# The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020, Regulation 97: Content of required term


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.

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Source: https://www.legislation.gov.uk/ukdsi/2020/9780348213676/regulation/97 (the official version)
Page: https://openlegislation.uk/draft-bank-recovery-and-resolution-amendment-eu-exit-regulations-2020/regulation-97
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.