Common use of Funding Charged Property Clause in Contracts

Funding Charged Property. (a) The Current Issuer, by way of first fixed security for the payment or discharge of the Current Issuer Secured Obligations, subject to Clause 4 (Release of Current Issuer Charged Property), hereby assigns to the Note Trustee, save to the extent that any of the Current Issuer's rights and claims in respect thereof derive from property which is situated in Jersey at any relevant time, all of its right, title, benefit and interest and all claims, present and future, in and to, the security and all property, assets and rights and claims held on trust by the Security Trustee for the payment or discharge of the relevant Funding Secured Obligations pursuant to the Funding Deed of Charge including all rights to receive payment of any amount which may become payable to the Current Issuer thereunder and all rights to serve notices and/or make demands thereunder and/or to take such steps as are required to cause payments to become due and payable thereunder and all rights of action in respect of any breach thereof and all rights to receive damages or obtain relief in respect thereof and the proceeds of any of the foregoing, TO HOLD the same unto the Note Trustee absolutely; and