4Undertaking of CAB

4 Undertaking of CAB

4 Undertaking of CAB

(1) Subject to subsection (2), for the purposes of this Act, the undertaking of CAB is so much of the property of CAB vested in or belonging to or held by CAB immediately before the appointed day as consists of:

(a) goodwill, and

(b) amounts which at law or in equity or by statute or otherwise:

• are payable to CAB, or

• are owing but not currently payable to CAB, or

• are contingently owing to CAB, or

• remain unpaid to CAB, or

• have been advanced or paid by CAB or any body referred to in Schedule 1 at the express or implied request of any person or on behalf of any person or by reason of any act or omission of any person, or

• CAB is liable to pay by reason of any act or omission,

in connection with any financial accommodation provided by CAB or any body referred to in Schedule 1, and

(c) all the right, title and interest of CAB to and under any agreement (other than a security) relating directly or indirectly to any amount referred to in paragraph (b), and

(d) all the right, title and interest of CAB to and under each security held by CAB for the payment of any amount referred to in paragraph (b) or the discharge of any liability to CAB, and

(e) all the right, title and interest of CAB in relation to each current or savings or deposit account with CAB, other than a savings or deposit account which forms all or part of any security in favour of ABA, and

(f) all the estate, interest and right of CAB as lessee, sub-lessee, under-lessee or licensee of any freehold or leasehold property,

and all the liabilities to which CAB is subject, immediately before the appointed day, relating to amounts, agreements or securities referred to in paragraphs (b), (c) and (d) or to any money deposited with CAB whether on current or savings or deposit account or to financial accommodation raised by CAB.

(2) The undertaking of CAB does not include:

(a) any interest (whether capitalised or not) or any costs, fees or charges which, immediately before the appointed day, had accrued but were unpaid in respect of financial accommodation provided to any person by CAB or any body referred to in Schedule 1, or