Section 48Z(5)

Subject to subsection (6A), subsection (6) applies where a contract or other agreement— and the substantive obligations provided for in the contract or agreement (including payment and delivery obligations and provision of collateral) continue to be performed. is entered into by a bank, a third-country institution or a third-country parent undertaking, is entered into by a subsidiary undertaking of a bank, a third-country institution or a third-country parent undertaking, whose obligations are guaranteed by a company which is a member of the same group as the bank, third-country institution or third-country parent undertaking, or is entered into by an undertaking which is a member of the same group as a bank, third-country institution, or third country parent undertaking,

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Source: legislation.gov.uk · retrieved 2026-09-04