|
Chapter I General Provisions
Article 1 (Purpose)
The purpose of this Agreement (the "Agreement") is to facilitate
the efficient workout of a credit transaction company and to promote
the soundness of financial institution assets through a substantial
assistance between financial institutions (change in terminology
is made on August 14, 1998).
Article 2 (Definition of Terms)
As used herein the following terms shall have the meanings set
forth below.
- "Creditor Financial Institutions" shall mean the financial
institutions that has entered into this Agreement and has claims
against the Related Company (as defined with below).
- "Workout" shall mean procedures adopted to promote the financial
soundness of the Related Company through additional financing,
release of mutual guaranties, capital reductions, selection
of areas of business concentration, foreign capital inducement,
and restructuring of obligations, including but not limited
to, conversion of loans into contributions, conversion of short-term
loans into long-term or medium-term loans, the suspension of
repayments of loan principal and interest accrued thereon, reductions
or exemptions for interests, and exemptions for obligations.
- "Related Company" shall mean a company for which the Creditor
Financial Institutions agree to jointly carry out a Workout
program pursuant to the terms of this Agreement.
- "Claim" shall include loans, guarantees and other claims on
a financial institution's balance sheet for which the Creditor
Financial Institution may demand payment from the Related Company;
provided, however, that by a resolution of the Board of the
Creditor Financial Institutions any, or all, rights to demand
performance of guaranty obligations from the Related Company
may be included in the Claim. (amended on October 1, 1998)
- "Claim Amount" shall mean a claim amount on the date immediately
preceding the date on which notice is provided for a meeting
of the Board of the Creditor Financial Institutions. (amended
on August 14, 1998)
|
