COMPLETION OF THE TRANSFER OF LOANS. 6.1 The assignments or assignations (as appropriate) contemplated by this Agreement shall be perfected on the twentieth London Business Day after the earliest to occur of:
COMPLETION OF THE TRANSFER OF LOANS. 6.1 The assignments or assignations (as appropriate) contemplated by this Agreement shall be perfected on the 20th London Business Day after receipt of written notice from the Mortgages Trustee (as directed by the Funding Companies and/or the Funding Security Trustees) requesting that the Seller take such action. The parties hereto agree that the Mortgages Trustee shall not make such a request unless any of the following events occur:
COMPLETION OF THE TRANSFER OF LOANS. 6.1 The assignments or assignations (as appropriate) contemplated by this Agreement shall be perfected on the twentieth London Business Day after the earliest to occur of: (a) the service of an Intercompany Loan Acceleration Notice in relation to any Intercompany Loan, a Master Intercompany Loan Acceleration Notice in relation to the Master Intercompany Loan or a Note Acceleration Notice in relation to any Notes of any Funding 1 Issuer or the Master Issuer; or (b) the Seller being required to perfect the Mortgages Trustee's legal title to the Mortgages, or procure any or all of the acts referred to in this CLAUSE 6 by an order of a court of competent jurisdiction or by any regulatory authority of which the Seller is a member or any organisation whose members comprise (but are not necessarily limited to) mortgage lenders and with whose instructions it is customary for the Seller to comply; or (c) it becoming necessary by law to do any or all of the acts referred to in this CLAUSE 6; or (d) (i) the Funding 1 Security Trustee certifying that, in its reasonable opinion, the property, assets and rights of Funding 1 comprised in the security constituted by the Funding 1 Deed of Charge or any material part thereof is/are in jeopardy; or (ii) the Funding 2 Security Trustee certifying that, in its reasonable opinion, the property, assets and rights of Funding 2 comprised in the security constituted by the Funding 2 Deed of Charge or any material part thereof is/are in jeopardy, and that the doing of any or all of the acts referred to in CLAUSES 6.2 to 6.6 inclusive is necessary in order materially to reduce such jeopardy; or 11 <PAGE> (e) unless otherwise agreed in writing by the Rating Agencies, the Funding 1 Security Trustee and the Funding 2 Security Trustee, the termination of the Seller's role as Servicer under the Servicing Agreement; or (f) the Seller calling for perfection by serving notice in writing to that effect on the Mortgages Trustee, Funding 1, Funding 2, the Funding 1 Security Trustee and the Funding 2 Security Trustee; or (g) the date on which the Seller ceases to be assigned a long term unsecured, unsubordinated debt obligation rating from S&P of at least BBB- or from Moody's of at least Baa3 or from Fitch of at least BBB-; or (h) the occurrence of an Insolvency Event in relation to the Seller; or (i) the latest of the last repayment dates of the Intercompany Loan Agreements, the master Intercompany Loan Agreement and any other New Intercompany L...
