Credit Guarantee Act 2012
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Interpretation. |
1.— In this Act— | |
“applicable conditions” has the meaning assigned to it by subsection (3) of section 5 ; | ||
“contractor” has the meaning assigned to it by section 7 ; | ||
“credit guarantee scheme” means a scheme under section 5 ; | ||
“EEA Agreement” has the same meaning as it has in the European Communities (Amendment) Act 1993 ; | ||
“EEA state” means— | ||
(a) a member state of the European Communities (other than the State), or | ||
(b) a state (other than a member state of the European Communities) that is a contracting party to the EEA Agreement; | ||
“lender” means— | ||
(a) a person who is the holder of a licence under section 9 of the Central Bank Act 1971 , | ||
(b) a person who, under the law of an EEA state, is entitled to carry on in that state the activities that a person referred to in paragraph (a) is entitled to carry on in the State by virtue of such a licence, or | ||
(c) a person who, under the law of the Swiss Confederation, is entitled to carry on in the Swiss Confederation the activities that a person referred to in paragraph (a) is entitled to carry on in the State by virtue of such a licence; | ||
“loan agreement” means an agreement under which a participating lender agrees to give or advance to a qualifying enterprise a sum or sums of money upon— | ||
(a) such date or dates as may be specified in the agreement, or | ||
(b) the happening of such event as may be so specified, | ||
in consideration of that qualifying enterprise agreeing to repay to the participating lender the principal of any sum or sums so given or advanced, and interest (if any) thereon, on such date or dates as may be so specified, but does not include an agreement to provide a facility (commonly known as an overdraft facility) to a qualifying enterprise; and “loan” shall be construed accordingly; | ||
“Minister” means the Minister for Jobs, Enterprise and Innovation; | ||
“participating borrower” means a qualifying enterprise— | ||
(a) belonging to a class to which a credit guarantee scheme applies, and | ||
(b) who has entered into a qualifying loan agreement with a participating lender; | ||
“participating lender” shall be construed in accordance with section 2 ; | ||
“qualifying enterprise” shall be construed in accordance with section 3 ; | ||
“qualifying loan agreement” means a loan agreement— | ||
(a) in respect of which there has been compliance with the conditions specified in a credit guarantee scheme under subsection (4) of section 5 , | ||
(b) belonging to a class of loan agreement to which a credit guarantee scheme applies, | ||
(c) that is made for a purpose that does not contravene a provision of a credit guarantee scheme to which paragraph (d) of that subsection applies, | ||
(d) that does not permit a lender to exercise his or her powers under the loan agreement in such manner as would result in— | ||
(i) the amount being loaned under the agreement exceeding the maximum amount specified under that subsection, or | ||
(ii) the aggregate of amounts being loaned under all such agreements with the qualifying enterprise concerned exceeding the maximum amount so specified. |