Permitted Creditors Sample Clauses
The 'Permitted Creditors' clause defines which creditors are allowed to have claims or interests in relation to a party under the agreement. Typically, this clause lists specific types of creditors, such as banks or financial institutions, or sets criteria that creditors must meet to be considered 'permitted.' For example, it may allow only those creditors who have provided approved financing or who hold security interests recognized by the agreement. The core function of this clause is to control and limit the parties' exposure to third-party claims, thereby reducing risk and ensuring that only acceptable creditors can assert rights that might affect the agreement.
Permitted Creditors. The concept of Permitted Creditors is only applicable for the cases of Permitted Secured Debt. The Permitted Creditors shall have the GRANTOR’s authorization to accredit their status as such. To that end, the Permitted Creditor may be:
a) Any multilateral lending institution of which the State of the Republic of Peru is a member;
b) Any institution, export credit agency or any government agency of any country with which the State of the Republic of Peru maintains diplomatic relations;
c) Any international financial institution classified as a First-Class Bank in Circular Letter No. 013-2020-BCRP, issued by the Central Reserve Bank of Peru, or any other circular letter that subsequently amends or replaces it, but only to the extent that it incorporates new institutions.
d) Any other international financial institution with a credit rating not lower than the investment grade assigned by an international credit rating agency that rates the Republic of Peru.
e) Any national financial institution with a local credit rating not lower than (“A”), evaluated by a national credit rating agency duly authorized by the Superintendency of the Stock Market (SMV, by its Spanish initials);
f) All institutional investors, seen as such by the prevailing legal regulations (such as Pension Fund Administrators – AFP), that directly or indirectly acquire any type of transferable security issued by i) the CONCESSIONAIRE, ii) the trustee or securitization firm established in Peru or abroad that acquires rights and/or assets derived from the Contract;
g) Any natural or legal person that directly or indirectly acquires any type of transferable security or debt instrument issued by the CONCESSIONAIRE by public or private tender or by means of a trust estate, investment funds, or securitization firm established in Peru or abroad. It is expressly stated that under no circumstances shall the CONCESSIONAIRE’s shareholders, partners or capital holders be allowed to be -directly or indirectly- Permitted Creditors. In the situations indicated in Items a) through e), to be considered a Permitted Creditor, it shall have such a condition at the date of signing its corresponding financing contract. In the case of syndicated loans, the Permitted Creditors may be represented by an Administrative Agent or Security Trustee. Likewise, for transferable securities, the Permitted Creditors shall be represented by the bondholders’ representative or equivalent (as set out in Section 87 of the Single Revi...