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17. Any credit arrangement—
(a)within the meaning of section 48 of the 1989 Act (credit arrangements);
(b)in existence immediately before 1st April 2004; and
(c)which, if it had been entered into on 1st April 2004, would be a credit arrangement within the meaning of section 7 of the Act (“credit arrangements”),
shall be treated as if it were a credit arrangement for the purposes of Chapter 1 of Part 1 of the Act (capital finance etc).
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