Valuation of regulated transaction 48 (1) The value of a regulated transaction which is a loan is the value of the total amount to be lent under the loan agreement. (2) The value of a regulated transaction which is a credit facility is the maximum amount 25 which may be borrowed under the agreement for the facility. (3) The value of a regulated transaction which is an arrangement by which any form of security is given is the contingent liability under the security provided. (4) For the purposes of sub-paragraphs (1) and (2), no account is to be taken of the effect of any provision contained in a loan agreement or an agreement for a credit facility at the 30 time it is entered into which enables outstanding interest to be added to any sum for the time being owed in respect of the loan or credit facility, whether or not any such interest has been so added. uthorised participants A49 (1) A permitted participant must not— 35 (a) be a party to a regulated transaction to which any of the other parties is not an authorised participant, (b) derive a benefit in consequence of a connected transaction if any of the parties to that transaction is not an authorised participant. (2) In this Part, an authorised participant is a person who is a permissible donor. 114 Referendums (Scotland) Bill Schedule 3—Campaign rules Part 6—Control of loans and credit (3) In relation to transactions entered into by a permitted participant other than a designated organisation, references in this Part to an authorised participant do not include a registered party.