(1) A provision of a credit agreement that purports to disapply to the agreement any provision of these Regulations, or to alter in any respect the operation of any provision of these Regulations in relation to the agreement, is of no effect.
(2) Without limiting the generality of paragraph (1) -
(a) if a credit agreement has a close link with the State such that the law of the State would apply to it, but a provision of the agreement purports to apply the law of another country, the provision is of no effect, and
(b) if -
(i) an arrangement is in real terms a single transaction or a single commercial arrangement that would give rise to a credit agreement to which these Regulations would apply, but is cast in a form such that these Regulations apparently do not apply to it, and
(ii) it appears that the agreement was cast in that form for the purpose of avoiding the application of these Regulations,
a court shall have regard to the commercial reality of the transaction for the purpose o
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