Common use of Repurchase of Fixed Rate Mortgage Loans Clause in Contracts

Repurchase of Fixed Rate Mortgage Loans. (a) Where a Mortgage Loan bears interest at a fixed rate for a certain period (the "initial fixed rate period"), after the expiry of which the Borrower is entitled to apply for a new fixed rate (whether or not subject to certain conditions), the Mortgages Trustee may by notice in writing to the Seller given at any time not more than 60 days before the expiry of that initial fixed rate period (which for the avoidance of doubt shall exclude any period of extension to which the relevant Borrower is entitled), offer to re-sell to the Seller that Mortgage Loan together with its Related Security if that Mortgage Loan becomes a Re-Fixed Mortgage Loan during the 3-month period immediately following the end of that initial fixed rate period. The offer will be in writing in the form set out in Schedule 9 (Offer under Clause 8.6 ) and will be signed by or on behalf of the Mortgages Trustee.

Repurchase of Fixed Rate Mortgage Loans. (a) Where a Mortgage Loan bears interest at a fixed rate for a certain period (the "initial fixed rate period"), after the expiry of which the Borrower is entitled to apply exercise an option for a new fixed rate (whether or not subject to certain conditions), the Mortgages Trustee may by notice in writing to the Seller given at any time not more than 60 days before the expiry of that initial fixed rate period (which for the avoidance of doubt shall exclude any period of extension to which the relevant Borrower is entitled), offer to re-sell to the Seller that Mortgage Loan together with its Related Security if that Mortgage Loan becomes a Re-Fixed Mortgage Loan during the 3-month period immediately following the end of that initial fixed rate period. The offer will be in writing in the form set out in Schedule 9 (Offer under Clause 8.6 (Repurchase of Fixed Rate Mortgage Loans)) and will be signed by or on behalf of the Mortgages Trustee.

Repurchase of Fixed Rate Mortgage Loans. (a) Where a Mortgage Loan bears interest at a fixed rate for a certain period (the "initial fixed rate period"), after the expiry of which the Borrower is entitled to apply exercise an option for a new fixed rate (whether or not subject to certain conditions), the Mortgages Trustee may by notice in writing to the Seller given at any time not more than 60 days before the expiry of that initial fixed rate period (which for the avoidance of doubt shall exclude any period of extension to which the relevant Borrower is entitled), offer to re-sell to the Seller that Mortgage Loan together with its Related Security if that Mortgage Loan becomes a Re-Fixed Mortgage Loan during the 3-month period immediately following the end of that initial fixed rate period. The offer will be in writing in the form set out in Schedule 9 (Offer under Clause 8.6 ) and will be signed by or on behalf of the Mortgages Trustee.