Common use of Standard Variable Rate Clause in Contracts

Standard Variable Rate. 7.1 Prior to the transfer of legal title from the Seller to the Mortgages Trustee, the Seller covenants with the Mortgages Trustee, the Issuer and the Security Trustee that, where the Mortgages Trustee and the Issuer (or the Trust Property Cash Manager and the Issuer Cash Manager on their behalf) determine on any Payment Calculation Date that there will be a Revenue Shortfall during the next succeeding Interest Period and notify the Seller to such effect, the Seller or the Administrator on its behalf shall take all steps which are necessary, including publishing any notice which is required in accordance with the Mortgage Loan Conditions, to set the Seller’s Standard Variable Rate and any other discretionary rate or margin applicable to the Mortgage Loans at or above such level (or where Clydesdale has ceased to be the Basis Rate Swap Provider, at such level being at least the equivalent of Compounded Daily ▇▇▇▇▇ plus 2.301 per cent.) as may be notified to the Seller by the Mortgages Trustee and the Issuer (or the Trust Property Cash Manager and the Issuer Cash Manager on their behalf) as being the minimum level required in order for no Revenue Shortfall to arise. For the purposes of this Clause 7.1, “Compounded Daily ▇▇▇▇▇” shall be calculated by the Trust Property Cash Manager using the ▇▇▇▇▇ Reference Rate as at the relevant Payment Calculation Date as reference rate for the calculation of interest for the immediately following Interest Period (with the resulting percentage rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards). 7.2 The Seller shall grant security powers of attorney to the Mortgages Trustee in the form set out in Schedule 4 (Form of Seller Power of Attorney) allowing the Mortgages Trustee and its delegates from time to time, inter alia, to set the Standard Variable Rate and any other discretionary rate or margin applicable to the Mortgage Loans should the Seller fail to do so in accordance with its obligations under Clause 7.1. Nothing in this Clause 7.2 shall prevent the Seller (or any of its attorneys from time to time other than the Mortgages Trustee) from setting the Standard Variable Rate and any other discretionary rate or margin applicable to the Mortgage Loans higher than any rate to be set or required to be set by the Mortgages Trustee. 7.3 The Mortgages Trustee (or the Issuer Cash Manager, as assisted by the Trust Property Cash Manager on its behalf) shall only set the Standard Variable Rate and any other discretionary rate or margin applicable to the Mortgage Loans under the Mortgage Loans pursuant to Clause 7.2 at the level certified to it by the Trust Property Cash Manager as being at the minimum level required for no Revenue Shortfall to arise.

Standard Variable Rate. 7.1 Prior to the transfer of legal title from the Seller to the Mortgages Trustee, the Seller covenants with the Mortgages Trustee, the Issuer and the Security Trustee that, where the Mortgages Trustee and the Issuer (or the Trust Property Cash Manager and the Issuer Cash Manager on their behalf) determine on any Payment Calculation Date that there will be a Revenue Shortfall during the next succeeding Interest Period and notify the Seller to such effect, the Seller or the Administrator on its behalf shall take all steps which are necessary, including publishing any notice which is required in accordance with the Mortgage Loan Conditions, to set the Seller’s Standard Variable Rate and any other discretionary rate or margin applicable to the Mortgage Loans at or above such level (or where Clydesdale has ceased to be the Basis Rate Swap Provider, at such level being at least the equivalent of Compounded Daily ▇▇▇▇▇ plus 2.301 2.3693 per cent.) as may be notified to the Seller by the Mortgages Trustee and the Issuer (or the Trust Property Cash Manager and the Issuer Cash Manager on their behalf) as being the minimum level required in order for no Revenue Shortfall to arise. For the purposes of this Clause 7.1, “Compounded Daily ▇▇▇▇▇” shall be calculated by the Trust Property Cash Manager using the ▇▇▇▇▇ Reference Rate as at the relevant Payment Calculation Date as reference rate for the calculation of interest for the immediately following Interest Period (with the resulting percentage rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards). 7.2 The Seller shall grant security powers of attorney to the Mortgages Trustee in the form set out in Schedule 4 3 (Form of Seller Power of Attorney) allowing the Mortgages Trustee and its delegates from time to time, inter alia, to set the Standard Variable Rate and any other discretionary rate or margin applicable to the Mortgage Loans should the Seller fail to do so in accordance with its obligations under Clause 7.1. Nothing in this Clause 7.2 shall prevent the Seller (or any of its attorneys from time to time other than the Mortgages Trustee) from setting the Standard Variable Rate and any other discretionary rate or margin applicable to the Mortgage Loans higher than any rate to be set or required to be set by the Mortgages Trustee. 7.3 The Mortgages Trustee (or the Issuer Cash Manager, as assisted by the Trust Property Cash Manager on its behalf) shall only set the Standard Variable Rate and any other discretionary rate or margin applicable to the Mortgage Loans under the Mortgage Loans pursuant to Clause 7.2 at the level certified to it by the Trust Property Cash Manager as being at the minimum level required for no Revenue Shortfall to arise.

Standard Variable Rate. 7.1 Prior to the transfer 4.1 Each of legal title from the Seller to the Mortgages Trustee, the Seller covenants with the Mortgages Trustee, the Issuer and the Security Trustee thatOriginator Beneficiary hereby grants the Mortgage Administrator full right, where the Mortgages Trustee liberty and the Issuer (or the Trust Property Cash Manager and the Issuer Cash Manager on their behalf) determine on any Payment Calculation Date that there will be a Revenue Shortfall during the next succeeding Interest Period and notify the Seller authority from time to such effecttime, the Seller or the Administrator on its behalf shall take all steps which are necessary, including publishing any notice which is required in accordance with the relevant Mortgage Loan ConditionsTerms, to determine and set the Seller’s Standard Variable Rate chargeable to Borrowers from time to time. Subject to Clause 4.3, the Mortgage Administrator will not at any time, without the prior consent of the Issuer, set or maintain the Standard Variable Rate at a rate which is higher or lower than the Originator's then prevailing variable base rate which applies to loans beneficially owned by the Originator which are not included in the Mortgage Portfolio and the Issuer, the Originator and the Originator Beneficiary shall be bound by the Standard Variable Rate set in accordance with this Agreement. 4.2 The Mortgage Administrator shall take the steps required by the relevant Mortgage Terms and applicable law (including, without limitation, the Guidance Note on Interest Variation Terms issued by the Office of Fair Trading in February 2000 and the Financial Services Authority's Statement of Good Practice on Fairness of Terms in Consumer Contracts published May 2005 and any other discretionary successor guidelines or applicable additional guidelines) to bring each change in such rate or margin applicable rates of interest to the attention of the relevant Borrowers, whether due to a change in the Standard Variable Rate or as a consequence of any provisions of the Mortgage Loans Terms. All costs arising in relation to such a notification of a change in such rate or rates of interest shall be borne by the Mortgage Administrator. 4.3 If the Mortgage Administration Services have been delegated to a delegate Mortgage Administrator and such delegate Mortgage Administrator has been notified that an Insolvency Event has occurred in respect of WBBS, the delegate Mortgage Administrator shall (subject to Applicable Law and the Mortgage Conditions) ensure that the Standard Variable Rate is set at a rate greater than or above such level (or where Clydesdale has ceased equal to be the Basis Rate Swap Provider, at such level being at least the equivalent of Compounded Daily ▇▇▇▇▇ plus 2.301 2 per cent.) as may be notified to the Seller by the Mortgages Trustee and the Issuer . (or the Trust Property Cash Manager and the Issuer Cash Manager on their behalf) as being the minimum level required in order for no Revenue Shortfall to arise. For the purposes of this Clause 7.1or, “Compounded Daily ▇▇▇▇▇” shall be calculated by the Trust Property Cash Manager using the where a ▇▇▇▇▇ Reference Rate as at Modification has occurred, the relevant Payment Calculation Date as reference benchmark rate for the calculation of interest for the immediately following Interest Period (with the resulting percentage rounded if necessary applicable to the fifth decimal place, with 0.000005 being rounded upwardsNotes following such ▇▇▇▇▇ Modification plus 2 per cent.). 7.2 4.4 The Seller Issuer may, with the prior written consent of the Trustee, instruct the Mortgage Administrator to cease determining and setting the Standard Variable Rate on or after the occurrence of a Mortgage Administrator Delegation Event, in which case the Issuer or the Back-Up Mortgage Administrator (in its capacity as delegate Mortgage Administrator) shall grant security powers of attorney to the Mortgages Trustee in the form set out in Schedule 4 (Form of Seller Power of Attorney) allowing the Mortgages Trustee and its delegates from time to time, inter alia, to set the Standard Variable Rate and any other discretionary rate or margin applicable to the Mortgage Loans should the Seller fail to do so in accordance with its obligations under Clause 7.1. Nothing in this Clause 7.2 shall prevent the Seller 4 (or any of its attorneys from time to time other than the Mortgages Trustee) from setting the Standard Variable Rate and any other discretionary rate or margin applicable to the Mortgage Loans higher than any rate to be set or required to be set by the Mortgages TrusteeRate). 7.3 The Mortgages Trustee (or the Issuer Cash Manager, as assisted by the Trust Property Cash Manager on its behalf) shall only set the Standard Variable Rate and any other discretionary rate or margin applicable to the Mortgage Loans under the Mortgage Loans pursuant to Clause 7.2 at the level certified to it by the Trust Property Cash Manager as being at the minimum level required for no Revenue Shortfall to arise.