I wouldn't use 'modificativa' as 'novation' already implies that the agreement replaces an earlier one.

novation n. agreement of parties to a contract to substitute a new contract for the old one. It extinguishes (cancels) the old agreement. A novation is often used when the parties find that payments or performance cannot be made under the terms of the original agreement, or the debtor will be forced to default or go into bankruptcy unless the debt is restructured. While voluntary, a novation is often the only way any funds can be paid.

http://legal-dictionary.thefreedictionary.com/novation

In contract law and business law, novation is the act of either:

replacing an obligation to perform with a new obligation; or adding an obligation to perform; or replacing a party to an agreement with a new party.
In contrast to an assignment, which is valid so long as the obligee (person receiving the benefit of the bargain) is given notice, a novation is valid only with the consent of all parties to the original agreement: the obligee must consent to the replacement of the original obligor with the new obligor. A contract transferred by the novation process transfers all duties and obligations from the original obligor to the new obligor.

http://en.wikipedia.org/wiki/Novation

Legal instrument that formalizes an arrangement to substitute one party for another in a contract. See also novation.

Read more: http://www.businessdictionary.com/definition/novation-agreem...

Spanish term (edited): contrato de novación MODIFICATIVA del Contrato de Crédito...

The clause needs to be parsed right. It is not a contrato de novación MODIFICATIVA - but one that is MODIFICATIVA del Contrato de Crédito.

If a new debtor isn't substituted and it s simply a renewal then, as in the web ref., it is a roll-over agreement.

Novacion is NOT th. same as novation in English. It is a much broader concept.



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Note added at 5 hrs (2014-08-06 22:07:19 GMT)
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Novation
The substitution of a new contract for an old one. The new agreement extinguishes the rights and obligations that were in effect under the old agreement.

A novation ordinarily arises when a new individual assumes an obligation to pay that was incurred by the original party to the contract. It is distinguishable from the situation that occurs when another individual makes a guarantee that a debtor will pay what he or she owes to a creditor. In the case of a novation, the original debtor is totally released from the obligation, which is transferred to someone else. The nature of the transaction is dependent upon the agreement between the parties.

A novation also takes place when the original parties continue their obligation to one another, but a new agreement is substituted for the old one.

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Note added at 5 hrs (2014-08-06 22:07:52 GMT)
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En derecho, se define la novación como la modificación o extinción de una obligación jurídica o transmisión por parte de otra obligación posterior. Si extingue una obligación, es denominada novación propia o extintiva, si modifica esencialmente la obligación preexistente, se la denomina novación impropia o modificativa.