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Common use of Title Deeds Clause in Contracts

Title Deeds. 17.1 Save in relation to Loans which are Dematerialised Loans, the Servicer shall keep the Title Deeds relating to the Loans and their Related Security comprised in the Portfolio in safe custody and shall not without the prior written consent of the LLP and the Security Trustee part with possession, custody or control of them otherwise than to a sub-contractor or delegate appointed pursuant to Clause 3.2 or to a solicitor, licensed conveyancer, qualified conveyancer or authorised practitioner, subject to the usual undertaking to hold them to the order of the Seller (who in turn will hold them to the order of the Security Trustee) or to the Land Registry, the Registers of Scotland, the Land Registry of Northern Ireland or the Registry of Deeds or, upon redemption of the relevant Loan, to the order of the Borrower. 17.2 Save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security comprised in the Portfolio shall be kept in such a manner so that a computer record is maintained of their location and they are identifiable and retrievable by reference to an account number and pool identifier and identifiable and distinguishable from the title deeds relating to other properties and mortgages and standard securities in respect of which the Servicer is mortgagee or chargee (or, in Scotland, heritable creditor) or servicer. In the event of receipt by the Servicer of notice that the short-term, unsecured, unsubordinated and unguaranteed debt ratings of the Servicer are less than A-1+ by S&P and P-1 by Xxxxx'x and F1 by Fitch, the Servicer shall use reasonable endeavours to ensure that the Title Deeds, save in relation to Loans which are Dematerialised Loans, relating to the Loans and their Related Security comprised in the Portfolio and the Customer Files are located separately from the title deeds and customer files of other properties and mortgages which do not form part of the Portfolio. 17.3 The Servicer shall provide access or procure that access is provided to the Title Deeds (other than Title Deeds in respect of Loans which are Dematerialised Loans) relating to the Loans and their Related Security comprised in the Portfolio to the LLP, the Security Trustee and their respective agents at all reasonable times and upon reasonable notice. The Servicer acknowledges that the Customer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security comprised in the Portfolio in its possession, custody or control will be held to the order of the Security Trustee and that it has, in its capacity as Servicer, no beneficial interest therein and the Servicer irrevocably waives any rights or any Security Interest which it might have therein or to which it might at any time be entitled. 17.4 The Servicer shall, forthwith on the termination of the appointment of the Servicer pursuant to Clause 21 of this Agreement, deliver the Customer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security comprised in the Portfolio to or to the order of the Security Trustee or to such person as the LLP elects as a New Servicer in accordance with the terms of this Agreement upon written request by the LLP or the Security Trustee made at any time on or after notice of, or on or after, termination of the appointment of the Servicer pursuant to Clause 21 of this Agreement. 17.5 The Servicer undertakes that it will use all reasonable endeavours to obtain, as soon as practicable and, in any event, in the case of the Mortgages in the Initial Portfolio, on or prior to the Calculation Date falling in June 2006, and in the case of Mortgages which relate to New Loans, on or prior to the first Calculation Date falling after the first anniversary of the date on which the New Loans are purchased from the Seller, title numbers to each Property in respect of which a Mortgage is registered at the Land Registry or the Land Register of Scotland and the recording dates of each Scottish Mortgage recorded at the General Register of Sasines and the folio numbers to each property in respect of which a Mortgage is registered at the Land Registry of Northern Ireland and the registration details of each Northern Irish Mortgage registered at the Registry of Deeds. The Servicer shall include in the quarterly report to be provided to the LLP, the Security Trustee and the Rating Agencies in accordance with Clause 12.4(a)(ii) above in relation to the Calculation Date falling in June 2006, details of such title numbers, recording dates, folio numbers and registration details relating to the Initial Portfolio as are then known to the Servicer at the time of such report together with such other information relating thereto as the Security Trustee may reasonably request.

Appears in 2 contracts

Samples: Servicing Agreement, Servicing Agreement

Title Deeds. 17.1 Save in relation to Whilst the Loans which are Dematerialised Loans, remain outstanding: (a) the Servicer shall keep the Customer Files (where relevant) and, save in relation to Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio in safe custody and shall not without the prior written consent of the LLP Mortgages Trustee and the Security Trustee Beneficiaries part with possession, custody or control of them otherwise than to a sub-contractor or delegate appointed pursuant to Clause 3.2 or to a solicitor, licensed conveyancer, qualified conveyancer or authorised practitioner, subject to the usual undertaking to hold them to the order of the Seller (who in turn will hold them to the order of the Security TrusteeMortgages Trustee (as trustee of the Beneficiaries)) or to the Land Registry, Registry or the Registers of Scotland; (b) the Customer Files and, the Land Registry of Northern Ireland or the Registry of Deeds or, upon redemption of the relevant Loan, to the order of the Borrower. 17.2 Save save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio shall be kept in such a manner so that each customer file and title deed is capable of identification and retrieval, a computer record is maintained of their location and they are identifiable and retrievable by reference to an account number and pool identifier and are identifiable and distinguishable from the title deeds relating to other properties and mortgages and standard securities in respect of which the Servicer is mortgagee or chargee (or, in Scotland, heritable creditor) or servicer. In the event of receipt by the Servicer of notice that the short-term, unsecured, unsubordinated and unguaranteed debt ratings of the Servicer are is rated lower than A-2 by Standard & Poor's, or the counterparty risk assessment assigned to the Servicer by Xxxxx'x is less than A-1+ by S&P and P-1 by Xxxxx'x and F1 P-2(cr) or the Servicer's short- term "Issuer Default Rating" is lower than F-2 by Fitch, the Servicer shall use reasonable endeavours to ensure that the Title DeedsCustomer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio and the Customer Files are located separately identified as distinct from the title deeds and customer files of other properties and mortgages which do not form part of the Portfolio.; 17.3 The (c) the Servicer shall provide access or procure that access is provided to the Title Deeds (other than Title Deeds in respect of relation to Loans which are Dematerialised Loans) and other records relating to the administration of the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio to the LLPMortgages Trustee, the Security Trustee Beneficiaries (and their respective agents auditors) and (if requested) the Funding Security Trustees and any other person nominated by any of them at all reasonable times and upon reasonable notice. The Servicer acknowledges that the Customer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio in its possession, custody or control will be held to the order of the Security Mortgages Trustee (as trustee for the Beneficiaries) and that it has, in its capacity as Servicer, no beneficial interest therein and the Servicer irrevocably waives any rights or any Security Interest which it might have therein or to which it might at any time be entitled.; 17.4 The (d) the Servicer shall, forthwith on the termination of the appointment of the Servicer pursuant to Clause 21 of this Agreement21, deliver the Customer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio to or to the order of the Security Mortgages Trustee (as trustee of the Beneficiaries) or to such person as the LLP elects Beneficiaries and the Funding Security Trustees select as a New Servicer substitute servicer in accordance with the terms of this Agreement upon written request by the LLP or Beneficiaries and the Funding Security Trustee Trustees made at any time on or after notice of, or on or after, termination of the appointment of the Servicer pursuant to Clause 21 of this Agreement.21; and 17.5 The Servicer (e) the Seller undertakes that it will use all reasonable endeavours to obtain, obtain as soon as reasonably practicable and, in any event, in the case of the Mortgages in the Initial Portfolio, on or prior to the Calculation Date falling in June 2006, and in the case of Mortgages which relate to New Loans, on or prior to the first Calculation Date falling after the first anniversary of the date on which the New Loans are purchased from the Seller, title numbers number to each Property in respect of which a Mortgage is registered at the Land Registry or the Land Register of Scotland and the recording dates of each Scottish Mortgage recorded at the General Register of Sasines and the folio numbers to each property in respect of which a Mortgage is registered at the Land Registry of Northern Ireland and the registration details of each Northern Irish Mortgage registered at the Registry of Deeds. The Servicer shall include in the quarterly report to be provided to the LLPextent that such title number does not appear in Exhibit 1 to the Mortgage Sale Agreement (or, as the case may be, the Security Trustee and the Rating Agencies in accordance with Clause 12.4(a)(ii) above in relation to the Calculation Date falling in June 2006, details of such title numbers, recording dates, folio numbers and registration details relating to the Initial relevant New Portfolio as are then known to the Servicer at the time of such report together with such other information relating thereto as the Security Trustee may reasonably requestNotice).

Appears in 2 contracts

Samples: Servicing Agreement, Servicing Agreement

Title Deeds. 17.1 Save in relation to Whilst the Loans which are Dematerialised Loans, remain outstanding: (a) the Servicer shall keep the Customer Files and, save in relation to Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio in safe custody and shall not without the prior written consent of the LLP Mortgages Trustee and the Security Trustee Beneficiaries part with possession, custody or control of them otherwise than to a sub-contractor or delegate appointed pursuant to Clause 3.2 (Sub-Contracts) or to a solicitor, licensed conveyancer, qualified conveyancer or authorised practitioner, subject to the usual undertaking to hold them to the order of the Seller (who in turn will hold them to the order of the Security TrusteeMortgages Trustee (as trustee for the Beneficiaries)) or to the Land Registry, Registry or the Registers of Scotland, Scotland or the Land Registry Register of Northern Ireland or Ireland; (b) the Registry of Deeds orCustomer Files and, upon redemption of the relevant Loan, to the order of the Borrower. 17.2 Save save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio shall be kept in such a manner so that each Customer File and Title Deed is capable of identification and retrieval, a computer record is maintained of their location and they are identifiable and retrievable by reference to an account number and pool identifier and are identifiable and distinguishable from the title deeds relating to other properties and mortgages and standard securities in respect of which the Servicer is mortgagee or chargee (or, in Scotland, heritable creditor) or servicer. In the event of receipt by the Servicer of notice that the short-term, unsecured, unsubordinated and unguaranteed debt ratings of rating assigned to the Servicer are by Xxxxx’x is less than A-1+ P-2 or the short-term issuer default rating assigned to the Servicer by S&P and P-1 by Xxxxx'x and F1 by FitchFitch is less than F2, the Servicer shall use reasonable endeavours to ensure that the Title DeedsCustomer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio and the Customer Files are located separately identified as distinct from the title deeds and customer files of other properties and mortgages which do not form part of the Portfolio.; 17.3 The (c) the Servicer shall provide access or procure that access is provided to the Title Deeds (other than Title Deeds in respect of relation to Loans which are Dematerialised Loans) and other records relating to the administration of the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio to the LLPMortgages Trustee, the Security Trustee Beneficiaries (and their respective agents auditors) and (if requested) the Funding Security Trustees and any other person nominated by any of them at all reasonable times and upon reasonable notice. The Servicer acknowledges that the Customer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio in its possession, custody or control will be held to the order of the Security Mortgages Trustee (as trustee for the Beneficiaries) and that it has, in its capacity as Servicer, no beneficial interest therein and the Servicer irrevocably waives any rights or any Security Interest which it might have therein or to which it might at any time be entitled.; 17.4 The (d) the Servicer shall, forthwith on the termination of the appointment of the Servicer pursuant to Clause 21 of this Agreement(Termination), deliver the Customer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio to or to the order of the Security Mortgages Trustee (as trustee for the Beneficiaries) or to such person as the LLP elects Beneficiaries and the Funding Security Trustees select as a New Servicer substitute servicer in accordance with the terms of this Agreement upon written request by the LLP or Beneficiaries and the Funding Security Trustee Trustees made at any time on or after notice of, or on or after, termination of the appointment of the Servicer pursuant to Clause 21 of this Agreement.(Termination); and 17.5 The Servicer (e) the Seller undertakes that it will use all reasonable endeavours to obtain, obtain as soon as reasonably practicable and, in any event, in the case of the Mortgages in the Initial Portfolio, on or prior to the Calculation Date falling in June 2006, and in the case of Mortgages which relate to New Loans, on or prior to the first Calculation Date falling after the first anniversary of the date on which the New Loans are purchased from the Seller, title numbers number to each Property in respect of which a Mortgage is registered at the Land Registry or the Land Register of Scotland and the recording dates of each Scottish Mortgage recorded at the General Register of Sasines and the folio numbers to each property in respect of which a Mortgage is registered at or the Land Registry Register of Northern Ireland and the registration details of each Northern Irish Mortgage registered at the Registry of Deeds. The Servicer shall include in the quarterly report to be provided to the LLPextent that such title number does not appear in Exhibit 1 to the Mortgage Sale Agreement (or, as the case may be, the Security Trustee and the Rating Agencies in accordance with Clause 12.4(a)(ii) above in relation to the Calculation Date falling in June 2006, details of such title numbers, recording dates, folio numbers and registration details relating to the Initial relevant New Portfolio as are then known to the Servicer at the time of such report together with such other information relating thereto as the Security Trustee may reasonably requestNotice).

Appears in 1 contract

Samples: Servicing Agreement

Title Deeds. 17.1 Save in relation to Loans which are Dematerialised Loans, the The Servicer shall keep the Title Deeds (where relevant) relating to the Loans and their Related Security comprised in the Portfolio in safe custody and shall not without the prior written consent of the LLP Mortgages Trustee and the Security Trustee Beneficiaries part with possession, custody or control of them otherwise than to a sub-contractor or delegate appointed pursuant to Clause 3.2 or to a solicitor, licensed conveyancer, qualified conveyancer or authorised practitioner, subject to the usual undertaking to hold them to the order of the Seller (who in turn will hold them to the order of the Security TrusteeMortgages Trustee (as trustee for the Beneficiaries)) or to the Land Registry, the Registers of Scotland, the H.M. Land Registry of Northern Ireland or the Registry of Deeds or, upon redemption of the relevant Loan, to the order of the Borrower. 17.2 Save in relation to Loans which are Dematerialised Loans, the The Title Deeds relating to the Loans and their Related Security comprised in the Portfolio shall be kept in such a manner so that a computer record is maintained of their location and they are identifiable and retrievable by reference to an account number and pool identifier and identifiable and distinguishable from the title deeds relating to other properties and mortgages and standard securities in respect of which the Servicer is mortgagee or chargee (or, in Scotland, heritable creditor) or servicer. In the event of receipt by the Servicer of notice that the short-term, unsecured, unsubordinated and unguaranteed debt ratings of the Servicer are is rated less than A-1+ A-1 by S&P and P-1 by Xxxxx'x Moody's and that the Servicer’s short term “Issuer Default Rating” is lower than F1 by Fitch, the Servicer shall use reasonable endeavours to ensure that the Title Deeds, save in relation to Loans which are Dematerialised Loans, relating to the Loans and their Related Security comprised in the Portfolio Deeds (and the Customer Files Files) are located separately from the title deeds and customer files of other properties and mortgages which do not form part of the Portfolio. 17.3 The Servicer shall provide access or procure that access is provided to the Title Deeds (other than Title Deeds in respect of Loans which are Dematerialised Loans) relating to the Loans and their Related Security comprised in the Portfolio to the LLP, the Security Trustee and their respective agents at all reasonable times and upon reasonable notice. The Servicer acknowledges that the Customer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security comprised in the Portfolio in its possession, custody or control will be held to the order of the Security Trustee and that it has, in its capacity as Servicer, no beneficial interest therein and the Servicer irrevocably waives any rights or any Security Interest which it might have therein or to which it might at any time be entitled. 17.4 The Servicer shall, forthwith on the termination of the appointment of the Servicer pursuant to Clause 21 of this Agreement, deliver the Customer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security comprised in the Portfolio to or to the order of the Security Trustee or to such person as the LLP elects as a New Servicer in accordance with the terms of this Agreement upon written request by the LLP or the Security Trustee made at any time on or after notice of, or on or after, termination of the appointment of the Servicer pursuant to Clause 21 of this Agreement. 17.5 The Servicer undertakes that it will use all reasonable endeavours to obtain, as soon as practicable and, in any event, in the case of the Mortgages in the Initial Portfolio, on or prior to the Calculation Date falling in June 2006, and in the case of Mortgages which relate to New Loans, on or prior to the first Calculation Date falling after the first anniversary of the date on which the New Loans are purchased from the Seller, title numbers to each Property in respect of which a Mortgage is registered at the Land Registry or the Land Register of Scotland and the recording dates of each Scottish Mortgage recorded at the General Register of Sasines and the folio numbers to each property in respect of which a Mortgage is registered at the Land Registry of Northern Ireland and the registration details of each Northern Irish Mortgage registered at the Registry of Deeds. The Servicer shall include in the quarterly report to be provided to the LLP, the Security Trustee and the Rating Agencies in accordance with Clause 12.4(a)(ii) above in relation to the Calculation Date falling in June 2006, details of such title numbers, recording dates, folio numbers and registration details relating to the Initial Portfolio as are then known to the Servicer at the time of such report together with such other information relating thereto as the Security Trustee may reasonably request.

Appears in 1 contract

Samples: Servicing Agreement

Title Deeds. 17.1 Save in relation to Whilst the Loans which are Dematerialised Loans, remain outstanding: (a) the Servicer shall keep the Customer Files and, save in relation to Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio in safe custody and shall not without the prior written consent of the LLP Mortgages Trustee and the Security Trustee Beneficiaries part with possession, custody or control of them otherwise than to a sub-contractor or delegate appointed pursuant to Clause 3.2 (Sub-Contracts) or to a solicitor, licensed conveyancer, qualified conveyancer or authorised practitioner, subject to the usual undertaking to hold them to the order of the Seller (who in turn will hold them to the order of the Security TrusteeMortgages Trustee (as trustee for the Beneficiaries)) or to the Land Registry, Registry or the Registers of Scotland, Scotland or the Land Registry Register of Northern Ireland or Ireland; (b) the Registry of Deeds orCustomer Files and, upon redemption of the relevant Loan, to the order of the Borrower. 17.2 Save save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio shall be kept in such a manner so that each Customer File and Title Deed is capable of identification and retrieval, a computer record is maintained of their location and they are identifiable and retrievable by reference to an account number and pool identifier and are identifiable and distinguishable from the title deeds relating to other properties and mortgages and standard securities in respect of which the Servicer is mortgagee or chargee (or, in Scotland, heritable creditor) or servicer. In the event of receipt by the Servicer of notice that the short-term, unsecured, unsubordinated and unguaranteed debt ratings of the Servicer are less is rated lower than A-1+ P-2 by S&P Moody's and P-1 by Xxxxx'x and F1 the Servicer's short term "Issuer Default Rating" is lower than F2 by Fitch, the Servicer shall use reasonable endeavours to ensure that the Title DeedsCustomer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio and the Customer Files are located separately identified as distinct from the title deeds and customer files of other properties and mortgages which do not form part of the Portfolio.; 17.3 The (c) the Servicer shall provide access or procure that access is provided to the Title Deeds (other than Title Deeds in respect of relation to Loans which are Dematerialised Loans) and other records relating to the administration of the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio to the LLPMortgages Trustee, the Security Trustee Beneficiaries (and their respective agents auditors) and (if requested) the Funding Security Trustees and any other person nominated by any of them at all reasonable times and upon reasonable notice. The Servicer acknowledges that the Customer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio in its possession, custody or control will be held to the order of the Security Mortgages Trustee (as trustee for the Beneficiaries) and that it has, in its capacity as Servicer, no beneficial interest therein and the Servicer irrevocably waives any rights or any Security Interest which it might have therein or to which it might at any time be entitled.; 17.4 The (d) the Servicer shall, forthwith on the termination of the appointment of the Servicer pursuant to Clause 21 of this Agreement(Termination), deliver the Customer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio to or to the order of the Security Mortgages Trustee (as trustee for the Beneficiaries) or to such person as the LLP elects Beneficiaries and the Funding Security Trustees select as a New Servicer substitute servicer in accordance with the terms of this Agreement upon written request by the LLP or Beneficiaries and the Funding Security Trustee Trustees made at any time on or after notice of, or on or after, termination of the appointment of the Servicer pursuant to Clause 21 of this Agreement.(Termination); and 17.5 The Servicer (e) the Seller undertakes that it will use all reasonable endeavours to obtain, obtain as soon as reasonably practicable and, in any event, in the case of the Mortgages in the Initial Portfolio, on or prior to the Calculation Date falling in June 2006, and in the case of Mortgages which relate to New Loans, on or prior to the first Calculation Date falling after the first anniversary of the date on which the New Loans are purchased from the Seller, title numbers number to each Property in respect of which a Mortgage is registered at the Land Registry or the Land Register of Scotland and the recording dates of each Scottish Mortgage recorded at the General Register of Sasines and the folio numbers to each property in respect of which a Mortgage is registered at or the Land Registry Register of Northern Ireland and the registration details of each Northern Irish Mortgage registered at the Registry of Deeds. The Servicer shall include in the quarterly report to be provided to the LLPextent that such title number does not appear in Exhibit 1 to the Mortgage Sale Agreement (or, as the case may be, the Security Trustee and the Rating Agencies in accordance with Clause 12.4(a)(ii) above in relation to the Calculation Date falling in June 2006, details of such title numbers, recording dates, folio numbers and registration details relating to the Initial relevant New Portfolio as are then known to the Servicer at the time of such report together with such other information relating thereto as the Security Trustee may reasonably requestNotice).

Appears in 1 contract

Samples: Servicing Agreement

Title Deeds. 17.1 Save in relation to Loans which are Dematerialised Loans, the The Servicer shall keep the Title Deeds relating to the Loans and their Related Security comprised in the Portfolio in safe custody and shall not without the prior written consent of the LLP Mortgages Trustee and the Security Trustee Beneficiaries part with possession, custody or control of them otherwise than to a sub-contractor or delegate appointed pursuant to Clause 3.2 or to a solicitor, licensed conveyancer, qualified conveyancer or authorised practitioner, subject to the usual undertaking to hold them to the order of the Seller (who in turn will hold them to the order of the Security TrusteeMortgages Trustee (as trustee for the Beneficiaries)) or to the Land Registry, the Registers of Scotland, the H.M. Land Registry of Northern Ireland or the Registry of Deeds or, upon redemption of the relevant Loan, to the order of the Borrower. 17.2 Save in relation to Loans which are Dematerialised Loans, the The Title Deeds relating to the Loans and their Related Security comprised in the Portfolio shall be kept in such a manner so that a computer record is maintained of their location and they are identifiable and retrievable by reference to an account number and pool identifier and identifiable and distinguishable from the title deeds relating to other properties and mortgages and standard securities in respect of which the Servicer is mortgagee or chargee (or, in Scotland, heritable creditor) or servicer. In the event of receipt by the Servicer of notice that the short-term, unsecured, unsubordinated and unguaranteed debt ratings of the Servicer are is rated less than A-1+ A-1 by S&P and P-1 by Xxxxx'x Xxxxx’x and F1 F-1 by Fitch, the Servicer shall use reasonable endeavours to ensure that the Title Deeds, save in relation to Loans which are Dematerialised Loans, relating to the Loans and their Related Security comprised in the Portfolio Deeds (and the Customer Files Files) are located separately from the title deeds and customer files of other properties and mortgages which do not form part of the Portfolio. 17.3 The Servicer shall provide access or procure that access is provided to the Title Deeds (other than Title Deeds in respect of Loans which are Dematerialised Loans) relating to the Loans and their Related Security comprised in the Portfolio to the LLPMortgages Trustee, the Security Trustee Beneficiaries and their respective agents at all reasonable times and upon reasonable notice. The Servicer acknowledges that the Title Deeds and Customer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security comprised in the Portfolio in its possession, custody or control will be held to the order of the Security Mortgages Trustee (as trustee for the Beneficiaries) and that it has, in its capacity as Servicer, no beneficial interest therein and the Servicer (in its capacity as such but not in its capacity as a Beneficiary) irrevocably waives any rights or any Security Interest which it might have therein or to which it might at any time be entitled. 17.4 The Servicer shall, forthwith on the termination of the appointment of the Servicer pursuant to Clause 21 of this Agreement21, deliver the Title Deeds and Customer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security comprised in the Portfolio to or to the order of the Security Mortgages Trustee or to such person as the LLP Mortgages Trustee elects as a New Servicer substitute servicer in accordance with the terms of this Agreement upon written request by the LLP or the Security Mortgages Trustee made at any time on or after notice of, or on or after, termination of the appointment of the Servicer pursuant to Clause 21 of this Agreement21. 17.5 The Servicer undertakes that it will use all reasonable endeavours efforts to obtain, as soon as practicable and, in any event, in the case of the Mortgages in the Initial Portfolio, on or prior to the Calculation Distribution Date falling in June 2006July 2001, and in the case of Mortgages which relate to New Loans, on or prior to the first Calculation Distribution Date falling after the first anniversary of the date on which the New Loans are purchased from the Seller, details of the title numbers applicable to each Property in respect Properties comprising registered land or land which is the subject of which a Mortgage is registered at the Land Registry or the Land Register of Scotland and the recording dates of each Scottish Mortgage recorded at the General Register of Sasines and the folio numbers to each property in respect of which a Mortgage is registered at the Land Registry of Northern Ireland and the registration details of each Northern Irish Mortgage registered at the Registry of Deedsan application for first registration. The Servicer shall include in the quarterly report to be provided to the LLP, the Security Trustee and the Rating Agencies in accordance with Clause 12.4(a)(ii) above delivered in relation to the Calculation Distribution Date falling in June 2006, July 2001 details of such title numbers, recording dates, folio numbers and registration details relating to the Initial Portfolio as are then known to the Servicer at the time of such report together with such other information relating thereto as the Security Mortgages Trustee may reasonably request.

Appears in 1 contract

Samples: Servicing Agreement (Holmes Funding LTD)

Title Deeds. 17.1 Save in relation to Whilst the Loans which are Dematerialised Loans, remain outstanding: (a) the Servicer shall keep the Customer Files and, save in relation to Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio in safe custody and shall not without the prior written consent of the LLP Mortgages Trustee and the Security Trustee Beneficiaries part with possession, custody or control of them otherwise than to a sub-contractor or delegate appointed pursuant to Clause 3.2 or to a solicitor, licensed conveyancer, qualified conveyancer or authorised practitioner, subject to the usual undertaking to hold them to the order of the Seller (who in turn will hold them to the order of the Security TrusteeMortgages Trustee (as trustee of the Beneficiaries)) or to the Land Registry, Registry or the Registers of Scotland; (b) the Customer Files and, the Land Registry of Northern Ireland or the Registry of Deeds or, upon redemption of the relevant Loan, to the order of the Borrower. 17.2 Save save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio shall be kept in such a manner so that each customer file and title deed is capable of identification and retrieval, a computer record is maintained of their location and they are identifiable and retrievable by reference to an account number and pool identifier and are identifiable and distinguishable from the title deeds relating to other properties and mortgages and standard securities in respect of which the Servicer is mortgagee or chargee (or, in Scotland, heritable creditor) or servicer. In the event of receipt by the Servicer of notice that the short-term, unsecured, unsubordinated and unguaranteed debt ratings of the Servicer are is rated lower than A-2 by Standard & Poor's, or the counterparty risk assessment assigned to the Servicer by Xxxxx'x is less than A-1+ by S&P and P-1 by Xxxxx'x and F1 P-2(cr) or the Servicer's short- term "Issuer Default Rating" is lower than F-2 by Fitch, the Servicer shall use reasonable endeavours to ensure that the Title DeedsCustomer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio and the Customer Files are located separately identified as distinct from the title deeds and customer files of other properties and mortgages which do not form part of the Portfolio.; 17.3 The (c) the Servicer shall provide access or procure that access is provided to the Title Deeds (other than Title Deeds in respect of relation to Loans which are Dematerialised Loans) and other records relating to the administration of the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio to the LLPMortgages Trustee, the Security Trustee Beneficiaries (and their respective agents auditors) and (if requested) the Funding Security Trustees and any other person nominated by any of them at all reasonable times and upon reasonable notice. The Servicer acknowledges that the Customer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio in its possession, custody or control will be held to the order of the Security Mortgages Trustee (as trustee for the Beneficiaries) and that it has, in its capacity as Servicer, no beneficial interest therein and the Servicer irrevocably waives any rights or any Security Interest which it might have therein or to which it might at any time be entitled.; 17.4 The (d) the Servicer shall, forthwith on the termination of the appointment of the Servicer pursuant to Clause 21 of this Agreement21, deliver the Customer Files and, save in relation to Loans which are Dematerialised Loans, the Title Deeds relating to the Loans and their Related Security sold by the Seller to the Mortgages Trustee comprised in the Portfolio to or to the order of the Security Mortgages Trustee (as trustee of the Beneficiaries) or to such person as the LLP elects Beneficiaries and the Funding Security Trustees select as a New Servicer substitute servicer in accordance with the terms of this Agreement upon written request by the LLP or Beneficiaries and the Funding Security Trustee Trustees made at any time on or after notice of, or on or after, termination of the appointment of the Servicer pursuant to Clause 21 of this Agreement.21; and 17.5 The Servicer (e) the Seller undertakes that it will use all reasonable endeavours to obtain, obtain as soon as reasonably practicable and, in any event, in the case of the Mortgages in the Initial Portfolio, on or prior to the Calculation Date falling in June 2006, and in the case of Mortgages which relate to New Loans, on or prior to the first Calculation Date falling after the first anniversary of the date on which the New Loans are purchased from the Seller, title numbers number to each Property in respect of which a Mortgage is registered at the Land Registry or the Land Register of Scotland and the recording dates of each Scottish Mortgage recorded at the General Register of Sasines and the folio numbers to each property in respect of which a Mortgage is registered at the Land Registry of Northern Ireland and the registration details of each Northern Irish Mortgage registered at the Registry of Deeds. The Servicer shall include in the quarterly report to be provided to the LLPextent that such title number does not appear in Exhibit 1 to the Mortgage Sale Agreement (or, as the case may be, the Security Trustee and the Rating Agencies in accordance with Clause 12.4(a)(ii) above in relation to the Calculation Date falling in June 2006, details of such title numbers, recording dates, folio numbers and registration details relating to the Initial relevant New Portfolio as are then known to the Servicer at the time of such report together with such other information relating thereto as the Security Trustee may reasonably requestNotice).

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Samples: Servicing Agreement