Article 16 The second transfer
(1)
By virtue of this Order—
(a)
the rights and liabilities of Bradford & Bingley specified in paragraph 1 of Schedule 2;
(b)
the property specified in paragraph 3 of Schedule 2;
(c)
the contracts, agreements and other arrangements specified in paragraph 4 of Schedule 2;
(d)
the personal property specified in paragraph 5 of Schedule 2; and
(e)
the intellectual property specified in paragraph 6 of Schedule 2,
are transferred to Abbey.
(2)
The transfer under paragraph (1) takes place immediately after the first transfer time (“the second transfer time”).