Common use of Product Switches Clause in Contracts

Product Switches. (a) The Seller may accept applications from, or make offers to, a Borrower for a Product Switch. (b) The Seller undertakes to the Issuer that it is and shall at all times remain solely responsible for documenting any relevant offer or, accepting any application, for a Product Switch made to or, received from, a Borrower with respect to any relevant Loan. (c) The Issuer shall not itself accept any application from, or make offers to, relevant Borrowers for Product Switches. (d) The Seller shall notify (by a notice in the form of Schedule 9 (Further Advance, Product Switch and/or Underpayment Option Notice) hereto) the Issuer on the Monthly Pool Date following the Monthly Period in which any Product Switch was made of any such Product Switches made during the previous Monthly Period. This notice can be combined with the notice specified in Clause 5.1(f) above. (e) In the event that the Seller makes a Product Switch in respect of any relevant Loan in the Portfolio under the terms of this Clause 5.2, the relevant Loan in respect of which a Product Switch is made will remain in the Portfolio provided that it satisfies the Asset Conditions and it is a Permitted Product Switch. (f) If the Servicer determines on the Monthly Test Date immediately following the Monthly Period in which the Product Switch was made that any of the relevant Asset Conditions have not been met as at the last day of the Monthly Period in which such Product Switch was made or the Product Switch was not a Permitted Product Switch as at the last day of the Monthly Period in which such Product Switch was made (or such breach was subsequently discovered in respect of such date) then the Seller will have an obligation to remedy such breach within ninety (90) days after receiving written notice of such breach from the Servicer and if such breach is not capable of remedy, or, if capable of remedy, is not remedied within the ninety (90) day period, the relevant Loan and its Related Security must be repurchased by the Seller at its then Current Balance on the day before the Monthly Pool Date immediately following the receipt of a Loan Repurchase Notice in accordance with Clause 9 (Warranties and Repurchase by the Seller) below.

Product Switches. (a) The Seller may accept applications from, or make offers to, a Borrower for a Product Switch. (b) The Seller undertakes to the Issuer that it is and shall at all times remain solely responsible for documenting any relevant offer or, accepting any application, for a Product Switch made to or, received from, a Borrower with respect to any relevant Loan. (c) The Issuer shall not itself accept any application from, or make offers to, relevant Borrowers for Product Switches.Switches.‌‌ (d) The Seller shall notify (by a notice in the form of Schedule 9 10 (Further Advance, Product Switch and/or Underpayment Option Notice) hereto) the Issuer on the Monthly Pool Date following the Monthly Period in which any Product Switch was made of any such Product Switches made during the previous Monthly Period. This notice can be combined with the notice specified in Clause 5.1(f4.1(f) above. (e) In the event that the Seller makes a Product Switch in respect of any relevant Loan in the Portfolio under the terms of this Clause 5.24.2, the relevant Loan in respect of which a Product Switch is made will remain in the Portfolio provided that it satisfies the Asset Conditions and it is a Permitted Product Switch. (f) If the Servicer determines on the Monthly Test Date immediately following the Monthly Period in which the Product Switch was made that any of the relevant Asset Conditions have not been met as at the last day of the Monthly Period in which such Product Switch was made or the Product Switch was not a Permitted Product Switch as at the last day of the Monthly Period in which such Product Switch was made (or such breach was subsequently discovered in respect of such date) then the Seller will have an obligation to remedy such breach within ninety (90) days after receiving written notice of such breach from the Servicer and if such breach is not capable of remedy, or, if capable of remedy, is not remedied within the ninety (90) day period, the relevant Loan and its Related Security must be repurchased by the Seller at its then Current Balance on the day before the Monthly Pool Date immediately following the receipt of a Loan Repurchase Notice in accordance with Clause 9 8 (Warranties and Repurchase by the Seller) below.below.‌

Product Switches. (a) The Seller may accept applications from, or make offers to, a Borrower for a Product Switch. (b) The Seller undertakes to the Issuer that it is and shall at all times remain solely responsible for documenting any relevant offer or, accepting any application, for a Product Switch made to or, received from, a Borrower with respect to any relevant Loan. (c) The Issuer shall not itself accept any application from, or make offers to, relevant Borrowers for Product Switches. (d) The Seller shall notify (by a notice in the form of Schedule 9 (Further Advance, Product Switch and/or Underpayment Option Notice) hereto) the Issuer on the Monthly Pool Date following the Monthly Period in which any Product Switch was made of any such Product Switches made during the previous Monthly Period. This notice can be combined with the notice specified in Clause 5.1(f) above. (e) In the event that the Seller makes a Product Switch in respect of any relevant Loan in the Portfolio under the terms of this Clause 5.2, the relevant Loan in respect of which a Product Switch Switc h is made will remain in the Portfolio provided that it satisfies the Asset Conditions and it is a Permitted Product Switch. (f) If the Servicer determines on the Monthly Test Date immediately following the Monthly Period in which the Product Switch was made that any of the relevant Asset Conditions have not been met as at the last day of the Monthly Period in which such Product Switch was made or the Product Switch Switc h was not a Permitted Product Switch as at the last day of the Monthly Period in which such suc h Product Switch was made (or such breach was subsequently discovered in respect of such date) then the Seller will have an obligation to remedy such breach within ninety (90) days after receiving written w xxxxxx notice of such breach from the Servicer and if such breach is not capable of remedy, or, if capable of remedy, is not remedied within the ninety (90) day period, the relevant Loan and its Related Security must be repurchased by the Seller at its then Current Balance on the day before the Monthly Pool Date immediately following the receipt of a Loan Repurchase Notice in accordance with Clause 9 (Warranties and Repurchase by the Seller) below.

Product Switches. (aA) The Seller (or the Servicer on behalf of the Seller) may accept applications fromapplications, or make offers toto Borrowers, for Product Switches in respect of Mortgage Loans comprised in the Mortgage Portfolio (as a Borrower result of, inter alia, the Seller (or the Servicer on behalf of the Seller) determining that the conditions for a the granting of such Product SwitchSwitch have been satisfied by the relevant Borrower). (bB) The Seller undertakes to the Issuer that it is and shall at all times remain solely responsible for offering and documenting any relevant offer or, Product Switch or accepting any application, application for a Product Switch made to orto, or received from, a Borrower with respect to any relevant Mortgage Loan. (cC) The Issuer shall not itself accept any application from, or make offers elections to, relevant Borrowers for of Product Switches. (d) The Seller shall notify (by a notice in the form of Schedule 9 (Further Advance, Product Switch and/or Underpayment Option Notice) hereto) the Issuer on the Monthly Pool Date following the Monthly Period in which any Product Switch was made of any such Product Switches made during the previous Monthly Period. This notice can be combined with the notice specified in Clause 5.1(f) above. (e) In the event that If the Seller (or the Servicer on behalf of the Seller) makes a Product Switch in respect of any relevant Mortgage Loan in the Portfolio under the terms of this Clause 5.2Mortgage Portfolio, the relevant Mortgage Loan in respect of which the Product Switch is made will remain in the Mortgage Portfolio subject to the operation of clauses 4.2(D) to 4.2(H). (D) 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 Product Switch as at the Switch Date, or as applicable would not be satisfied following the granting of the Product Switch on such Switch Date: (1) the Switch Date falls before the Interest Payment Date falling in December 2023; (2) the Servicer is not aware that the then current ratings of the Class A Notes then outstanding would be downgraded, withdrawn, qualified or suspended or placed on rating watch negative (or equivalent) as a result of the relevant Product Switch remaining in the Mortgage Portfolio; (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 Mortgage Loan in respect of which a Product Switch is has been made will remain constitutes an Eligible Product following conversion; (7) the Product Switch does not convert a Standard Variable Rate Mortgage Loan or an ECB Tracker Rate Mortgage Loan into a Fixed Rate Mortgage Loan; (8) in the Portfolio provided that it satisfies case of Fixed Rate Mortgage Loans, the Asset Conditions and it is Product Switch does not result in a Permitted Product Switch.lower rate of interest applicable to the relevant Mortgage Loan; and (f9) If the Product Switch will not result in the weighted average interest rate on the Mortgage Portfolio on the Switch 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 “Product Switch Conditions”), then a Notice of Non-Satisfaction of Product Switch Conditions shall be given by the Seller (or the Servicer determines on behalf of the Monthly Test Seller) to the Issuer by the Calculation Date immediately following relating to the Monthly Collection Period in which the Product Switch was made that any occurred. (E) If by the Calculation Date relating to the Collection Period during which a Product Switch has been effected, no Notice of Non-Satisfaction of Product Switch Conditions has been given by the Seller (or the Servicer on behalf of the relevant Asset Conditions have not been met as at Seller) to the last day of the Monthly Period in which such Product Switch was made or the Product Switch was not a Permitted Product Switch as at the last day of the Monthly Period in which such Product Switch was made (or such breach was subsequently discovered Issuer in respect of such dateProduct Switch pursuant to Clause 4.2(D), or has been so given but subsequently revoked by the Seller (or the Servicer on behalf of the Seller), then the Mortgage Loan which is the subject of such Product Switch shall remain in the Mortgage Portfolio and the Seller must, in relation to the relevant Mortgage Loan, give certain Mortgage Loan Warranties pursuant to Clause 11.2(D). (F) If, pursuant to Clause 4.2(E), a Notice of Non-Satisfaction of Product Switch Conditions has been given by the Seller (or the Servicer on behalf of the Seller) to the Issuer and has not yet been revoked by the Seller (or the Servicer on behalf of the Seller), then the Seller will have an obligation shall then be obliged to remedy such breach within ninety (90) days after receiving written notice of such breach from the Servicer and if such breach is not capable of remedy, or, if capable of remedy, is not remedied within the ninety (90) day period, repurchase the relevant Mortgage Loan and its Related Security must together with any other Mortgage Loan secured or intended to be repurchased secured by the Seller at its then Current Balance on the day before the Monthly Pool Date immediately following the receipt such Related Security or any part of a Loan Repurchase Notice it, in accordance with Clause 9 12 (Warranties and Repurchase of Mortgage Loans). (G) If it is subsequently determined by the Seller that any of the Product Switch Conditions were in fact not satisfied on the Switch Date: (1) despite no Notice of Non-Satisfaction of Product Switch Conditions being given by the Seller (or the Servicer on behalf of the Seller) belowto the Issuer by the Calculation Date relating to the Collection Period during which the relevant Switch Date occurred; or (2) where a Notice of Non-Satisfaction of Product Switch 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 Switch Date occurred, the Seller will upon receipt of a further notice from the Issuer, repurchase the entire Mortgage Loan and its Related Security together with any other Mortgage Loan secured or intended to be secured by such Related Security from the Issuer in accordance with Clause 12 (Repurchase of Mortgage Loans). (H) If the Seller is required to repurchase a Mortgage Loan pursuant to this Clause 4.2, then the Issuer shall deliver to the Seller a Mortgage Loan Repurchase Notice, substantially in the form set out in Schedule 5 (Mortgage Loan Repurchase Notice). (I) In order for the Seller to repurchase the relevant Mortgage Loan and its Related Security pursuant to this Clause 4.2 above, the Seller shall make a cash payment to the Issuer in accordance with Clause 12.2 (Repurchase Date and Consideration). (J) For the avoidance of doubt, any amendment to the terms of a Mortgage Loan agreed to by the Servicer (in accordance with the terms of the Servicing Agreement) relating to: (1) a mortgage or the mortgage conditions that would be acceptable to a reasonable, Prudent Mortgage Lender for the purpose of controlling or managing arrears on a Mortgage Loan; and (2) any variation imposed by statute or as a result of legally binding Irish government policy changes or initiatives aimed at assisting home owners in meeting payments on their mortgage loans or any variation in the frequency with which the interest payable in respect of the Mortgage Loan is charged, or where any Mortgage Loan automatically reverts to a Standard Variable Rate Mortgage Loan, will not constitute a Product Switch granted in respect of such Mortgage Loan and the retention of such Mortgage Loan in the Mortgage Portfolio shall not be subject to the Product Switch Conditions referred to above provided that, following the amendment, the relevant Mortgage Loan constitutes an Eligible Product.

Product Switches. (a) The Seller may accept applications from, or make offers to, a Borrower for a Product Switch. (b) The Seller undertakes to the Issuer that it is and shall at all times remain solely responsible for documenting any relevant offer or, accepting any application, for a Product Switch made to or, received from, a Borrower with respect to any relevant Loan. (c) The Issuer shall not itself accept any application from, or make offers to, relevant Borrowers for Product Switches. (d) The Seller shall notify (by a notice in the form of Schedule 9 7 (Further Advance, Product Switch and/or Underpayment Option Notice) hereto) the Issuer on the Monthly Pool Date following the Monthly Period in which any Product Switch was made of any such Product Switches made during the previous Monthly Period. This notice can be combined with the notice specified in Clause 5.1(f) above. (e) In the event that the Seller makes a Product Switch in respect of any relevant Loan in the Portfolio under the terms of this Clause 5.2, the relevant Loan in respect of which a Product Switch is made will remain in the Portfolio provided that it satisfies the Asset Conditions and it is a Permitted Product Switch. (f) If the Servicer determines on the Monthly Test Date immediately following the Monthly Period in which the Product Switch was made that any of the relevant Asset Conditions have not been met as at the last day of the Monthly Period in which such Product Switch was made or the Product Switch was not a Permitted Product Switch as at the last day of the Monthly Period in which such Product Switch was made (or such breach was subsequently discovered in respect of such date) then the Seller will have an obligation to remedy such breach within ninety (90) days after receiving written notice of such breach from the Servicer and if such breach is not capable of remedy, or, if capable of remedy, is not remedied within the ninety (90) day period, the relevant Loan and its Related Security must be repurchased by the Seller at its then Current Balance on the day before the Monthly Pool Date immediately following the receipt of a Loan Repurchase Notice in accordance with Clause 9 (Warranties and Repurchase by the Seller) below.

Product Switches. (a) The Seller may accept applications from, or make offers to, a Borrower for a Product Switch. (b) The Seller undertakes to the Issuer that it is and shall at all times remain solely responsible for documenting any relevant offer or, accepting any application, for a Product Switch made to or, received from, a Borrower with respect to any relevant Loan. (c) The Issuer shall not itself accept any application from, or make offers to, relevant Borrowers for Product Switches. (d) The Seller shall notify (by a notice in the form of Schedule 9 7 (Further Advance, Product Switch and/or Underpayment Option Notice) hereto) the Issuer on the Monthly Pool Date following the Monthly Period in which any Product Switch was made of any such Product Switches made during the previous Monthly Period. This notice can be combined with the notice specified in Clause 5.1(f4.1(f) above. (e) In the event that the Seller makes a Product Switch in respect of any relevant Loan in the Portfolio under the terms of this Clause 5.24.2, the relevant Loan in respect of which a Product Switch is made will remain in the Portfolio provided that it satisfies the Asset Conditions and it is a Permitted Product Switch. (f) If the Servicer determines on the Monthly Test Date immediately following the Monthly Period in which the Product Switch was made that any of the relevant Asset Conditions have not been met as at the last day of the Monthly Period in which such Product Switch was made or the Product Switch was not a Permitted Product Switch as at the last day of the Monthly Period in which such Product Switch was made (or such breach was subsequently discovered in respect of such date) then the Seller will have an obligation to remedy such breach within ninety (90) days after receiving written notice of such breach from the Servicer and if such breach is not capable of remedy, or, if capable of remedy, is not remedied within the ninety (90) day period, the relevant Loan and its Related Security must be repurchased by the Seller at its then Current Balance on the day before the Monthly Pool Date immediately following the receipt of a Loan Repurchase Notice in accordance with Clause 9 8 (Warranties and Repurchase by the Seller) below.