This article applies to an agreement for the provision of credit (within the meaning of article 60L of the Regulated Activities Order) which is not an article 36H agreement (within the meaning of article 36H of that Order) immediately before the coming into force of article 2(5) of this Order but which would, but for paragraph (2), fall to be so treated after that date by virtue of the amendments made by article 2(5).

An agreement to which this article applies is not to be treated as an article 36H agreement unless the condition in paragraph (3) is satisfied.

The condition in this paragraph is that after the coming into force of article 2(5) of this Order, a person, acting in the course of carrying on an activity of the kind specified by article 36H(2D) of the Regulated Activities Order, facilitates a transfer of the rights under the agreement (by assignment or operation of law) to a lender (within the meaning of article 36H of that Order) not previously party to the agreement.