The Northern Rock plc Transfer Order 2009

Third party rights, &c.: relevant arrangements

7.—(1) The interests, rights, obligations and liabilities of relevant third parties are modified such that no default event consequence occurs (directly or indirectly) in respect of any relevant arrangement by virtue of or in connection with—

(a) the making of this Order,

(b) anything done by, under, by virtue of or in consequence of this Order, or

(c) anything omitted to be done by virtue of or in consequence of this Order.

(2) A relevant third party is a third party who enjoys any right or interest or is subject to any obligation or liability in respect of a relevant arrangement.

(3) In this Order, “default event consequence”, in respect of an arrangement, means any of the following consequences (however described)—

(a) the termination or extinguishment of the arrangement;

(b) the termination or extinguishment of any right or obligation under the arrangement;

(c) the accrual of any right to terminate or extinguish the arrangement;

(d) the accrual of any right to terminate or extinguish any right or obligation under the arrangement;

(e) any amount becoming payable, being capable of being declared payable or ceasing to be payable;

(f) the accrual of any right to withhold any payment;

(g) the accrual of any right not to advance any amount;

(h) any other change in the amount or timing of any payment under or in connection with the arrangement;

(i) the accrual of any right to net or set off;

(j) any obligation arising to provide or transfer any deposit or collateral;

(k) the accrual of any right to give or withhold any consent or approval;

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

(m) any right or obligation not arising;

(n) the imposition of any condition on the arrangement;

(o) the imposition of any condition on any right or obligation under the arrangement;

(p) the creation of any constructive or resulting trust or other equitable interest or equity;

(q) the accrual of any right to trace any property or to claim an equitable interest in or equity in respect of any property or to claim any breach of trust;

(r) any other right or remedy (whether or not similar in kind to those referred to in sub-paragraphs (a) to (q)) arising or becoming exercisable.

(4) This article does not limit article 6.