Common use of PRODUCT SWITCHING AND FURTHER ADVANCES Clause in Contracts

PRODUCT SWITCHING AND FURTHER ADVANCES. (a) The Servicer shall not accept an application for a Further Advance without first having received confirmation in writing from the Seller that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee. (b) The Servicer shall not accept an application for a Product Switch without first having received confirmation in writing from the Seller save where the Seller and the Servicer are both Halifax plc that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee if on the immediately preceding Distribution Date, the Seller is in breach of the conditions referred to in CLAUSES 4.2(a) to (o) inclusive of the Mortgage Sale Agreement as if references therein to "New Loans" and "NEW PORTFOLIO" were references to the Loan which would result from the implementation of such Product Switch and as if references to "SALE DATE" were references to the date when the Seller and relevant Borrower complete such Product Switch. 8.2 Subject to complying with the terms of CLAUSE 8.1, where the Servicer accepts a Product Switch or a Further Advance, the Servicer shall then notify the Seller and the Mortgages Trustee in writing. 8.3 Notwithstanding CLAUSE 8.2, subject to complying with the terms of CLAUSE 8.1, the Servicer, on behalf of and as agent for the Mortgages Trustee (or, in the case of Product Switches and Further Advances relative to Scottish Loans, on behalf of and as agent for the Seller, in its capacity as trustee for the Mortgages Trustee under the relevant Scottish Declaration of Trust) may accept requests from Borrowers for Product Switches and Further Advances provided that the Servicer acts in accordance with its then procedure which would be acceptable to a Reasonable, Prudent Mortgage Lender.

PRODUCT SWITCHING AND FURTHER ADVANCES. (a) The Servicer shall not accept an application for a Further Advance without first having received confirmation in writing from the Seller that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee. (b) The Servicer shall not accept an application for a Product Switch without first having received confirmation in writing from the Seller save where the Seller and the Servicer are both Halifax plc that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee if on the immediately preceding Distribution Date, the Seller is in breach of the conditions referred to in CLAUSES 4.2(a4.2(A) to (oO) inclusive of the Mortgage Sale Agreement as if references therein to "New Loans" and "NEW PORTFOLIO" were references to the Loan which would result from the implementation of such Product Switch and as if references to "SALE DATE" were references to the date when the Seller and relevant Borrower complete such Product Switch. 8.2 Subject to complying with the terms of CLAUSE 8.1, where the Servicer accepts a Product Switch or a Further Advance, the Servicer shall then notify the Seller and the Mortgages Trustee in writing. 8.3 Notwithstanding CLAUSE 8.2, subject to complying with the terms of CLAUSE 8.1, the Servicer, on behalf of and as agent for the Mortgages Trustee (or, in the case of Product Switches and Further Advances relative to Scottish Loans, on behalf of and as agent for the Seller, in its capacity as trustee for the Mortgages Trustee under the relevant Scottish Declaration of Trust) may accept requests from Borrowers for Product Switches and Further Advances provided that the Servicer acts in accordance with its the then applicable procedure which would be acceptable to a Reasonable, Prudent Mortgage Lender.

PRODUCT SWITCHING AND FURTHER ADVANCES. (a) The Servicer shall not accept send an application for offer of a Further Advance or a Home Cash Reserve Advance without first having received confirmation in writing from the Seller save where the Seller and the Servicer are both Halifax that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee. (b) The Servicer shall not accept send an application for offer of a Product Switch without first having received confirmation in writing from the Seller save where the Seller and the Servicer are both Halifax plc that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee if on the immediately preceding Distribution Date, the Seller is in breach of the conditions referred to in CLAUSES 4.2(a4.2(A) to (oO) inclusive of the Mortgage Sale Agreement as if references therein to "New LoansNEW LOANS" and "NEW PORTFOLIO" were references to the Loan which would result from the implementation of such Product Switch and as if references to "SALE DATE" were references to the date when the Seller and relevant Borrower complete such Product Switch. 8.2 Subject to complying with the terms of CLAUSE 8.1, where the Servicer accepts sends an offer of a Product Switch Switch, a Further Advance or a Further Home Cash Reserve Advance, the Servicer shall then notify the Seller save where the Seller and the Servicer are both Halifax and the Mortgages Trustee in writing. 8.3 Notwithstanding CLAUSE 8.2, subject to complying with the terms of CLAUSE 8.1, the Servicer, on behalf of and as agent for the Mortgages Trustee (or, in the case of Product Switches and Further Advances relative Seller may send an offer to Scottish Loans, on behalf of and as agent for the Seller, in its capacity as trustee for the Mortgages Trustee under the relevant Scottish Declaration of Trust) may accept requests from Borrowers for Product Switches Switches, Further Advances and Further Home Cash Reserve Advances provided that the Servicer acts in accordance with its the then applicable procedure which would be acceptable to a Reasonable, Prudent Mortgage Lender. 8.4 For the avoidance of doubt, where the Servicer sends any offer contemplated by this Clause 8, it shall do so pursuant to its appointment under this Agreement.

PRODUCT SWITCHING AND FURTHER ADVANCES. (a) The Servicer shall not accept send an application for offer of a Further Advance or a Home Cash Reserve Advance without first having received confirmation in writing from the Seller that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee. (b) The Servicer shall not accept send an application for offer of a Product Switch without first having received confirmation in writing from the Seller save where the Seller and the Servicer are both Halifax plc that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee if on the immediately preceding Distribution Date, the Seller is in breach of the conditions referred to in CLAUSES 4.2(a4.2(A) to (oO) inclusive of the Mortgage Sale Agreement as if references therein to "New Loans" and "NEW PORTFOLIO" were references to the Loan which would result from the implementation of such Product Switch and as if references to "SALE DATE" were references to the date when the Seller and relevant Borrower complete such Product Switch. 8.2 Subject to complying with the terms of CLAUSE 8.1, where the Servicer accepts sends an offer of a Product Switch Switch, a Further Advance or a Further Home Cash Reserve Advance, the Servicer shall then notify the Seller and the Mortgages Trustee in writing. 8.3 Notwithstanding CLAUSE 8.2, subject to complying with the terms of CLAUSE 8.1, the Servicer, on behalf of and as agent for the Mortgages Trustee (or, in the case of Product Switches and Further Advances relative Seller may send an offer to Scottish Loans, on behalf of and as agent for the Seller, in its capacity as trustee for the Mortgages Trustee under the relevant Scottish Declaration of Trust) may accept requests from Borrowers for Product Switches Switches, Further Advances and Further Home Cash Reserve Advances provided that the Servicer acts in accordance with its the then applicable procedure which would be acceptable to a Reasonable, Prudent Mortgage Lender. 8.4 For the avoidance of doubt, where the Servicer sends any offer contemplated by this Clause 8, it shall do so pursuant to its appointment under this Agreement.

PRODUCT SWITCHING AND FURTHER ADVANCES. (a) The Servicer shall not accept send an application for offer of a Further Advance or a Home Cash Reserve Advance without first having received confirmation in writing from the Seller save where the Seller and the Servicer are both Bank of Scotland that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee. (b) The Servicer shall not accept send an application for offer of a Product Switch without first having received confirmation in writing from the Seller save where the Seller and the Servicer are both Halifax plc Bank of Scotland that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee if on the immediately preceding Distribution Date, the Seller is in breach of the conditions referred to in CLAUSES clauses 4.2(a) to (oq) inclusive of the Mortgage Sale Agreement as if references therein to "New Loans" Loans and "NEW PORTFOLIO" New Portfolio were references to the Loan which would result from the implementation of such Product Switch and as if references to "SALE DATE" Sale Date were references to the date when the Seller and relevant Borrower complete such Product Switch. (c) For the avoidance of doubt, neither the Servicer nor the Seller shall make an offer to a Borrower for a Further Advance, a Home Cash Reserve Advance or a Product Switch if it would result in any Funding 1 Issuer and/or the Master Issuer and/or Funding 1 and/or Funding 2 and/or the Mortgages Trustee arranging or advising in respect of, administering (servicing) or entering into a regulated mortgage contract or agreeing to carry on any of these activities, if the relevant Funding 1 Issuer and/or the Master Issuer and/or Funding 1, Funding 2 and/or the Mortgages Trustee would be required to do so. 8.2 Subject to complying with the terms of CLAUSE Clause 8.1, where the Servicer accepts sends an offer of a Product Switch Switch, a Further Advance or a Further Home Cash Reserve Advance, the Servicer shall then notify the Seller save where the Seller and the Servicer are both Bank of Scotland and the Mortgages Trustee in writing. 8.3 Notwithstanding CLAUSE Clause 8.2, subject to complying with the terms of CLAUSE Clause 8.1, the Servicer, on behalf of and as agent for the Mortgages Trustee (or, in the case of Product Switches and Further Advances relative Seller may send an offer to Scottish Loans, on behalf of and as agent for the Seller, in its capacity as trustee for the Mortgages Trustee under the relevant Scottish Declaration of Trust) may accept requests from Borrowers for Product Switches Switches, Further Advances and Further Home Cash Reserve Advances provided that the Servicer acts in accordance with its the then applicable procedure which would be acceptable to a Reasonable, Prudent Mortgage Lender. 8.4 For the avoidance of doubt, where the Servicer sends any offer contemplated by this Clause 8, it shall do so pursuant to its appointment under this Agreement.

PRODUCT SWITCHING AND FURTHER ADVANCES. (a) The Servicer shall not accept send an application for offer of a Further Advance or a Home Cash Reserve Advance without first having received confirmation in writing from the Seller save where the Seller and the Servicer are both Halifax that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee. (b) The Servicer shall not accept send an application for offer of a Product Switch without first having received confirmation in writing from the Seller save where the Seller and the Servicer are both Halifax plc that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee if on the immediately preceding Distribution Date, the Seller is in breach of the conditions referred to in CLAUSES clauses 4.2(a) to (oq) inclusive of the Mortgage Sale Agreement as if references therein to "New Loans" NEW LOANS and "NEW PORTFOLIO" PORTFOLIO were references to the Loan which would result from the implementation of such Product Switch and as if references to "SALE DATE" DATE were references to the date when the Seller and relevant Borrower complete such Product Switch. (c) For the avoidance of doubt, neither the Servicer nor the Seller shall make an offer to a Borrower for a Further Advance, a Home Cash Reserve Advance or a Product Switch if it would result in any Funding 1 Issuer and/or the Master Issuer and/or Funding 1 and/or Funding 2 and/or the Mortgages Trustee arranging or advising in respect of, administering (servicing) or entering into a regulated mortgage contract or agreeing to carry on any of these activities, if the relevant Funding 1 Issuer and/or the Master Issuer and/or Funding 1, Funding 2 and/or the Mortgages Trustee would be required to do so. 8.2 Subject to complying with the terms of CLAUSE Clause 8.1, where the Servicer accepts sends an offer of a Product Switch Switch, a Further Advance or a Further Home Cash Reserve Advance, the Servicer shall then notify the Seller save where the Seller and the Servicer are both Halifax and the Mortgages Trustee in writing. 8.3 Notwithstanding CLAUSE Clause 8.2, subject to complying with the terms of CLAUSE Clause 8.1, the Servicer, on behalf of and as agent for the Mortgages Trustee (or, in the case of Product Switches and Further Advances relative Seller may send an offer to Scottish Loans, on behalf of and as agent for the Seller, in its capacity as trustee for the Mortgages Trustee under the relevant Scottish Declaration of Trust) may accept requests from Borrowers for Product Switches Switches, Further Advances and Further Home Cash Reserve Advances provided that the Servicer acts in accordance with its the then applicable procedure which would be acceptable to a Reasonable, Prudent Mortgage Lender. 8.4 For the avoidance of doubt, where the Servicer sends any offer contemplated by this Clause 8, it shall do so pursuant to its appointment under this Agreement.

PRODUCT SWITCHING AND FURTHER ADVANCES. (a) The Servicer shall not accept send an application for offer of a Further Advance or a Home Cash Reserve Advance without first having received confirmation in writing from the Seller save where the Seller and the Servicer are both Bank of Scotland that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee. (b) The Servicer shall not accept send an application for offer of a Product Switch without first having received confirmation in writing from the Seller save where the Seller and the Servicer are both Halifax plc Bank of Scotland that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee if on the immediately preceding Distribution Date, the Seller is in breach of the conditions referred to in CLAUSES clauses 4.2(a) to (oq) inclusive of the Mortgage Sale Agreement as if references therein to "New Loans" NEW LOANS and "NEW PORTFOLIO" PORTFOLIO were references to the Loan which would result from the implementation of such Product Switch and as if references to "SALE DATE" DATE were references to the date when the Seller and relevant Borrower complete such Product Switch. (c) For the avoidance of doubt, neither the Servicer nor the Seller shall make an offer to a Borrower for a Further Advance, a Home Cash Reserve Advance or a Product Switch if it would result in any Funding 1 Issuer and/or the Master Issuer and/or Funding 1 and/or Funding 2 and/or the Mortgages Trustee arranging or advising in respect of, administering (servicing) or entering into a regulated mortgage contract or agreeing to carry on any of these activities, if the relevant Funding 1 Issuer and/or the Master Issuer and/or Funding 1, Funding 2 and/or the Mortgages Trustee would be required to do so. 8.2 Subject to complying with the terms of CLAUSE Clause 8.1, where the Servicer accepts sends an offer of a Product Switch Switch, a Further Advance or a Further Home Cash Reserve Advance, the Servicer shall then notify the Seller save where the Seller and the Servicer are both Bank of Scotland and the Mortgages Trustee in writing. 8.3 Notwithstanding CLAUSE Clause 8.2, subject to complying with the terms of CLAUSE Clause 8.1, the Servicer, on behalf of and as agent for the Mortgages Trustee (or, in the case of Product Switches and Further Advances relative Seller may send an offer to Scottish Loans, on behalf of and as agent for the Seller, in its capacity as trustee for the Mortgages Trustee under the relevant Scottish Declaration of Trust) may accept requests from Borrowers for Product Switches Switches, Further Advances and Further Home Cash Reserve Advances provided that the Servicer acts in accordance with its the then applicable procedure which would be acceptable to a Reasonable, Prudent Mortgage Lender. 8.4 For the avoidance of doubt, where the Servicer sends any offer contemplated by this Clause 8, it shall do so pursuant to its appointment under this Agreement.

PRODUCT SWITCHING AND FURTHER ADVANCES. (a) The Servicer shall not accept send an application for offer of a Further Advance without first having received confirmation in writing from the Seller that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee. (b) The Servicer shall not accept send an application for offer of a Product Switch without first having received confirmation in writing from the Seller save where the Seller and the Servicer are both Halifax plc that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee if on the immediately preceding Distribution Date, the Seller is in breach of the conditions referred to in CLAUSES 4.2(a4.2(A) to (oO) inclusive of the Mortgage Sale Agreement as if references therein to "New Loans" and "NEW PORTFOLIO" were references to the Loan which would result from the implementation of such Product Switch and as if references to "SALE DATE" were references to the date when the Seller and relevant Borrower complete such Product Switch. 8.2 Subject to complying with the terms of CLAUSE 8.1, where the Servicer accepts sends an offer of a Product Switch or a Further Advance, the Servicer shall then notify the Seller and the Mortgages Trustee in writing. 8.3 Notwithstanding CLAUSE 8.2, subject to complying with the terms of CLAUSE 8.1, the Servicer, on behalf of and as agent for the Mortgages Trustee (or, in the case of Product Switches and Further Advances relative to Scottish Loans, on behalf of and as agent for the Seller, in its capacity as trustee for the Mortgages Trustee under the relevant Scottish Declaration of Trust) may accept requests from send an offer to Borrowers for Product Switches and Further Advances provided that the Servicer acts in accordance with its the then applicable procedure which would be acceptable to a Reasonable, Prudent Mortgage Lender. 8.4 For the avoidance of doubt, where the Servicer sends any offer contemplated by this Clause 8, it shall do so pursuant to its appointment under this Agreement.

PRODUCT SWITCHING AND FURTHER ADVANCES. (a) The Servicer shall not accept an application for a Further Advance without first having received confirmation in writing from the Seller that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee. (b) The Servicer shall not accept an application for a Product Switch without first having received confirmation in writing from the Seller save where the Seller and the Servicer are both Halifax plc that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee if on the immediately preceding Distribution Date, the Seller is in breach of the conditions referred to in CLAUSES 4.2(a4.2(A) to (oO) inclusive of the Mortgage Sale Agreement as if references therein to "New Loans" and "NEW PORTFOLIO" were references to the Loan which would result from the implementation of such Product Switch and as if references to "SALE DATE" were references to the date when the Seller and relevant Borrower complete such Product Switch. 8.2 Subject to complying with the terms of CLAUSE 8.18.1 , where the Servicer accepts a Product Switch or a Further Advance, the Servicer shall then notify the Seller and the Mortgages Trustee in writing. 8.3 Notwithstanding CLAUSE 8.2, subject to complying with the terms of CLAUSE 8.1, the Servicer, on behalf of and as agent for the Mortgages Trustee (or, in the case of Product Switches and Further Advances relative to Scottish Loans, on behalf of and as agent for the Seller, in its capacity as trustee for the Mortgages Trustee under the relevant Scottish Declaration of Trust) may accept requests from Borrowers for Product Switches and Further Advances provided that the Servicer acts in accordance with its then procedure which would be acceptable to a Reasonable, Prudent Mortgage Lender.

PRODUCT SWITCHING AND FURTHER ADVANCES. (a) The Servicer shall not accept an application for a Further Advance without first having received confirmation in writing from the Seller that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee. (b) The Servicer shall not accept an application for a Product Switch without first having received confirmation in writing from the Seller save where the Seller and the Servicer are both Halifax plc that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee if on the immediately preceding Distribution Date, the Seller is in breach of the conditions referred to in CLAUSES 4.2(a) to (o) inclusive of the Mortgage Sale Agreement as if references therein to "New Loans" and "NEW PORTFOLIONew Portfolio" were references to the Loan which would result from the implementation of such Product Switch and as if references to "SALE DATEAssignment Date" were references to the date when the Seller and relevant Borrower complete such Product Switch. 8.2 Subject to complying with the terms of CLAUSE 8.1, where the Servicer accepts a Product Switch or a Further Advance, the Servicer shall then notify the Seller and the Mortgages Trustee in writing. 8.3 Notwithstanding CLAUSE 8.2, subject to complying with the terms of CLAUSE Clause 8.1, the Servicer, on behalf of and as agent for the Mortgages Trustee (or, in the case of Product Switches and Further Advances relative to Scottish Loans, on behalf of and as agent for the Seller, in its capacity as trustee for the Mortgages Trustee under the relevant Scottish Declaration of Trust) Servicer may accept requests from Borrowers for Product Switches and Further Advances provided that the Servicer acts in accordance with its then procedure which would be acceptable to a Reasonable, Prudent Mortgage Lender.

PRODUCT SWITCHING AND FURTHER ADVANCES. (a) The Servicer shall not accept an application for a Further Advance without first having received confirmation in writing from the Seller that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee. (b) The Servicer shall not accept an application for a Product Switch without first having received confirmation in writing from the Seller save where the Seller and the Servicer are both Halifax plc that the Seller would, if so offered by the Mortgages Trustee, purchase the relevant Loan and its Related Security from the Mortgages Trustee if on the immediately preceding Distribution Date, the Seller is in breach of the conditions referred to in CLAUSES Clauses 4.2(a) to (o) inclusive of the Mortgage Sale Agreement as if references therein to "New Loans" and "NEW PORTFOLIONew Portfolio" were references to the Loan which would result from the implementation of such Product Switch and as if references to "SALE DATEAssignment Date" were references to the date when the Seller and relevant Borrower complete such Product Switch. 8.2 Subject to complying with the terms of CLAUSE Clause 8.1, where the Servicer accepts a Product Switch or a Further Advance, the Servicer shall then notify the Seller and the Mortgages Trustee in writing. 8.3 Notwithstanding CLAUSE Clause 8.2, subject to complying with the terms of CLAUSE Clause 8.1, the Servicer, on behalf of and as agent for the Mortgages Trustee (or, in the case of Product Switches and Further Advances relative to Scottish Loans, on behalf of and as agent for the Seller, in its capacity as trustee for the Mortgages Trustee under the relevant Scottish Declaration of Trust) Servicer may accept requests from Borrowers for Product Switches and Further Advances provided that the Servicer acts in accordance with its then procedure which would be acceptable to a Reasonable, Prudent Mortgage Lender.