Common use of FURTHER ADVANCES AND PRODUCT SWITCHES Clause in Contracts

FURTHER ADVANCES AND PRODUCT SWITCHES. 8.1 The Servicer shall not accept an application for or, as the case may be, offer, a Product Switch or a Further Advance without first having received confirmation in writing from the Seller (save where the Seller is the Servicer) that the Seller would, if so required by the Mortgages Trustee, re-purchase the relevant Loan and its Related Security from the Mortgages Trustee if the conditions for Loans that are the subject of Product Switch or Further Advance set out in Clause 4.5 of the Mortgage Sale Agreement are not complied with as of the next Trust Calculation Date immediately following the Product Switch or, as the case may be, Further Advance being made. 8.2 Subject to complying with the terms of Clause 8.1, where the Servicer accepts an application for or, as the case may be, offers a Product Switch or a Further Advance, the Servicer shall then notify the Seller and the Mortgages Trustee in writing. 8.3 Notwithstanding Clause 8.2, subject to complying with the terms of Clause 8.1, the Servicer may accept applications from Borrowers for Product Switches and Further Advances PROVIDED THAT the Servicer acts in accordance with its then procedures relating to Product Switches and Further Advances which would be acceptable to a Reasonable, Prudent Mortgage Lender. 8.4 The Seller is and at all times shall remain solely responsible for funding any application for a Further Advance made by a Borrower and, for the avoidance of doubt, the Servicer shall not be required on behalf of the Mortgages Trustee or the Beneficiaries to advance monies to the Seller or to a Borrower in order to fund such a Further Advance in any circumstances whatsoever.

FURTHER ADVANCES AND PRODUCT SWITCHES. 8.1 The Servicer (on behalf of the Seller) shall not accept an application for or, as the case may be, offer, offer a Product Switch or a Further Advance without first having received confirmation in writing from the Seller (save where the Seller is and the ServicerServicer are both Santander UK) that the Seller would, if so required by the Mortgages Trustee, re-purchase the relevant Loan and its Related Security from the Mortgages Trustee if the conditions for Loans that are the subject of Product Switch or Further Advance set out in Clause 4.5 clause 4.4 (Sale and Purchase of New Portfolios, Product Switches and Further Advances) of the Mortgage Sale Agreement are not complied with as of the next Trust Calculation Date immediately following the Product Switch or, as the case may be, Further Advance being made. 8.2 Subject to complying with the terms of Clause 8.1, where the Servicer (on behalf of the Seller) accepts an application for or, as the case may be, offers a Product Switch or a Further Advance, the Servicer shall then notify the Seller and the Mortgages Trustee in writing. 8.3 Notwithstanding Clause 8.2, subject to complying with the terms of Clause 8.1, the Servicer (on behalf of the Seller) may accept applications from Borrowers for Product Switches and Further Advances PROVIDED THAT the Servicer acts in accordance with its then procedures relating to Product Switches and Further Advances which would be acceptable to a Reasonable, Prudent Mortgage Lender. 8.4 The Seller is and at all times shall remain solely responsible for funding any application for a Further Advance made by a Borrower and, for the avoidance of doubt, the Servicer shall not be required on behalf of the Mortgages Trustee or the Beneficiaries to advance monies to the Seller or to a Borrower in order to fund such a Further Advance in any circumstances whatsoever.

FURTHER ADVANCES AND PRODUCT SWITCHES. 8.1 The Servicer (on behalf of the Seller) shall not accept an application for or, as the case may be, offer, offer a Product Switch or a Further Advance without first having received confirmation in writing from the Seller (save where the Seller is and the ServicerServicer are both Santander UK) that the Seller would, if so required by the Mortgages Trustee, re-purchase the relevant Loan and its Related Security from the Mortgages Trustee if the conditions for Loans that are the subject of Product Switch or Further Advance set out in Clause 4.5 clause 4.4 (Sale and Purchase of New Portfolios, Product Switches and Further Advances) of the Mortgage Sale Agreement are not complied with as of the next Trust Calculation Date immediately following the Product Switch or, as the case may be, Further Advance being made. 8.2 Subject to complying with the terms of Clause 8.1, where the Servicer (on behalf of the Seller) accepts an application for or, as the case may be, offers a Product Switch or a Further Advance, the Servicer shall then notify the Seller and the Mortgages Trustee in writing. 8.3 Notwithstanding Clause 8.2, subject to complying with the terms of Clause 8.1, the Servicer (on behalf of the Seller) may accept applications from Borrowers for Product Switches and Further Advances PROVIDED THAT the Servicer acts in accordance with its then procedures relating to Product Switches and Further Advances which would be acceptable to a Reasonable, Prudent Mortgage Lender. 8.4 The Seller is and at all times shall remain solely responsible for funding any application for a Further Advance made by a Borrower and, for the avoidance of doubt, the Servicer shall not be required on behalf of the Mortgages Trustee or the Beneficiaries to advance monies to the Seller or to a Borrower in order to fund such a Further Advance in any circumstances whatsoever.