# The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008, Article 6: Modification of interests, rights and liabilities associated with the dated subordinated notes


(1) This article applies, with effect from the first transfer time, in respect of the dated subordinated notes.
(2) By virtue of this Order, the rights and liabilities associated with the dated subordinated notes shall be modified in accordance with paragraph (3).
(3) A default in the payment of any principal due in respect of a dated subordinated note—
(a) shall not constitute an event of default under the note; and
(b) shall not give rise to the consequences specified in paragraph (3) of article 7 in respect of any relevant instrument under that article.

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Source: https://www.legislation.gov.uk/uksi/2008/2546/article/6 (the official version)
Page: https://openlegislation.uk/bradford-bingley-plc-transfer-of-securities-and-property-etc-order-2008/article-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.