Section 305 | Payments, interest, rights and liabilities under a loan relationship

(1)For the purposes of this Part references to payments or interest under a loan relationship are references to payments or interest paid or payable in pursuance of any of the rights or liabilities under that relationship.

(2)For the purposes of this Part references to rights or liabilities under a loan relationship are references to any of the rights or liabilities under the arrangements as a result of which that relationship subsists.

(3)For the purposes of this Part rights or liabilities under a loan relationship are taken to include the rights or liabilities attached to any security that is issued in relation to the money debt in question (and so is a security representing that relationship).

(4)But for the treatment of funding bonds see—

(a)section 413 (issue of funding bonds), and

(b)section 414 (redemption of funding bonds).