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2 DEFINED TERMS AND INTERPRETATIONS

 

(a) Definitions

 

i. "Bank" means Gatehouse Bank PLC of The Helicon, 1 South Place, London, EC2M 2RB;

ii. "Client" means the corporate entity or individual(s) to whom the Offer Letter is addressed;

iii. "Client Solicitor" or "You" mean the solicitors or licensed conveyancers appointed to act for the Client; and

iv. "Diminishing Musharakah Agreement" means the diminishing musharakah agreement to be entered into between the Client and the Bank as provided to you.

(b) Interpretations

 

i. Unless otherwise defined in this deed, a term defined in the Diminishing Musharakah Agreement has the same meaning when used in this document.

ii. The guidance contained in this information sheet is intended to assist you in satisfying all conditions with the Bank and the Bank's solicitors and does in not in any way limit or reduce your responsibilities either to the Bank or the Bank's solicitors.

iii. You must be regulated by the Solicitors Regulation Authority or the Council for Licensed Conveyancers and have professional indemnity insurance. If your professional indemnity insurance is less than the Bank's Contribution, please advise the Bank's solicitors immediately.

iv. You must advise the Bank's solicitors immediately upon any matter arising which may adversely affect the good and marketable title to the Property and in your professional opinion will be considered to affect the Bank's interest in the Property.

v. In any case where you are unable to continue to act for the Client, you must advise the Bank's solicitors immediately and return all documents held by you.

 

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