Common use of Security Powers of Attorney Clause in Contracts

Security Powers of Attorney. The Seller shall grant security powers of attorney to the Mortgages Trustee, Funding and the Security Trustee in the form set out in Schedule 10 (Power of Attorney in favour of the Mortgages Trustee, Funding and the Security Trustee) allowing any of the Mortgages Trustee, Funding and the Security Trustee and their delegates from time to time (inter alia) to set the Standard Variable Rate, such other discretionary rates and margins applicable to the Mortgage Loans and (save for the Security Trustee) the rate of (and terms relating to) the Existing Borrowers' Re-Fix Rate should the Seller fail to do so in accordance with its obligations under this Agreement, but only to the extent that such rates have been previously notified to the Mortgages Trustee, Funding and the Security Trustee in accordance with Clause 4.3(b) of the Administration Agreement. Nothing in this Clause 7.8 shall prevent the Seller (or any of its attorneys from time to time) from setting a higher Northern Rock Standard Variable Rate or higher rates for other discretionary rates and margins (or in the case of the Existing Borrowers' Re-Fix Rate setting a higher rate and imposing terms more advantageous to the Mortgages Trustee) than those to be set or required by the Mortgages Trustee, Funding and (other than in respect to an Existing Borrower's Re-Fix Rate) the Security Trustee.

Security Powers of Attorney. The On the Funding 2 Programme Date, the Seller shall grant security powers of attorney to the Mortgages Trustee, each Funding Beneficiary and the each Funding Security Trustee in the form set out in Part 2 of Schedule 10 (Power of Attorney in favour of the Mortgages Trustee, each Funding Beneficiary and the each Funding Security Trustee) allowing any of the Mortgages Trustee, any Funding and the Beneficiary and/or any Funding Security Trustee and their delegates from time to time (inter alia) to set the Standard Variable Rate, such other discretionary rates and margins applicable to the Mortgage Loans and (save for the any Funding Security Trustee) the rate of (and terms relating to) the Existing Borrowers' Re-Fix Rate should the Seller fail to do so in accordance with its obligations under this Agreement, but only to the extent that such rates have been previously notified to the Mortgages Trustee, each Funding Beneficiary and the each Funding Security Trustee in accordance with Clause 4.3(b) of the Administration Agreement. On the delivery of such power of attorney in accordance with the previous sentence, the parties hereto agree that the power of attorney delivered by the Seller on 26 March 2001 in accordance with Clause 3.1(a) shall terminate and be of no further effect. Nothing in this Clause 7.8 shall prevent the Seller (or any of its attorneys from time to time) from setting a higher Northern Rock Standard Variable Rate or higher rates for other discretionary rates and margins (or in the case of the Existing Borrowers' Re-Fix Rate setting a higher rate and imposing terms more advantageous to the Mortgages Trustee) than those to be set or required by the Mortgages Trustee, each Funding and Beneficiary and/or (other than in respect to an Existing Borrower's Re-Fix Rate) the each Funding Security Trustee.

Security Powers of Attorney. The Seller shall grant security powers of attorney to the Mortgages Trustee, each Funding Beneficiary and the each Funding Security Trustee in the form set out in Schedule 10 (Power of Attorney in favour of the Mortgages Trustee, each Funding Beneficiary and the each Funding Security Trustee) allowing any of the Mortgages Trustee, any Funding and the Beneficiary and/or any Funding Security Trustee and their delegates from time to time (inter alia) to set the Standard Variable Rate, such other discretionary rates and margins applicable to the Mortgage Loans and (save for the any Funding Security Trustee) the rate of (and terms relating to) the Existing Borrowers' Re-Fix Rate should the Seller fail to do so in accordance with its obligations under this Agreement, but only to the extent that such rates have been previously notified to the Mortgages Trustee, each Funding Beneficiary and the each Funding Security Trustee in accordance with Clause 4.3(b) of the Administration Agreement. Nothing in this Clause 7.8 shall prevent the Seller (or any of its attorneys from time to time) from setting a higher Northern Rock Standard Variable Rate or higher rates for other discretionary rates and margins (or in the case of the Existing Borrowers' Re-Fix Rate setting a higher rate and imposing terms more advantageous to the Mortgages Trustee) than those to be set or required by the Mortgages Trustee, each Funding and Beneficiary and/or (other than in respect to an Existing Borrower's Re-Fix Rate) the each Funding Security Trustee.