clause in Contracts

Collection of Payments. (a) For the purposes of collecting amounts due from any Borrower under a Mortgage Loan, where such Borrower makes a Monthly Payment by way of Direct Debit the Administrator will, unless otherwise agreed in writing with the Beneficiaries: (i) act as collecting agent for the Beneficiaries under the Direct Debiting Scheme; (ii) comply with the obligations on its part set out in the Bank Account Agreement including, without limitation, the specific provisions relating to the collection of monies set out in Clause 4 of the Bank Account Agreement; (iii) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme; and; (iv) using its reasonable endeavours, credit any Monthly Payment made by a Borrower by way of Direct Debit to the relevant Collection Account within one (1) London Business Day of receipt (and in any event within three (3) London Business Days of such receipt) into the relevant Collection Account. (b) The Administrator may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided that (i) alternative payment arrangements are made which are intended to ensure the timely making of Monthly Payments due from the Borrower to the Mortgages Trustee, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Administrator in accordance with the procedures which would be adopted by a reasonable and prudent mortgage lender. The Administrator shall, using its reasonable endeavours, credit Monthly Payments made by a Borrower under an alternative payment arrangement as follows to the relevant Collection Account: (i) by standing order, by close of business on the second (2nd) London Business Day following the day on which such amount is received or credited by the Administrator; (ii) by payment of cash, transfer payment from another account of the Seller or check where reference to the relevant Borrower is provided or payments made by way of paying-in book, by close of business on the London Business Day which immediately follows the day on which such amount is received or credited by the Administrator; and (iii) in the case of any payment by check where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Operating Banks of the identity of the Borrower; (c) provided however, that in any event the Administrator shall credit Monthly Payments made by a Borrower under an alternative payment arrangement within three (3) London Business Days of such receipt. (d) The Administrator may, notwithstanding the proviso to Clause 5.2(b) herein, agree such procedures for the payment by a Borrower of (i) overdue amounts and (ii) amounts payable on redemption of a Mortgage in whole or in part other than through the Direct Debiting Scheme as would be agreed by a reasonable and prudent mortgage lender.

Collection of Payments. (a) For the purposes of collecting amounts due from any Borrower under in respect of a Mortgage Loan, where such Borrower makes a Monthly Payment by way of Direct Debit Debit, Northern Rock (whether or not it is the Administrator Servicer) will, unless otherwise agreed in writing with the Beneficiaries: (i) act as collecting agent for the Mortgages Trustee and for the Beneficiaries under the Direct Debiting Scheme; (ii) comply with the obligations on its part set out in the Bank Account Agreement including, without limitation, the specific provisions relating to the collection of monies set out in Clause 4 of the Bank Account Agreement; (iii) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme; and; (iv) using its reasonable endeavours, credit any Monthly Payment made by a Borrower by way of Direct Debit to the relevant Collection Account within one (1) London Business Day of receipt (and in any event within three (3) London Business Days of such receipt) into the relevant Collection Account. (b) The Administrator Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided that (i) alternative payment arrangements are made which are intended to ensure the timely making of Monthly Payments due from the Borrower to the Mortgages Trustee, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Administrator Servicer in accordance with the procedures which would be adopted by a reasonable and prudent mortgage lender. The Administrator Northern Rock (whether or not it is the Servicer) shall, using its reasonable endeavours, credit Monthly Payments made by a Borrower under an alternative payment arrangement as follows to the relevant Collection Account: (i) by standing order, by close of business on the second (2nd) London Business Day following the day on which such amount is received or credited by the Administratorit; (ii) by payment of cash, transfer payment from another account of the Seller or check where reference to the relevant Borrower is provided or payments made by way of paying-in book, by close of business on the London Business Day which immediately follows the day on which such amount is received or credited by the Administratorit; and (iii) in the case of any payment by check where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Operating Banks to it of the identity of the Borrower; (c) , provided however, that in any event the Administrator Northern Rock shall credit Monthly Payments made by a Borrower under an alternative payment arrangement within three (3) London Business Days of such receipt. (dc) The Administrator Servicer may, notwithstanding the proviso to in Clause 5.2(b) herein, agree such procedures for the payment by a Borrower of (i) overdue amounts and (ii) amounts payable on redemption of a Mortgage in whole or in part other than through the Direct Debiting Scheme as would be agreed by a reasonable and prudent mortgage lender.

Collection of Payments. (a) 4.1 For the purposes of collecting amounts due from any Borrower under a Mortgage Loan, where such Borrower makes a Monthly Payment payment by way of Direct Debit the Administrator will, will unless otherwise agreed in writing with the Beneficiaries: (ia) act as collecting agent for the Beneficiaries Mortgages Trustee under the Direct Debiting Scheme; (ii) comply with the obligations on its part set out in the Bank Account Agreement including, without limitation, the specific provisions relating to the collection of monies set out in Clause 4 of the Bank Account Agreement; (iiib) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme; and; (ivc) using its reasonable endeavoursbest efforts, credit any Monthly Payment payment made by a Borrower by way of Direct Debit to the relevant Collection Account within one (1) London Business Day of receipt (and in any event within three (3) London Business Days of such receipt) into the relevant Collection Account. (b) 4.2 The Administrator may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments payments to be made by such Borrower, provided that (ia) alternative payment arrangements are made which are intended to ensure the timely making of Monthly Payments payments due from the Borrower to the Mortgages Trustee, and (iib) the change in arrangements was made at the instigation of the Borrower or by the Administrator in accordance with the procedures which would be adopted by a reasonable and prudent residential mortgage lenderlender acting reasonably. The Administrator shall, using its reasonable endeavoursbest efforts, credit Monthly Payments payments made by a Borrower under an alternative payment arrangement as follows to the relevant Collection Account: (ia) by standing order, by close of business on the second (2nd) London Business Day immediately following the day on which such amount is received by, or credited by to the AdministratorAdministrator in cleared funds; (iib) by payment of cash, transfer payment from another account of the Seller Borrower held with the Seller, debit card or check cheque where reference to the relevant Borrower is provided or payments made by way of paying-in bookprovided, by close of business on the London Business Day which immediately follows the day on which such amount is received by, or credited by to the AdministratorAdministrator in cleared funds; and (iiic) in the case of any payment by check cheque where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Operating Banks of the identity of the Borrower; (c) , provided however, that in any event the Administrator shall credit Monthly Payments payments made by a Borrower under an alternative payment arrangement within one Business Day of such receipt, save in circumstances where the relevant payments are not available in cleared funds within the time limit in which case the Administrator shall credit such payments within one Business Day of such payments being available in cleared funds. 4.3 The Mortgages Trustee and the Seller hereby authorise the Administrator, as agent of the Mortgages Trustee and the Seller respectively, to give instructions to the Collection Bank in respect of the Collection Account. 4.4 The Seller further authorises the Administrator, as agent of the Seller, to give instructions to each bank or institution in respect of the bank accounts held in the name of Clydesdale with such bank or institution into which payments received from Borrowers under the Mortgage Loans in the Mortgage Loan Portfolio are credited from time to time. 4.5 The Seller confirms that it has given the Collection Account Mandate to the Collection Account Bank and irrevocably agrees, with the consent of the Mortgages Trustee, that the Administrator may give instructions to the Collection Bank and operate the Collection Account on behalf of the Seller as contemplated by this Deed. 4.6 The Administrator, using its best efforts, agrees with the Mortgages Trustee to instruct the Collection Bank on each Business Day to transfer from the Collection Account to either of the Mortgages Trustee Transaction Accounts and/or the VM Mortgages Trustee Account, all amounts received credited to the Collection Account in respect of the Mortgage Loans during the previous Business Day, and in any event the Administrator shall procure that such amounts are transferred from the Collection Account to either of the Mortgages Trustee Transaction Accounts within three (3) London Business Days of such receiptamounts being credited to the Collection Account. (d) 4.7 The Administrator may, notwithstanding the proviso to Clause 5.2(b) herein4.2 above, agree such procedures for the payment by a Borrower of (ia) overdue amounts and (iib) amounts payable on redemption of a Mortgage Loan in whole or in part other than through the Direct Debiting Scheme as would be agreed by a reasonable and prudent residential mortgage lenderlender acting reasonably.

Collection of Payments. (a) For the purposes of collecting amounts due from any Borrower under a Mortgage Loan, where such Borrower makes a Monthly Payment by way of Direct Debit the Administrator will, unless otherwise agreed in writing with the Beneficiaries: (i) act as collecting agent for the Beneficiaries under the Direct Debiting Scheme; (ii) comply with the obligations on its part set out in the Bank Account Agreement including, without limitation, the specific provisions relating to the collection of monies set out in Clause 4 of the Bank Account Agreement; (iii) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme; and; (iv) using its reasonable endeavours, credit any Monthly Payment made by a Borrower by way of Direct Debit to the relevant Collection Account within one (1) London Business Day of receipt (and in any event within three (3) London Business Days of such receipt) into the relevant Collection Account. (b) The Administrator may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided that (i) alternative payment arrangements are made which are intended to ensure the timely making of Monthly Payments due from the Borrower to the Mortgages Trustee, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Administrator in accordance with the procedures which would be adopted by a reasonable and prudent mortgage lender. The Administrator shall, using its reasonable endeavours, credit Monthly Payments made by a Borrower under an alternative payment arrangement as follows to the relevant Collection Account: (i) by standing order, by close of business on the second (2nd) London Business Day following the day on which such amount is received or credited by the Administrator; (ii) by payment of cash, transfer payment from another account of the Seller or check where reference to the relevant Borrower is provided or payments made by way of paying-in book, by close of business on the London Business Day which immediately follows the day on which such amount is received or credited by the Administrator; and (iii) in the case of any payment by check where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Operating Banks of the identity of the Borrower; (c) provided however, that in any event the Administrator shall credit Monthly Payments made by a Borrower under an alternative payment arrangement within three (3) London Business Days of such receipt. (d) The Administrator may, notwithstanding the proviso to Clause 5.2(b) herein, agree such procedures for the payment by a Borrower of (i) overdue amounts and (ii) amounts payable on redemption of a Mortgage in whole or in part other than through the Direct Debiting Scheme as would be agreed by a reasonable and prudent mortgage lender.

Collection of Payments. (a) For the purposes of collecting amounts due from any Borrower under a Mortgage Loan, where such Borrower makes a Monthly Payment by way of Direct Debit the Administrator will, unless otherwise agreed in writing with the Beneficiaries: (i) act as collecting agent for the Beneficiaries under the Direct Debiting Scheme; (ii) comply with the obligations on its part set out in the Bank Account Agreement including, without limitation, the specific provisions relating to the collection of monies set out in Clause 4 of the Bank Account Agreement; (iii) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme; and; (iv) using its reasonable endeavours, credit any Monthly Payment made by a Borrower by way of Direct Debit to the relevant Collection Account within one (1) London Business Day of receipt (and in any event within three (3) London Business Days of such receipt) into the relevant Collection Account. (b) The Administrator may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided that (i) alternative payment arrangements are made which are intended to ensure the timely making of Monthly Payments due from the Borrower to the Mortgages Trustee, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Administrator in accordance with the procedures which would be adopted by a reasonable and prudent mortgage lender. The Administrator shall, using its reasonable endeavours, credit Monthly Payments made by a Borrower under an alternative payment arrangement as follows to the relevant Collection Account: (i) by standing order, by close of business on the second (2nd) London Business Day following the day on which such amount is received or credited by the Administrator; (ii) by payment of cash, transfer payment from another account of the Seller or check where reference to the relevant Borrower is provided or payments made by way of paying-in book, by close of business on the London Business Day which immediately follows the day on which such amount is received or credited by the Administrator; and (iii) in the case of any payment by check where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Operating Banks of the identity of the Borrower; (c) provided however, that in any event the Administrator shall credit Monthly Payments made by a Borrower under an alternative payment arrangement within three (3) London Business Days of such receipt. (d) The Administrator may, notwithstanding the proviso to Clause 5.2(b) herein, agree such procedures for the payment by a Borrower of (i) overdue amounts and (ii) amounts payable on redemption of a Mortgage in whole or in part other than through the Direct Debiting Scheme as would be agreed by a reasonable and prudent mortgage lender.prudent

Collection of Payments. (a) For the purposes of collecting amounts due from any Borrower under a Mortgage Loan, where such Borrower makes a Monthly Payment by way of Direct Debit the Administrator will, unless otherwise agreed in writing with the Beneficiaries: (i) act as collecting agent for the Beneficiaries under the Direct Debiting Scheme; (ii) comply with the obligations on its part set out in the Bank Account Agreement including, without limitation, the specific provisions relating to the collection of monies set out in Clause 4 of the Bank Account Agreement; (iii) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme; and; (iv) using its reasonable endeavours, credit any Monthly Payment made by a Borrower by way of Direct Debit to the relevant Collection Account within one (1) London Business Day of receipt (and in any event within three (3) London Business Days of such receipt) into the relevant Collection Account. (b) The Administrator may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided that (i) alternative payment arrangements are made which are intended to ensure the timely making of Monthly Payments due from the Borrower to the Mortgages Trustee, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Administrator in accordance with the procedures which would be adopted by a reasonable and prudent mortgage lender. The Administrator shall, using its reasonable endeavours, credit Monthly Payments made by a Borrower under an alternative payment arrangement as follows to the relevant Collection Account: (i) by standing order, by close of business on the second (2nd) London Business Day following the day on which such amount is received or credited by the Administrator; (ii) by payment of cash, transfer payment from another account of the Seller or check where reference to the relevant Borrower is provided or payments made by way of paying-in book, by close of business on the London Business Day which immediately follows the day on which such amount is received or credited by the Administrator; and (iii) in the case of any payment by check where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Operating Banks of the identity of the Borrower; (c) , provided however, that in any event the Administrator shall credit Monthly Payments made by a Borrower under an alternative payment arrangement within three (3) London Business Days of such receipt. (dc) The Administrator may, notwithstanding the proviso to in Clause 5.2(b) herein, agree such procedures for the payment by a Borrower of (i) overdue amounts and (ii) amounts payable on redemption of a Mortgage in whole or in part other than through the Direct Debiting Scheme as would be agreed by a reasonable and prudent mortgage lender.

Collection of Payments. (a) For the purposes of collecting amounts due from any Borrower under a Mortgage Loan, where such Borrower makes a Monthly Payment by way of Direct Debit the Administrator will, unless otherwise agreed in writing with the Beneficiaries: (i) act as collecting agent for the Beneficiaries under the Direct Debiting Scheme; (ii) comply with the obligations on its part set out in the Bank Account Agreement including, without limitation, the specific provisions relating to the collection of monies set out in Clause 4 of the Bank Account Agreement; (iii) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme; and; (iv) using its reasonable endeavours, credit any Monthly Payment made by a Borrower by way of Direct Debit to the relevant Collection Account within one (1) London Business Day of receipt (and in any event within three (3) London Business Days of such receipt) into the relevant Collection Account. (b) The Administrator may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided that (i) alternative payment arrangements are made which are intended to ensure the timely making of Monthly Payments due from the Borrower to the Mortgages Trustee, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Administrator in accordance with the procedures which would be adopted by a reasonable and prudent mortgage lender. The Administrator shall, using its reasonable endeavours, credit Monthly Payments made by a Borrower under an alternative payment arrangement as follows to the relevant Collection Account: (i) by standing order, by close of business on the second (2nd) London Business Day following the day on which such amount is received or credited by the Administrator; (ii) by payment of cash, transfer payment from another account of the Seller or check where reference to the relevant Borrower is provided or payments made by way of paying-in book, by close of business on the London Business Day which immediately follows the day on which such amount is received or credited by the Administrator; and (iii) in the case of any payment by check where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Operating Banks of the identity of the Borrower; (c) provided however, that in any event the Administrator shall credit Monthly Payments made by a Borrower under an alternative payment arrangement within three (3) London Business Days of such receipt. (d) The Administrator may, notwithstanding the proviso to Clause 5.2(b) herein, agree such procedures for the payment by a Borrower of (i) overdue amounts and (ii) amounts payable on redemption of a Mortgage in whole or in part other than through the Direct Debiting Scheme as would be agreed by a reasonable and prudent mortgage lender.mortgage