49J. (1) Subject to the provisions of this Part, the terms and conditions of a relevant bank asset as they stood immediately before—

(a) in the case of a residual NAMA matter, the dissolution day, and

(b) in the case of a residual IBRC matter, the transfer date (within the meaning of section 1 of the Act of 2013) in respect of the residual IBRC matter concerned,

shall remain unchanged.

(2) Where the documentation for a credit facility forming part of a NAMA bank asset refers to a reference rate of interest that is no longer available, the documentation shall continue to be construed as though it referred to—

(a) that participating institution’s reference rate for credit facilities of that type, or

(b) at the discretion of the Agency or the subsidiary of the Agency, as the case may be, another reference rate specified by the Agency or the subsidiary of the Agency, as the case may be.]