Common use of REDEMPTION OF MORTGAGES Clause in Contracts

REDEMPTION OF MORTGAGES. 9.1 Upon repayment in full of all sums secured by a Mortgage, the relevant Seller, or, failing which, the relevant Administrator, shall (subject, in the case of the 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 discharge of the Mortgage and of the collateral security. The Issuer and the Trustee shall forthwith upon payment in full as aforesaid release, or authorise the Administrators to release, the relevant 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 Issuer and the Trustee shall in addition give such further or other authority as may be reasonably requested by either Administrator for the purpose of discharging any Mortgage which has been paid in full and any collateral security therefor.

REDEMPTION OF MORTGAGES. 9.1 10.1 Upon repayment in full of all sums secured by a Mortgage, the relevant Seller, or, failing which, the relevant Administrator, shall (subject, in the case of the 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 discharge of the Mortgage and of the collateral security. The Issuer and the Trustee shall forthwith upon payment in full as aforesaid release, or authorise the Administrators to release, the relevant 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 Issuer and the Trustee shall in addition give such further or other authority as may be reasonably requested by either Administrator for the purpose of discharging any Mortgage which has been paid in full and any collateral security therefor.

REDEMPTION OF MORTGAGES. 9.1 10.1 Upon repayment in full of all sums secured by a Mortgage, the relevant Seller, or, failing which, the relevant Administrator, shall (subject, in the case of the 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 discharge of the Mortgage and of the collateral security. The Issuer and the Trustee shall forthwith upon payment in full as aforesaid release, or authorise the Administrators to release, the relevant 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 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 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 Issuer and the Trustee shall in addition give such further or other authority as may be reasonably requested by either Administrator for the purpose of discharging any Mortgage which has been paid in full and any collateral security therefor.