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Regulation 97 Content of required term

Original text. Later amendments are not shown.

A term meets the requirements of this regulation where all creditors or parties to the agreement creating the liability—

(a)

recognise that the liability may be subject to the exercise of a power by the Bank of England to make special bail-in provision or mandatory reduction provision; and

(b)

agree to be bound by any reduction of the principal or outstanding amount due or by any conversion or cancellation effected by the exercise of that power.