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Paragraph 3 Determination of effect of issue terms

Original text. Later amendments are not shown.

In determining for the purposes of this Schedule the effect of issue terms any right of a borrower capable of being exercised without contravening those terms shall be disregarded to the extent that—

(a)

the person who is the borrower has undertaken in writing to the supervisory authority not to exercise that right while that person remains the borrower, and

(b)

that person has neither exercised that right nor indicated an intention or a possible intention to do so.