Regulation 3 Initial and subsequent cost of credit arrangements

in paragraph (1), after “any such credit arrangement,” insert “unless it is a specified lease”, and omit the words “or regulation 7A below”;

in paragraph (6)(a), after “(5K) above” insert “and is not a specified lease”, and in paragraph (6)(c), after “were granted by” insert “a specified lease or”;

in paragraph (7), for the words “not falling” substitute “which is not a specified lease and does not fall”, and omit the words “or regulation 7A below”;

in paragraph (10A), for the word “falling” substitute “which is not a specified lease and which falls”, and omit the words “or regulation 7A below”; and

in paragraph (11), after “In this regulation —” insert the following —

• ““specified lease” means a lease which is a relevant transaction or is one of two or more credit arrangements which, taken together, constitute a relevant transaction within the meaning of regulation 7C, 7D or 7E;.”