(1) The Bank of England may suspend the termination right of any party to a qualifying contract (other than a party who is an excluded person).
(2) A contract is a "qualifying contract" for the purpose of this section if -
(a) one of the parties to the contract is a bank in respect of which the Bank is exercising a stabilisation power (a "bank under resolution") and all the obligations under the contract to make a payment, make delivery or provide collateral continue to be performed, or
(b) one of the parties to the contract is a subsidiary undertaking of a bank under resolution and the condition in subsection (3) is met.
(3) The condition is that -
(a) the obligations of the subsidiary undertaking are guaranteed or otherwise supported by the bank under resolution,
(b) the termination rights under the contract are triggered by the insolvency or the financial condition of the bank under resolution, and
(c) if a property transfer instrument has been made in relation to the bank under res
…