11(1)  The specified regulations do not apply to a securitisation company that–

(a)does not meet the payments condition, or

(b)at any time has not met the payments condition.

11(2)  The payments condition is that in any accounting period R is equal to or less than the sum of P + RA + RP

11(3)  In paragraph (2)–

R is, subject to paragraph (6), the aggregate of–

(a)amounts received by the securitisation company in the accounting period, and

(b)amounts which have been–

(i)retained as RA in that accounting period, or

(ii)taken into account as RA for the purposes of this regulation in a previous accounting period,

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