Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, the Servicer will, unless otherwise agreed in writing with the Issuer: (i) act, or procure that another person approved in writing by the Issuer (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme; (ii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the GIC Account on the day after the D.D. Date or, if such day is not a Business Day, the following Business Day; (iii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date remains outstanding to the extent that, on such D.D. Date, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructions; (iv) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower; (v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service User's Guide and Rules to the Direct Debit Scheme" as amended from time to time; and (vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day to the GIC Account. (b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the Issuer, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender. (c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), 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, Prudent Mortgage Lender. (d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows: (i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer; (ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and (iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower. (e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer will, subject to Clause 5.1
Appears in 4 contracts
Samples: Servicing Agreement, Servicing Agreement, Servicing Agreement
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio in accordance with this Agreement, the Servicer will, will unless otherwise agreed in writing with the IssuerMortgages Trustee:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remainremains, or procure that the Third Party Collection Agent remains, a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) or to the Mortgages Trustee Account Bank such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and arrange for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account on the day after the D.D. Date or, if such day is not a London Business Day, the next following London Business Day, unless the unsecured, unsubordinated and unguaranteed debt obligations of the Seller are not rated at least A-2 short-term and BBB long-term by Standard & Poor's or P-2 short-term by Moody’s or the short-term or long-term "Issuer Default Ratings" of the Seller fall below either F2 or BBB+ (respectively) by Fitch, in which case all further instructions by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates commencing not less than 30 calendar days therefrom shall be made to another bank whose unsecured, unsubordinated and unguaranteed debt obligations are rated at least A-2 short-term and BBB long-term by Standard & Poor's and P-2 short-term by Moody’s and whose short-term and long-term "Issuer Default Ratings" are at least F2 and BBB+ (respectively) by Fitch, or directly to the Mortgages Trustee GIC Account;
(iii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Mortgages Trustee Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date Monthly Payment Date remains outstanding to the extent that, on such D.D. Date, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer Mortgages Trustee and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" ", within ten (10) London Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(b) and 5.1(c), deliver to the Mortgages Trustee Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day day to the Mortgages Trustee GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, providedPROVIDED, subject to Clause 5.1(d), that THAT (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the Issuer, Mortgages Trustee and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the Mortgages Trustee GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second London Business Day following the day on which such amount is received by or credited by to the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are 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 Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after receipt if the Seller is the operator of the Seller Bank Accounts or (if applicable) notification from the Account bank operating the relevant Seller Bank Accounts of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, PROVIDED THAT in any case where a Borrower will not permit a direct debit to be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a Reasonable, Prudent Mortgage Lender so that such Borrower nevertheless pays each Monthly Payment within the month in which it falls due.
(f) In the event that the BACS system ceases to operate for any reason the Servicer will use reasonable endeavours to make alternative arrangements for the use of such back up systems as are available to the Mortgages Trustee Account Bank.
(g) If at any time the Servicer shall receive notice whether under the Direct Debiting Scheme or otherwise that any amount (or part thereof) which was paid in or credited pursuant to this Clause 5.1 and which has been transferred to the Mortgages Trustee GIC Account has not been received as cleared funds or has otherwise been recalled, the Servicer shall notify the Cash Manager and instruct the Cash Manager forthwith to debit the Mortgages Trustee GIC Account and credit the relevant collection account for the whole or any part of such amount (such amount hereinafter referred to as the shortfall) and an amount equal to any costs which are irrecoverable by the Servicer from the relevant Borrower and incurred by the Servicer as a result of such shortfall, PROVIDED THAT no debit from the Mortgages Trustee GIC Account for the credit of the collection accounts in respect of any shortfall may be made on or after a Trust Calculation Date in respect of the relevant period between that Trust Calculation Date and the next Funding Company Payment Date unless sufficient funds are available after providing or making provision for all payments to be made on the next succeeding Funding Company Payment Date. After that following Funding Company Payment Date, the Mortgages Trustee shall transfer, or procure the transfer, from the Mortgages Trustee GIC Account to the relevant collection account of an amount equal to such shortfall subject to Clause 5.1it having sufficient funds available to it, or the Servicer shall deduct an amount equal to such shortfall from payments otherwise due on a daily basis from the Seller to the Mortgages Trustee in respect of Principal Receipts and Revenue Receipts received under the Loans sold by the Seller to the Mortgages Trustee.
Appears in 3 contracts
Samples: Servicing Agreement, Servicing Agreement, Servicing Agreement
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) or to the Account Bank such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business DayDay unless the short-term ratings of the Account Bank fall below A-1 by S&P, P-1 by Xxxxx’x or F-1 by Fitch, in which case all further instructions by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates shall be made to another bank which has a rating of at least A-1 by S&P, P-1 by Xxxxx’x or F-1 by Fitch, or directly to the Mortgages Trustee GIC Account;
(iii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date Monthly Payment Date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer Mortgages Trustee and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were was returned to the Servicer marked "“insufficient funds" ” within ten (10) 10 London Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "“The Service User's Originator’s Guide and Rules to the Direct Debit Debiting Scheme" ” as amended from time to time; and
(vi) , and take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day day to the Mortgages Trustee GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the Mortgages Trustee GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second London Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are 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 Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Account banks operating the Seller Bank Accounts of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, provided that in any case where a Borrower will not permit a direct debit to be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a Reasonable, Prudent Mortgage Lender so that such Borrower nevertheless pays each Monthly Payment within the month in which it falls due.
(f) In the event that the BACS system ceases to operate for any reason the Servicer will use reasonable endeavours to make alternative arrangements for the use of the back up systems available to each Account Bank.
(g) If at any time the Servicer shall receive notice whether under the Direct Debiting Scheme or otherwise that any amount (or part thereof), which was paid in or credited pursuant to Clause 5.1 and which has been transferred to the Mortgages Trustee GIC Account has not been received as cleared funds or has otherwise been recalled, the Servicer shall notify the Cash Manager and instruct the Cash Manager forthwith to debit the Mortgages Trustee GIC Account and credit the relevant collection account for the whole or any part of such amount (such amount hereinafter referred to as the shortfall) and, an amount equal to any costs which are irrecoverable by the Servicer from the relevant Borrower incurred by the Servicer as a result of such shortfall; PROVIDED THAT no debit from the Mortgages Trustee GIC Account for the credit of the collection accounts in respect of any shortfall may be made on or after a Calculation Date in respect of the relevant period between that Calculation Date and the next Distribution Date unless sufficient funds are available after providing or making provision for all payments to be made on the next succeeding Distribution Date. After that following Distribution Date the Mortgages Trustee shall transfer, or procure on its behalf the transfer, from the Mortgages Trustee GIC Account to the relevant collection account of an amount equal to such shortfall subject to Clause 5.1it having sufficient funds available to it or the Servicer shall deduct an amount equal to such shortfall from payments otherwise due on a daily basis from the Seller to the Mortgages Trustee in respect of Principal Receipts and Interest Receipts received under the Loans.
Appears in 3 contracts
Samples: Servicing Agreement (Permanent Mortgages Trustee LTD), Servicing Agreement (Permanent Mortgages Trustee LTD), Servicing Agreement (Permanent Mortgages Trustee LTD)
Direct Debiting Scheme. (a)
6.2.1 For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio Mortgages in accordance with this Agreement, the Servicer will, PML as Administrator will unless otherwise agreed in writing with the Trustee and the Issuer:
(ia) act, or procure that another person approved in writing by the Issuer (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer under remain a member of the Direct Debiting Scheme and remain, or for so long as it acts as Administrator under this Agreement;
(b) procure upon the service of an Enforcement Notice (insofar as it is able) that the Third Party Collection Agent remainsIssuer is admitted to the Direct Debiting Scheme, that the Issuer will remain a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting SchemeScheme during the remaining term of this Agreement and that in connection therewith the Issuer will give an indemnity in such form and to such effect as may be required from time to time in order that the Issuer is so admitted and may remain a member of such scheme;
(iic) subject to Clauses 5.1(b) 6.2.2 and 5.1(c)6.2.3, deliver to the relevant Collection Account Bank Provider or Bankers Automated Clearing System (BACS) (as appropriate) such BACS in sufficient time for BACS to process collection on each Mortgage Payment Date instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the GIC Account Collection Account, on the day after the D.D. Date or, if such day is not a Business Day, the following Business DayMortgage Payment Date;
(iiid) subject to Clauses 5.1(b) 6.2.2 and 5.1(c)6.2.3, deliver to the relevant Collection Account Bank Provider or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and with the Monthly Payment due and owing from by such Borrower on the D.D. previous Mortgage Payment Date immediately preceding and which on the next succeeding monthly payment date remains outstanding to the extent that, on of presentation of such D.D. Date, such Monthly Payment instructions has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructionsSeller;
(ive) subject to Clauses 5.1(b) 6.2.2 and 5.1(c)6.2.3, deliver to the relevant Collection Account Bank Provider or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;; and
(vf) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service User's Originators Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day to the GIC Account.
(b) The Servicer 6.2.2 PML as Administrator, may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, providedprovided that, subject to Clause 5.1(d), that 6.2.4:
(ia) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from by the Borrower to ultimately the Issuer, and ; and
(iib) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lenderapproval of the Trustee.
(c) The Servicer 6.2.3 PML as Administrator may, notwithstanding the proviso to (a) and (b) of Clause 5.1(b)6.2.2, agree such procedures for the payment by a Borrower of (ia) 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer will, subject to Clause 5.1and
Appears in 2 contracts
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this AgreementPortfolio, the Servicer will, will unless otherwise agreed in writing with the IssuerLLP and the Security Trustee:
(i) act, or procure that another person approved in writing by the Issuer LLP (such approval not to be unreasonably withheldwithheld or delayed or made subject to conditions) (the Third Party Collection Agent) acts, acts as collection agent for the Issuer LLP under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) ), the Account Bank at which the GIC Account is maintained, any other bank account to which the collection account has been transferred in accordance with Clause 5.1(a)(ii)(B), or to the Seller in respect of any collection accounts it maintains (as appropriate) such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for then to ensure that the amount of such Monthly Payment to be is credited to the GIC Account on the day after the D.D. Date or, if such day is not a London Business Day, the next following London Business Day, provided that:
(A) if the Account Bank Agreement is terminated or replaced in accordance with Clause 7.1(ii) of the Bank Account Agreement: (i) all instructions by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates in favour of the GIC Account or Standby GIC Account (as applicable) shall be transferred to the relevant replacement Account Bank or Standby Account Bank (as applicable); and (ii) all transfers of monies by the Servicer to the GIC Account or Standby GIC Account (as applicable) shall thereafter be made to the relevant replacement GIC Account or Standby GIC Account (as applicable); and
(B) if the short-term ratings of the Seller or Servicer, or any other bank, in respect of any collection account into which such direct debit payments are paid falls below P-2 by Xxxxx'x, A-2 by S&P or BBB+ long-term by Fitch or F2 short term by Fitch (or such other ratings that may be agreed between the parties to this Agreement and the relevant Rating Agency from time to time) (the Collections Required Rating), all further instructions by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates in favour of such collection accounts shall be made to another bank which has a rating of at least the Collections Required Rating, or directly to the Account Bank or Standby Account Bank (as applicable) for direct payment into the GIC Account or the Standby GIC Account (as applicable);
(iii) subject to Clauses 5.1(b) and 5.1(c), deliver to BACS, the Account Bank at which the GIC Account is maintained, any other bank account to which the collection account has been transferred in accordance with Clause 5.1(a)(ii)(B) or BACS to the Seller in respect of any collection accounts it maintains (as appropriate) not later than ten London Business Days before the next succeeding Monthly Payment Day after the D.D. Date, instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and of the amount of the Monthly Payment due and owing from such Borrower on the last D.D. Date immediately preceding the next succeeding monthly payment date which remains outstanding on the date of presentation of such instructions. Any such amount shall be credited to the extent GIC Account, provided that, on such D.D. Date, such Monthly Payment has not been received :
(A) if the Account Bank Agreement is terminated or replaced in full accordance with Clause 7.1(ii) of the Bank Account Agreement: (i) all instructions by the Servicer on behalf to debit the accounts of Borrowers that are subject to direct debit bank mandates in favour of the Issuer and where the instructions for the debit of the account of GIC Account or Standby GIC Account (as applicable) shall be transferred to the relevant Borrower for the Monthly Payment due replacement Account Bank or Standby Account Bank (as applicable); and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10ii) Business Days all transfers of receipt monies by the Servicer to the GIC Account or Standby GIC Account (as applicable) shall thereafter be made to the relevant replacement GIC Account or Standby GIC Account (as applicable); and
(B) if the short-term ratings of the Seller or Servicer in respect of any collection account into which such returned instructionsdirect debit payments are paid falls below the Collections Required Rating, all further instructions by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates in favour of such collection accounts of the Seller or Servicer shall be made to another bank which has a rating of at least the Collections Required Rating, or directly to the Account Bank or Standby Account Bank (as applicable) for direct payment into the GIC Account or the Standby GIC Account (as applicable);
(iv) subject to Clauses 5.1(b) and 5.1(c), deliver to BACS or to the Account Bank or BACS (as appropriate) at which the GIC Account is maintained such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by from such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies moneys received from the Borrowers during banking hours on any particular day are credited on the next Business Day that day to the GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerLLP, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), agree such procedures for the payment by a Borrower of (i) overdue amounts and (ii) amounts payable on redemption of a Loan or a Mortgage in whole or in part other than through the Direct Debiting Scheme as would be agreed by a Reasonable, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer will, subject to Clause 5.1
Appears in 2 contracts
Samples: Servicing Agreement, Servicing Agreement
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) or to the Account Bank such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business DayDay unless the short-term ratings of the Account Bank fall below A-1+ by S&P, P-1 by Moody's or F1+ by Fitch, in which case all further insxxxxxxxns by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates shall be made to another bank which has a rating of at least A-1+ by S&P, P-1 by Moody's or F1+ by Fitch, or directly to the Mortgages Trustee GIC Account;
(iii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date Monthly Payment Date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer Mortgages Trustee and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were was returned to the Servicer marked "insufficient funds" within ten (10) 10 London Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;; and
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) , and take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day day to the Mortgages Trustee GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(dCLAUSE 5.1(D), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(bCLAUSE 5.1(B), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(cCLAUSE 5.1(B), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the Mortgages Trustee GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second London Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are 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 Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Account banks operating the Seller Bank Accounts of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, provided that in any case where a Borrower will not permit a direct debit to be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a Reasonable, Prudent Mortgage Lender so that such Borrower nevertheless pays each Monthly Payment within the month in which it falls due.
(f) In the event that the BACS system ceases to operate for any reason the Servicer will use reasonable endeavours to make alternative arrangements for the use of the back up systems available to each Account Bank.
(g) If at any time the Servicer shall receive notice whether under the Direct Debiting Scheme or otherwise that any amount (or part thereof), which was paid in or credited pursuant to CLAUSE 5.1 and which has been transferred to the Mortgages Trustee GIC Account has not been received as cleared funds or has otherwise been recalled, the Servicer shall notify the Cash Manager and instruct the Cash Manager forthwith to debit the Mortgages Trustee GIC Account and credit the relevant collection account for the whole or any part of such amount (such amount hereinafter referred to as the SHORTFALL) and, an amount equal to any costs which are irrecoverable by the Servicer from the relevant Borrower incurred by the Servicer as a result of such shortfall; PROVIDED THAT no debit from the Mortgages Trustee GIC Account for the credit of the collection accounts in respect of any shortfall may be made on or after a Calculation Date in respect of the relevant period between that Calculation Date and the next Distribution Date unless sufficient funds are available after providing or making provision for all payments to be made on the next succeeding Distribution Date. After that following Distribution Date the Mortgages Trustee shall transfer, or procure on its behalf the transfer, from the Mortgages Trustee GIC Account to the relevant collection account of an amount equal to such shortfall subject to Clause 5.1it having sufficient funds available to it or the Servicer shall deduct an amount equal to such shortfall from payments otherwise due on a daily basis from the Seller to the Mortgages Trustee in respect of Principal Receipts and Interest Receipts received under the Loans.
Appears in 1 contract
Samples: Servicing Agreement (Permanent Funding (No. 2) LTD)
Direct Debiting Scheme. (a) 6.2.1 For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio Mortgages in accordance with this Agreement, the Servicer will, PML as Administrator will unless otherwise agreed in writing with the Trustee and the Issuer:
(ia) act, or procure that another person approved in writing by the Issuer (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer under remain a member of the Direct Debiting Scheme and remain, or for so long as it acts as Administrator under this Agreement;
(b) procure upon the service of an Enforcement Notice (insofar as it is able) that the Third Party Collection Agent remainsIssuer is admitted to the Direct Debiting Scheme, that the Issuer will remain a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting SchemeScheme during the remaining term of this Agreement and that in connection therewith the Issuer will give an indemnity in such form and to such effect as may be required from time to time in order that the Issuer is so admitted and may remain a member of such scheme;
(iic) subject to Clauses 5.1(b) 6.2.2 and 5.1(c)6.2.3, deliver to the relevant Collection Account Bank Provider or Bankers Automated Clearing System (BACS) (as appropriate) such BACS in sufficient time for BACS to process collection on each Mortgage Payment Date instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the GIC Account Collection Account, on the day after the D.D. Date or, if such day is not a Business Day, the following Business DayMortgage Payment Date;
(iiid) subject to Clauses 5.1(b) 6.2.2 and 5.1(c)6.2.3, deliver to the relevant Collection Account Bank Provider or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and with the Monthly Payment due and owing from by such Borrower on the D.D. previous Mortgage Payment Date immediately preceding and which on the next succeeding monthly payment date remains outstanding to the extent that, on of presentation of such D.D. Date, such Monthly Payment instructions has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructionsSeller;
(ive) subject to Clauses 5.1(b) 6.2.2 and 5.1(c)6.2.3, deliver to the relevant Collection Account Bank Provider or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;; and
(vf) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service User's Originators Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day to the GIC Account.
(b) The Servicer 6.2.2 PML as Administrator, may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, providedprovided that, subject to Clause 5.1(d), that 6.2.4:
(ia) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from by the Borrower to ultimately the Issuer, and ; and
(iib) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lenderapproval of the Trustee.
(c) The Servicer 6.2.3 PML as Administrator may, notwithstanding the proviso to (a) and (b) of Clause 5.1(b)6.2.2, agree such procedures for the payment by a Borrower of (ia) 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer will, subject to Clause 5.1
Appears in 1 contract
Samples: Administration Agreement
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection AgentTHIRD PARTY COLLECTION AGENT) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) or to the Account Bank such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. DateDATE) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business DayDay unless the short-term ratings of the Account Bank fall below A-1+ by S&P, P-1 by Mxxxx'x or F1+ by Fitch, in which case all further instructions by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates shall be made to another bank which has a rating of at least A-1+ by S&P, P-1 by Mxxxx'x or F1+ by Fitch, or directly to the Mortgages Trustee GIC Account;
(iii) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date Monthly Payment Date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer Mortgages Trustee and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were was returned to the Servicer marked "insufficient funds" within ten (10) 10 London Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) , and take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day day to the Mortgages Trustee GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(dCLAUSE 5.1(D), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(bCLAUSE 5.1(B), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(cCLAUSE 5.1(B), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the Mortgages Trustee GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second London Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are 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 Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Account banks operating the Seller Bank Accounts of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, provided that in any case where a Borrower will not permit a direct debit to be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a Reasonable, Prudent Mortgage Lender so that such Borrower nevertheless pays each Monthly Payment within the month in which it falls due.
(f) In the event that the BACS system ceases to operate for any reason the Servicer will use reasonable endeavours to make alternative arrangements for the use of the back up systems available to each Account Bank.
(g) If at any time the Servicer shall receive notice whether under the Direct Debiting Scheme or otherwise that any amount (or part thereof), which was paid in or credited pursuant to CLAUSE 5.1 and which has been transferred to the Mortgages Trustee GIC Account has not been received as cleared funds or has otherwise been recalled, the Servicer shall notify the Cash Manager and instruct the Cash Manager forthwith to debit the Mortgages Trustee GIC Account and credit the relevant collection account for the whole or any part of such amount (such amount hereinafter referred to as the SHORTFALL) and, an amount equal to any costs which are irrecoverable by the Servicer from the relevant Borrower incurred by the Servicer as a result of such shortfall; PROVIDED THAT no debit from the Mortgages Trustee GIC Account for the credit of the collection accounts in respect of any shortfall may be made on or after a Calculation Date in respect of the relevant period between that Calculation Date and the next Distribution Date unless sufficient funds are available after providing or making provision for all payments to be made on the next succeeding Distribution Date. After that following Distribution Date the Mortgages Trustee shall transfer, or procure on its behalf the transfer, from the Mortgages Trustee GIC Account to the relevant collection account of an amount equal to such shortfall subject to Clause 5.1it having sufficient funds available to it or the Servicer shall deduct an amount equal to such shortfall from payments otherwise due on a daily basis from the Seller to the Mortgages Trustee in respect of Principal Receipts and Interest Receipts received under the Loans.
Appears in 1 contract
Samples: Servicing Agreement (Permanent Mortgages Trustee LTD)
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection AgentTHIRD PARTY COLLECTION AGENT) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) or to the Account Bank such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. DateDATE) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business DayDay unless the short- term ratings of the Account Bank fall below A-1+ by S&P, P-1 by Moody's or F1+ by Fitch, in which case all further instructions by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates shall be made to another bank which has a rating of at least A-1+ by S&P, P-1 by Moody's or F1+ by Fitch, or directly to the Mortgages Txxxxxx GIC Account;
(iii) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date Monthly Payment Date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer Mortgages Trustee and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were was returned to the Servicer marked "insufficient funds" within ten (10) 10 London Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) , and take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day day to the Mortgages Trustee GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(dCLAUSE 5.1(D), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(bCLAUSE 5.1(B), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(cCLAUSE 5.1(B), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the Mortgages Trustee GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second London Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are 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 Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Account banks operating the Seller Bank Accounts of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, provided that in any case where a Borrower will not permit a direct debit to be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a Reasonable, Prudent Mortgage Lender so that such Borrower nevertheless pays each Monthly Payment within the month in which it falls due.
(f) In the event that the BACS system ceases to operate for any reason the Servicer will use reasonable endeavours to make alternative arrangements for the use of the back up systems available to each Account Bank.
(g) If at any time the Servicer shall receive notice whether under the Direct Debiting Scheme or otherwise that any amount (or part thereof), which was paid in or credited pursuant to CLAUSE 5.1 and which has been transferred to the Mortgages Trustee GIC Account has not been received as cleared funds or has otherwise been recalled, the Servicer shall notify the Cash Manager and instruct the Cash Manager forthwith to debit the Mortgages Trustee GIC Account and credit the relevant collection account for the whole or any part of such amount (such amount hereinafter referred to as the SHORTFALL) and, an amount equal to any costs which are irrecoverable by the Servicer from the relevant Borrower incurred by the Servicer as a result of such shortfall; PROVIDED THAT no debit from the Mortgages Trustee GIC Account for the credit of the collection accounts in respect of any shortfall may be made on or after a Calculation Date in respect of the relevant period between that Calculation Date and the next Distribution Date unless sufficient funds are available after providing or making provision for all payments to be made on the next succeeding Distribution Date. After that following Distribution Date the Mortgages Trustee shall transfer, or procure on its behalf the transfer, from the Mortgages Trustee GIC Account to the relevant collection account of an amount equal to such shortfall subject to Clause 5.1it having sufficient funds available to it or the Servicer shall deduct an amount equal to such shortfall from payments otherwise due on a daily basis from the Seller to the Mortgages Trustee in respect of Principal Receipts and Interest Receipts received under the Loans.
Appears in 1 contract
Samples: Servicing Agreement (Permanent Financing (No. 8) PLC)
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, the Servicer will, unless otherwise agreed in writing with the Issuer:
(i) act, or procure that another person approved in writing by the Issuer (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the GIC Account on the day after the D.D. Date or, if such day is not a Business Day, the following Business Day;
(iii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date remains outstanding to the extent that, on such D.D. Date, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service User's Guide and Rules to the Direct Debit Scheme" as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day to the GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the Issuer, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; andbusiness
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer will, subject to Clause 5.1
Appears in 1 contract
Samples: Servicing Agreement
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, the Servicer will, will unless otherwise agreed in writing with the IssuerFund and the Representative:
(i) act, or procure that another person approved in writing by the Issuer Fund (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, acts as collection agent for the Issuer Fund under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(b4.1(b) and 5.1(c4.1(c), deliver to the appropriate Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) at which the GIC Account is maintained such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such BorrowerDebtor, and for the amount of such Monthly Payment to be credited to the relevant GIC Account Account, on the day after the D.D. Date or, if such day is not a Business Day, the following Business Day;
(iii) subject to Clauses 5.1(b4.1(b) and 5.1(c4.1(c), deliver to the appropriate Account Bank or BACS (as appropriate) at which the GIC Account is maintained not later than ten Business Days before the next succeeding Monthly Payment Day after the D.D. Date, instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the last D.D. Date immediately preceding the next succeeding monthly payment date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from Fund. Any such Borrower were returned amount shall be credited to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructionsGIC Account;
(iv) subject to Clauses 5.1(b4.1(b) and 5.1(c4.1(c), deliver to the appropriate Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service User's Guide and Rules to the Direct Debit Scheme" Debiting Scheme as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day that day to the GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d4.1(d), that that: (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the Issuer, Fund; and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b4.1(b), agree such procedures for the payment by a Borrower of of: (i) overdue amounts amounts; and (ii) amounts payable on redemption of a Loan or a Mortgage in whole or in part other than through the Direct Debiting Scheme as would be agreed by a Reasonable, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, provided that in any case where a Borrower will not permit a direct debit to be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a Reasonable, Prudent Mortgage Lender so that such Borrower nevertheless pays each Monthly Payment on the due date.
(e) If at any time the Servicer shall receive notice whether under the Direct Debiting Scheme or otherwise that any amount (or part thereof) which was paid in or credited pursuant to Clause
4.1 and which has been transferred to the GIC Account has not been received as cleared funds or has otherwise been recalled, the Servicer shall notify the Cash Manager and instruct the Cash Manager forthwith to debit the GIC Account and credit the relevant collection account for the whole or any part of such amount (such amount hereinafter referred to as the "shortfall") and an amount equal to any costs which are irrecoverable by the Servicer from the relevant Borrower and incurred by the Servicer as a result of such shortfall; provided that no debit from the GIC Account for the credit of the collection accounts in respect of any shortfall may be made on or after a Calculation Date in respect of the relevant period between that Calculation Date and the next Interest Payment Date unless sufficient funds are available after paying or making provision for the payment of amounts to be made on that Interest Payment Date. After the following Interest Payment Date, the Fund shall transfer or procure on its behalf the transfer from the GIC Account to the relevant collection account of an amount equal to such shortfall subject to Clause 5.1it having sufficient funds available to it or the Servicer shall deduct an amount equal to such shortfall from payments otherwise due on a daily basis from the Seller to the Fund in respect of Revenue Receipts received under the Loans sold by the Seller to the Fund.
Appears in 1 contract
Samples: Servicing and Custody Agreement
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection AgentTHIRD PARTY COLLECTION AGENT) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) or to the Account Bank such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. DateDATE) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business DayDay unless the short-term ratings of the Account Bank fall below A-1 by S&P, P-1 by Xxxxx'x or F-1 by Fitch, in which case all further instructions by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates shall be made to another bank which has a rating of at least A-1 by S&P, P-1 by Xxxxx'x or F-1 by Fitch, or directly to the Mortgages Trustee GIC Account;
(iii) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date Monthly Payment Date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer Mortgages Trustee and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were was returned to the Servicer Administrator marked "insufficient funds" within ten (10) 10 London Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) , and take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day day to the Mortgages Trustee GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(dCLAUSE 5.1(D), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(bCLAUSE 5.1(B), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(bCLAUSE 5.1(B) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the Mortgages Trustee GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second London Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are 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 Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Account banks operating the Seller Bank Accounts of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, provided that in any case where a Borrower will not permit a direct debit to be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a Reasonable, Prudent Mortgage Lender so that such Borrower nevertheless pays each Monthly Payment within the month in which it falls due.
(f) In the event that the BACS system ceases to operate for any reason the Servicer will use reasonable endeavours to make alternative arrangements for the use of the back up systems available to each Account Bank.
(g) If at any time the Servicer shall receive notice whether under the Direct Debiting Scheme or otherwise that any amount (or part thereof), which was paid in or credited pursuant to CLAUSE 5.1 and which has been transferred to the Mortgages Trustee GIC Account has not been received as cleared funds or has otherwise been recalled, the Servicer shall notify the Cash Manager and instruct the Cash Manager forthwith to debit the Mortgages Trustee GIC Account and credit the relevant collection account for the whole or any part of such amount (such amount hereinafter referred to as the SHORTFALL) and, an amount equal to any costs which are irrecoverable by the Servicer from the relevant Borrower incurred by the Servicer as a result of such shortfall; PROVIDED THAT no debit from the Mortgages Trustee GIC Account for the credit of the collection accounts in respect of any shortfall may be made on or after a Calculation Date in respect of the relevant period between that Calculation Date and the next Distribution Date unless sufficient funds are available after providing or making provision for all payments to be made on the next succeeding Distribution Date. After that following Distribution Date the Mortgages Trustee shall transfer, or procure on its behalf the transfer, from the Mortgages Trustee GIC Account to the relevant collection account of an amount equal to such shortfall subject to Clause 5.1it having sufficient funds available to it or the Servicer shall deduct an amount equal to such shortfall from payments otherwise due on a daily basis from the Seller to the Mortgages Trustee in respect of Principal Receipts and Interest Receipts received under the Loans.
Appears in 1 contract
Samples: Servicing Agreement (Permanent Mortgages Trustee LTD)
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio Mortgages in accordance with this Agreement, the Servicer will, PML as Administrator will unless otherwise agreed in writing with the Trustee and the Issuer:
(i) act, or procure that another person approved in writing by the Issuer (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer under remain a member of the Direct Debiting Scheme and remain, or for so long as it acts as Administrator under this Agreement;
(ii) procure upon the service of an Enforcement Notice (insofar as it is able) that the Third Party Collection Agent remainsIssuer is admitted to the Direct Debiting Scheme, that the Issuer will remain a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting SchemeScheme during the remaining term of this Agreement and that in connection therewith the Issuer will give an indemnity in such form and to such effect as may be required from time to time in order that the Issuer is so admitted and may remain a member of such scheme;
(iiiii) subject to Clauses 5.1(b6.2(b) and 5.1(c6.2(c), deliver to the relevant Collection Account Bank Provider or Bankers Automated Clearing System (BACS) (as appropriate) such BACS in sufficient time for BACS to process collection on each Mortgage Payment Date instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the GIC Account relevant Collection Account, on the day after the D.D. Date or, if such day is not a Business Day, the following Business DayMortgage Payment Date;
(iiiiv) subject to Clauses 5.1(b6.2(b) and 5.1(c6.2(c), deliver to the relevant Collection Account Bank Provider or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and with the Monthly Payment due and owing from by such Borrower on the D.D. previous Mortgage Payment Date immediately preceding and which on the next succeeding monthly payment date remains outstanding to the extent that, on of presentation of such D.D. Date, such Monthly Payment instructions has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructionsSeller;
(ivv) subject to Clauses 5.1(b6.2(b) and 5.1(c6.2(c), deliver to the relevant Collection Account Bank Provider or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;; and
(vvi) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service User's Originators Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day to the GIC Account.
(b) The Servicer PML as Administrator, may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, providedprovided that, subject to Clause 5.1(d), that 6.2(d):
(i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from by the Borrower to ultimately the Issuer, and ; and
(ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lenderapproval of the Trustee.
(c) The Servicer PML as Administrator may, notwithstanding the proviso to paragraphs (i) and (ii) of Clause 5.1(b6.2(b), agree such procedures for the payment by a Borrower of (ia) overdue amounts and (iib) 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, Prudent Mortgage LenderScheme.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to from his bank account, PML as Administrator, will endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due by that Borrower, provided that in any case where a Borrower will not permit a direct debit to be made from his bank account PML as Administrator, will endeavour to make alternative arrangements so that such Xxxxxxxx nevertheless pays each Monthly Payment on the Servicer will, subject to Clause 5.1due date.
Appears in 1 contract
Samples: Administration Agreement
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection AgentTHIRD PARTY COLLECTION AGENT) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) or to the Account Bank such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business DayDay unless the short-term ratings of the Account Bank fall below A-1+ by S&P, P-1 by Moody's or F1+ by Fitch, in which case all further insxxxxxxxns by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates shall be made to another bank which has a rating of at least A-1+ by S&P, P?1 by Moody's or F1+ by Fitch, or directly to the Mortgages Xxxxxxx GIC Account;
(iii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date Monthly Payment Date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer Mortgages Trustee and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were was returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service User's Guide and Rules to the Direct Debit Scheme" as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day to the GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the Issuer, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer will, subject to Clause 5.1marked
Appears in 1 contract
Samples: Servicing Agreement (Permanent Funding (No. 2) LTD)
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their the Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection AgentTHIRD PARTY COLLECTION AGENT) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses Clause 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) or to each Account Bank (as appropriate) such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. DateDATE) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account or relevant Alternative Account, as the case may be, on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business Day;
(iii) subject to Clauses Clause 5.1(b) and 5.1(c), deliver to the each Account Bank or BACS (as appropriate) not later than ten London Business Days before the next succeeding Monthly Payment Day after the D.D. Date, instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the last D.D. Date immediately preceding the next succeeding monthly payment date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructionsMortgages Trustee;
(iv) subject to Clauses Clause 5.1(b) and 5.1(c), deliver to the each Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day that day to the Mortgages Trustee GIC Account or relevant Alternative Account, as the case may be.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonablereasonable, Prudent Mortgage Lenderprudent mortgage lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), 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 Reasonablereasonable, Prudent Mortgage Lenderprudent mortgage lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer will, subject to Clause 5.1
Appears in 1 contract
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection AgentTHIRD PARTY COLLECTION AGENT) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses CLAUSES 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) or to the Account Bank such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. DateDATE) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business DayDay unless the short-term ratings of the Account Bank fall below A-1 by S&P, P-1 by Xxxxx'x or F-1 by Fitch, in which case all further instructions by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates shall be made to another bank which has a rating of at least A-1 by S&P, P-1 by Xxxxx'x or F-1 by Fitch, or directly to the Mortgages Trustee GIC Account;
(iii) subject to Clauses CLAUSES 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date Monthly Payment Date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer Mortgages Trustee and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were was returned to the Servicer marked "insufficient funds" within ten (10) 10 London Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses CLAUSES 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) , and take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day day to the Mortgages Trustee GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause CLAUSE 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause CLAUSE 5.1(b), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause CLAUSE 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the Mortgages Trustee GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second London Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are 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 Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Account banks operating the Seller Bank Accounts of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, provided that in any case where a Borrower will not permit a direct debit to be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a Reasonable, Prudent Mortgage Lender so that such Borrower nevertheless pays each Monthly Payment within the month in which it falls due.
(f) In the event that the BACS system ceases to operate for any reason the Servicer will use reasonable endeavours to make alternative arrangements for the use of the back up systems available to each Account Bank.
(g) If at any time the Servicer shall receive notice whether under the Direct Debiting Scheme or otherwise that any amount (or part thereof), which was paid in or credited pursuant to CLAUSE 5.1 and which has been transferred to the Mortgages Trustee GIC Account has not been received as cleared funds or has otherwise been recalled, the Servicer shall notify the Cash Manager and instruct the Cash Manager forthwith to debit the Mortgages Trustee GIC Account and credit the relevant collection account for the whole or any part of such amount (such amount hereinafter referred to as the SHORTFALL) and, an amount equal to any costs which are irrecoverable by the Servicer from the relevant Borrower incurred by the Servicer as a result of such shortfall; PROVIDED THAT no debit from the Mortgages Trustee GIC Account for the credit of the collection accounts in respect of any shortfall may be made on or after a Calculation Date in respect of the relevant period between that Calculation Date and the next Distribution Date unless sufficient funds are available after providing or making provision for all payments to be made on the next succeeding Distribution Date. After that following Distribution Date the Mortgages Trustee shall transfer, or procure on its behalf the transfer, from the Mortgages Trustee GIC Account to the relevant collection account of an amount equal to such shortfall subject to Clause 5.1it having sufficient funds available to it or the Servicer shall deduct an amount equal to such shortfall from payments otherwise due on a daily basis from the Seller to the Mortgages Trustee in respect of Principal Receipts and Interest Receipts received under the Loans.
Appears in 1 contract
Samples: Servicing Agreement (Permanent Financing (No. 5) PLC)
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection AgentTHIRD PARTY COLLECTION AGENT) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) or to the Account Bank such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business DayDay unless the short-term ratings of the Account Bank fall below A-1+ by S&P, P-1 by Moody's or F1+ by Fitch, in which case all further xxxxxxxtions by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates shall be made to another bank which has a rating of at least A-1+ by S&P, P-1 by Moody's or F1+ by Fitch, or directly to the Mortgagxx Xxxxtee GIC Account;
(iii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date Monthly Payment Date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer Mortgages Trustee and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were was returned to the Servicer marked "insufficient funds" within ten (10) London Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;; and
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) , and take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day day to the Mortgages Trustee GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the Mortgages Trustee GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second London Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are 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 Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Account banks operating the Seller Bank Accounts of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, provided that in any case where a Borrower will not permit a direct debit to be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a Reasonable, Prudent Mortgage Lender so that such Borrower nevertheless pays each Monthly Payment within the month in which it falls due.
(f) In the event that the BACS system ceases to operate for any reason the Servicer will use reasonable endeavours to make alternative arrangements for the use of the back up systems available to each Account Bank.
(g) If at any time the Servicer shall receive notice whether under the Direct Debiting Scheme or otherwise that any amount (or part thereof), which was paid in or credited pursuant to Clause 5.1 and which has been transferred to the Mortgages Trustee GIC Account has not been received as cleared funds or has otherwise been recalled, the Servicer shall notify the Cash Manager and instruct the Cash Manager forthwith to debit the Mortgages Trustee GIC Account and credit the relevant collection account for the whole or any part of such amount (such amount hereinafter referred to as the SHORTFALL) and, an amount equal to any costs which are irrecoverable by the Servicer from the relevant Borrower incurred by the Servicer as a result of such shortfall; PROVIDED THAT no debit from the Mortgages Trustee GIC Account for the credit of the collection accounts in respect of any shortfall may be made on or after a Calculation Date in respect of the relevant period between that Calculation Date and the next Distribution Date unless sufficient funds are available after providing or making provision for all payments to be made on the next succeeding Distribution Date. After that following Distribution Date the Mortgages Trustee shall transfer, or procure on its behalf the transfer, from the Mortgages Trustee GIC Account to the relevant collection account of an amount equal to such shortfall subject to Clause 5.1it having sufficient funds available to it or the Servicer shall deduct an amount equal to such shortfall from payments otherwise due on a daily basis from the Seller to the Mortgages Trustee in respect of Principal Receipts and Interest Receipts received under the Loans.
Appears in 1 contract
Samples: Servicing Agreement (Permanent Funding (No. 2) LTD)
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, the Servicer will, unless otherwise agreed in writing with the Issuer:
(i) act, or procure that another person approved in writing by the Issuer (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the GIC Account on the day after the D.D. Date or, if such day is not a Business Day, the following Business Day;
(iii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date remains outstanding to the extent that, on such D.D. Date, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service User's Guide and Rules to the Direct Debit Scheme" as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day to the GIC Account.Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the Issuer, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), 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, Prudent Mortgage Lender.Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his their bank account, the Servicer will, subject to Clause 5.1
Appears in 1 contract
Samples: Servicing Agreement
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) or to the Account Bank such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business DayDay unless the short-term ratings of the Account Bank fall below A-1 by S&P, P-1 by Moody's or F-1 by Fitch, in which case all further instructions by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates shall be made to another bank which has a rating of at least A-1 by S&P, P-1 by Moody's or F-1 by Fitch, or directly to the Mortgages Trustee GIC Account;
(iii) subject to Clauses 5.1(b) and 5.1(c), deliver to the each Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date Monthly Payment Date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer Mortgages Trustee and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were was returned to the Servicer Administrator marked "insufficient funds" within ten (10) 10 London Business Days of receipt by the Servicer Administrator of any such returned instructions;
(iv) subject to Clauses 5.1(b) and 5.1(c), deliver to the each Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) , and take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day day to the Mortgages Trustee GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the Mortgages Trustee GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second London Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are 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 Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Account banks operating the Seller Bank Accounts of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, provided that in any case where a Borrower will not permit a direct debit to be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a Reasonable, Prudent Mortgage Lender so that such Borrower nevertheless pays each Monthly Payment within the month in which it falls due.
(f) In the event that the BACS system ceases to operate for any reason the Servicer will use reasonable endeavours to make alternative arrangements for the use of the back up systems available to each Account Bank.
(g) If at any time the Servicer shall receive notice whether under the Direct Debiting Scheme or otherwise that any amount (or part thereof), which was paid in or credited pursuant to Clause 5.1 and which has been transferred to the Mortgages Trustee GIC Account has not been received as cleared funds or has otherwise been recalled, the Servicer shall notify the Cash Manager and instruct the Cash Manager forthwith to debit the Mortgages Trustee GIC Account and credit the relevant collection account for the whole or any part of such amount (such amount hereinafter referred to as the shortfall) and, an amount equal to any costs which are irrecoverable by the Servicer from the relevant Borrower incurred by the Servicer as a result of such shortfall; PROVIDED THAT no debit from the Mortgages Trustee GIC Account for the credit of the collection accounts in respect of any shortfall may be made on or after a Calculation Date in respect of the relevant period between that Calculation Date and the next Distribution Date unless sufficient funds are available after providing or making provision for all payments to be made on the next succeeding Distribution Date. After that following Distribution Date the Mortgages Trustee shall transfer, or procure on its behalf the transfer, from the Mortgages Trustee GIC Account to the relevant collection account of an amount equal to such shortfall subject to Clause 5.1it having sufficient funds available to it or the Servicer shall deduct an amount equal to such shortfall from payments otherwise due on a daily basis from the Seller to the Mortgages Trustee in respect of Principal Receipts and Interest Receipts received under the Loans.
Appears in 1 contract
Samples: Servicing Agreement (Permanent Mortgages Trustee LTD)
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their the Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) or to each Account Bank (as appropriate) such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account or relevant Alternative Account, as the case may be, on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business Day;
(iii) subject to Clauses 5.1(b) and 5.1(c), deliver to the each Account Bank or BACS (as appropriate) not later than ten London Business Days before the next succeeding Monthly Payment Day after the D.D. Date, instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the last D.D. Date immediately preceding the next succeeding monthly payment date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructionsMortgages Trustee;
(iv) subject to Clauses 5.1(b) and 5.1(c), deliver to the each Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day that day to the Mortgages Trustee GIC Account or relevant Alternative Account., as the case may be.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonablereasonable, Prudent Mortgage Lender.prudent mortgage lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), 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 Reasonablereasonable, Prudent Mortgage Lender.prudent mortgage lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, subject provided that in any case where a Borrower will not permit a direct debit to Clause 5.1be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a reasonable, prudent mortgage lender so that such Borrower nevertheless pays each Monthly Payment on the due date.
(e) In the event that the BACS system ceases to operate for any reason the Servicer will use reasonable endeavours to make alternative arrangements for the use of such backup systems as are available to each Account Bank.
Appears in 1 contract
Samples: Servicing Agreement
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their the Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) or to each Account Bank (as appropriate) such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account or relevant Alternative Account, as the case may be, on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business Day;
(iii) subject to Clauses 5.1(b) and 5.1(c), deliver to the each Account Bank or BACS (as appropriate) not later than ten London Business Days before the next succeeding Monthly Payment Day after the D.D. Date, instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the last D.D. Date immediately preceding the next succeeding monthly payment date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructionsMortgages Trustee;
(iv) subject to Clauses 5.1(b) and 5.1(c), deliver to the each Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day that day to the Mortgages Trustee GIC Account or relevant Alternative Account, as the case may be.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonablereasonable, Prudent Mortgage Lenderprudent mortgage lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), 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 Reasonablereasonable, Prudent Mortgage Lenderprudent mortgage lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, subject provided that in any case where a Borrower will not permit a direct debit to Clause 5.1be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a reasonable, prudent mortgage lender so that such Borrower nevertheless pays each Monthly Payment on the due date.
(e) In the event that the BACS system ceases to operate for any reason the Servicer will use reasonable endeavours to make alternative arrangements for the use of such backup systems as are available to each Account Bank.
Appears in 1 contract
Samples: Servicing Agreement
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection AgentTHIRD PARTY COLLECTION AGENT) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) or to the Account Bank such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. DateDATE) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business DayDay unless the short-term ratings of the Account Bank fall below A-1+ by S&P, P-1 by Moody's or F1+ by Fitch, in which case all further xxxxxxxtions by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates shall be made to another bank which has a rating of at least A-1+ by S&P, P-1 by Moody's or F1+ by Fitch, or directly to the Mortgages Xxxxxee GIC Account;
(iii) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date Monthly Payment Date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer Mortgages Trustee and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were was returned to the Servicer marked "insufficient funds" within ten (10) 10 London Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) , and take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day day to the Mortgages Trustee GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(dCLAUSE 5.1(D), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(bCLAUSE 5.1(B), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(cCLAUSE 5.1(B), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the Mortgages Trustee GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second London Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are 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 Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Account banks operating the Seller Bank Accounts of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, provided that in any case where a Borrower will not permit a direct debit to be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a Reasonable, Prudent Mortgage Lender so that such Borrower nevertheless pays each Monthly Payment within the month in which it falls due.
(f) In the event that the BACS system ceases to operate for any reason the Servicer will use reasonable endeavours to make alternative arrangements for the use of the back up systems available to each Account Bank.
(g) If at any time the Servicer shall receive notice whether under the Direct Debiting Scheme or otherwise that any amount (or part thereof), which was paid in or credited pursuant to CLAUSE 5.1 and which has been transferred to the Mortgages Trustee GIC Account has not been received as cleared funds or has otherwise been recalled, the Servicer shall notify the Cash Manager and instruct the Cash Manager forthwith to debit the Mortgages Trustee GIC Account and credit the relevant collection account for the whole or any part of such amount (such amount hereinafter referred to as the SHORTFALL) and, an amount equal to any costs which are irrecoverable by the Servicer from the relevant Borrower incurred by the Servicer as a result of such shortfall; PROVIDED THAT no debit from the Mortgages Trustee GIC Account for the credit of the collection accounts in respect of any shortfall may be made on or after a Calculation Date in respect of the relevant period between that Calculation Date and the next Distribution Date unless sufficient funds are available after providing or making provision for all payments to be made on the next succeeding Distribution Date. After that following Distribution Date the Mortgages Trustee shall transfer, or procure on its behalf the transfer, from the Mortgages Trustee GIC Account to the relevant collection account of an amount equal to such shortfall subject to Clause 5.1it having sufficient funds available to it or the Servicer shall deduct an amount equal to such shortfall from payments otherwise due on a daily basis from the Seller to the Mortgages Trustee in respect of Principal Receipts and Interest Receipts received under the Loans.
Appears in 1 contract
Samples: Servicing Agreement (Permanent Mortgages Trustee LTD)
Direct Debiting Scheme. (a) 10.1.1 The Administrator shall act as collection agent for the Issuer under the Direct Debiting Scheme, and any replacement direct debiting scheme, and otherwise in accordance with the provisions of this Agreement and shall use all reasonable endeavours to collect all sums due under or in connection with the Mortgage Portfolio.
10.1.2 For the purposes of collecting amounts due from Borrowers under the Mortgage Loans and their Related Security comprised in the Portfolio in accordance with this AgreementMortgage Portfolio, the Servicer Administrator will, unless otherwise agreed in writing with the Issuer:
(ia) act, or procure that another person approved in writing by the Issuer (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(iib) subject to Clauses 5.1(b) and 5.1(c), deliver to the Collection Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) such instructions as may be necessary from time to time for the debit debiting of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount crediting of such Monthly Payment to be credited to the GIC Account Collection Accounts on the day after the D.D. Date date of receipt of such Monthly Payment or, if such day is not a Business Day, the following Business Day;
(iiic) subject to Clauses 5.1(b) and 5.1(c), deliver to the Collection Account Bank or BACS (as appropriate) such other instructions for the debit debiting of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date remains outstanding to the extent thatBorrower, on such D.D. Date, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme Scheme, as may be appropriate for the recovery of sums due by from such Borrower;
(vd) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service User's Guide and Rules to the Direct Debit Scheme" or, as applicable, the requirement of any replacement scheme and replacement user's guide, as amended from time to time; and
(vie) take all such other steps as are reasonably reasonable and appropriate, including including, in particular particular, the preparation and administration of appropriate computer tapes in connection with BACStapes, to ensure that the Issuer's Collection Portion of all monies received from standing to the Borrowers during banking hours credit of the Collection Accounts on any particular day are credited on the next Business Day to the GIC Deposit Account.
(b) 10.1.3 The Servicer Administrator may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d)clause 10.1.5, that that:
(ia) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the Issuer, and ; and
(iib) the change in arrangements was made at the instigation of the Borrower or by the Servicer Administrator in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage LenderLender including any procedures as contemplated by the Arrears Code, the CPC, the SME Regulations or the Personal Insolvency Act.
(c) 10.1.4 The Servicer may, notwithstanding the proviso to Clause 5.1(b), Administrator may agree such procedures for the payment by a Borrower of of:
(ia) overdue amounts and amounts; and
(iib) amounts payable on redemption of a Mortgage in whole or in part part, other than through the Direct Debiting Scheme as would be agreed by a Reasonable, Prudent Mortgage Lender.
(d) 10.1.5 The Servicer Administrator shall, notwithstanding the proviso to Clause 5.1(b) clause 10.1.3 and without prejudice to Clause 5.1(c)clause 10.1.4, use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme Scheme, or any replacement scheme, from the relevant Collection Account to the GIC Account as follows:
(i) where the Borrower pays by standing orderDeposit Account, by the close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;
(ii) Administrator, where the Borrower pays by payment of standing order, cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in bookSeller, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrowermethod.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer will, subject to Clause 5.1
Appears in 1 contract
Samples: Administration Agreement
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, the Servicer will, unless otherwise agreed in writing with the Issuer:
(i) act, or procure that another person approved in writing by the Issuer (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the GIC Account on the day after the D.D. Date or, if such day is not a Business Day, the following Business Day;
(iii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower Borrow er on the D.D. Date immediately preceding the next succeeding monthly payment date remains outstanding to the extent that, on such D.D. Date, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service User's Guide and Rules to the Direct Debit Scheme" as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day to the GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the Issuer, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close c lose of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his their bank account, the Servicer will, subject subjec t to Clause 5.1
Appears in 1 contract
Samples: Servicing Agreement
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their the Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) or to each Account Bank (as appropriate) such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account or relevant Alternative Account, as the case may be, on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business Day;
(iii) subject to Clauses 5.1(b) and 5.1(c), deliver to the each Account Bank or BACS (as appropriate) not later than ten London Business Days before the next succeeding Monthly Payment Day after the D.D. Date, instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the last D.D. Date immediately preceding the next succeeding monthly payment date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructionsMortgages Trustee;
(iv) subject to Clauses 5.1(b) and 5.1(c), deliver to the each Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day that day to the Mortgages Trustee GIC Account or relevant Alternative Account, as the case may be.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonablereasonable, Prudent Mortgage Lenderprudent mortgage lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), 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 Reasonablereasonable, Prudent Mortgage Lenderprudent mortgage lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, subject provided that in any case where a Borrower will not permit a direct debit to Clause 5.1be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a reasonable, prudent mortgage lender so that such Borrower nevertheless pays each Monthly Payment on the due date.
(e) In the event that the BACS system ceases to operate for any reason the Servicer will use reasonable endeavours to make alternative arrangements for the use of such backup systems as are available to each Account Bank.
(f) To the extent payments collected from Borrowers by or on behalf of the Seller are subsequently reclaimed or recalled by the Seller under the Direct Debiting Scheme, the Seller shall be entitled to deduct an amount equal to such payments from any amounts held by it from time to time and if the collections held are less than the payment recalled or reimbursed, the Mortgages Trustee shall make a payment to the Seller in an amount equal to such shortfall. The Seller may exercise this right without prior notice and, upon request, shall provide evidence to the Mortgages Trustee of such reclaimed or recalled amounts.
Appears in 1 contract
Samples: Servicing Agreement
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection AgentTHIRD PARTY COLLECTION AGENT) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) or to the Account Bank such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. DateDATE) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business DayDay unless the short-term ratings of the Account Bank fall below A-1+ by S&P, P-1 by Moody's or F1+ by Fitch, in which case all further insxxxxxxxns by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates shall be made to another bank which has a rating of at least A-1+ by S&P, P-1 by Moody's or F1+ by Fitch, or directly to the Mortgages Trustee GIC Account;
(iii) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date Monthly Payment Date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer Mortgages Trustee and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were was returned to the Servicer marked "insufficient funds" within ten (10) 10 London Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) , and take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day day to the Mortgages Trustee GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(dCLAUSE 5.1(D), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(bCLAUSE 5.1(B), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(cCLAUSE 5.1(B), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the Mortgages Trustee GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second London Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are 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 Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Account banks operating the Seller Bank Accounts of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, provided that in any case where a Borrower will not permit a direct debit to be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a Reasonable, Prudent Mortgage Lender so that such Borrower nevertheless pays each Monthly Payment within the month in which it falls due.
(f) In the event that the BACS system ceases to operate for any reason the Servicer will use reasonable endeavours to make alternative arrangements for the use of the back up systems available to each Account Bank.
(g) If at any time the Servicer shall receive notice whether under the Direct Debiting Scheme or otherwise that any amount (or part thereof), which was paid in or credited pursuant to CLAUSE 5.1 and which has been transferred to the Mortgages Trustee GIC Account has not been received as cleared funds or has otherwise been recalled, the Servicer shall notify the Cash Manager and instruct the Cash Manager forthwith to debit the Mortgages Trustee GIC Account and credit the relevant collection account for the whole or any part of such amount (such amount hereinafter referred to as the SHORTFALL) and, an amount equal to any costs which are irrecoverable by the Servicer from the relevant Borrower incurred by the Servicer as a result of such shortfall; PROVIDED THAT no debit from the Mortgages Trustee GIC Account for the credit of the collection accounts in respect of any shortfall may be made on or after a Calculation Date in respect of the relevant period between that Calculation Date and the next Distribution Date unless sufficient funds are available after providing or making provision for all payments to be made on the next succeeding Distribution Date. After that following Distribution Date the Mortgages Trustee shall transfer, or procure on its behalf the transfer, from the Mortgages Trustee GIC Account to the relevant collection account of an amount equal to such shortfall subject to Clause 5.1it having sufficient funds available to it or the Servicer shall deduct an amount equal to such shortfall from payments otherwise due on a daily basis from the Seller to the Mortgages Trustee in respect of Principal Receipts and Interest Receipts received under the Loans.
Appears in 1 contract
Samples: Servicing Agreement (Permanent Mortgages Trustee LTD)
Direct Debiting Scheme. (a) 6.2.1 For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio Mortgages in accordance with this Agreement, the Servicer will, PML as Administrator will unless otherwise agreed in writing with the Trustee and the Issuer:
(ia) act, or procure that another person approved in writing by the Issuer (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer under remain a member of the Direct Debiting Scheme and remain, or for so long as it acts as Administrator under this Agreement;
(b) procure upon the service of an Enforcement Notice (insofar as it is able) that the Third Party Collection Agent remainsIssuer is admitted to the Direct Debiting Scheme, that the Issuer will remain a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting SchemeScheme during the remaining term of this Agreement and that in connection therewith the Issuer will give an indemnity in such form and to such effect as may be required from time to time in order that the Issuer is so admitted and may remain a member of such scheme;
(iic) subject to Clauses 5.1(b) 6.2.2 and 5.1(c)6.2.3, deliver to the relevant Collection Account Bank Provider or Bankers Automated Clearing System (BACS) (as appropriate) such BACS in sufficient time for BACS to process collection on each Mortgage Payment Date instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the GIC Account Collection Account, on the day after the D.D. Date or, if such day is not a Business Day, the following Business DayMortgage Payment Date;
(iiid) subject to Clauses 5.1(b) 6.2.2 and 5.1(c)6.2.3, deliver to the relevant Collection Account Bank Provider or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and with the Monthly Payment due and owing from by such Borrower on the D.D. previous Mortgage Payment Date immediately preceding and which on the next succeeding monthly payment date remains outstanding to the extent that, on of presentation of such D.D. Date, such Monthly Payment instructions has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructionsSeller;
(ive) subject to Clauses 5.1(b) 6.2.2 and 5.1(c)6.2.3, deliver to the relevant Collection Account Bank Provider or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;; and
(vf) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service User's Originators Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day to the GIC Account.
(b) The Servicer 6.2.2 PML as Administrator, may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, providedprovided that, subject to Clause 5.1(d), that 6.2.4:
(ia) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from by the Borrower to ultimately the Issuer, and ; and
(iib) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lenderapproval of the Trustee.
(c) The Servicer 6.2.3 PML as Administrator may, notwithstanding the proviso to (a) and (b) of Clause 5.1(b)6.2.2, agree such procedures for the payment by a Borrower of (ia) overdue amounts and (iib) 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, Prudent Mortgage LenderScheme.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) 6.2.4 Where a Borrower permits a direct debit to be made to from his bank account, PML as Administrator, will endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due by that Borrower, provided that in any case where a Borrower will not permit a direct debit to be made from his bank account PML as Administrator, will endeavour to make alternative arrangements so that such Borrower nevertheless pays each Monthly Payment on the Servicer will, subject to Clause 5.1due date.
Appears in 1 contract
Samples: Administration Agreement
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their the Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses Clause 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) or to each Account Bank (as appropriate) such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account or relevant Alternative Account, as the case may be, on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business Day;
(iii) subject to Clauses Clause 5.1(b) and 5.1(c), deliver to the each Account Bank or BACS (as appropriate) not later than ten London Business Days before the next succeeding Monthly Payment Day after the D.D. Date, instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the last D.D. Date immediately preceding the next succeeding monthly payment date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructionsMortgages Trustee;
(iv) subject to Clauses Clause 5.1(b) and 5.1(c), deliver to the each Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "“The Service User's Originator’s Guide and Rules to the Direct Debit Debiting Scheme" ” as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day that day to the Mortgages Trustee GIC Account or relevant Alternative Account, as the case may be.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonablereasonable, Prudent Mortgage Lenderprudent mortgage lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), 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 Reasonablereasonable, Prudent Mortgage Lenderprudent mortgage lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer will, subject to Clause 5.1
Appears in 1 contract
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection AgentTHIRD PARTY COLLECTION AGENT) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) or to the Account Bank such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business DayDay unless the short-term ratings of the Account Bank fall below A-1+ by S&P, P-1 by Moody's or F1 by Fixxx, xx which case all further instructions by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates shall be made to another bank which has a rating of at least A-1+ by S&P, P-1 by Moody's or F1 by Fixxx, xx directly to the Mortgages Trustee GIC Account;
(iii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date Monthly Payment Date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer Mortgages Trustee and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were was returned to the Servicer marked "insufficient funds" within ten (10) London Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;; and
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) , and take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day day to the Mortgages Trustee GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the Mortgages Trustee GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second London Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are 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 Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Account Bank Seller of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer will, subject to Clause 5.1
Appears in 1 contract
Samples: Servicing Agreement (Permanent Funding (No. 2) LTD)
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Account Bank or Bankers Automated Clearing System (BACS) or to the bank or financial institution into which a Borrower mandates their direct debit Monthly Payment due from such Borrower (as appropriatefor the avoidance of doubt, excluding the Account Bank) (the Collection Account Bank) such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business Day;
(iii) subject to Clauses 5.1(b) and 5.1(c), deliver to the Collection Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date Monthly Payment Date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer Mortgages Trustee and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were was returned to the Servicer marked "insufficient funds" within ten (10) London Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(b) and 5.1(c), deliver to the Collection Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;; and
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) , and take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day day to the Mortgages Trustee GIC AccountAccount or if such a day is not a London Business Day, on the next following Business Day.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(b), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the Mortgages Trustee GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second London Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are 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 Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Account Bank Seller of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, provided that in any case where a Borrower will not permit a direct debit to be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a Reasonable, Prudent Mortgage Lender so that such Borrower nevertheless pays each Monthly Payment within the month in which it falls due.
(f) If at any time the Servicer shall receive notice whether under the Direct Debiting Scheme or otherwise that any amount (or part thereof), which was paid in or credited pursuant to Clause 5.1 and which has been transferred to the Mortgages Trustee GIC Account has not been received as cleared funds or has otherwise been recalled, the Servicer shall notify the Cash Manager and instruct the Cash Manager forthwith to debit the Mortgages Trustee GIC Account and credit the relevant collection account for the whole or any part of such amount (such amount hereinafter referred to as the shortfall) and, an amount equal to any costs which are irrecoverable by the Servicer from the relevant Borrower incurred by the Servicer as a result of such shortfall; PROVIDED THAT no debit from the Mortgages Trustee GIC Account for the credit of the collection accounts in respect of any shortfall may be made on or after a Calculation Date in respect of the relevant period between that Calculation Date and the next Distribution Date unless sufficient funds are available after providing or making provision for all payments to be made on the next succeeding Distribution Date. After that following Distribution Date the Mortgages Trustee shall transfer, or procure on its behalf the transfer, from the Mortgages Trustee GIC Account to the relevant collection account of an amount equal to such shortfall subject to Clause 5.1it having sufficient funds available to it or the Servicer shall deduct an amount equal to such shortfall from payments otherwise due on a daily basis from the Seller to the Mortgages Trustee in respect of Principal Receipts and Interest Receipts received under the Loans.
Appears in 1 contract
Samples: Servicing Agreement
Direct Debiting Scheme. (a) 6.2.1 For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio Mortgages in accordance with this Agreement, the Servicer will, PML as Administrator will unless otherwise agreed in writing with the Trustee and the Issuer:
(ia) act, or procure that another person approved in writing by the Issuer (such approval not to be unreasonably withheld) (the Third Party Collection Agent) acts, as collection agent for the Issuer under remain a member of the Direct Debiting Scheme and remain, or for so long as it acts as Administrator under this Agreement;
(b) procure upon the service of an Enforcement Notice (insofar as it is able) that the Third Party Collection Agent remainsIssuer is admitted to the Direct Debiting Scheme, that the Issuer will remain a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting SchemeScheme during the remaining term of this Agreement and that in connection therewith the Issuer will give an indemnity in such form and to such effect as may be required from time to time in order that the Issuer is so admitted and may remain a member of such scheme;
(iic) subject to Clauses 5.1(b) 6.2.2 and 5.1(c)6.2.3, deliver to the relevant Collection Account Bank Provider or Bankers Automated Clearing System (BACS) (as appropriate) such BACS in sufficient time for BACS to process collection on each Mortgage Payment Date instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. Date) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the GIC Account relevant Collection Account, on the day after the D.D. Date or, if such day is not a Business Day, the following Business DayMortgage Payment Date;
(iiid) subject to Clauses 5.1(b) 6.2.2 and 5.1(c)6.2.3, deliver to the relevant Collection Account Bank Provider or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and with the Monthly Payment due and owing from by such Borrower on the D.D. previous Mortgage Payment Date immediately preceding and which on the next succeeding monthly payment date remains outstanding to the extent that, on of presentation of such D.D. Date, such Monthly Payment instructions has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructionsSeller;
(ive) subject to Clauses 5.1(b) 6.2.2 and 5.1(c)6.2.3, deliver to the relevant Collection Account Bank Provider or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;; and
(vf) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service User's Originators Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day to the GIC Account.
(b) The Servicer 6.2.2 PML as Administrator, may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, providedprovided that, subject to Clause 5.1(d), that 6.2.4:
(ia) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from by the Borrower to ultimately the Issuer, and ; and
(iib) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lenderapproval of the Trustee.
(c) The Servicer 6.2.3 PML as Administrator may, notwithstanding the proviso to (a) and (b) of Clause 5.1(b)6.2.2, agree such procedures for the payment by a Borrower of (ia) 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer will, subject to Clause 5.1
Appears in 1 contract
Samples: Administration Agreement
Direct Debiting Scheme. (a) For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection AgentTHIRD PARTY COLLECTION AGENT) acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or Bankers Automated Clearing System (BACS) (as appropriate) or to the Account Bank such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the D.D. DateDATE) with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business DayDay unless the short-term ratings of the Account Bank fall below A-1+ by S&P, P-1 by Moody's or F1+ by Fitch, in which case all further instxxxxxxxs by the Servicer to debit the accounts of Borrowers that are subject to direct debit bank mandates shall be made to another bank which has a rating of at least A-1+ by S&P, P-1 by Moody's or F1+ by Fitch, or directly to the Mortgages Txxxxxx GIC Account;
(iii) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or BACS (as appropriate) instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the D.D. Date immediately preceding the next succeeding monthly payment date Monthly Payment Date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer Mortgages Trustee and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were was returned to the Servicer marked "insufficient funds" within ten (10) 10 London Business Days of receipt by the Servicer of any such returned instructions;
(iv) subject to Clauses 5.1(bCLAUSES 5.1(B) and 5.1(c5.1(C), deliver to the Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) , and take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day day to the Mortgages Trustee GIC Account.
(b) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(dCLAUSE 5.1(D), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonable, Prudent Mortgage Lender.
(c) The Servicer may, notwithstanding the proviso to Clause 5.1(bCLAUSE 5.1(B), 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, Prudent Mortgage Lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(cCLAUSE 5.1(B), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the Mortgages Trustee GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second London Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are 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 Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next London Business Day after notification from the Account banks operating the Seller Bank Accounts of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer willwill endeavour to procure that such Borrower maintains a valid and effective mandate relating to such direct debit in relation to each Monthly Payment due from that Borrower, provided that in any case where a Borrower will not permit a direct debit to be made to his bank account the Servicer will endeavour to make alternative arrangements acceptable to a Reasonable, Prudent Mortgage Lender so that such Borrower nevertheless pays each Monthly Payment within the month in which it falls due.
(f) In the event that the BACS system ceases to operate for any reason the Servicer will use reasonable endeavours to make alternative arrangements for the use of the back up systems available to each Account Bank.
(g) If at any time the Servicer shall receive notice whether under the Direct Debiting Scheme or otherwise that any amount (or part thereof), which was paid in or credited pursuant to CLAUSE 5.1 and which has been transferred to the Mortgages Trustee GIC Account has not been received as cleared funds or has otherwise been recalled, the Servicer shall notify the Cash Manager and instruct the Cash Manager forthwith to debit the Mortgages Trustee GIC Account and credit the relevant collection account for the whole or any part of such amount (such amount hereinafter referred to as the SHORTFALL) and, an amount equal to any costs which are irrecoverable by the Servicer from the relevant Borrower incurred by the Servicer as a result of such shortfall; PROVIDED THAT no debit from the Mortgages Trustee GIC Account for the credit of the collection accounts in respect of any shortfall may be made on or after a Calculation Date in respect of the relevant period between that Calculation Date and the next Distribution Date unless sufficient funds are available after providing or making provision for all payments to be made on the next succeeding Distribution Date. After that following Distribution Date the Mortgages Trustee shall transfer, or procure on its behalf the transfer, from the Mortgages Trustee GIC Account to the relevant collection account of an amount equal to such shortfall subject to Clause 5.1it having sufficient funds available to it or the Servicer shall deduct an amount equal to such shortfall from payments otherwise due on a daily basis from the Seller to the Mortgages Trustee in respect of Principal Receipts and Interest Receipts received under the Loans.
Appears in 1 contract
Samples: Servicing Agreement (Permanent Mortgages Trustee LTD)
Direct Debiting Scheme. (aA) For the purposes of collecting amounts due from Borrowers under the Loans and their the Related Security comprised in the Portfolio in accordance with this Agreement, Agreement the Servicer will, will unless otherwise agreed in writing with the IssuerBeneficiaries:
(i) act, or procure that another person approved in writing by the Issuer Beneficiaries (such approval not to be unreasonably withheld) (the Third Party Collection Agent"THIRD PARTY COLLECTION AGENT") acts, as collection agent for the Issuer Mortgages Trustee and the Beneficiaries under the Direct Debiting Scheme and remain, or procure that the Third Party Collection Agent remains, remains a member of the Direct Debiting Scheme or any scheme which replaces the Direct Debiting Scheme;
(ii) subject to Clauses 5.1(bClause 5.3(B) and 5.1(c5.3(C), deliver to the Account Bank or Bankers Automated Clearing System ("BACS") or to each Account Bank (as appropriate) such instructions as may be necessary from time to time for the debit of the account of each Borrower in respect of which there is a direct debit mandate (the date of such delivery being the "D.D. DateDATE") with the Monthly Payment due from such Borrower, and for the amount of such Monthly Payment to be credited to the Mortgages Trustee GIC Account or relevant Alternative Account, as the case may be, on the day after the D.D. Date or, if such day is not a London Business Day, the following London Business Day;
(iii) subject to Clauses 5.1(bClause 5.3(B) and 5.1(c5.3(C), deliver to the each Account Bank or BACS (as appropriate) not later than ten London Business Days before the next succeeding Monthly Payment Day after the D.D. Date, instructions for the debit of the account of each relevant Borrower in respect of which there is a direct debit mandate and the Monthly Payment due and owing from such Borrower on the last D.D. Date immediately preceding the next succeeding monthly payment date remains outstanding to the extent that, on the date of presentation of such D.D. Dateinstructions, such Monthly Payment has not been received in full by the Servicer on behalf of the Issuer and where the instructions for the debit of the account of the relevant Borrower for the Monthly Payment due and owing from such Borrower were returned to the Servicer marked "insufficient funds" within ten (10) Business Days of receipt by the Servicer of any such returned instructionsMortgages Trustee;
(iv) subject to Clauses 5.1(bClause 5.3(B) and 5.1(c5.3(C), deliver to the each Account Bank or BACS (as appropriate) such other instructions for the debit of the account of each Borrower in respect of which there is a direct debit mandate in accordance with the Direct Debiting Scheme as may be appropriate for the recovery of sums due by such Borrower;
(v) comply in all material respects with the requirements from time to time of the Direct Debiting Scheme including "The Service UserOriginator's Guide and Rules to the Direct Debit Debiting Scheme" as amended from time to time; and
(vi) take all such other steps as are reasonably appropriate, including in particular the preparation and administration of appropriate computer tapes in connection with BACS, to ensure that all monies received from the Borrowers during banking hours on any particular day are credited on the next Business Day that day to the Mortgages Trustee GIC Account or relevant Alternative Account, as the case may be.
(bB) The Servicer may agree with a Borrower that the Direct Debiting Scheme shall not apply to Monthly Payments to be made by such Borrower, provided, subject to Clause 5.1(d5.3(D), that (i) alternative payment arrangements are made which are intended to ensure timely payment of Monthly Payments due from the Borrower to the IssuerMortgages Trustee on behalf of the Beneficiaries, and (ii) the change in arrangements was made at the instigation of the Borrower or by the Servicer in accordance with the procedures which would be adopted by a Reasonablereasonable, Prudent Mortgage Lenderprudent mortgage lender.
(cC) The Servicer may, notwithstanding the proviso to Clause 5.1(b5.3(B), 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 Reasonablereasonable, Prudent Mortgage Lenderprudent mortgage lender.
(d) The Servicer shall, notwithstanding the proviso to Clause 5.1(b) and without prejudice to Clause 5.1(c), use its reasonable endeavours to credit Monthly Payments made by a Borrower under a payment arrangement other than the Direct Debiting Scheme to the GIC Account as follows:
(i) where the Borrower pays by standing order, by close of business on the second Business Day following the day on which such amount is received or credited by the Servicer;
(ii) where the Borrower pays by payment of cash, by debit card, by credit card, by transfer payment from another account of the Seller or by cheque where a reference to the relevant Borrower is provided or payments are made by way of paying-in book, by close of business on the Business Day which immediately follows the day on which such amount is received or credited by the Servicer; and
(iii) where the Borrower pays by cheque or other payment method (save as set out in paragraphs (i) and (ii) above) and where a reference to the relevant Borrower is not provided, by close of business on the next Business Day after notification from the Account Bank of the identity of the Borrower.
(e) Where a Borrower permits a direct debit to be made to his bank account, the Servicer will, subject to Clause 5.1
Appears in 1 contract
