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Regulation 22 Draw down of credit cover: modifications

Original text. Later amendments are not shown.

Regulation 61 of the Principal Regulations (draw down of credit cover) applies as if—

(a)

at the beginning of paragraph (2), there were inserted “Subject to paragraph (2A),”; and

(b)

after paragraph (2), there were inserted—

“(2A)

If the Settlement Body is required to draw down applicant cover under paragraph (2) in respect of an applicant to whom regulation 59(5A) applies, the Settlement Body must draw down the credit cover as soon as reasonably practicable after the day by which regulation 59(5A) requires A to have provided the credit cover.”.