Common use of Mandatory Further Advances Clause in Contracts

Mandatory Further Advances. 8.3.1 If a Mandatory Further Advance is to be made to a Borrower and if the Mortgage pursuant to which such Mandatory Further Advance is to be made is secured on Property which comprises registered land in England or Wales or comprises land in England or Wales which is the subject of an application for first registration each Legal Title Holder agrees to make such Mandatory Further Advance in accordance with the relevant Mortgage Conditions provided that, subject to the provisions of Clause 8.4, if at any time the Issuer has become the registered proprietor or registered owner of such Mortgage (or, in the case of unregistered land in England and Wales, if at any time the unregistered land Transfer has taken effect) the relevant Legal Title Holder will make such Mandatory Further Advance as agent for the Issuer and as the creditor (in relation to the Borrower) for the purposes of the Consumer Credit Acts 1974 and 2006. 8.3.2 The Issuer hereby agrees that, in all cases where the relevant Legal Title Holder makes a Mandatory Further Advance, but subject always to Clause 8.4, the funds for the making of each such Mandatory Further Advance will be made available by it to the Legal Title Holder or to its order in the manner specified in Clause 8.3.3. 8.3.3 The funds for the making of any Mandatory Further Advance will be made available to the relevant Legal Title Holder or to its order by the Issuer in the following manner. The Administrators shall, on behalf of the Issuer: (a) draw funds from the Transaction Account (debiting the MFA Pre- Funding Reserve Ledger); or (b) draw funds from the Transaction Account (debiting the Principal Ledger), and, in the case of each of paragraph (a) or (b) above, pay the funds so drawn to the relevant Legal Title Holder so that the relevant Legal Title Holder is put in funds in order to enable it to make the relevant Mandatory Further Advance and each Legal Title Holder hereby agrees with all other parties hereto to apply any such funds so received by it solely for such purposes and pending such application to hold such funds on trust for the Issuer. 8.3.4 For the avoidance of doubt, no Mandatory Further Advance shall be made to a Borrower nor shall any drawings as contemplated in Clause 8.3.3 be made by the Administrators to provide funds to the relevant Legal Title Holder for the making of any Mandatory Further Advance if the relevant Legal Title Holder or the Administrators have notice that the relevant Borrower was or is in breach of the relevant Mortgage Conditions. 8.3.5 In the event that a Legal Title Holder fails to make any Mandatory Further Advance to a Borrower in circumstances where it had agreed to make such advance by virtue of the provisions of Clause 8.3.1 and where it had been put in funds by the Administrators to make such advance pursuant to Clause 8.3.3, the relevant Legal Title Holder shall indemnify the Issuer and the Trustee against any loss resulting from that failure. Full satisfaction by a Legal Title Holder of its obligations under such indemnity by way of a payment to the Issuer or the Trustee shall constitute a full discharge and release of that Legal Title Holder from any claim which the Issuer or the Trustee may have against that Legal Title Holder arising from such failure to make any Mandatory Further Advance.

Mandatory Further Advances. 8.3.1 If a Mandatory Further Advance is to be made to a Borrower and if the Mortgage pursuant to which such Mandatory Further Advance is to be made is secured on Property which comprises registered land in England or Wales or comprises land in England or Wales which is the subject of an application for first registration each Legal Title Holder agrees to make such Mandatory Further Advance in accordance with the relevant Mortgage Conditions provided that, subject to the provisions of Clause 8.4, if at any time the Issuer has become the registered proprietor or registered owner of such Mortgage (or, in the case of unregistered land in England and Wales, if at any time the unregistered land Transfer has taken effect) the relevant Legal Title Holder will make such Mandatory Further Advance as agent for the Issuer and as the creditor (in relation to the Borrower) for the purposes of the Consumer Credit Acts 1974 and 2006.2006.‌ 8.3.2 The Issuer hereby agrees that, in all cases where the relevant Legal Title Holder makes a Mandatory Further Advance, but subject always to Clause 8.4, the funds for the making of each such Mandatory Further Advance will be made available by it to the Legal Title Holder or to its order in the manner specified in Clause 8.3.3.8.3.3.‌ 8.3.3 The funds for the making of any Mandatory Further Advance will be made available to the relevant Legal Title Holder or to its order by the Issuer in the following manner. The Administrators shall, on behalf of the Issuer:Issuer:‌ (a) draw funds from the Transaction Account (debiting the MFA Pre- Funding Reserve Ledger); or (b) draw funds from the Transaction Account (debiting the Principal Ledger), and, in the case of each of paragraph (a) or (b) above, pay the funds so drawn to the relevant Legal Title Holder so that the relevant Legal Title Holder is put in funds in order to enable it to make the relevant Mandatory Further Advance and each Legal Title Holder hereby agrees with all other parties hereto to apply any such funds so received by it solely for such purposes and pending such application to hold such funds on trust for the Issuer. 8.3.4 For the avoidance of doubt, no Mandatory Further Advance shall be made to a Borrower nor shall any drawings as contemplated in Clause 8.3.3 be made by the Administrators to provide funds to the relevant Legal Title Holder for the making of any Mandatory Further Advance if the relevant Legal Title Holder or the Administrators have notice that the relevant Borrower was or is in breach of the relevant Mortgage Conditions.Conditions.‌ 8.3.5 In the event that a Legal Title Holder fails to make any Mandatory Further Advance to a Borrower in circumstances where it had agreed to make such advance by virtue of the provisions of Clause 8.3.1 and where it had been put in funds by the Administrators to make such advance pursuant to Clause 8.3.3, the relevant Legal Title Holder shall indemnify the Issuer and the Trustee against any loss resulting from that failure. Full satisfaction by a Legal Title Holder of its obligations under such indemnity by way of a payment to the Issuer or the Trustee shall constitute a full discharge and release of that Legal Title Holder from any claim which the Issuer or the Trustee may have against that Legal Title Holder arising from such failure to make any Mandatory Further Advance.

Mandatory Further Advances. 8.3.1 If a Mandatory Further Advance is to be made to a Borrower and if the Mortgage pursuant to which such Mandatory Further Advance is to be made is secured on Property which comprises registered land in England or Wales or comprises land in England or Wales which is the subject of an application for first registration each Legal Title Holder agrees to make such Mandatory Further Advance in accordance with the relevant Mortgage Conditions provided that, subject to the provisions of Clause 8.4, if at any time the Issuer has become the registered proprietor or registered owner of such Mortgage (or, in the case of unregistered land in England and Wales, if at any time the unregistered land Transfer has taken effect) the relevant Legal Title Holder will make such Mandatory Further Advance as agent for the Issuer and as the creditor (in relation to the Borrower) for the purposes of the Consumer Credit Acts 1974 and 2006.2006.‌ 8.3.2 The Issuer hereby agrees that, in all cases where the relevant Legal Title Holder makes a Mandatory Further Advance, but subject always to Clause 8.4, the funds for the making of each such Mandatory Further Advance will be made available by it to the Legal Title Holder or to its order in the manner specified in Clause 8.3.3.8.3.3.‌ 8.3.3 The funds for the making of any Mandatory Further Advance will be made available to the relevant Legal Title Holder or to its order by the Issuer in the following manner. The Administrators shall, on behalf of the Issuer:Issuer:‌ (a) draw funds from the Transaction Account (debiting the MFA Pre- Funding Reserve Ledger); or; (b) draw funds from the Transaction Account (debiting the Principal Ledger); or (c) draw funds from the Transaction Account (debiting the Retained Principal Ledger), and, in the case of each of paragraph (a), (b) or (bc) above, pay the funds so drawn to the relevant Legal Title Holder so that the relevant Legal Title Holder is put in funds in order to enable it to make the relevant Mandatory Further Advance and each Legal Title Holder hereby agrees with all other parties hereto to apply any such funds so received by it solely for such purposes and pending such application to hold such funds on trust for the Issuer. 8.3.4 For the avoidance of doubt, no Mandatory Further Advance shall be made to a Borrower nor shall any drawings as contemplated in Clause 8.3.3 be made by the Administrators to provide funds to the relevant Legal Title Holder for the making of any Mandatory Further Advance if the relevant Legal Title Holder or the Administrators have notice that the relevant Borrower was or is in breach of the relevant Mortgage Conditions.Conditions.‌ 8.3.5 In the event that a Legal Title Holder fails to make any Mandatory Further Advance to a Borrower in circumstances where it had agreed to make such advance by virtue of the provisions of Clause 8.3.1 and where it had been put in funds by the Administrators to make such advance pursuant to Clause 8.3.3, the relevant Legal Title Holder shall indemnify the Issuer and the Trustee against any loss resulting from that failure. Full satisfaction by a Legal Title Holder of its obligations under such indemnity by way of a payment to the Issuer or the Trustee shall constitute a full discharge and release of that Legal Title Holder from any claim which the Issuer or the Trustee may have against that Legal Title Holder arising from such failure to make any Mandatory Further Advance.

Mandatory Further Advances. 8.3.1 If a Mandatory Further Advance is to be made to a Borrower and if the Mortgage pursuant to which such Mandatory Further Advance is to be made is secured on Property which comprises registered land in England or Wales or comprises land in England or Wales which is the subject of an application for first registration each Legal Title Holder agrees to make such Mandatory Further Advance in accordance with the relevant Mortgage Conditions provided that, subject to the provisions of Clause 8.4, if at any time the Issuer has become the registered proprietor or registered owner of such Mortgage (or, in the case of unregistered land in England and Wales, if at any time the unregistered land Transfer has taken effect) the relevant Legal Title Holder will make such Mandatory Further Advance as agent for the Issuer and as the creditor (in relation to the Borrower) for the purposes of the Consumer Credit Acts 1974 and 2006.2006.‌ 8.3.2 The Issuer hereby agrees that, in all cases where the relevant Legal Title Holder makes a Mandatory Further Advance, but subject always to Clause 8.4, the funds for the making of each such Mandatory Further Advance will be made available by it to the Legal Title Holder or to its order in the manner specified in Clause 8.3.3.8.3.3.‌ 8.3.3 The funds for the making of any Mandatory Further Advance will be made available to the relevant Legal Title Holder or to its order by the Issuer in the following manner. The Administrators shall, on behalf of the Issuer:Issuer:‌ (a) draw funds from the Transaction Account (debiting the MFA Pre- Funding Reserve Ledger); or; (b) draw funds from the Transaction Account (debiting the Principal Ledger); or (c) draw funds from the Transaction Account (debiting the Retained Principal Xxxxxx), and, in the case of each of paragraph (a), (b) or (bc) above, pay the funds so drawn to the relevant Legal Title Holder so that the relevant Legal Title Holder is put in funds in order to enable it to make the relevant Mandatory Further Advance and each Legal Title Holder hereby agrees with all other parties hereto to apply any such funds so received by it solely for such purposes and pending such application to hold such funds on trust for the Issuer. 8.3.4 For the avoidance of doubt, no Mandatory Further Advance shall be made to a Borrower nor shall any drawings as contemplated in Clause 8.3.3 be made by the Administrators to provide funds to the relevant Legal Title Holder for the making of any Mandatory Further Advance if the relevant Legal Title Holder or the Administrators have notice that the relevant Borrower was or is in breach of the relevant Mortgage Conditions.Conditions.‌ 8.3.5 In the event that a Legal Title Holder fails to make any Mandatory Further Advance to a Borrower in circumstances where it had agreed to make such advance by virtue of the provisions of Clause 8.3.1 and where it had been put in funds by the Administrators to make such advance pursuant to Clause 8.3.3, the relevant Legal Title Holder shall indemnify the Issuer and the Trustee against any loss resulting from that failure. Full satisfaction by a Legal Title Holder of its obligations under such indemnity by way of a payment to the Issuer or the Trustee shall constitute a full discharge and release of that Legal Title Holder from any claim which the Issuer or the Trustee may have against that Legal Title Holder arising from such failure to make any Mandatory Further Advance.

Mandatory Further Advances. 8.3.1 If a Mandatory Further Advance is to be made to a Borrower and if the Mortgage pursuant to which such Mandatory Further Advance is to be made is secured on Property which comprises registered land in England or Wales or comprises land in England or Wales which is the subject of an application for first registration each Legal Title Holder agrees to make such Mandatory Further Advance in accordance with the relevant Mortgage Conditions provided that, subject to the provisions of Clause 8.4, if at any time the Issuer has become the registered proprietor or registered owner of such Mortgage (or, in the case of unregistered land in England and Wales, if at any time the unregistered land Transfer has taken effect) the relevant Legal Title Holder will make such Mandatory Further Advance as agent for the Issuer and as the creditor (in relation to the Borrower) for the purposes of the Consumer Credit Acts 1974 and 2006. 8.3.2 The Issuer hereby agrees that, in all cases where the relevant Legal Title Holder makes a Mandatory Further Advance, but subject always to Clause 8.4, the funds for the making of each such Mandatory Further Advance will be made available by it to the Legal Title Holder or to its order in the manner specified in Clause 8.3.3. 8.3.3 The funds for the making of any Mandatory Further Advance will be made available to the relevant Legal Title Holder or to its order by the Issuer in the following manner. The Administrators shall, on behalf of the Issuer: (a) draw funds from the Transaction Account (debiting the MFA Pre- Funding Reserve Ledger); or (b) draw funds from the Transaction Account (debiting the Principal Ledger), and, in the case of each of paragraph (a) or (b) above, pay the funds so drawn to the relevant Legal Title Holder so that the relevant Legal Title Holder is put in funds in order to enable it to make the relevant Mandatory Further Advance and each Legal Title Holder hereby agrees with all other parties hereto to apply any such funds so received by it solely for such purposes and pending such application to hold such funds on trust for the Issuer. 8.3.4 For the avoidance of doubt, no Mandatory Further Advance shall be made to a Borrower nor shall any drawings as contemplated in Clause 8.3.3 be made by the Administrators to provide funds to the relevant Legal Title Holder for the making of any Mandatory Further Advance if the relevant Legal Title Holder or the Administrators have notice that the relevant Borrower was or is in breach of the relevant Mortgage Conditions. 8.3.5 In the event that a Legal Title Holder fails to make any Mandatory Further Advance to a Borrower in circumstances where it had agreed to make such advance by virtue of the provisions of Clause 8.3.1 and where it had been put in funds by the Administrators to make such advance pursuant to Clause 8.3.3, the relevant Legal Title Holder shall indemnify the Issuer and the Trustee against any loss resulting from that failure. Full satisfaction by a Legal Title Holder of its obligations under such indemnity by way of a payment to the Issuer or the Trustee shall constitute a full discharge and release of that Legal Title Holder from any claim which the Issuer or the Trustee may have against that Legal Title Holder arising from such failure to make any Mandatory Further Advance.

Mandatory Further Advances. 8.3.1 (a) If a Mandatory Further Advance is to be made to a Borrower and if the Mortgage pursuant to which such Mandatory Further Advance is to be made is secured on Property which comprises registered land in England or Wales or comprises land in England or Wales which is the subject of an application for first registration each Legal Title Holder agrees to make such Mandatory Further Advance in accordance with the relevant Mortgage Conditions provided that, subject to the provisions of Clause 8.4, if at any time the Issuer has become the registered proprietor or registered owner of such Mortgage (or, in the case of unregistered land in England and Wales, if at any time the unregistered land Transfer has taken effect) the relevant Legal Title Holder will make such Mandatory Further Advance as agent for the Issuer and as the creditor (in relation to the Borrower) for the purposes of the Consumer Credit Acts 1974 and 2006. 8.3.2 (b) The Issuer hereby agrees that, in all cases where the relevant Legal Title Holder makes a Mandatory Further Advance, but subject always to Clause 8.4, the funds for the making of each such Mandatory Further Advance will be made available by it to the Legal Title Holder or to its order in the manner specified in Clause 8.3.38.3(c). 8.3.3 (c) The funds for the making of any Mandatory Further Advance will be made available to the relevant Legal Title Holder or to its order by the Issuer in the following manner. The Administrators shall, on behalf of the Issuer: (ai) draw funds from the Transaction Account (debiting the MFA Pre- Pre-Funding Reserve Ledger); or; (bii) draw funds from the Transaction Account (debiting the Principal Ledger); or (iii) draw funds from the Transaction Account (debiting the Retained Principal Xxxxxx), and, in the case of each of paragraph paragraphs (ai), (ii) or and (biii) above, pay the funds so drawn to the relevant Legal Title Holder so that the relevant Legal Title Holder is put in funds in order to enable it to make the relevant Mandatory Further Advance and each Legal Title Holder hereby agrees with all other parties hereto to apply any such funds so received by it solely for such purposes and pending such application to hold such funds on trust for the Issuer. 8.3.4 (d) For the avoidance of doubt, no Mandatory Further Advance shall be made to a Borrower nor shall any drawings as contemplated in Clause 8.3.3 8.3(c) be made by the Administrators to provide funds to the relevant Legal Title Holder for the making of any Mandatory Further Advance if the relevant Legal Title Holder or the Administrators have notice that the relevant Borrower was or is in breach of the relevant Mortgage Conditions. 8.3.5 (e) In the event that a Legal Title Holder fails to make any Mandatory Further Advance to a Borrower in circumstances where it had agreed to make such advance by virtue of the provisions of Clause 8.3.1 8.3(a) and where it had been put in funds by the Administrators to make such advance pursuant to Clause 8.3.38.3(c), the relevant Legal Title Holder shall indemnify the Issuer and the Trustee against any loss resulting from that failure. Full satisfaction by a Legal Title Holder of its obligations under such indemnity by way of a payment to the Issuer or the Trustee shall constitute a full discharge and release of that Legal Title Holder from any claim which the Issuer or the Trustee may have against that Legal Title Holder arising from such failure to make any Mandatory Further Advance.

Mandatory Further Advances. 8.3.1 If a Mandatory Further Advance is to be made to a Borrower and if the Mortgage pursuant to which such Mandatory Further Advance is to be made is secured on Property which comprises registered land in England or Wales or comprises land in England or Wales which is the subject of an application for first registration each Legal Title Holder agrees to make such Mandatory Further Advance in accordance with the relevant Mortgage Conditions provided that, subject to the provisions of Clause 8.4, if at any time the Issuer has become the registered proprietor or registered owner of such Mortgage (or, in the case of unregistered land in England and Wales, if at any time the unregistered land Transfer has taken effect) the relevant Legal Title Holder will make such Mandatory Further Advance as agent for the Issuer and as the creditor (in relation to the Borrower) for the purposes of the Consumer Credit Acts 1974 and 2006. 8.3.2 The Issuer hereby agrees that, in all cases where the relevant Legal Title Holder makes a Mandatory Further Advance, but subject always to Clause 8.4, the funds for the making of each such Mandatory Further Advance will be made available by it to the Legal Title Holder or to its order in the manner specified in Clause 8.3.3. 8.3.3 The funds for the making of any Mandatory Further Advance will be made available to the relevant Legal Title Holder or to its order by the Issuer in the following manner. The Administrators shall, on behalf of the Issuer: (a) draw funds from the Transaction Account (debiting the MFA Pre- Pre-Funding Reserve Ledger); or; (b) draw funds from the Transaction Account (debiting the Principal Ledger); or (c) draw funds from the Transaction Account (debiting the Retained Principal Ledger), and, in the case of each of paragraph (a), (b) or (bc) above, pay the funds so drawn to the relevant Legal Title Holder so that the relevant Legal Title Holder is put in funds in order to enable it to make the relevant Mandatory Further Advance and each Legal Title Holder hereby agrees with all other parties hereto to apply any such funds so received by it solely for such purposes and pending such application to hold such funds on trust for the Issuer. 8.3.4 For the avoidance of doubt, no Mandatory Further Advance shall be made to a Borrower nor shall any drawings as contemplated in Clause 8.3.3 be made by the Administrators to provide funds to the relevant Legal Title Holder for the making of any Mandatory Further Advance if the relevant Legal Title Holder or the Administrators have notice that the relevant Borrower was or is in breach of the relevant Mortgage Conditions. 8.3.5 In the event that a Legal Title Holder fails to make any Mandatory Further Advance to a Borrower in circumstances where it had agreed to make such advance by virtue of the provisions of Clause 8.3.1 and where it had been put in funds by the Administrators to make such advance pursuant to Clause 8.3.3, the relevant Legal Title Holder shall indemnify the Issuer and the Trustee against any loss resulting from that failure. Full satisfaction by a Legal Title Holder of its obligations under such indemnity by way of a payment to the Issuer or the Trustee shall constitute a full discharge and release of that Legal Title Holder from any claim which the Issuer or the Trustee may have against that Legal Title Holder arising from such failure to make any Mandatory Further Advance.