Examples of Mortgages Trustee in a sentence
Nothing in this Agreement shall prevent the Servicer from rendering or performing services similar to those provided for in this Agreement to or for itself or other persons, firms or companies or from carrying on business similar to or in competition with the business of the Mortgages Trustee and the Beneficiaries.
It is a condition to any repurchase of a Loan and its Related Security (and any other Loan secured or intended to be secured by that Related Security or any part of it) under this Clause 8 that the Seller has delivered a solvency certificate (in form and substance satisfactory to the Mortgages Trustee) on, or within the immediately preceding 45 calendar days prior to, the date on which the Seller repurchases any Loan and its Related Security.
New Loans and further advances that are originated under lending criteria that are different from the criteria set out here may be sold and assigned to the Mortgages Trustee.
The Servicer shall keep and maintain records in relation to the Loans sold by the Seller to the Mortgages Trustee comprised in the Portfolio, on a Loan by Loan basis, for the purposes of identifying amounts paid by each Borrower, any amount due from a Borrower and the principal balance (and, if different, the total balance) from time to time outstanding on a Borrower's account, and such other records as would be kept by a Reasonable, Prudent Mortgage Lender.
The Servicer shall maintain a register of the Portfolio to include, amongst other things, such records as are necessary to enforce each Mortgage sold by the Seller to the Mortgages Trustee and in the Portfolio and, where relevant, any other Related Security.
In particular, but without limitation, the Servicer shall promptly notify the Mortgages Trustee, the Beneficiaries and the Funding Security Trustees of the existence of any insurance policies to which the Seller is a party or in which it has an interest in addition to those specifically referred to in the definition of Insurance Policies in the Master Definitions and Construction Schedule.
In the event that on the latest occurring Final Repayment Date of a Loan Tranche the remaining sums available to the Mortgages Trustee are insufficient to satisfy in full the outstanding fees or other claims of the Servicer, such fees shall be reduced by the amount of the deficiency.
If the Servicer becomes aware that a Borrower under a Loan sold by the Seller to the Mortgages Trustee is unable to take out buildings insurance in relation to a Property, the Servicer shall take such action as would a Reasonable, Prudent Mortgage Lender with a view to ensuring that the relevant Property continues to be insured in accordance with the applicable Mortgage Terms.
Nothing herein shall constitute a guarantee, or similar obligation, by the Cash Manager of the Mortgages Trustee, the Funding Companies or the Funding Security Trustees in respect of any of them.
The covenants of the Cash Manager in Clause 10.1 shall remain in force until this Agreement is terminated but without prejudice to any right or remedy of the Mortgages Trustee and/or the Funding Companies and/or the Funding Security Trustees arising from breach of any such covenant prior to the date of termination of this Agreement.