Direct Debiting System. (a) For the purposes of collecting amounts due from Borrowers under the Portfolio Assets sold by the Seller to the Guarantor comprised in the Covered Bond Portfolio, the Servicer in accordance with this Agreement will, unless otherwise agreed to in writing with the Guarantor, act or cause another Person approved in writing by the Guarantor (such approval not to be unreasonably withheld) to act as collection agent for the Guarantor under a scheme for either the manual or automated debiting of bank accounts (the “Direct Debiting System”) provided such Direct Debiting System is operated in accordance with policies and procedures which would be acceptable to a Reasonable and Prudent Mortgage Lender.
Direct Debiting System. (a) For the purposes of collecting amounts due from Borrowers under the Portfolio Assets sold by the Seller to the Guarantor comprised in the Covered Bond Portfolio, the Servicer in accordance with this Agreement will, unless otherwise agreed to in writing with the Guarantor, act or cause another Person approved in writing by the Guarantor (such approval not to be unreasonably withheld) to act as collection agent for the Guarantor under a scheme for either the manual or automated debiting of bank accounts (the “Direct Debiting System”) provided such Direct Debiting System is operated in accordance with policies and procedures which would be acceptable to a Reasonable and Prudent Mortgage Lender. The Guarantor acknowledges and agrees that unless otherwise notified by the Servicer, The Toronto-Dominion Bank will act as the collection agent for the Guarantor under the Direct Debiting System.
Direct Debiting System. For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security sold by the Seller to the Guarantor comprised in the Portfolio, the Servicer in accordance with this Agreement will, unless otherwise agreed to in writing with the Guarantor, act or cause another Person approved in writing by the Guarantor and the Bond Trustee (such approval not to be unreasonably withheld) to act as collection agent for the Guarantor under a scheme for either the manual or automated debiting of bank accounts (the “Direct Debiting System”) provided such Direct Debiting System is operated in accordance with policies and procedures which would be acceptable to reasonable and prudent institutional mortgage lenders in the Servicer’s market. Any unpaid amounts under such Direct Debiting System which are repaid by the Seller to the bank making such payment, if such bank is unable to recoup that amount itself from its customer accounts, will be paid in accordance with Section 4.11 (Third Party Amounts) of the Mortgage Sale Agreement.
