Common use of No Further Assignment Clause in Contracts

No Further Assignment. The Seller and the Mortgages Trustee agree that the Seller may not sell and assign any New Mortgage Portfolio after the earlier to occur of: (a) the Step-up Date in respect of the Notes of any Funding Issuer if the option to redeem any such Notes on the related Step-up Date pursuant to Condition 5(D) of those Notes is not exercised; or (b) the Step-up Date in respect of the Notes of any Funding 2 Issuer if the option to redeem any such Notes on the related Step-up Date pursuant to Condition 5(D) of those Notes is not exercised and the aggregate Principal Amount Outstanding of such Notes (together with any other Notes of such Funding 2 Issuer in respect of which the applicable Step-Up Date has occurred) as at such Step-Up Date exceeds (GBP)1,000,000,000; or (c) the date falling 12 months after the Step-Up Date (the "twelve month date") in respect of any Series and Class of Notes of any Funding 2 Issuer, if the option to redeem any such Notes on or before such twelve month date pursuant to the terms and conditions of such Notes is not exercised.

No Further Assignment. The Seller and the Mortgages Trustee agree that the Seller may not sell and assign any New Mortgage Portfolio after the earlier to occur of: (a) the Step-up Date in respect of the Notes of any Funding Issuer if the option to redeem any such Notes on the related Step-up Date pursuant to Condition 5(D) of those Notes is not exercised; or (b) the Step-up Date in respect of the Notes of any Funding 2 Issuer if the option to redeem any such Notes on the related Step-up Date pursuant to Condition 5(D) of those Notes is not exercised and the aggregate Principal Amount Outstanding of such Notes (together with any other Notes of such Funding 2 Issuer in respect of which the applicable Step-Up Date has occurred) as at such the Step-Up Date exceeds (GBP)1,000,000,000; or (c) the date falling 12 months after the Step-Up Date (the "twelve month date") in respect of any Series and Class of Notes of any Funding 2 Issuer, if the option to redeem any such Notes on or before such twelve month date pursuant to the terms and conditions of such Notes is not exercised.