179(1) A loan made to or in respect of a person who is or has been a sponsoring employer is an authorised employer loan if–
(a)the amount loaned does not exceed an amount equal to 50% of the aggregate of the amount of the sums, and the market value of the assets, held for the purposes of the pension scheme immediately before the loan is made,
(b)the loan is secured by a charge which is of adequate value, and
(c)the repayment terms comply with subsection (2).
179(2) The repayment terms comply with this subsection if–
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