{
  "url": "https://openlegislation.uk/eu-decision-2008-15/article-11",
  "json_url": "https://openlegislation.uk/eu-decision-2008-15/article-11.json",
  "legislation": "eudn/2008/15",
  "legislation_title": "Decision of the European Central Bank of 14 November 2008 on the implementation of Regulation ECB/2008/11 of 23 October 2008 on temporary changes to the rules relating to eligibility of collateral (ECB/2008/15) (2008/874/EC)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2008-15",
  "path": "article/11",
  "kind": "article",
  "number": "11",
  "heading": "Replacement of lender clauses",
  "text": "A syndicated loan containing contractual provisions permitting the debtor to replace the lender in exchange for an outstanding loan shall only be eligible collateral for Eurosystem credit operations where, prior to mobilisation, the counterparty provides the relevant NCB with an enforceable security interest in or over the counterparty’s right to receive cash in respect of such exchange.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2008/15/article/11",
    "retrieved_at": "2026-11-01T15:16:58.111344+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}