Article 16 Transitional provision: Bacs schemes

(1)

During the relevant transitional period, each provision of any Bacs arrangement specified in paragraph (2) has no effect.

(2)

The provisions are—

(a)

any provision requiring BCo to hold any credit rating, or

(b)

any provision which provides, should BCo cease to hold any credit rating, for any default event consequence.

(3)

Paragraph (1) ceases to have effect in relation to a provision specified by paragraph (2) when BCo obtains the credit rating required by the provision.

(4)

In paragraph (1), “Bacs arrangement” means any ACo arrangement in respect of the Bacs schemes.