Participating Credit Institution definition

Participating Credit Institution means any financial institution established and operating in accordance with the laws of the Borrower, that satisfies the Eligibility Criteria to participate in the Project and executes a Participation Agreement for this purpose;

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Participating Credit Institution means any credit institution established or operating under the laws of the Borrower, which has entered into a subsidiary loan agreement with the Borrower pursuant to the provisions of Part II(4) of Schedule 3 to this Agreement;

Participating Credit Institution means any financial institution established and operating in accordance with the laws of the Recipient, that satisfies the Eligibility Criteria to participate in the Project and executes a Participation Agreement-Additional Financing for this purpose.

Examples of Participating Credit Institution in a sentence

• DFCC Bank shall, or shall cause an Investment Enterprise or a Participating Credit Institution (as the case may be) to, carry out the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07 and 9.08 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of the GEF Project Agreement.

• Except as the Recipient and the Association shall otherwise agree, a Participating Credit Institution shall not assign, amend, abrogate or waive any Sub-financing Agreement or any of its provisions.

• The Project Implementing Entity shall cause each Participating Credit Institution to exercise its rights under its Sub-financing Agreement in such manner as to protect the interests of the Recipient, the Association and the Project Implementing Entity and to accomplish the purposes of the Financing.

• For the purposes of this Agreement, a free-limit Sub-loan shall be a Sub-loan as determined by the Association for each Participating Credit Institution in terms of the amount to be financed out of the proceeds of the Credit for an Investment Project.

• For purposes of this Agreement, a free-limit Subloan shall be a Subloan as determined by the Association for each Participating Credit Institution in terms of the amount to be financed out of the proceeds of the Credit for an Investment Project.

• The interest rate charged to the Participating Credit Institutions by the Borrower shall be adjusted every six months based on the AWDR; provided however that the Borrower may, with the Association’s approval, decide on an alternate basis for determining the interest rate payable by such Participating Credit Institution.

• For the purposes of on-lending to Investment Enterprises, MOFP shall enter into a participation agreement with each Participating Credit Institution in accordance with the provisions of Schedule 6 of this Agreement.

• In the event a Participating Credit Institution charges a variable interest rate on Sub-loans, the Borrower shall also charge such a Participating Credit Institution a relending rate for a corresponding portion of the Credit on a variable interest rate basis to be agreed upon by the Borrower and such Participating Credit Institution.

More Definitions of Participating Credit Institution

Participating Credit Institution means a credit institution that has, and “non-participating credit institution” means a credit institution that has not, entered into an agreement with the Minister under section 9 of the Act;

Participating Credit Institution means any credit institution established or operating under the laws of the Borrower, which has entered into a participation agreement with NDB pursuant to the provisions of Part 4 of Schedule 4 to this Agreement;

Participating Credit Institution means the Bank of Ceylon, Commercial Bank of Ceylon, Development Finance Corporation of Ceylon, Hatton National Bank, People’s Bank, and any other state or privately held credit institution established or operating under the laws of the Borrower, which has entered into a participation agreement with NDB pursuant to the provisions of Part 4 of Schedule 4 to this Agreement;