Savings Alternative definition

Savings Alternative means the alternative under a Savings Linked Insurance Policy related to a Savings Mortgage Loan whereby the Savings Premium is held by the relevant Savings Participant for the benefit of the Borrower with the relevant Transferor;
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Savings Alternative means in respect of a Life Mortgage Loan with the possibility of a Savings Element, the alternative whereby the Savings Investment Premiums are used to build up a savings deposit.
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Savings Alternative means in respect of a Life Mortgage Loan with the
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Examples of Savings Alternative in a sentence

  • The Savings Participant hereby undertakes with the CBC that upon a request from any of the Borrowers for a Savings Switch, the Savings Participant shall use its best efforts to ensure that the relevant Transferor shall repurchase and accept the reassignment of the relevant Switch Mortgage Receivable with the Savings Alternative pursuant to Clause 5.4 of the Guarantee Support Agreement.

  • Subject to clause 3 of the Parallel Debt Agreement and clauses 12, 13 and 14 of the Trust Deed, the Insurance Savings Participant shall effect payments under the Savings Insurance Policy and the Life Insurance Policy with a Savings Alternative, respectively, related to Savings Mortgage Loans and Life Mortgage Loans with a Savings Element, respectively, which are subject to an Insurance Savings Participation, where reasonably possible and to the extent permitted, to the CBC by way of set-off.

  • Furthermore, the Insurance Savings Participant shall in so far as possible not pay any amount due under the Savings Insurance Policy and the Life Insurance Policy with a Savings Alternative related to Savings Mortgage Loans and Life Mortgage Loans with a Savings Element, respectively, which are subject to an Insurance Savings Participation to the Borrowers, but to the CBC, by way of set-off.

  • The Savings Participant hereby undertakes with the CBC that upon a request from any of the Borrowers for a Savings Switch, the Savings Participant shall use its best efforts to ensure that the relevant Transferor shall accept the reassignment of the relevant Switch Mortgage Receivable with the Savings Alternative pursuant to Clause 5.4 of the Guarantee Support Agreement.