Product Switch definition

Product Switch means a variation to the financial terms or conditions included in the Mortgage Conditions applicable to a Loan other than:

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Product Switch has the meaning given to it in the Administration Agreement.

Product Switch means any variation, including a change in product type, excluding the following variations:

Examples of Product Switch in a sentence

Subject to complying with the terms of Clause 8.1 herein, where the Administrator accepts a Product Switch or a Further Advance, the Administrator shall then promptly notify the Seller and the Mortgages Trustee in writing.
The Administrator shall not accept an application for a Further Advance or a Product Switch without first having received confirmation in writing from the Seller that the Seller would, if invited to do so by the Mortgages Trustee, purchase the relevant Mortgage Loan and its Related Security from the Mortgages Trustee.
If the Seller accepts an application from, or makes an offer (which is accepted) to, a Borrower for a Product Switch which converts a Loan to a Buy to Let Loan that Loan shall be in material breach of the Loan Warranties and Clause 9.3 above shall apply.
The Servicer may accept an application for a Further Advance or a Product Switch on behalf of the Seller, upon receipt of written confirmation from the Seller that the Seller would, if invited to do so by the Mortgages Trustee, purchase the relevant Mortgage Loan and its Related Security from the Mortgages Trustee.
Subject to complying with the terms of Clause 8.1 (Acceptance of Application) herein, where the Servicer accepts a Product Switch or a Further Advance, the Servicer shall then promptly notify the Seller and the Mortgages Trustee in writing.

More Definitions of Product Switch

Product Switch means a variation to the financial terms or conditions included in the Mortgage Terms applicable to a Loan other than:

Product Switch in the circumstances set out in CLAUSE 8.4 of the Mortgage Sale Agreement or other obligation of the Seller to repurchase, and if the Seller fails to repurchase the Loan or Loans under the relevant Mortgage Account and their Related Security as required by the terms of the Mortgage Sale Agreement, then the Trust Property shall be deemed to be reduced for the purposes of the calculation of "G" in CLAUSE 8.2 above by an amount equal to the Outstanding Principal Balance of the relevant Loan or Loans under the relevant Mortgage Account together with Arrears of Interest and Accrued Interest; and/or

Product Switch means a variation:

Product Switch means the conversion (subject to satisfaction of the Product Switch Conditions) of a Mortgage Loan (either by the agreement of the Servicer to a Borrower's request to convert his Mortgage Loan or, in the case of a default by a Borrower, by election by the Servicer) into an Eligible Product;

Product Switch means, in respect of a Loan, a variation in the financial terms and conditions applicable to such Loan other than: (i) any variation agreed with the related Borrower to control or manage arrears on such Loan; (ii) any variation of such Loan imposed by statute; (iii) any change in the repayment method of such Loan; or (iv) any change in the Borrower under such Loan or the addition of a new Borrower under such Loan; Program means the US$10,000,000,000 global registered covered bond program established by the Issuer on the Program Date; Program Agreement means the Dealership Agreement and the Underwriting Agreement, and such other agreement or agreements, as the case may be, to the extent then in force, under which the Covered Bonds may from time to time be agreed to be sold by the Issuer to, and purchased by, the Dealers; Program Date means September 30, 2013; Program Limit has the meaning given to it in the Trust Deed; Program Resolution has the meaning given to it in Condition 14 (Meetings of Covered Bondholders, Modification, Waiver and Substitution)

Product Switch means, in respect of a Loan, a variation in the financial terms and conditions applicable to such Loan other than: (i) any variation agreed with the related Borrower to control or manage arrears on such Loan; (ii) any variation of such Loan imposed by statute; (iii) any change in the repayment method of such Loan; or (iv) any change in the Borrower under such Loan or the addition of a new Borrower under such Loan; Program means the US$10,000,000,000 global registered covered bond program established by the Issuer on the Program Date; Program Agreement means the Dealership Agreement and such other agreement or agreements, as the case may be, to the extent then in force, under which Covered Bonds (other than U.S. Registered Covered Bonds) may from time to time be agreed to be sold by the Issuer to, and purchased by, the relevant Dealer(s); Program Date means September 30, 2013; Program Limit has the meaning given to it in the Trust Deed;

Product Switch means a variation to the financial terms or conditions included in the Hypothecary Loan Conditions applicable to a Loan other than: (a) any variation agreed with a Borrower to control or manage arrears on a Loan; (b) any variation in the maturity date of a Loan; (c) any variation imposed by statute or any variation in the frequency with which the interest payable in respect of the Loan is charged; (d) any variation to the interest rate as a result of the Borrowers switching to a different rate; (e) any change to a Borrower under the Loan or the addition of a new Borrower under a Loan; or (f) any change in the repayment method of the Loan;