Common use of Determination of Interest Rates Clause in Contracts

Determination of Interest Rates. Subject to the provisions of applicable law and regulations and any regulatory undertakings binding on the Administrator or the Issuer from time to time and subject to the following provisions of this Clause 4, the Mortgages Trustee and each of the Beneficiaries each hereby grants the Administrator full right, liberty and authority from time to time to determine: (a) in accordance with the applicable Mortgage Conditions, Mortgage Terms and the Base Rate Pledge, the Standard Variable Rate and any other discretionary rates and margins applicable to the Mortgage Loans chargeable to Borrowers from time to time; and (b) the Existing Borrowers' Re-Fix Rate in accordance with Clause 4.4 herein. In exercising such right, liberty and authority the Administrator undertakes to each of the other parties to this Agreement that it shall not at any time set or maintain the Standard Variable Rate and any other discretionary rates and margins applicable to the Mortgage Loans at rates which are higher than the then prevailing equivalent rates offered by the Seller, unless the Administrator is required to do so pursuant to Clause 4.3 herein, and, subject to that requirement, that it shall not change the Standard Variable Rate and any other discretionary rates and margins applicable to the Mortgage Loans save for the same reasons as the Seller was entitled, under the Mortgage Conditions, to change the then prevailing equivalent rates offered by the Seller prior to the sale and assignment to the Mortgages Trustee of the Mortgage Loans comprised in the Mortgage Portfolio and their Related Security. Each of the Issuer and the Security Trustee shall be bound by any Mortgage Rates (including the Existing Borrowers' Re-Fix Rate) determined by the Administrator in accordance with this Clause 4.

Determination of Interest Rates. Subject to the provisions of applicable law and regulations and any regulatory undertakings binding on the Administrator or the Issuer from time to time and subject to the following provisions of this Clause 4, the Mortgages Trustee and each of the Beneficiaries each hereby grants the Administrator full right, liberty and authority from time to time to determine: (a) in accordance with the applicable Mortgage Conditions, Mortgage Terms and the Base Rate Pledge, the Standard Variable Rate and any other discretionary rates and margins applicable to the Mortgage Loans chargeable to Borrowers from time to time; and (b) the Existing Borrowers' Re-Fix Rate in accordance with Clause 4.4 herein. In exercising such right, liberty and authority the Administrator undertakes to each of the other parties to this Agreement that it shall not at any time set or maintain the Standard Variable Rate and any other discretionary rates and margins applicable to the Mortgage Loans at rates which are higher than the then prevailing equivalent rates offered by the Seller, unless the Administrator is required to do so pursuant to Clause 4.3 herein, and, subject to that requirement, that it shall not change the Standard Variable Rate and any other discretionary rates and margins applicable to the Mortgage Loans save for the same reasons as the Seller was entitled, under the Mortgage Conditions, to change the then prevailing equivalent rates offered by the Seller prior to the sale and assignment to the Mortgages Trustee of the Mortgage Loans comprised in the Mortgage Portfolio and their Related Security. Each of the Issuer and the Security Trustee shall be bound by any Mortgage Rates (including the Existing Borrowers' Re-Fix Rate) determined by the Administrator in accordance with this Clause 4.

Determination of Interest Rates. Subject to the provisions of applicable law law, regulations and regulations rules and any regulatory undertakings binding on the Administrator Servicer or the Issuer from time to time and subject to the following provisions of this Clause 4, the Mortgages Trustee and each of the Beneficiaries each hereby grants the Administrator Servicer full right, liberty and authority from time to time to determine: (a) in accordance with the applicable Mortgage Conditions, Mortgage Terms and the Base Rate Pledge, the Standard Variable Rate and any other discretionary rates and margins applicable to the Mortgage Loans chargeable to Borrowers from time to time; and (b) the Existing Borrowers' Re-Fix Rate in accordance with Clause 4.4 (Existing Borrowers' Re-Fix Rate) herein. In exercising such right, liberty and authority the Administrator Servicer undertakes to each of the other parties to this Agreement that it shall not at any time set or maintain the Standard Variable Rate and any other discretionary rates and margins applicable to the Mortgage Loans at rates which are higher than the then prevailing equivalent rates offered by the Seller, unless the Administrator Servicer is required to do so pursuant to Clause 4.3 (Interest Rate Shortfall) herein, and, subject to that requirement, that it shall not change the Standard Variable Rate and any other discretionary rates and margins applicable to the Mortgage Loans save for the same reasons as the Seller was entitled, under the Mortgage Conditions, to change the then prevailing equivalent rates offered by the Seller prior to the sale and assignment to the Mortgages Trustee of the Mortgage Loans comprised in the Mortgage Portfolio and their Related Security. Each of the Issuer Issuer, Funding Beneficiary and the Funding Security Trustee shall be bound by any Mortgage Rates (including the Existing Borrowers' Re-Fix Rate) determined by the Administrator Servicer in accordance with this Clause 4.

Determination of Interest Rates. Subject to the provisions of applicable law and regulations and any regulatory undertakings binding on the Administrator or the Issuer from time to time and subject to the following provisions of this Clause 4, the Mortgages Trustee and each of the Beneficiaries each hereby grants the Administrator full right, liberty and authority from time to time to determine: (a) in accordance with the applicable Mortgage Conditions, Mortgage Terms and the Base Rate Pledge, the Standard Variable Rate and any other discretionary rates and margins applicable to the Mortgage Loans chargeable to Borrowers from time to time; and (b) the Existing Borrowers' Re-Fix Rate in accordance with Clause 4.4 herein. In exercising such right, liberty and authority the Administrator undertakes to each of the other parties to this Agreement that it shall not at any time set or maintain the Standard Variable Rate and any other discretionary rates and margins applicable to the Mortgage Loans at rates a rate which are is higher than the then prevailing equivalent rates Standard Variable Rate offered by the Seller, unless the Administrator is required to do so pursuant to Clause 4.3 herein, and, subject to that requirement, that it shall not change the Standard Variable Rate and any other discretionary rates and margins applicable to the Mortgage Loans save for the same reasons as the Seller was entitled, under the Mortgage Conditions, to change the then prevailing equivalent rates Standard Variable Rate offered by the Seller prior to the sale and assignment to the Mortgages Trustee of the Mortgage Loans comprised in the Mortgage Portfolio and their Related Security. Each of the Issuer and the Security Trustee shall be bound by any Mortgage Rates (including the Existing Borrowers' Re-Fix Rate) determined by the Administrator in accordance with this Clause 4.

Determination of Interest Rates. Subject to the provisions of applicable law law, regulations and regulations rules and any regulatory undertakings binding on the Administrator or the Issuer from time to time and subject to the following provisions of this Clause 4, the Mortgages Trustee and each of the Beneficiaries each hereby grants the Administrator full right, liberty and authority from time to time to determine: (a) in accordance with the applicable Mortgage Conditions, Mortgage Terms and the Base Rate Pledge, the Standard Variable Rate and any other discretionary rates and margins applicable to the Mortgage Loans chargeable to Borrowers from time to time; and (b) the Existing Borrowers' Re-Fix Rate in accordance with Clause 4.4 (Existing Borrowers' Re-Fix Rate) herein. In exercising such right, liberty and authority the Administrator undertakes to each of the other parties to this Agreement that it shall not at any time set or maintain the Standard Variable Rate and any other discretionary rates and margins applicable to the Mortgage Loans at rates which are higher than the then prevailing equivalent rates offered by the Seller, unless the Administrator is required to do so pursuant to Clause 4.3 (Interest Rate Shortfall) herein, and, subject to that requirement, that it shall not change the Standard Variable Rate and any other discretionary rates and margins applicable to the Mortgage Loans save for the same reasons as the Seller was entitled, under the Mortgage Conditions, to change the then prevailing equivalent rates offered by the Seller prior to the sale and assignment to the Mortgages Trustee of the Mortgage Loans comprised in the Mortgage Portfolio and their Related Security. Each of the Issuer Issuer, Funding Beneficiary and the Funding Security Trustee shall be bound by any Mortgage Rates (including the Existing Borrowers' Re-Fix Rate) determined by the Administrator in accordance with this Clause 4.