Paragraph 2 I1

In paragraph 3(2) for the words from “that amount” to the end of the sub-paragraph there shall be substituted –

• “–

  1. (a)

     there are at least 7 incremental periods in the period of deferment;

  2. (b)

     there are at least 5 incremental periods in the period of deferment and the amount of the increment for at least one of those periods is calculated in accordance with paragraph 4(2); or

  3. (c)

     paragraph 2(1)(b) applies and there is at least one incremental period before the first day of the first accrual period.”.