Regulation 2 Interpretation

In these Regulations—

• “ACo” means Northern Rock plc, company registered number 03273685, or, except in relation to regulation 7, any wholly owned subsidiary of that company;

• “BCo” means Gosforth Subsidiary No.1 plc, company registered number 06952311, or any wholly owned subsidiary of that company;

• “CTA 2009” means the Corporation Tax Act 2009^f1;

• “relevant time” means any time when both ACo and BCo are wholly owned by the Treasury;

• “relevant transfer” means—

  1. (a)

     a transfer or novation of any securities, or of any property, rights or liabilities, between ACo and BCo, or

  2. (b)

     the grant of a lease, sublease, licence or sub-licence by ACo to BCo or by BCo to ACo,

  in relation to, in connection with, or by or under, the Northern Rock plc Transfer Order 2009^f2 at a relevant time.