2.—(1) If a credit approval is used by the Authority to any extent as mentioned in article G17 of this Order (use of credit approvals by the Authority), then, subject to sub-paragraph (2) below, the Authority’s credit ceiling shall at that time be increased by an amount equal to the extent to which the credit approval is so used.
(2) If, in reliance on a credit approval, the Authority enters into or agrees to the variation of a credit arrangement of the same description as a credit arrangement excluded by regulations made by the Secretary of State under paragraph 11(2) of Schedule 3 to the 1989 Act then no account shall be taken under sub-paragraph (1) above of that use by the Authority of the credit approval.