Common use of Perfection Events Clause in Contracts

Perfection Events. The execution of transfers of the Mortgages to the Mortgages Trustee and the notifications to Borrowers notifying such Borrowers of the assignment of their Mortgage Loans and Related Security to the Mortgages Trustee shall be completed within 20 business days of receipt of a written request in accordance with Clause 6.2 (Perfection) upon the occurrence of any of the following events: (a) the valid service of an Intercompany Loan Enforcement Notice or a Note Enforcement Notice, provided that the perfection of an assignment of the Mortgage Portfolio shall not be required if the sole reason for the service of any Note Enforcement Notice is a default by a Currency Swap Provider of any Issuer; or (b) unless otherwise agreed by the Rating Agencies, the termination of the Seller's role as Administrator under the Administration Agreement and failure of any substitute administrator to assume the duties of the Administrator; or (c) the Seller being required by an order of a court of competent jurisdiction, or by a change in law occurring after the Initial Closing Date, or by a regulatory authority of which the Seller is a member or with whose instructions it is customary that the Seller comply, to perfect the transfer of legal title to the Mortgage Loans and the Related Security in favour of the Mortgages Trustee; or (d) the security under the Funding Deed of Charge or any material part of such security being in jeopardy and it being necessary to perfect the transfer of legal title to the Mortgage Loans and their Related Security in favour of the Mortgages Trustee in order to reduce such jeopardy materially; or (e) the occurrence of an Insolvency Event in relation to the Seller; or (f) notice in writing from the Seller to the Mortgages Trustee and Funding (with a copy to the Security Trustee) requesting such transfer.

Perfection Events. The execution of transfers and assignations of the Mortgages to the Mortgages Trustee and the notifications to Borrowers notifying such Borrowers of the assignment or assignation of their Mortgage Loans and Related Security to the Mortgages Trustee shall be completed within 20 business days of receipt of a written request in accordance with Clause 6.2 (Perfection) upon the occurrence of any of the following events: (a) the valid service of an Intercompany Loan Enforcement Notice or a Note Enforcement Notice, provided that the perfection of an assignment of the Mortgage Portfolio shall not be required if the sole reason for the service of any Note Enforcement Notice is a default by a Currency Swap Provider of any Issuer; or (b) unless otherwise agreed by the Rating Agencies, the termination of the Seller's role as Administrator under the Administration Agreement and failure of any substitute administrator to assume the duties of the Administrator; or (c) the Seller being required by an order of a court of competent jurisdiction, or by a change in law occurring after the Initial Closing Date, or by a regulatory authority of which the Seller is a member or with whose instructions it is customary that the Seller comply, to perfect the transfer of legal title to the Mortgage Loans and the Related Security in favour of the Mortgages Trustee; or (d) the security under the Funding Deed of Charge or any material part of such security being in jeopardy and it being necessary to perfect the transfer of legal title to the Mortgage Loans and their Related Security in favour of the Mortgages Trustee in order to reduce such jeopardy materially; or (e) the occurrence of an Insolvency Event in relation to the Seller; or (f) notice in writing from the Seller to the Mortgages Trustee and Funding (with a copy to the Security Trustee) requesting such transfer.

Perfection Events. The execution of transfers and assignations of the Mortgages to the Mortgages Trustee and the notifications to Borrowers notifying such Borrowers of the assignment or assignation of their Mortgage Loans and Related Security to the Mortgages Trustee shall be completed within 20 business days of receipt of a written request in accordance with Clause 6.2 (Perfection) upon the occurrence of any of the following events: (a) the valid service service: (i) of an a Funding Intercompany Loan Enforcement Notice or Notice; (ii) of a Funding 2 Intercompany Loan Enforcement Notice; (iii) of a Note Enforcement NoticeNotice (on any Funding Issuer); or (iv) of an Issuer Enforcement Notice (on any Funding 2 Issuer), provided that the perfection of an assignment of the Mortgage Portfolio shall not be required if the sole reason for the service of any Note Enforcement Notice (on any Funding Issuer) or any Issuer Enforcement Notice (on any Funding 2 Issuer) is a default by a Currency Swap Provider of any Issuer; or; (b) unless otherwise agreed by the Rating Agencies, the termination of the Seller's role as Administrator under the Administration Agreement and failure of any substitute administrator to assume the duties of the Administrator; or (c) the Seller being required by an order of a court of competent jurisdiction, or by a change in law occurring after the Initial Closing Date, or by a regulatory authority of which the Seller is a member or with whose instructions it is customary that the Seller comply, to perfect the transfer of legal title to the Mortgage Loans and the Related Security in favour of the Mortgages Trustee; or (d) the security under under: (i) the Funding Deed of Charge or any material part of such security security; or (ii) the Funding 2 Deed of Charge or any material part of such security, being in jeopardy and it being necessary to perfect the transfer of legal title to the Mortgage Loans and their Related Security in favour of the Mortgages Trustee in order to reduce such jeopardy materially; or (e) the occurrence of an Insolvency Event in relation to the Seller; or (f) notice in writing from the Seller to the Mortgages Trustee and each Funding Beneficiary (with a copy to the each Funding Security Trustee) requesting such transfer.

Perfection Events. The execution of transfers and assignations of the Mortgages to the Mortgages Trustee and the notifications to Borrowers notifying such Borrowers of the assignment or assignation of their Mortgage Loans and Related Security to the Mortgages Trustee shall be completed within 20 business days of receipt of a written request in accordance with Clause 6.2 (Perfection) upon the occurrence of any of the following events: (a) the valid service service: (i) of an a Funding Intercompany Loan Enforcement Notice or Notice; (ii) of a Funding 2 Intercompany Loan Enforcement Notice; (iii) of a Note Enforcement NoticeNotice (on any Funding Issuer); or (iv) of an Issuer Enforcement Notice (on any Funding 2 Issuer), provided that the perfection of an assignment of the Mortgage Portfolio shall not be required if the sole reason for the service of any Note Enforcement Notice (on any Funding Issuer) or any Issuer Enforcement Notice (on any Funding 2 Issuer) is a default by a Currency Swap Provider of any Issuer; or; (b) unless otherwise agreed by the Rating Agencies, the termination of the Seller's role as Administrator under the Administration Agreement and failure of any substitute administrator to assume the duties of the Administrator; or (c) the Seller being required by an order of a court of competent jurisdiction, or by a change in law occurring after the Initial Closing Date, or by a regulatory authority of which the Seller is a member or with whose instructions it is customary that the Seller comply, to perfect the transfer of legal title to the Mortgage Loans and the Related Security in favour of the Mortgages Trustee; or or (d) the security under under: (i) the Funding Deed of Charge or any material part of such security security; or (ii) the Funding 2 Deed of Charge or any material part of such security, being in jeopardy and it being necessary to perfect the transfer of legal title to the Mortgage Loans and their Related Security in favour of the Mortgages Trustee in order to reduce such jeopardy materially; or (e) the occurrence of an Insolvency Event in relation to the Seller; or (f) notice in writing from the Seller to the Mortgages Trustee and Funding (with a copy to the Security Trustee) requesting such transfer.

Perfection Events. The execution of transfers and assignations of the Mortgages to the Mortgages Trustee and the notifications to Borrowers notifying such Borrowers of the assignment or assignation of their Mortgage Loans and Related Security to the Mortgages Trustee shall be completed within 20 business days of receipt of a written request in accordance with Clause 6.2 (Perfection) upon the occurrence of any of the following events: (a) the valid service of an Intercompany Loan Enforcement Notice or a Note Enforcement Notice, provided that the perfection of an assignment of the Mortgage Portfolio shall not be required if the sole reason for the service of any Note Enforcement Notice is a default by a Currency Swap Provider or Interest Rate Swap Provider of any Issuer; or (b) unless otherwise agreed by the Rating Agencies, the termination of the Seller's role as Administrator under the Administration Agreement and failure of any substitute administrator to assume the duties of the Administrator; or (c) the Seller being required by an order of a court of competent jurisdiction, or by a change in law occurring after the Initial Closing Date, or by a regulatory authority of which the Seller is a member or with whose instructions it is customary that the Seller comply, to perfect the transfer of legal title to the Mortgage Loans and the Related Security in favour of the Mortgages Trustee; or (d) the security under the Funding Deed of Charge or any material part of such security being in jeopardy and it being necessary to perfect the transfer of legal title to the Mortgage Loans and their Related Security in favour of the Mortgages Trustee in order to reduce such jeopardy materially; or (e) the occurrence of an Insolvency Event in relation to the Seller; or (f) notice in writing from the Seller to the Mortgages Trustee and Funding (with a copy to the Security Trustee) requesting such transfer.