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An agreement is a credit facility if in that agreement the lender undertakes

(a) to lend stipulated amounts within a specified period or at specified intervals agreed on with the borrower

(i) to the borrower,

(ii) on behalf of the borrower, or

(iii) at the direction of the borrower; and

(b) to either

(i) defer the borrower’s obligation to repay the stipulated amount in paragrap (a) to the lender,

(ii) bill the borrower periodically for the amount stipulated in paragraph (a) whether or not a charge, fee or interest is payable to the lender in respect of the arrangements.