Common use of Further Advances Clause in Contracts

Further Advances. 8.1.1 If a Borrower seeks a further advance, the Administrators shall promptly (and in any event within three Business Days of the receipt of such request) notify the Issuer and the relevant Legal Title Holder of such request and provide them with all details of such request which are available to them. 8.1.2 If, pursuant to Clause 8.1.1, the relevant Administrator on behalf of the Issuer is not willing, or is unable, to make such further advance as a Discretionary Further Advance but the relevant Legal Title Holder decides that it wishes to make a further advance to that Borrower (although it is not obliged to do so), the relevant Legal Title Holder may by notice to the Issuer and the Trustee (with a copy to the relevant Administrator) only make the further advance to the Borrower on the basis that the advance will be secured by a second mortgage or charge over the Property in question in favour of the relevant Legal Title Holder ranking after the Mortgage in point of priority. 8.1.3 If the relevant Legal Title Holder makes a further advance on the security of a second mortgage or charge over the relevant Property, the Trustee and the Issuer in accordance with their respective estates and interests shall be deemed to consent to the creation of any such second mortgage or charge made in accordance with paragraphs (a), (b) and (c) below pursuant to the Mortgage Conditions and the Trustee and the Issuer (and in the case of paragraph (c) below, the relevant Legal Title Holder) shall at the expense of the relevant Legal Title Holder: (a) within seven days of receipt from the relevant Legal Title Holder of notice that it intends to make a further advance, execute and deliver or instruct and authorise the relevant Administrator to execute and deliver to the relevant Legal Title Holder a letter of consent in such form as the relevant Legal Title Holder shall require; (b) promptly give, or authorise the relevant Administrator to give, the relevant Legal Title Holder access to the Mortgage Deeds or copies thereof to enable the relevant Legal Title Holder to make any investigations which it requires prior to making the further advance; and (c) promptly execute all documents and do all things reasonably considered necessary or desirable to facilitate the creation of such second mortgage or charge and to postpone all rights of the relevant Legal Title Holder thereunder to those present and future rights of the Issuer and the Trustee in the Mortgage including, for the avoidance of doubt, future Mandatory Further Advances and Discretionary Further Advances.

Further Advances. 8.1.1 If a Borrower seeks a further advance, the Administrators shall promptly (and in any event within three Business Days of the receipt of such request) notify notify‌ the Issuer and the relevant Legal Title Holder of such request and provide them with all details of such request which are available to them. 8.1.2 If, pursuant to Clause 8.1.1, the relevant Administrator on behalf of the Issuer is not willing, or is unable, to make such further advance as a Discretionary Further Advance but the relevant Legal Title Holder decides that it wishes to make a further advance to that Borrower (although it is not obliged to do so), the relevant Legal Title Holder may by notice to the Issuer and the Trustee (with a copy to the relevant Administrator) only make the further advance to the Borrower on the basis that the advance will be secured by a second mortgage or charge over the Property in question in favour of the relevant Legal Title Holder ranking after the Mortgage in point of priority.priority.‌ 8.1.3 If the relevant Legal Title Holder makes a further advance on the security of a second mortgage or charge over the relevant Property, the Trustee and the Issuer in accordance with their respective estates and interests shall be deemed to consent to the creation of any such second mortgage or charge made in accordance with paragraphs (a), (b) and (c) below pursuant to the Mortgage Conditions and the Trustee and the Issuer (and in the case of paragraph (c) below, the relevant Legal Title Holder) shall at the expense of the relevant Legal Title Holder: (a) within seven days of receipt from the relevant Legal Title Holder of notice that it intends to make a further advance, execute and deliver or instruct and authorise the relevant Administrator to execute and deliver to the relevant Legal Title Holder a letter of consent in such form as the relevant Legal Title Holder shall require; (b) promptly give, or authorise the relevant Administrator to give, the relevant Legal Title Holder access to the Mortgage Deeds or copies thereof to enable the relevant Legal Title Holder to make any investigations which it requires prior to making the further advance; and (c) promptly execute all documents and do all things reasonably considered necessary or desirable to facilitate the creation of such second mortgage or charge and to postpone all rights of the relevant Legal Title Holder thereunder to those present and future rights of the Issuer and the Trustee in the Mortgage including, for the avoidance of doubt, future Mandatory Further Advances and Discretionary Further Advances.

Further Advances. 8.1.1 If a Borrower seeks a further advance, (A) The Seller (or the Administrators shall promptly (and in any event within three Business Days of the receipt of such request) notify the Issuer and the relevant Legal Title Holder of such request and provide them with all details of such request which are available to them. 8.1.2 If, pursuant to Clause 8.1.1, the relevant Administrator Servicer on behalf of the Seller) may determine that a Further Advance may be advanced by the Seller to a Borrower in respect of Mortgage Loans comprised in the Mortgage Portfolio (as a result of, inter alia, the Seller (or the Servicer on behalf of the Seller) determining that the conditions for the granting of such Further Advance have been satisfied by the relevant Borrower). (B) If the Seller (or the Servicer on behalf of the Seller) determines that an amount may be advanced by the Seller as a Further Advance in respect of any Mortgage Loan in the Mortgage Portfolio, subject to Clause 4.1(C) the relevant Mortgage Loan in respect of which the Further Advance is made will remain in the Mortgage Portfolio and the Issuer will purchase such Further Advance on the Further Advance Date for the Further Advance Purchase Price, provided that there are sufficient Principal Receipts available to the Issuer to purchase such Further Advance and provided further that Principal Receipts received in respect of a Collection Period may only be used to fund Further Advances made during such Collection Period. (C) If the Principal Receipts, in accordance with Clause 4.1(B) above, are insufficient to fund a Further Advance to be granted in respect of a Mortgage Loan, the Seller must repurchase the relevant Mortgage Loan(s) and its Related Security from the Issuer in accordance with Clause 12 (Repurchase of Mortgage Loans). (D) The Seller undertakes to the Issuer that it is and shall at all times remain solely responsible for offering and documenting any Further Advance or accepting any application for a Further Advance made to, or received from, a Borrower with respect to any relevant Mortgage Loan. (E) The Issuer shall not itself accept any application from, or make elections to, relevant Borrowers of Further Advances. (F) If the Seller (or the Servicer on behalf of the Seller) identifies that any of the following conditions are not satisfied with respect to any Further Advance as at the relevant Further Advance Date or, as applicable, would not be satisfied following the making of the Further Advance on such Further Advance Date: (1) the Further Advance Date falls before the Interest Payment Date falling in December 2023; (2) the Servicer is not willingaware that the then current ratings of the Class A Notes then outstanding would be downgraded, withdrawn, qualified or is unable, to make such further advance suspended or placed on rating watch negative (or equivalent) as a Discretionary result of the relevant Further Advance but remaining in the relevant Legal Title Holder decides that it wishes to make a further advance to that Borrower Mortgage Portfolio; (although it 3) no Event of Default has occurred and is continuing; (4) no Perfection Trigger Event has occurred; (5) there is no deficiency recorded on the Class A Principal Deficiency Sub- Ledger; (6) the aggregate amount of all Further Advances purchased since the Closing Date does not obliged to do soexceed 10% of the aggregate outstanding balance of the Mortgage Portfolio as at the Cut-off Date and the Additional Mortgage Portfolio Cut-off Date respectively; and (7) the Further Advance will not result in the weighted average interest rate on the Mortgage Portfolio on the Further Advance Date being less than the aggregate of the ECB Tracker Rate (calculated on the Interest Determination Date of the then current Interest Period) plus 1%, (together, the “Further Advance Conditions”), then a Notice of Non-Satisfaction of Further Advance Conditions must be given by the relevant Legal Title Holder may by notice Servicer to the Issuer and the Trustee (with a copy Seller, whereupon the Seller must repurchase, prior to the relevant Administrator) only make date which falls 30 days after the further advance Calculation Date relating to the Borrower on Collection Period in which the basis that the advance will be secured by a second mortgage or charge over the Property in question in favour of Further Advance Date falls, the relevant Legal Title Holder ranking after the Mortgage in point of priority. 8.1.3 If the relevant Legal Title Holder makes a further advance on the security of a second mortgage or charge over the relevant Property, the Trustee Loan(s) and its Related Security from the Issuer in accordance with their respective estates and interests shall be deemed to consent Clause 12 (Repurchase of Mortgage Loans). (G) If by the Calculation Date relating to the creation Collection Period during which a Further Advance has been effected, no Notice of any Non-Satisfaction of Further Advance Conditions has been given by the Seller (or the Servicer on behalf of the Seller) to the Issuer in respect of such second mortgage or charge made in accordance with paragraphs (aFurther Advance pursuant to Clause 4.1(F), or has been so given but subsequently revoked by the Seller (b) or the Servicer on behalf of the Seller), then the Mortgage Loan which is the subject of such Further Advance shall remain in the Mortgage Portfolio and (c) below the Seller must, in relation to the relevant Mortgage Loan, give certain Mortgage Loan Warranties pursuant to Clause 11.2(C). (H) If it is subsequently determined by the Mortgage Seller that any of the Further Advance Conditions and were in fact not satisfied in relation to the Trustee and Further Advance on the relevant Further Advance Date: (1) despite no Notice of Non-Satisfaction of Further Advance Conditions being given by the Seller (or the Servicer on behalf of the Seller) to the Issuer by the Calculation Date relating to the Collection Period during which the relevant Further Advance Date occurred; or (2) where a Notice of Non-Satisfaction of Further Advance Conditions was given but was revoked by the Seller (or the Servicer on behalf of the Seller) by the Calculation Date relating to the Collection Period during which the relevant Further Advance Date occurred, the Seller will, upon receipt of a further notice from the Issuer, repurchase the entire Mortgage Loan and its Related Security (including in the case of paragraph (c) belowa Mortgage Loan subject to a Further Advance, the relevant Legal Title HolderFurther Advance together with any other Mortgage Loan secured or intended to be secured by the Related Security) shall at from the expense Issuer in accordance with Clause 12 (Repurchase of the relevant Legal Title Holder:Mortgage Loans). (aI) within seven days of receipt from If the relevant Legal Title Holder of notice that it intends Seller is required to make repurchase a further advanceMortgage Loan pursuant to this Clause 4.1, execute and deliver or instruct and authorise then the relevant Administrator to execute and Issuer shall deliver to the relevant Legal Title Holder Seller a letter of consent Mortgage Loan Repurchase Notice, substantially in such the form as the relevant Legal Title Holder shall require;set out in Schedule 5 (Mortgage Loan Repurchase Notice). (bJ) promptly give, or authorise In order for the Seller to repurchase any relevant Administrator Mortgage Loan and its Related Security pursuant to giveClause 4.1 above, the relevant Legal Title Holder access Seller shall make a cash payment to the Mortgage Deeds or copies thereof to enable the relevant Legal Title Holder to make any investigations which it requires prior to making the further advance; and Issuer in accordance with Clause 12.2 (c) promptly execute all documents Repurchase Date and do all things reasonably considered necessary or desirable to facilitate the creation of such second mortgage or charge and to postpone all rights of the relevant Legal Title Holder thereunder to those present and future rights of the Issuer and the Trustee in the Mortgage including, for the avoidance of doubt, future Mandatory Further Advances and Discretionary Further AdvancesConsideration).

Further Advances. 8.1.1 If a Borrower seeks a further advance, the Administrators shall promptly (and in any event within three Business Days of the receipt of such request) notify notify‌ the Issuer and the relevant Legal Title Holder of such request and provide them with all details of such request which are available to them. 8.1.2 If, pursuant to Clause 8.1.1, the relevant Administrator on behalf of the Issuer is not willing, or is unable, to make such further advance as a Discretionary Further Advance but the relevant Legal Title Holder decides that it wishes to make a further advance to that Borrower Xxxxxxxx (although it is not obliged to do so), the relevant Legal Title Holder may by notice to the Issuer and the Trustee (with a copy to the relevant Administrator) only make the further advance to the Borrower on the basis that the advance will be secured by a second mortgage or charge over the Property in question in favour of the relevant Legal Title Holder ranking after the Mortgage in point of priority.priority.‌ 8.1.3 If the relevant Legal Title Holder makes a further advance on the security of a second mortgage or charge over the relevant Property, the Trustee and the Issuer in accordance with their respective estates and interests shall be deemed to consent to the creation of any such second mortgage or charge made in accordance with paragraphs (a), (b) and (c) below pursuant to the Mortgage Conditions and the Trustee and the Issuer (and in the case of paragraph (c) below, the relevant Legal Title Holder) shall at the expense of the relevant Legal Title Holder: (a) within seven days of receipt from the relevant Legal Title Holder of notice that it intends to make a further advance, execute and deliver or instruct and authorise the relevant Administrator to execute and deliver to the relevant Legal Title Holder a letter of consent in such form as the relevant Legal Title Holder shall require; (b) promptly give, or authorise the relevant Administrator to give, the relevant Legal Title Holder access to the Mortgage Deeds or copies thereof to enable the relevant Legal Title Holder to make any investigations which it requires prior to making the further advance; and (c) promptly execute all documents and do all things reasonably considered necessary or desirable to facilitate the creation of such second mortgage or charge and to postpone all rights of the relevant Legal Title Holder thereunder to those present and future rights of the Issuer and the Trustee in the Mortgage including, for the avoidance of doubt, future Mandatory Further Advances and Discretionary Further Advances.

Further Advances. 8.1.1 (a) If a Borrower seeks a further advance, the Administrators shall promptly (and in any event within three Business Days of the receipt of such request) notify the Issuer and the relevant Legal Title Holder of such request and provide them with all details of such request which are available to them. 8.1.2 (b) If, pursuant to Clause 8.1.18.1(a), the relevant Administrator on behalf of the Issuer is not willing, or is unable, to make such further advance as a Discretionary Further Advance but the relevant Legal Title Holder decides that it wishes to make a further advance to that Borrower (although it is not obliged to do so), the relevant Legal Title Holder may by notice to the Issuer and the Trustee (with a copy to the relevant Administrator) only make the further advance to the Borrower on the basis that the advance will be secured by a second mortgage or charge over the Property in question in favour of the relevant Legal Title Holder ranking after the Mortgage in point of priority. 8.1.3 (c) If the relevant Legal Title Holder makes a further advance on the security of a second mortgage or charge over the relevant Property, the Trustee and the Issuer in accordance with their respective estates and interests shall be deemed to consent to the creation of any such second mortgage or charge made in accordance with paragraphs (ai), (bii) and (ciii) below pursuant to the Mortgage Conditions and the Trustee and the Issuer (and in the case of paragraph (ciii) below, the relevant Legal Title Holder) shall at the expense of the relevant Legal Title Holder: (ai) within seven days of receipt from the relevant Legal Title Holder of notice that it intends to make a further advance, execute and deliver or instruct and authorise the relevant Administrator to execute and deliver to the relevant Legal Title Holder a letter of consent in such form as the relevant Legal Title Holder shall require; (bii) promptly give, or authorise the relevant Administrator to give, the relevant Legal Title Holder access to the Mortgage Deeds or copies thereof to enable the relevant Legal Title Holder to make any investigations which it requires prior to making the further advance; and (ciii) promptly execute all documents and do all things reasonably considered necessary or desirable to facilitate the creation of such second mortgage or charge and to postpone all rights of the relevant Legal Title Holder thereunder to those present and future rights of the Issuer and the Trustee in the Mortgage including, for the avoidance of doubt, future Mandatory Further Advances and Discretionary Further Advances.