Common use of Appointment by Funding 2 Conditional Clause in Contracts

Appointment by Funding 2 Conditional. The appointment pursuant to Clause 2.2 (Appointment by Funding 2) herein is conditional upon the acquisition by Funding 2 from the Seller of a portion of the Seller's beneficial interest in the Mortgages Trust pursuant to the Seller (Mortgages Trust) Assignment Agreement and shall take effect upon and from the Funding 2 Programme Date automatically without any further action on the part of any person PROVIDED THAT if Funding 2 has not acquired from the Seller a portion of the Seller's beneficial interest in the Mortgages Trust by 31 January, 2005, or such later date as Funding 2 and the Seller may agree, the appointment of the Cash Manager as agent of Funding 2 under Clause 2.2 (Appointment by Funding 2) shall not take effect.

Appointment by Funding 2 Conditional. The appointment pursuant to Clause 2.2 (Appointment by Funding 2) herein is conditional upon the acquisition by Funding 2 from the Seller of a portion of the Seller's beneficial interest in the Mortgages Trust pursuant to the Seller (Mortgages Trust) Assignment Agreement and shall take effect upon and from the Funding 2 Programme Date automatically without any further action on the part of any person PROVIDED THAT if Funding 2 has not acquired from the Seller a portion of the Seller's beneficial interest in the Mortgages Trust by 31 January, 2005, or such later date as Funding 2 and the Seller may agree, the appointment of the Cash Manager Servicer as agent of Funding 2 under Clause 2.2 (Appointment by Funding 2) shall not take effect.