Common use of Credit Code Clause in Contracts

Credit Code. This clause applies to the extent that the National Credit Code applies to this loan agreement. If: (a) that Code would otherwise make a provision of this loan agreement illegal, void or unenforceable; or (b) a provision of this loan agreement would otherwise contravene a requirement of that Code or impose an obligation or liability which is prohibited by that Code. This loan agreement is to be read as if that provision were varied to the extent necessary to comply with that Code or, if necessary, omitted.

Credit Code. This clause applies to the extent that the National Credit Code applies to this loan agreement. If: (a) that Code would otherwise make a provision of this loan agreement illegal, void or unenforceable; or (b) a provision of this loan agreement would otherwise contravene a requirement of that Code or impose an obligation or liability which is prohibited by that Code. This , this loan agreement is to be read as if that provision were varied to the extent necessary to comply with that Code or, if necessary, omitted.