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Article 2
1. A society agrees with a participant (whether by a single agreement with him or by a series of agreements to at least one of which he is a party) that each will pay money to or to the order of the other on terms which are calculated to substitute for a cash flow relating to assets or liabilities, or a combination of assets and liabilities, of the society, (without affecting the terms of any rights reflected by such assets or any obligations reflected by such liabilities), a different cash flow, whether the difference lies in the number or frequency of the payments or receipts (or combination of payments and receipts) comprising the cash flows, in the interest rates by which such payments or receipts are calculated, in the currency in which such payments are made or receipts are taken, or in any combination of those factors.
2. In this Part of this Schedule, “cash flow” means payments, receipts, or any combination of payments and receipts.
A society agrees with a participant (whether by a single agreement with him or by a series of agreements to at least one of which he is a party) that in consideration for the payment by one party to the agreement to the other of specified sums of money in sterling, the payer will have the right at specified times or during a specified period to buy from or sell to the payee a specified security or a specified amount of a specified security at a specified price in sterling.
A society agrees with a participant (whether by a single agreement with him or by a series of agreements to at least one of which he is a party) that, in consideration of the payment by one party to the agreement to the other of specified sums of money, the payer will have the right at specified times or during a specified period to enter into a prescribed contract on specified terms with the payee such terms including terms having the effect of the terms set out for swap contracts in Part I of this Schedule.
1. A society agrees with a participant (whether by a single agreement with him or by a series of agreements to at least one of which he is a party) that one party to the agreement will at specified times pay sums of money in sterling or transfer gilts to the other, where the liability (if any) for making such payment or transfer, the amount (if any) to be paid, and the value of gilts (if any) to be transferred are to be determined by reference to the extent to which specified rates of interest or specified prices in sterling differ as between the beginning and the end of specified periods or at specified times or fall outside a specified range of interest rates or prices at specified times.
2. In this Part of this Schedule, “gilts” means securities issued in the United Kingdom by Her Majesty’s Government.
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