"extinguish"

means, save as is specifically provided in this Act—

(a)the cessation of all rights and obligations inherent to, or resulting from, a credit agreement; and
(b)the cessation of any rights or obligations that may arise in law, whether statutory or otherwise, because of the cessation contemplated in paragraph (a),

prospectively from the date on which the act of extinguishment becomes effective;

[Definition inserted by section 1(c) of Notice No. 1081, GG 42649, dated 19 August 2019]