PRODUCT SWITCHES AND FURTHER ADVANCES Sample Clauses

PRODUCT SWITCHES AND FURTHER ADVANCES. (a) Neither the Mortgages Trustee nor Funding shall (and each shall procure that its agents do not): (i) issue to any Borrower any offer of a Further Advance; or (ii) issue to any Borrower any offer of a Product Switch (other than a Re-Fixed Mortgage Loan), without first having given notice in writing to the Seller seeking confirmation from the Seller that the Seller will repurchase the Mortgage Loan to which such offer relates from the Mortgages Trustee in accordance with the terms of this Agreement. (b) If the Seller gives such confirmation to the Mortgages Trustee, the Mortgages Trustee (or its agents, including the Administrator, on its behalf) shall then issue to that Borrower the relevant offer referred to in paragraph (a) above and shall (in the case of any offer referred to in paragraph (a) above) then notify the Seller in writing as soon as the Mortgages Trustee has accepted the mortgage documentation completed by the Borrower in relation to such offer. (c) The Mortgages Trustee shall not itself make any Further Advance or Product Switch (other than in relation to a Re-Fixed Mortgage Loan).
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PRODUCT SWITCHES AND FURTHER ADVANCES. 8.1 The Seller hereby agrees with each of the parties hereto that (i) the Servicer shall be entitled to accept, in its sole discretion, any application for a Product Switch or Additional Loan Advance, and the Seller upon a direction from the Servicer shall (if the Seller is other than the Servicer) make any Further Advance, in respect of any Loan in the Covered Bond Portfolio sold by the Seller to the Guarantor LP; and (ii) if required by the Guarantor LP in writing, the Seller shall repurchase the relevant Loan and its Related Security from the Guarantor LP for its Fair Market Value as of the Calculation Date following the date on which the relevant Product Switch or Further Advance occurred, if the relevant Product Switch or Further Advance, as the case may be, results in paragraphs (c) to (e) of the Eligibility Criteria not being satisfied in respect of any such Loan on the next Calculation Date. 8.2 For greater certainty, any Further Advance in respect of any Loan in the Covered Bond Portfolio sold by the Seller to the Guarantor LP shall be funded by the Seller in accordance with the terms of the Intercompany Loan Agreement and the Guarantor LP Agreement and the Guarantor LP shall have no other obligation to make any Further Advance. 8.3 The Servicer shall notify the Seller (if other than the Servicer) and the Guarantor LP (or the Cash Manager on its behalf) following acceptance by the Servicer of any application for a Product Switch or Additional Loan Advance. 8.4 The Servicer shall act in accordance with the policies of procedures of the Seller relating to Product Switches, Additional Loan Advances and Further Advances in accepting applications from Borrowers for Product Switches and Additional Loan Advances and in permitting any Further Advance to Borrowers in respect of Loans in the Covered Bond Portfolio in accordance with Section 8.1. For greater certainty any such Additional Loan Advance or other Further Advance shall be funded by the Seller in accordance to Section 8.2.
PRODUCT SWITCHES AND FURTHER ADVANCES. 8.1 The Seller hereby agrees with each of the parties hereto that (i) the Servicer shall be entitled to accept, in its sole discretion, any application for a Product Switch or Further Advance, and the Seller upon a direction from the Servicer shall (if the Seller is other than the Servicer) make any Further Advance, in respect of any Loan in the Covered Bond Portfolio sold by the Seller to the Guarantor;
PRODUCT SWITCHES AND FURTHER ADVANCES. 6.1 The Administrator shall not accept an application, or make an offer, for a Further Advance or a Product Switch without first having received confirmation that the Seller will repurchase the relevant Mortgage Loan(s) together with the Related Security from the Mortgages Trustee in accordance with the terms of the Mortgage Sale Agreement. 6.2 Subject to complying with the terms of Clauses 6.1 and 6.4, where the Administrator accepts an application, or makes an offer, for a Product Switch or a Further Advance, the Administrator shall then promptly notify the Seller and the Mortgages Trustee in writing. 6.3 Subject to complying with the terms of Clauses 6.1, 6.2 and 6.4, the Administrator may accept requests from, or make offers to, Borrowers for Product Switches and Further Advances provided that the Administrator acts in accordance with its then procedure which would be acceptable to a reasonable and prudent residential mortgage lender.
PRODUCT SWITCHES AND FURTHER ADVANCES. 8.1 The Seller hereby agrees with each of the parties hereto that (i) the Servicer shall be entitled to accept, in its sole discretion, any application for a Product Switch or Additional Loan Advance, and the Seller upon a direction from the Servicer shall (if the Seller is other than the Servicer) make any Further Advance, in respect of any Loan in the Covered Bond Portfolio sold by the Seller to the Guarantor; (ii) in respect of a Loan and its Related Security to which a Further Advance or Product Switch has been made, the representations and warranties made by the Seller in paragraphs (d), (g), (h), (p) through (w) and (aa) through (ll) of Section 4.1 of the Mortgage Sale Agreement shall be true and correct in respect of any such Loan on the next Calculation Date, and if required by the Guarantor in writing, the Seller shall repurchase the relevant Loan and its Related Security from the Guarantor for its Fair Market Value as of the Calculation Date following the date on which the relevant Product Switch or Further Advance occurred, if (x) any such representation and warranty shall not be true and correct, or (y) the relevant Product Switch or Further Advance, as the case may be, results in paragraphs (c), (d),
PRODUCT SWITCHES AND FURTHER ADVANCES. (a) The Administrator shall not: (i) accept an application from, or issue to any Borrower any offer of a Further Advance; or (ii) accept an application from, or issue to any Borrower any offer of a Product Switch, without first having given notice in writing to the Seller seeking confirmation from the Seller that the Seller will repurchase the Mortgage Loan to which such offer relates from the Mortgages Trustee in accordance with the terms of this Agreement. (b) If the Seller gives such confirmation to the Mortgages Trustee, the Administrator shall then issue to that Borrower the relevant offer referred to in paragraph (a) above on behalf of the Seller and shall (in the case of any offer referred to in paragraph (a) above) then notify the Seller and Mortgages Trustee in writing as soon as the Administrator has accepted the mortgage documentation completed by the Borrower in relation to such offer. (c) The Mortgages Trustee shall not itself offer or make any Product Switch or Further Advance.

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