# The Building Societies (Supplementary Capital) Order 1988, Paragraph 1: References to borrower and lender


(1) Any reference in this Schedule to the borrower in respect of any subordinated debt shall be interpreted as meaning the person to whom the subordinated debt was advanced or, to the extent that some other person has succeeded to the rights and obligations of the recipient of the advance under the issue terms relating to the subordinated debt, that other person, and any reference to the lender shall, subject to subparagraph (2) below, be interpreted similarly as meaning the person by whom the subordinated debt was advanced or his successor.
(2) For the purposes of this paragraph, in circumstances where a debt is evidenced by a transferable instrument and the issue terms relating to the debt provide for the right to enforce the debt to be exercisable, or exercisable in circumstances provided for in those issue terms, by a trustee for creditors rather than the holder of the instrument, the holder of the instrument and not the trustee shall be regarded as the lender in respect of the debt.

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Source: https://www.legislation.gov.uk/uksi/1988/777/schedule/part/III/paragraph/1 (the official version)
Page: https://openlegislation.uk/building-societies-supplementary-capital-order-1988/schedule/part-III/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.