Common use of MORTGAGE RATE Clause in Contracts

MORTGAGE RATE. 5.1 Subject to Clauses 5.2, 5.5 and 5.6, each Seller, the Issuer and the Trustee grant the Administrators full right, liberty and authority from time to time, in accordance with the relevant Mortgage Conditions, to determine and set the rate or rates of interest chargeable to Borrowers. Each of the Sellers, the Issuer and the Trustee shall be bound by any rate or rates of interest set in accordance with this Agreement. 5.2 The Administrators shall take the steps rendered necessary by the relevant Mortgage Conditions to bring each change in such rate or rates of interest to the attention of the Borrowers in accordance with the Mortgage Conditions and shall take similar steps to bring each such change to the attention of any relevant guarantor. Information regarding any change in the rate or rates of interest chargeable to Borrowers, shall be made available to the Issuer and the Trustee in accordance with Clause 12. 9.1. All costs arising in relation to a notification of a change in such rate or rates of interest shall be paid by the relevant Administrator and recovered from the Issuer in accordance with Clause 11 (Costs and Expenses). 5.3 The Administration Agreement will require the Administrators to determine the interest rates of the Mortgages in the Mortgage Portfolio so that the weighted average interest rate of such Mortgages is not less than the Compounded Daily XXXXX or the Alternative Base Rate, as applicable, plus 3 per cent. after taking into account any payments due to be made or received under the hedging arrangements, Mortgage Margin Reserve Fund and the Interest Rate Converted Mortgage Release Amounts expected on the immediately following Interest Payment Date. 5.4 For the purposes of this Clause 5: 5.4.1 the rate or rates of interest chargeable to Borrowers in respect of the Mortgages shall be "set" on any day on which any change in the rate or rates charged to Borrowers becomes effective in accordance with the Mortgage Conditions; and 5.4.2 the rate or rates of interest chargeable to Borrowers in respect of the Mortgages shall be "permitted to remain in effect" on each Interest Payment Date. 5.5.1 The Trustee may, in any of the circumstances described in Clause 5.5.2 and without prejudice to the rights of the Trustee under Clause 20.1, terminate the authority of the Administrators under Clause 5.1 to determine and set the rate or rates of interest charged to Borrowers under Clause 5.1 and the authority of the Administrators under Clause 5.7 to calculate and notify the Monthly Payments on Repayment Mortgages and may (but shall not be obliged to) itself (or an agent on its behalf), or (if applicable) any substitute administrator shall, determine such rate or rates and Monthly Payments from time to time thereafter, provided that, unless the Trustee has exercised its rights under Clause 20.1, the Trustee may reinstate such authority at any time and provided further that, in the case of the right to set the rate or rates of interest under Clause 5.1, the Trustee (or an agent on its behalf) or (if applicable) a substitute administrator shall, unless the authority of the Administrator has been reinstated under this Clause 5.5.1, set such rate or rates at such a level in accordance with the Mortgage Conditions. 5.5.2 The Trustee may terminate the authority of the Administrators to determine and set the rate or rates of interest chargeable to Borrowers in respect of the Mortgages and the authority of the Administrator under Clause 5.7 on the occurrence of any of the following events: (a) there has occurred an Event of Default in respect of any of the Notes in accordance with Condition 9 (Events of Default) or an event which, in accordance with such Conditions, with the giving of notice and/or lapse of time and/or certification and/or determination would constitute an Event of Default in respect of any of the Notes (as the case may be); or (b) there has occurred a Termination Event (as defined in Clause 20.1). 5.6 The Administrators shall promptly submit to the Issuer and, if requested by the Trustee, to the Trustee, details of all calculations made pursuant to Clause 5.2. 5.7 The Administrators shall calculate (and notify to the relevant Borrowers) the Monthly Payments in respect of the Repayment Mortgages, in accordance with the practices of a reasonably prudent mortgage administrator and so as to result in all moneys secured by each Repayment Mortgage being fully repaid by its scheduled maturity.

MORTGAGE RATE. 5.1 Subject to Clauses 5.2, 5.5 5.4 and 5.65.5, each Seller, the Issuer and the Trustee grant the Administrators full right, liberty and authority from time to time, in accordance with the relevant Mortgage Conditions, to determine and set the rate or rates of interest chargeable to Borrowers. Each of the Sellers, the Issuer and the Trustee shall be bound by any rate or rates of interest set in accordance with this Agreement. 5.2 The Administrators shall take the steps rendered necessary by the relevant Mortgage Conditions to bring each change in such rate or rates of interest to the attention of the Borrowers in accordance with the Mortgage Conditions and shall take similar steps to bring each such change to the attention of any relevant guarantor. Information regarding any change in the rate or rates of interest chargeable to Borrowers, shall be made available to the Issuer and the Trustee in accordance with Clause 1213. 9.1. All costs arising in relation to a notification of a change in such rate or rates of interest shall be paid by the relevant Administrator and recovered from the Issuer in accordance with Clause 11 12 (Costs and Expenses). 5.3 The 5.3.1 In order for the Issuer to acquire any Additional Mortgages on any Further Sale Date, the Administration Agreement will require the Administrators to determine the interest rates of the Mortgages in the Mortgage Portfolio (including any Additional Mortgages acquired by the Issuer from the Sellers on any Further Sale Date) so that the weighted average interest rate of such Mortgages is not a prescribed rate minimum above LIBORnot less than the Compounded Daily XXXXX or the Alternative Base Rate, as applicable, plus 3 per cent. ., after taking into account any payments due to be made or received under the hedging arrangements, Mortgage Margin Reserve Fund and the Interest Rate Converted Mortgage Release Amounts expected on the immediately following Interest Payment Date. 5.4 5.3.2 For the purposes of this Clause 5: 5.4.1 (a) the rate or rates of interest chargeable to Borrowers in respect of the Mortgages shall be "set" on any day on which any change in the rate or rates charged to Borrowers becomes effective in accordance with the Mortgage Conditions; and 5.4.2 (b) the rate or rates of interest chargeable to Borrowers in respect of the Mortgages shall be "permitted to remain in effect" on each Interest Payment Date. 5.5.1 5.4.1 The Trustee may, in any of the circumstances described in Clause 5.5.2 5.4.2 and without prejudice to the rights of the Trustee under Clause 20.121.1, terminate the authority of the Administrators under Clause 5.1 to determine and set the rate or rates of interest charged to Borrowers under Clause 5.1 and the authority of the Administrators under Clause 5.7 5.6 to calculate and notify the Monthly Payments on Repayment Mortgages and may (but shall not be obliged to) itself (or an agent on its behalf), or (if applicable) any substitute administrator shall, determine such rate or rates and Monthly Payments from time to time thereafter, provided that, unless the Trustee has exercised its rights under Clause 20.121.1, the Trustee may reinstate such authority at any time and provided further that, in the case of the right to set the rate or rates of interest under Clause 5.1, the Trustee (or an agent on its behalf) or (if applicable) a substitute administrator shall, unless the authority of the Administrator has been reinstated under this Clause 5.5.15.4.1, set such rate or rates at such a level in accordance with the Mortgage Conditions. 5.5.2 5.4.2 The Trustee may terminate the authority of the Administrators to determine and set the rate or rates of interest chargeable to Borrowers in respect of the Mortgages and the authority of the Administrator under Clause 5.7 5.6 on the occurrence of any of the following events: (a) there has occurred an Event of Default in respect of any of the Notes in accordance with Condition 9 (Events of Default) or an event which, in accordance with such Conditions, with the giving of notice and/or lapse of time and/or certification and/or determination would constitute an Event of Default in respect of any of the Notes (as the case may be); or (b) there has occurred a Termination Event (as defined in Clause 20.121.1). 5.6 5.5 The Administrators shall promptly submit to the Issuer and, if requested by the Trustee, to the Trustee, details of all calculations made pursuant to Clause 5.2. 5.7 5.6 The Administrators shall calculate (and notify to the relevant Borrowers) the Monthly Payments in respect of the Repayment Mortgages, in accordance with the practices of a reasonably prudent mortgage administrator and so as to result in all moneys secured by each Repayment Mortgage being fully repaid by its scheduled maturity.

MORTGAGE RATE. 5.1 Subject to Clauses 5.2, 5.5 and 5.6, each Seller, the Issuer and the Trustee grant the Administrators full right, liberty and authority from time to time, in accordance with the relevant Mortgage Conditions, to determine and set the rate or rates of interest chargeable to Borrowers. Each of the Sellers, the Issuer and the Trustee shall be bound by any rate or rates of interest set in accordance with this Agreement. 5.2 The Administrators shall take the steps rendered necessary by the relevant Mortgage Conditions to bring each change in such rate or rates of interest to the attention of the Borrowers in accordance with the Mortgage Conditions and shall take similar steps to bring each such change to the attention of any relevant guarantor. Information regarding any change in the rate or rates of interest chargeable to Borrowers, shall be made available to the Issuer and the Trustee in accordance with Clause 12. 9.1. All costs arising in relation to a notification of a change in such rate or rates of interest shall be paid by the relevant Administrator and recovered from the Issuer in accordance with Clause 11 (Costs and Expenses). 5.3 The Administration This Agreement will require requires the Administrators to determine the interest rates of the Mortgages in the Mortgage Portfolio so that the weighted average interest rate of such Mortgages is not less than the Compounded Daily XXXXX or the Alternative Base Rate, as applicable, plus 3 per cent. after taking into account any payments due to be made or received under the hedging arrangements, the release (if any) from the Discretionary Payment Holiday Reserve Fund Ledger, Mortgage Margin Reserve Fund and the Interest Rate Converted Mortgage Release Amounts expected on the immediately following Interest Payment Date. 5.4 For the purposes of this Clause 5: 5.4.1 the rate or rates of interest chargeable to Borrowers in respect of the Mortgages shall be "set" on any day on which any change in the rate or rates charged to Borrowers becomes effective in accordance with the Mortgage Conditions; and 5.4.2 the rate or rates of interest chargeable to Borrowers in respect of the Mortgages shall be "permitted to remain in effect" on each Interest Payment Date. 5.5.1 The Trustee may, in any of the circumstances described in Clause 5.5.2 and without prejudice to the rights of the Trustee under Clause 20.1, terminate the authority of the Administrators under Clause 5.1 to determine and set the rate or rates of interest charged to Borrowers under Clause 5.1 and the authority of the Administrators under Clause 5.7 to calculate and notify the Monthly Payments on Repayment Mortgages and may (but shall not be obliged to) itself (or an agent on its behalf), or (if applicable) any substitute administrator shall, determine such rate or rates and Monthly Payments from time to time thereafter, provided that, unless the Trustee has exercised its rights under Clause 20.1, the Trustee may reinstate such authority at any time and provided further that, in the case of the right to set the rate or rates of interest under Clause 5.1, the Trustee (or an agent on its behalf) or (if applicable) a substitute administrator shall, unless the authority of the Administrator has been reinstated under this Clause 5.5.1, set such rate or rates at such a level in accordance with the Mortgage Conditions. 5.5.2 The Trustee may terminate the authority of the Administrators to determine and set the rate or rates of interest chargeable to Borrowers in respect of the Mortgages and the authority of the Administrator under Clause 5.7 on the occurrence of any of the following events: (a) there has occurred an Event of Default in respect of any of the Notes in accordance with Condition 9 (Events of Default) or an event which, in accordance with such Conditions, with the giving of notice and/or lapse of time and/or certification and/or determination would constitute an Event of Default in respect of any of the Notes (as the case may be); or (b) there has occurred a Termination Event (as defined in Clause 20.1). 5.6 The Administrators shall promptly submit to the Issuer and, if requested by the Trustee, to the Trustee, details of all calculations made pursuant to Clause 5.2. 5.7 The Administrators shall calculate (and notify to the relevant Borrowers) the Monthly Payments in respect of the Repayment Mortgages, in accordance with the practices of a reasonably prudent mortgage administrator and so as to result in all moneys secured by each Repayment Mortgage being fully repaid by its scheduled maturity.

MORTGAGE RATE. 5.1 Subject to Clauses 5.2, 5.5 and 5.6, each Seller, the Issuer and the Trustee grant the Administrators full right, liberty and authority from time to time, in accordance with the relevant Mortgage Conditions, to determine and set the rate or rates of interest chargeable to Borrowers. Each of the Sellers, the Issuer and the Trustee shall be bound by any rate or rates of interest set in accordance with this Agreement. 5.2 The Administrators shall take the steps rendered necessary by the relevant Mortgage Conditions to bring each change in such rate or rates of interest to the attention of the Borrowers in accordance with the Mortgage Conditions and shall take similar steps to bring each such change to the attention of any relevant guarantor. Information regarding any change in the rate or rates of interest chargeable to Borrowers, shall be made available to the Issuer and the Trustee in accordance with Clause 12. 9.113.9(a). All costs arising in relation to a notification of a change in such rate or rates of interest shall be paid by the relevant Administrator and recovered from the Issuer in accordance with Clause 11 12 (Costs and Expenses). 5.3 The Administration In order for the Issuer to acquire any Additional Mortgages on any Further Sale Date, this Agreement will require requires the Administrators to determine the interest rates of the Mortgages in the Mortgage Portfolio (including any Additional Mortgages acquired by the Issuer from the Sellers on any Further Sale Date) so that the weighted average interest rate of such Mortgages is not less than the Compounded Daily XXXXX or the Alternative Base Rate, as applicable, plus 3 2.5 per cent. cent after taking into account any payments due to be made or received under the hedging arrangements, the release (if any) from the Mortgage Margin Reserve Fund and the Interest Rate Converted Mortgage Release Amounts expected on the immediately following Interest Payment Date. 5.4 For the purposes of this Clause 5: 5.4.1 (a) the rate or rates of interest chargeable to Borrowers in respect of the Mortgages shall be "set" on any day on which any change in the rate or rates charged to Borrowers becomes effective in accordance with the Mortgage Conditions; and 5.4.2 (b) the rate or rates of interest chargeable to Borrowers in respect of the Mortgages shall be "permitted to remain in effect" on each Interest Payment Date. 5.5.1 (a) The Trustee may, in any of the circumstances described in Clause 5.5.2 5.4(b) and without prejudice to the rights of the Trustee under Clause 20.121.1, terminate the authority of the Administrators under Clause 5.1 to determine and set the rate or rates of interest charged to Borrowers under Clause 5.1 and the authority of the Administrators under Clause 5.7 to calculate and notify the Monthly Payments on Repayment Mortgages and may (but shall not be obliged to) itself (or an agent on its behalf), ) or (if applicable) any substitute administrator shall, determine such rate or rates and Monthly Payments from time to time thereafter, provided that, unless the Trustee has exercised its rights under Clause 20.121.1, the Trustee may reinstate such authority at any time and provided further that, in the case of the right to set the rate or rates of interest under Clause 5.1, the Trustee (or an agent on its behalf) or (if applicable) a substitute administrator shall, unless the authority of the Administrator has been reinstated under this Clause 5.5.15.5(a), set such rate or rates at such a level in accordance with the Mortgage Conditions. 5.5.2 (b) The Trustee may terminate the authority of the Administrators to determine and set the rate or rates of interest chargeable to Borrowers in respect of the Mortgages and the authority of the Administrator under Clause 5.7 on the occurrence of any of the following events: (ai) there has occurred an Event of Default in respect of any of the Notes in accordance with Condition 9 (Events of Default) or an event which, in accordance with such Conditions, with the giving of notice and/or lapse of time and/or certification and/or determination would constitute an Event of Default in respect of any of the Notes (as the case may be); or (bii) there has occurred a Termination Event (as defined in Clause 20.121.1). 5.6 The Administrators shall promptly submit to the Issuer and, if requested by the Trustee, to the Trustee, details of all calculations made pursuant to Clause 5.2. 5.7 The Administrators shall calculate (and notify to the relevant Borrowers) the Monthly Payments in respect of the Repayment Mortgages, in accordance with the practices of a reasonably prudent mortgage administrator and so as to result in all moneys secured by each Repayment Mortgage being fully repaid by its scheduled maturity.

MORTGAGE RATE. ‌ 5.1 Subject to Clauses 5.2, 5.5 5.4 and 5.65.5, each Seller, the Issuer and the Trustee grant the Administrators full right, liberty and authority from time to time, in accordance with the relevant Mortgage Conditions, to determine and set the rate or rates of interest chargeable to Borrowers. Each of the Sellers, the Issuer and the Trustee shall be bound by any rate or rates of interest set in accordance with this Agreement.Agreement.‌ 5.2 The Administrators shall take the steps rendered necessary by the relevant Mortgage Conditions to bring each change in such rate or rates of interest to the attention of the Borrowers in accordance with the Mortgage Conditions and shall take similar steps to bring each such change to the attention of any relevant guarantor. Information regarding any change in the rate or rates of interest chargeable to Borrowers, shall be made available to the Issuer and the Trustee in accordance with Clause 1213. 9.1. All costs arising in relation to a notification of a change in such rate or rates of interest shall be paid by the relevant Administrator and recovered from the Issuer in accordance with Clause 11 12 (Costs and Expenses).Expenses).‌ 5.3 The 5.3.1 In order for the Issuer to acquire any Additional Mortgages on any Further Sale Date, the Administration Agreement will require the Administrators to determine the interest rates of the Mortgages in the Mortgage Portfolio (including any Additional Mortgages acquired by the Issuer from the Sellers on any Further Sale Date) so that the weighted average interest rate of such Mortgages is not less than the Compounded Daily XXXXX or the Alternative Base Rate, as applicable, plus 3 per cent. a prescribed rate minimum above LIBOR after taking into account any payments due to be made or received under the hedging arrangements, Mortgage Margin Reserve Fund and the Interest Rate Converted Mortgage Release Amounts expected on the immediately following Interest Payment Date. 5.4 5.3.2 For the purposes of this Clause 5: 5.4.1 (a) the rate or rates of interest chargeable to Borrowers in respect of the Mortgages shall be "set" on any day on which any change in the rate or rates charged to Borrowers becomes effective in accordance with the Mortgage Conditions; and 5.4.2 (b) the rate or rates of interest chargeable to Borrowers in respect of the Mortgages shall be "permitted to remain in effect" on each Interest Payment Date. 5.5.1 5.4.1 The Trustee may, in any of the circumstances described in Clause 5.5.2 5.4.2 and without prejudice to the rights of the Trustee under Clause 20.121.1, terminate the authority of the Administrators under Clause 5.1 to determine and set the rate or rates of interest charged to Borrowers under Clause 5.1 and the authority of the Administrators under Clause 5.7 5.6 to calculate and notify the Monthly Payments on Repayment Mortgages and may (but shall not be obliged to) itself (or an agent on its behalf), or (if applicable) any substitute administrator shall, determine such rate or rates and Monthly Payments from time to time thereafter, provided that, unless the Trustee has exercised its rights under Clause 20.121.1, the Trustee may reinstate such authority at any time and provided further that, in the case of the right to set the rate or rates of interest under Clause 5.1, the Trustee (or an agent on its behalf) or (if applicable) a substitute administrator shall, unless the authority of the Administrator has been reinstated under this Clause 5.5.15.4.1, set such rate or rates at such a level in accordance with the Mortgage Conditions.Conditions.‌ 5.5.2 5.4.2 The Trustee may terminate the authority of the Administrators to determine and set the rate or rates of interest chargeable to Borrowers in respect of the Mortgages and the authority of the Administrator under Clause 5.7 5.6 on the occurrence of any of the following events:events:‌ (a) there has occurred an Event of Default in respect of any of the Notes in accordance with Condition 9 (Events of Default) or an event which, in accordance with such Conditions, with the giving of notice and/or lapse of time and/or certification and/or determination would constitute an Event of Default in respect of any of the Notes (as the case may be); or (b) there has occurred a Termination Event (as defined in Clause 20.121.1). 5.6 The Administrators shall promptly submit to the Issuer and, if requested by the Trustee, to the Trustee, details of all calculations made pursuant to Clause 5.2. 5.7 The Administrators shall calculate (and notify to the relevant Borrowers) the Monthly Payments in respect of the Repayment Mortgages, in accordance with the practices of a reasonably prudent mortgage administrator and so as to result in all moneys secured by each Repayment Mortgage being fully repaid by its scheduled maturity.