Credit Guarantee (Amendment) Act 2016
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PART 3 Counter Guarantees | ||
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Definitions | ||
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10. In this Part— | ||
“asset credit facility agreement” means an agreement (other than a loan agreement or a credit facility agreement) under which a finance provider agrees to provide to a qualifying enterprise credit in the form of tangible movable property 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 make payments to the finance provider on such date or dates, or the happening of such event as may be so specified, and “asset credit facility” shall be construed accordingly; | ||
“counter guarantee agreement” has the meaning assigned to it in section 11 (1); | ||
“counter guarantee scheme” means a scheme under section 13 ; | ||
“credit facility agreement” means an agreement (other than a loan agreement) under which a finance provider agrees to give or advance to a qualifying enterprise, or to a third party nominated in that behalf by 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 finance provider the said sum or sums of money so given or advanced, and interest or charges (if any) thereon, on such date or dates as may be so specified, and “credit facility” shall be construed accordingly; | ||
“credit guarantee scheme” means a scheme under section 5 of the Principal Act; | ||
“finance agreement” means— | ||
(a) a loan agreement, | ||
(b) a credit facility agreement, | ||
(c) an asset credit facility agreement, or | ||
(d) an invoice finance facility agreement; | ||
“finance provider” means a person who, in the ordinary course of business— | ||
(a) provides financial products to qualifying enterprises, | ||
(b) arranges for the provision by other persons of financial products to qualifying enterprises, or | ||
(c) provides facilities for the provision on credit of goods or services by the person to qualifying enterprises, | ||
but does not include a person who is prohibited under the law of the State or any other state from engaging in any of the activities specified in the foregoing paragraphs, and references to the provision of a financial product shall be construed accordingly; | ||
“financial product” means— | ||
(a) a loan, | ||
(b) a credit facility, | ||
(c) an asset credit facility, or | ||
(d) an invoice finance facility, | ||
provided to a qualifying enterprise under a finance agreement; | ||
“invoice finance facility agreement” means an agreement under which a finance provider agrees to give or advance to a qualifying enterprise a sum or sums of money in consideration of that qualifying enterprise assigning to the finance provider the right to recover debts owed to that qualifying enterprise, and “invoice finance facility” shall be construed accordingly; | ||
“loan agreement” means an agreement under which a finance provider 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 finance provider 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, credit card facility or credit line facility) to a qualifying enterprise, and “loan” shall be construed accordingly; | ||
“participating PFI” means a promotional financial institution that has entered into a counter guarantee agreement and— | ||
(a) in relation to a counter guarantee agreement, means the promotional financial institution that has entered into that agreement, and | ||
(b) in relation to a counter guarantee scheme, means the promotional financial institution that has entered into the counter guarantee agreement to which that scheme is scheduled; | ||
“PFI guarantee scheme” means a scheme— | ||
(a) that is made and operated by a promotional financial institution, | ||
(b) that applies only to finance agreements entered into between finance providers and qualifying enterprises, and | ||
(c) in accordance with which the institution referred to in paragraph (a) may give guarantees in respect of agreements referred to in paragraph (b); | ||
“promotional financial institution” means— | ||
(a) the Strategic Banking Corporation of Ireland, or | ||
(b) a national promotional bank or institution within the meaning of Regulation (EU) 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project Portal and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 - the European Fund for Strategic Investments1 ; | ||
“qualifying enterprise” shall be construed in accordance with section 3 of the Principal Act (and, accordingly, the reference in that section to “Act” includes this Part); | ||
“qualifying finance agreement” has the meaning assigned to it by section 1 of the Principal Act; | ||
“qualifying PFI guarantee agreement”, in relation to a qualifying PFI guarantee scheme, means a guarantee agreement entered into by a participating PFI in accordance with that scheme; | ||
“qualifying PFI guarantee scheme” means a PFI guarantee scheme— | ||
(a) in respect of which there has been compliance with the conditions specified in a counter guarantee scheme under subsection (4)(c) of section 13 , | ||
(b) belonging to a class of PFI guarantee scheme to which a counter guarantee scheme applies, | ||
(c) that is made for the purpose of promoting the provision of credit or additional credit to qualifying enterprises, and | ||
(d) that does not permit the promotional financial institution operating the PFI guarantee scheme to provide guarantees as would result in the maximum value referred to in subsection (4)(d) of section 13 , specified in the counter guarantee scheme referred to in paragraph (b), being exceeded. | ||