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

Product Switch means a variation to the financial terms and conditions of any Mortgage Loan but excluding:

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

Examples of Product Switch in a sentence

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.
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.
However, the Originator will represent and warrant in the Mortgage Sale Agreement that there is no obligation for the Originator to make a Further Advance or a Product Switch other than in accordance with the applicable Mortgage Conditions.
In addition, where the Originator has failed to effect the Product Switch, having committed to do so, the Borrower could set off against the Issuer the difference between the rate of interest on the Loan and the interest rate at which the Borrower could borrow money in the market on the new property.
In these instances, the switch may be a greater or smaller amount than that originally requested.In order for the switch to be processed a Hollard Retirement Product Switch Instruction Form must be completed in full and submitted to the Administrator.

More Definitions of Product Switch

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

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

Product Switch means any variation in the financial terms and conditions applicable to a Loan but excluding any variation:

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 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;