49. Incidental or connected lending and general exclusions

(1) An Authorised Person does not enter into a Credit Agreement as Lender where entering into the agreement is incidental to or in connection with transactions in Specified Investments (other than Credit Agreements) or the carrying on of the Regulated Activities of Effecting Contracts of Insurance or Carrying Out Contracts of Insurance as Principal.
(2) Paragraph 48 is also subject to the exclusions in paragraphs 76, 77 and 83.