(1) The prohibitions in regulation 15B (loans and credit arrangements) are not contravened by the grant of -

(a) a relevant loan that has a specific and documented objective of making emergency funds available to meet applicable solvency or liquidity criteria for a relevant subsidiary;

(b) a relevant loan consisting of a drawdown or disbursement made under an arrangement entered into before -

(i) in the case of a category A loan, the date on which the Amendment Regulations 2021 came into force;

(ii) in the case of a category B loan or a category C loan, the date on which the Amendment Regulations 2022 came into force,

where the conditions in paragraph (2) are met.

(2) The conditions referred to in paragraph (1)(c) are that -

(a) all the terms and conditions of such drawdowns or disbursements -

(i) were agreed before -