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)