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Regulation 96 Contracts for which a contractual term is required

Original text. Later amendments are not shown.

(1)

This regulation applies to a contract governing a liability, provided that such liability is—

(a)

not an excluded liability;

(b)

not an excluded deposit;

(c)

governed by the law of a third country; and

(d)

a liability of a type described in paragraph (3).

(2)

Notwithstanding paragraph (1), this regulation does not apply to a liability to which regulation 99(1) applies.

(3)

This paragraph applies to a liability—

(a)

created on or after 28 December 2020, regardless of whether it is created under an agreement entered into before 28 December 2020 (including under a master or framework agreement between the contracting parties governing multiple liabilities);

(b)

created before 28 December 2020, if the agreement governing the liability is subject to a material amendment on or after 28 December 2020.

(4)

An amendment is material for the purposes of paragraph (3) if it affects the substantive rights and obligations of a party to the agreement.

(5)

In this regulation—

  • “amendment” includes an automatic amendment,

  • “excluded deposit” means a liability which would become a secondary preferential debt within the meaning of section 386(1B) of the Insolvency Act 1986, and

  • “excluded liability” has the meaning given by section 48B(8) of the Act, except that a liability is not to be regarded as secured for the purposes of section 48B(8)(b) where—

    1. (a)

      it was created after 31 July 2016; and

    2. (b)

      at the time it was created, it was not a fully secured liability.