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7.—(1) For the purposes of these Regulations an “intermediate borrowing company” means a company that meets conditions A and B.
(2) Condition A is that the company’s only business, apart from any incidental activities, is to enter into and be a party to creditor relationships with—
(a)an asset-holding company,
(b)a company that would be an asset-holding company if the assets forming the security for the capital market arrangement were financial assets,
(c)a partnership that would be an asset-holding company if it were a company and the assets forming the security for the capital market arrangement were financial assets, or
(d)another intermediate borrowing company.
(3) Condition B is that the company’s liabilities representing debtor relationships are owed wholly or mainly to a note-issuing company or another intermediate borrowing company.
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