Common use of REDEMPTION OF MORTGAGES Clause in Contracts

REDEMPTION OF MORTGAGES. 9.1 Upon receipt of repayment in full of all sums due in relation to Loans in the Covered Bond Portfolio sold by the Seller to the Guarantor secured by a Mortgage and/or other Related Security comprised in the Covered Bond Portfolio, the Servicer shall, and is hereby authorized by the Seller and the Guarantor to, in the name of the Seller or the Guarantor, execute a receipt, discharge or other relevant document releasing the Mortgage at the applicable land registry office, land titles office or similar place of public record in which the related Mortgage is registered and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers to be necessary or advisable to release the relevant conveyancing deeds and documents, if any, which make up the title to such Property and the security for the Loan to the person or persons entitled thereto. The foregoing shall be in addition to any right of the Servicer under Article 10 to grant postponements and partial releases or discharges in respect of any Loan in the Covered Bond Portfolio sold by the Seller to the Guarantor. 9.2 The Servicer undertakes that prior to any actual release by it of the relevant documents as described in Section 9.1 above it will take such steps as would be taken by a Reasonable and Prudent Mortgage Lender to satisfy itself that such documents are being released to the person or persons entitled thereto. 9.3 Following any Enforcement Procedures taken by the Servicer as part of its performance of the Services hereunder, if upon completion of such Enforcement Procedures, an amount in excess of all sums due by the relevant Borrower to the Guarantor in respect of or related to the relevant Loan pursuant to the Mortgage Terms is recovered or received, the Servicer will cause the balance, after discharge of any sums due by the Borrower in respect thereof, to be paid to the person or persons next entitled thereto in accordance with the Mortgage Terms and applicable laws.

REDEMPTION OF MORTGAGES. 9.1 Upon receipt of repayment in full of all sums due in relation to Loans in the Covered Bond Portfolio sold by the Seller to the Guarantor secured by a Mortgage and/or other Related Security comprised in the Covered Bond PortfolioMortgage, the Servicer shallrelevant Seller, and is hereby authorized by or, failing which, the Seller and the Guarantor torelevant Administrator, shall (subject, in the name case of the Seller relevant Administrator, to the continued existence of all necessary powers of attorney) execute on behalf of the Issuer and the Trustee, a reconveyance, receipt or the Guarantor, execute a receipt, discharge or other relevant document releasing of the Mortgage at and of the applicable land registry officecollateral security. The Issuer and the Trustee shall forthwith upon payment in full as aforesaid release, land titles office or similar place of public record in which authorise the related Mortgage is registered and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers Administrators to be necessary or advisable to release release, the relevant conveyancing deeds and documents, if any, which make up the title to such Property and the security for the Loan Mortgage Deeds to the person or persons entitled thereto. In order to enable the Administrators to take such action on their behalf as is referred to above, the Issuer shall deliver to the Administrators on or before the Closing Date a power of attorney in the form set out in Schedule 3 (Form of Power of Attorney of the Issuer) and the Trustee shall deliver to the Administrators on or before the Closing Date a power of attorney in the form set out in Schedule 4 (Form of Trustee's Power of Attorney) together with evidence of due execution and its authority to grant the same. The foregoing Issuer and the Trustee shall be in addition to give such further or other authority as may be reasonably requested by either Administrator for the purpose of discharging any right of the Servicer under Article 10 to grant postponements Mortgage which has been paid in full and partial releases or discharges in respect of any Loan in the Covered Bond Portfolio sold by the Seller to the Guarantorcollateral security therefor. 9.2 The Servicer Each Administrator undertakes that prior to any actual release by it of, or receipt of authorisation to it to release, the relevant documents as described in Section 9.1 above Mortgage Deeds, it will take such steps as would be taken by obtain a Reasonable letter from a solicitor, licensed or qualified conveyancer or authorised practitioner addressed to themselves and Prudent the Trustee confirming that the relevant Mortgage Lender to satisfy itself that such documents Deeds are being released to the person or persons entitled thereto. 9.3 Following any Enforcement Procedures taken by . In the Servicer as part of its performance event that such solicitor or licensed or qualified conveyancer requires possession of the Services hereunderrelevant Mortgage Deeds for the purposes of giving such confirmation, if upon completion the relevant Administrator shall be entitled to release the relevant Mortgage Deeds to such solicitor or licensed or qualified conveyancer to be held to the order of the Administrator pending receipt of such Enforcement Procedures, an amount confirmation and repayment in excess full of all sums due secured by such Mortgage whereupon the Administrators shall be entitled to authorise the relevant Borrower solicitor or licensed or qualified conveyancer to the Guarantor in respect of or related to release the relevant Loan pursuant to the Mortgage Terms is recovered or received, the Servicer will cause the balance, after discharge of any sums due by the Borrower in respect thereof, to be paid Deeds to the person or persons next entitled thereto in accordance with the Mortgage Terms and applicable lawsthereto.

REDEMPTION OF MORTGAGES. 9.1 ‌ 10.1 Upon receipt of repayment in full of all sums due in relation to Loans in the Covered Bond Portfolio sold by the Seller to the Guarantor secured by a Mortgage and/or other Related Security comprised in the Covered Bond PortfolioMortgage, the Servicer shallrelevant Seller, and is hereby authorized by or, failing which, the Seller and the Guarantor torelevant Administrator, shall (subject, in the name case of the Seller relevant Administrator, to the continued existence of all necessary powers of attorney) execute on behalf of the Issuer and the Trustee, a reconveyance, receipt or the Guarantor, execute a receipt, discharge or other relevant document releasing of the Mortgage at and of the applicable land registry officecollateral security. The Issuer and the Trustee shall forthwith upon payment in full as aforesaid release, land titles office or similar place of public record in which authorise the related Mortgage is registered and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers Administrators to be necessary or advisable to release release, the relevant conveyancing deeds and documents, if any, which make up the title to such Property and the security for the Loan Mortgage Deeds to the person or persons entitled thereto. In order to enable the Administrators to take such action on their behalf as is referred to above, the Issuer shall deliver to the Administrators on or before the Closing Date a power of attorney in the form set out in Schedule 3 (Form of Power of Attorney of the Issuer) and the Trustee shall deliver to the Administrators on or before the Closing Date a power of attorney in the form set out in Schedule 4 (Form of Trustee's Power of Attorney) together with evidence of due execution and its authority to grant the same. The foregoing Issuer and the Trustee shall be in addition to give such further or other authority as may be reasonably requested by either Administrator for the purpose of discharging any right of the Servicer under Article 10 to grant postponements Mortgage which has been paid in full and partial releases or discharges in respect of any Loan in the Covered Bond Portfolio sold by the Seller to the Guarantorcollateral security therefor. 9.2 The Servicer 10.2 Each Administrator undertakes that prior to any actual release by it of, or receipt of authorisation to it to release, the relevant documents as described in Section 9.1 above Mortgage Deeds, it will take such steps as would be taken by obtain a Reasonable letter from a solicitor, licensed or qualified conveyancer or authorised practitioner addressed to themselves and Prudent the Trustee confirming that the relevant Mortgage Lender to satisfy itself that such documents Deeds are being released to the person or persons entitled thereto. 9.3 Following any Enforcement Procedures taken by . In the Servicer as part of its performance event that such solicitor or licensed or qualified conveyancer requires possession of the Services hereunderrelevant Mortgage Deeds for the purposes of giving such confirmation, if upon completion the relevant Administrator shall be entitled to release the relevant Mortgage Deeds to such solicitor or licensed or qualified conveyancer to be held to the order of the Administrator pending receipt of such Enforcement Procedures, an amount confirmation and repayment in excess full of all sums due secured by such Mortgage whereupon the Administrators shall be entitled to authorise the relevant Borrower solicitor or licensed or qualified conveyancer to the Guarantor in respect of or related to release the relevant Loan pursuant to the Mortgage Terms is recovered or received, the Servicer will cause the balance, after discharge of any sums due by the Borrower in respect thereof, to be paid Deeds to the person or persons next entitled thereto in accordance with the Mortgage Terms and applicable lawsthereto.

REDEMPTION OF MORTGAGES. ‌ 9.1 Upon receipt of repayment in full of all sums due in relation to Loans in the Covered Bond Portfolio sold by the Seller to the Guarantor secured by a Mortgage and/or other Related Security comprised in the Covered Bond Portfolio, the Servicer shall, and is hereby authorized by the Seller and the Guarantor to, in the name of the Seller or the Guarantor, execute a receipt, discharge or other relevant document releasing the Mortgage at the applicable land registry office, land titles office or similar place of public record in which the related Mortgage is registered and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers to be necessary or advisable to release the relevant conveyancing deeds and documents, if any, which make up the title to such Property and the security for the Loan to the person or persons entitled thereto. The foregoing shall be in addition to any right of the Servicer under Article 10 to grant postponements and partial releases or discharges in respect of any Loan in the Covered Bond Portfolio sold by the Seller to the Guarantor. 9.2 The Servicer undertakes that prior to any actual release by it of the relevant documents as described in Section 9.1 above it will take such steps as would be taken by a Reasonable and Prudent Mortgage Lender to satisfy itself that such documents are being released to the person or persons entitled thereto. 9.3 Following any Enforcement Procedures taken by the Servicer as part of its performance of the Services hereunder, if upon completion of such Enforcement Procedures, an amount in excess of all sums due by the relevant Borrower to the Guarantor in respect of or related to the relevant Loan pursuant to the Mortgage Terms is recovered or received, the Servicer will cause the balance, after discharge of any sums due by the Borrower in respect thereof, to be paid to the person or persons next entitled thereto in accordance with the Mortgage Terms and applicable laws.

REDEMPTION OF MORTGAGES. 9.1 10.1 Upon receipt of repayment in full of all sums due in relation to Loans in the Covered Bond Portfolio sold by the Seller to the Guarantor secured by a Mortgage and/or other Related Security comprised in the Covered Bond PortfolioMortgage, the Servicer shallrelevant Seller, and is hereby authorized by or, failing which, the Seller and the Guarantor torelevant Administrator, shall (subject, in the name case of the Seller relevant Administrator, to the continued existence of all necessary powers of attorney) execute on behalf of the Issuer and the Trustee, a reconveyance, receipt or the Guarantor, execute a receipt, discharge or other relevant document releasing of the Mortgage at and of the applicable land registry officecollateral security. The Issuer and the Trustee shall forthwith upon payment in full as aforesaid release, land titles office or similar place of public record in which authorise the related Mortgage is registered and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers Administrators to be necessary or advisable to release release, the relevant conveyancing deeds and documents, if any, which make up the title to such Property and the security for the Loan Mortgage Deeds to the person or persons entitled thereto. In order to enable the Administrators to take such action on their behalf as is referred to above, the Issuer shall deliver to the Administrators on or before the Closing Date a power of attorney in the form set out in Schedule 3 (Form of Power of Attorney of the Issuer) and the Trustee shall deliver to the Administrators on or before the Closing Date a power of attorney in the form set out in Schedule 4 (Form of Trustee's Power of Attorney) together with evidence of due execution and its authority to grant the same. The foregoing Issuer and the Trustee shall be in addition to give such further or other authority as may be reasonably requested by either Administrator for the purpose of discharging any right of the Servicer under Article 10 to grant postponements Mortgage which has been paid in full and partial releases or discharges in respect of any Loan in the Covered Bond Portfolio sold by the Seller to the Guarantorcollateral security therefor. 9.2 The Servicer 10.2 Each Administrator undertakes that prior to any actual release by it of, or receipt of authorisation to it to release, the relevant documents as described in Section 9.1 above Mortgage Deeds, it will take such steps as would be taken by obtain a Reasonable letter from a solicitor, licensed or qualified conveyancer or authorised practitioner addressed to themselves and Prudent the Trustee confirming that the relevant Mortgage Lender to satisfy itself that such documents Deeds are being released to the person or persons entitled thereto. 9.3 Following any Enforcement Procedures taken by . In the Servicer as part of its performance event that such solicitor or licensed or qualified conveyancer requires possession of the Services hereunderrelevant Mortgage Deeds for the purposes of giving such confirmation, if upon completion the relevant Administrator shall be entitled to release the relevant Mortgage Deeds to such solicitor or licensed or qualified conveyancer to be held to the order of the Administrator pending receipt of such Enforcement Procedures, an amount confirmation and repayment in excess full of all sums due secured by such Mortgage whereupon the Administrators shall be entitled to authorise the relevant Borrower solicitor or licensed or qualified conveyancer to the Guarantor in respect of or related to release the relevant Loan pursuant to the Mortgage Terms is recovered or received, the Servicer will cause the balance, after discharge of any sums due by the Borrower in respect thereof, to be paid Deeds to the person or persons next entitled thereto in accordance with the Mortgage Terms and applicable lawsthereto.

REDEMPTION OF MORTGAGES. 9.1 Upon receipt of repayment in full of all sums due in relation to Loans in the Covered Bond Portfolio sold by the Seller to the Guarantor LP secured by a Mortgage and/or other Related Security comprised in the Covered Bond Portfolio, the Servicer shall, and is hereby authorized by the Seller and the Guarantor LP to, in the name of the Seller or the GuarantorGuarantor LP, execute a receipt, discharge or other relevant document releasing the Mortgage at the applicable land registry office, land titles office or similar place of public record in which the related Mortgage is registered and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers to be necessary or advisable to release the relevant conveyancing deeds and documents, if any, which make up the title to such Property and the security for the Loan to the person or persons entitled thereto. The foregoing shall be in addition to any right of the Servicer under Article 10 to grant postponements and partial releases or discharges in respect of any Loan in the Covered Bond Portfolio sold by the Seller to the GuarantorGuarantor LP. 9.2 The Servicer undertakes that prior to any actual release by it of the relevant documents as described in Section 9.1 above it will take such steps as would be taken by a Reasonable and Prudent Mortgage Lender to satisfy itself that such documents are being released to the person or persons entitled thereto. 9.3 Following any Enforcement Procedures taken by the Servicer as part of its performance of the Services hereunder, if upon completion of such Enforcement Procedures, an amount in excess of all sums due by the relevant Borrower to the Guarantor LP in respect of or related to the relevant Loan pursuant to the Mortgage Terms is recovered or received, the Servicer will cause the balance, after discharge of any sums due by the Borrower in respect thereof, to be paid to the person or persons next entitled thereto in accordance with the Mortgage Terms and applicable laws.

REDEMPTION OF MORTGAGES. ‌‌ 9.1 Upon receipt of repayment in full of all sums due in relation to Loans in the Covered Bond Portfolio sold by the Seller to the Guarantor secured by a Mortgage and/or other Related Security comprised in the Covered Bond Portfolio, the Servicer shall, and is hereby authorized by the Seller and the Guarantor to, in the name of the Seller or the Guarantor, execute a receipt, discharge or other relevant document releasing the Mortgage at the applicable land registry office, land titles office or similar place of public record in which the related Mortgage is registered and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers to be necessary or advisable to release the relevant conveyancing deeds and documents, if any, which make up the title to such Property and the security for the Loan to the person or persons entitled thereto. The foregoing shall be in addition to any right of the Servicer under Article 10 to grant postponements and partial releases or discharges in respect of any Loan in the Covered Bond Portfolio sold by the Seller to the Guarantor.Guarantor.‌ 9.2 The Servicer undertakes that prior to any actual release by it of the relevant documents as described in Section 9.1 above it will take such steps as would be taken by a Reasonable and Prudent Mortgage Lender to satisfy itself that such documents are being released to the person or persons entitled thereto. 9.3 Following any Enforcement Procedures taken by the Servicer as part of its performance of the Services hereunder, if upon completion of such Enforcement Procedures, an amount in excess of all sums due by the relevant Borrower to the Guarantor in respect of or related to the relevant Loan pursuant to the Mortgage Terms is recovered or received, the Servicer will cause the balance, after discharge of any sums due by the Borrower in respect thereof, to be paid to the person or persons next entitled thereto in accordance with the Mortgage Terms and applicable laws.

REDEMPTION OF MORTGAGES. ‌ 9.1 Upon receipt of repayment in full of all sums due in relation to Loans in the Covered Bond Portfolio sold by the Seller to the Guarantor secured by a Mortgage and/or other Related Security comprised in the Covered Bond PortfolioMortgage, the Servicer shallrelevant Seller, and is hereby authorized by or, failing which, the Seller and the Guarantor torelevant Administrator, shall (subject, in the name case of the Seller relevant Administrator, to the continued existence of all necessary powers of attorney) execute on behalf of the Issuer and the Trustee, a reconveyance, receipt or the Guarantor, execute a receipt, discharge or other relevant document releasing of the Mortgage at and of the applicable land registry officecollateral security. The Issuer and the Trustee shall forthwith upon payment in full as aforesaid release, land titles office or similar place of public record in which authorise the related Mortgage is registered and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers Administrators to be necessary or advisable to release release, the relevant conveyancing deeds and documents, if any, which make up the title to such Property and the security for the Loan Mortgage Deeds to the person or persons entitled thereto. In order to enable the Administrators to take such action on their behalf as is referred to above, the Issuer shall deliver to the Administrators on or before the Closing Date a power of attorney in the form set out in Schedule 3 (Form of Power of Attorney of the Issuer) and the Trustee shall deliver to the Administrators on or before the Closing Date a power of attorney in the form set out in Schedule 4 (Form of Trustee's Power of Attorney) together with evidence of due execution and its authority to grant the same. The foregoing Issuer and the Trustee shall be in addition to give such further or other authority as may be reasonably requested by either Administrator for the purpose of discharging any right of the Servicer under Article 10 to grant postponements Mortgage which has been paid in full and partial releases or discharges in respect of any Loan in the Covered Bond Portfolio sold by the Seller to the Guarantorcollateral security therefor. 9.2 The Servicer Each Administrator undertakes that prior to any actual release by it of, or receipt of authorisation to it to release, the relevant documents as described in Section 9.1 above Mortgage Deeds, it will take such steps as would be taken by obtain a Reasonable letter from a solicitor, licensed or qualified conveyancer or authorised practitioner addressed to themselves and Prudent the Trustee confirming that the relevant Mortgage Lender to satisfy itself that such documents Deeds are being released to the person or persons entitled thereto. 9.3 Following any Enforcement Procedures taken by . In the Servicer as part of its performance event that such solicitor or licensed or qualified conveyancer requires possession of the Services hereunderrelevant Mortgage Deeds for the purposes of giving such confirmation, if upon completion the relevant Administrator shall be entitled to release the relevant Mortgage Deeds to such solicitor or licensed or qualified conveyancer to be held to the order of the Administrator pending receipt of such Enforcement Procedures, an amount confirmation and repayment in excess full of all sums due secured by such Mortgage whereupon the Administrators shall be entitled to authorise the relevant Borrower solicitor or licensed or qualified conveyancer to the Guarantor in respect of or related to release the relevant Loan pursuant to the Mortgage Terms is recovered or received, the Servicer will cause the balance, after discharge of any sums due by the Borrower in respect thereof, to be paid Deeds to the person or persons next entitled thereto in accordance with the Mortgage Terms and applicable lawsthereto.

REDEMPTION OF MORTGAGES. 9.1 10.1 Upon receipt of repayment in full of all sums due in relation to Loans in the Covered Bond Portfolio sold by the Seller to the Guarantor secured by a Mortgage and/or other Related Security comprised in the Covered Bond PortfolioMortgage, the Servicer shallrelevant Seller, and is hereby authorized by or, failing which, the Seller and the Guarantor torelevant Administrator, shall (subject, in the name case of the Seller relevant Administrator, to the continued existence of all necessary powers of attorney) execute on behalf of the Issuer and the Trustee, a reconveyance, receipt or the Guarantor, execute a receipt, discharge or other relevant document releasing of the Mortgage at and of the applicable land registry officecollateral security. The Issuer and the Trustee shall forthwith upon payment in full as aforesaid release, land titles office or similar place of public record in which authorise the related Mortgage is registered and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers Administrators to be necessary or advisable to release release, the relevant conveyancing deeds and documents, if any, which make up the title to such Property and the security for the Loan Mortgage Deeds to the person or persons entitled thereto. In order to enable the Administrators to take such action on their behalf as is referred to above, the Issuer shall deliver to the Administrators on or before the Closing Date a power of attorney in the form set out in schedule 3 (Form of Power of Attorney of the Issuer) to this Agreement and the Trustee shall deliver to the Administrators on or before the Closing Date a power of attorney in the form set out in schedule 4 (Form of Trustee's Power of Attorney) to this Agreement together with evidence of due execution and its authority to grant the same. The foregoing Issuer and the Trustee shall be in addition to give such further or other authority as may be reasonably requested by either Administrator for the purpose of discharging any right of the Servicer under Article 10 to grant postponements Mortgage which has been paid in full and partial releases or discharges in respect of any Loan in the Covered Bond Portfolio sold by the Seller to the Guarantorcollateral security therefor. 9.2 The Servicer 10.2 Each Administrator undertakes that prior to any actual release by it of, or receipt of authorisation to it to release, the relevant documents as described in Section 9.1 above Mortgage Deeds, it will take such steps as would be taken by obtain a Reasonable letter from a solicitor, licensed or qualified conveyancer or authorised practitioner addressed to themselves and Prudent the Trustee confirming that the relevant Mortgage Lender to satisfy itself that such documents Deeds are being released to the person or persons entitled thereto. 9.3 Following any Enforcement Procedures taken by . In the Servicer as part of its performance event that such solicitor or licensed or qualified conveyancer requires possession of the Services hereunderrelevant Mortgage Deeds for the purposes of giving such confirmation, if upon completion the relevant Administrator shall be entitled to release the relevant Mortgage Deeds to such solicitor or licensed or qualified conveyancer to be held to the order of the Administrator pending receipt of such Enforcement Procedures, an amount confirmation and repayment in excess full of all sums due secured by such Mortgage whereupon the Administrators shall be entitled to authorise the relevant Borrower solicitor or licensed or qualified conveyancer to the Guarantor in respect of or related to release the relevant Loan pursuant to the Mortgage Terms is recovered or received, the Servicer will cause the balance, after discharge of any sums due by the Borrower in respect thereof, to be paid Deeds to the person or persons next entitled thereto in accordance with the Mortgage Terms and applicable lawsthereto.

REDEMPTION OF MORTGAGES. 9.1 (a) Upon receipt of repayment in full of all sums due in relation to Loans in the Covered Bond Portfolio sold by the Seller to the Guarantor secured by a Mortgage and/or other Related Security comprised in the Covered Bond Portfolio, the Servicer shallwill, and is hereby authorized authorised by the Seller and the Guarantor to, in the name of the Seller or the Guarantor, execute a receipt, discharge or other relevant document releasing the Mortgage at the applicable land registry office, land titles office or similar place of public record in which the related Mortgage is registered and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers to be necessary or advisable to release the relevant conveyancing deeds and documents, if any, which make up the title to such Mortgaged Property and the security for the Loan to the person Person or persons Persons entitled thereto. The foregoing shall will be in addition to any right of the Servicer under Article 10 12 (Powers of Attorney) of this Agreement to grant postponements and partial releases or discharges in respect of any Loan in the Covered Bond Portfolio sold by the Seller to the Guarantor. Notwithstanding the foregoing, with respect to STEP Loans in respect of which the STEP Collateral Mortgage remains as security for Other STEP Products, after all of the STEP Loans in the Portfolio are repaid in full, the Servicer will, and is hereby authorised by the Seller and the Guarantor to, in the name of the Seller or the Guarantor, execute a registrable transfer or assignment of the STEP Collateral Mortgage and other Related Security, without representation, warranty or covenant of any kind except those usually given by a trustee, into the name of the Seller, for itself and on behalf of any Other STEP Creditor, as applicable, who is the holder of the Other STEP Products secured by such STEP Collateral Mortgage, and to release the relevant conveyancing deeds and documents and possession and control of the Related Security to the Seller or Other STEP Creditor, as applicable. 9.2 (b) The Servicer undertakes that prior to any actual release by it of the relevant documents as described in Section 9.1 above 11.1(a) it will take such steps as would be taken by a Reasonable reasonable and Prudent Mortgage Lender prudent institutional mortgage lenders in the Servicer’s market to satisfy itself that such documents are being released to the person Person or persons Persons entitled thereto. 9.3 Following (c) Subject to Section 2.4 (STEP Plan and STEP Loans) of this Agreement, following any Enforcement Procedures enforcement procedures taken by the Servicer as part of its performance of the Services hereunder, if upon completion of such Enforcement Proceduresenforcement procedures, an amount in excess of all sums due by the relevant Borrower to the Guarantor in respect of or related to the relevant Loan in the Portfolio pursuant to the Mortgage Terms terms of such Loan and its Related Security is recovered or received, then the Servicer will cause the balance, after discharge of any sums due by the Borrower in respect thereof, to be paid to the person Person or persons Persons next entitled thereto in accordance with the Mortgage Terms terms of such Loan and its Related Security and applicable lawsLaws and, in respect of any STEP Loan, the STEP Plan.

REDEMPTION OF MORTGAGES. ‌ 9.1 Upon receipt of repayment in full of all sums due in relation to Loans in the Covered Bond Portfolio sold by the Seller to the Guarantor LP secured by a Mortgage and/or other Related Security comprised in the Covered Bond Portfolio, the Servicer shall, and is hereby authorized by the Seller and the Guarantor LP to, in the name of the Seller or the GuarantorGuarantor LP, execute a receipt, discharge or other relevant document releasing the Mortgage at the applicable land registry office, land titles office or similar place of public record in which the related Mortgage is registered and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers to be necessary or advisable to release the relevant conveyancing deeds and documents, if any, which make up the title to such Property and the security for the Loan to the person or persons entitled thereto. The foregoing shall be in addition to any right of the Servicer under Article 10 to grant postponements and partial releases or discharges in respect of any Loan in the Covered Bond Portfolio sold by the Seller to the GuarantorGuarantor LP. 9.2 The Servicer undertakes that prior to any actual release by it of the relevant documents as described in Section 9.1 above it will take such steps as would be taken by a Reasonable and Prudent Mortgage Lender to satisfy itself that such documents are being released to the person or persons entitled thereto. 9.3 Following any Enforcement Procedures taken by the Servicer as part of its performance of the Services hereunder, if upon completion of such Enforcement Procedures, an amount in excess of all sums due by the relevant Borrower to the Guarantor LP in respect of or related to the relevant Loan pursuant to the Mortgage Terms is recovered or received, the Servicer will cause the balance, after discharge of any sums due by the Borrower in respect thereof, to be paid to the person or persons next entitled thereto in accordance with the Mortgage Terms and applicable laws.

REDEMPTION OF MORTGAGES. 9.1 Upon receipt of repayment in full of all sums due in relation to Loans in the Covered Bond Portfolio sold by the Seller to the Guarantor secured by a Mortgage and/or other Related MT DOCS 14908769v9 13 Servicing Agreement Security comprised in the Covered Bond Portfolio, the Servicer shall, and is hereby authorized by the Seller and the Guarantor to, in the name of the Seller or the Guarantor, execute a receipt, discharge or other relevant document releasing the Mortgage at the applicable land registry office, land titles office or similar place of public record in which the related Mortgage is registered and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers to be necessary or advisable to release the relevant conveyancing deeds and documents, if any, which make up the title to such Property and the security for the Loan to the person or persons entitled thereto. The foregoing shall be in addition to any right of the Servicer under Article 10 to grant postponements and partial releases or discharges in respect of any Loan in the Covered Bond Portfolio sold by the Seller to the Guarantor. 9.2 The Servicer undertakes that prior to any actual release by it of the relevant documents as described in Section 9.1 above it will take such steps as would be taken by a Reasonable and Prudent Mortgage Lender to satisfy itself that such documents are being released to the person or persons entitled thereto. 9.3 Following any Enforcement Procedures taken by the Servicer as part of its performance of the Services hereunder, if upon completion of such Enforcement Procedures, an amount in excess of all sums due by the relevant Borrower to the Guarantor in respect of or related to the relevant Loan pursuant to the Mortgage Terms is recovered or received, the Servicer will cause the balance, after discharge of any sums due by the Borrower in respect thereof, to be paid to the person or persons next entitled thereto in accordance with the Mortgage Terms and applicable laws.