Common use of Designated Entity Clause in Contracts

Designated Entity. 31.1 The Seller and the Issuer agree that the Issuer shall act as the designated entity under Article 7(2) of the UK Securitisation Regulation and shall be responsible for compliance with the requirements of Article 7 by either fulfilling such requirements itself or procuring that such requirements are complied with on its behalf. 31.2 The Issuer undertakes to provide (or to procure the provision of) certain information and reports under to Article 7 of the EU Securitisation Regulation as such requirements exist solely on the Closing Date and solely in the manner (and subject to the conditions) set out in clause 14.5 (Reporting and information under the EU Securitisation Regulation) of the Servicing Agreement provided that the Issuer will not be in breach of such undertaking if it fails to so comply due to events, actions and/or circumstances beyond its control.

Designated Entity. 31.1 The Seller and the Issuer agree that the Issuer shall act as the designated entity under Article 7(2) of the UK Securitisation Regulation and shall be responsible for compliance with the requirements of Article 7 by either fulfilling such requirements itself or procuring that such requirements are complied with on its behalf. 31.2 The Issuer undertakes to provide (or to procure the provision of) certain information and reports under to Article 7 of the EU Securitisation Regulation as such requirements exist solely on the Closing Date and solely in the manner (and subject to the conditions) set out in clause Clause 14.5 (Reporting and information under the EU Securitisation Regulation) of the Servicing Agreement provided that the Issuer will not be in breach of such undertaking if it fails to so comply due to events, actions and/or circumstances beyond its control.