direct credit accommodation definition
direct credit accommodation means credit facility in which the borrower or obligor is a party on his own behalf, orthe representative or agent of another person, or as a co-signer, mortgagor, guarantor, endorser or surety; “financial institution” has the meaning ascribed to it in theAct; "firm underwriting commitment" in respect to underwriting of securities, means a firm guarantee or commitment made by a person or entity to an issuer or holder of securities to raise funds for the issuer or holder by the distribution of such securities for sale, resale, or subscription, either through an outright purchase or a commitment to purchase the balance not subscribed orsold; "first class international bank" has the meaning ascribed to itin the Act; “first class international financial institution” means an international insurance company, international development finance institution or other international financial institution that has a minimum long-termrating by internationally recognized rating agencies of “A” or above; “foreign exchange placement” means an amount of foreign currency held or placed with other banks or financialinstitutions outside the United Republic; "indirect credit accommodation" means a creditaccommodation given by a bank or financial institution to a person's related party; “insider” means directors, officers or significant shareholdersof a bank or financial institution and their related party; “large exposure” means a credit accommodation to a single borrower which represents ten per cent or more of the core capital of a bank or financial institutionconcerned;
direct credit accommodation means credit facility in which the borrower or obligor is a party on his own behalf, or as the representative or agent of others, or as a co-signer, mortgagor, guarantor, endorser or surety;