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The Northern Rock plc Transfer Order 2008

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  • Y Diweddaraf sydd Ar Gael (Diwygiedig)
  • Gwreiddiol (a wnaed Fel)

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Modification of rights in relevant instruments

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12.—(1) The consequences specified in paragraph (3) shall not arise in respect of any relevant instrument as a result of the transfer or any other thing done, or matter arising, by virtue of or in connection with this Order.

(2) Any circumstances which, but for paragraph (1), would give rise to the consequences specified in paragraph (3) shall not be taken to have arisen for the purposes of any relevant instrument.

(3) The consequences are—

(a)the termination of the relevant instrument or any rights or obligations under it;

(b)any right to terminate the relevant instrument or any right or obligation under it becoming exercisable;

(c)any amount becoming due and payable or capable of being declared due and payable;

(d)any other change in the amount or timing of any payment falling to be made or due to be received by any person;

(e)any right to withhold, net or set off any payment becoming exercisable;

(f)any event of default or breach of any right arising;

(g)any right not to advance any amount becoming exercisable;

(h)any obligation to provide or transfer any deposit or collateral; or

(i)any other right or remedy (whether or not similar in kind to those referred to in paragraphs (a) to (h)) arising or becoming exercisable.

(4) Without prejudice to paragraph (3), any provision in a relevant instrument that, as a result of the transfer or any other thing done, or matter arising, by virtue of or in connection with this Order, provides for an obligation not to be created, suspends or extinguishes (in whole or in part) such an obligation or renders such an obligation subject to conditions, shall be of no effect.

(5) This article does not apply to any action taken by the Treasury under article 9.

(6) In this article—

“relevant instrument” has the meaning given in paragraph 4(3) of Schedule 1 to the Act and the specified connection referred to in paragraph 4(3)(c) of that Schedule is between Northern Rock and those undertakings whose assets and liabilities, profits and losses are consolidated in the consolidated accounts of Northern Rock.

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