Restructured International Loan Law and Legal Definition
According to 12 CFR 28.51 [Title 12 -- Banks and Banking; Chapter I -- Comptroller of the Currency, Department of the Treasury; Part 28 -- International Banking Activities; Subpart C -- International Lending Supervision] restructured international loan means “a loan that meets the following criteria:
(1) The borrower is unable to service the existing loan according to its terms and is a resident of a foreign country in which there is a generalized inability of public and private sector obligors to meet their external debt obligations on a timely basis because of a lack of, or restraints on the availability of, needed foreign exchange in the country; and
(2) The terms of the existing loan are amended to reduce stated interest or extend the schedule of payments; or
(3) A new loan is made to, or for the benefit of, the borrower, enabling the borrower to service or refinance the existing debt.”
Legal Definition list
Related Legal Terms
- Academy for International Conflict Management and Peacebuilding [USIP]
- Acquisition and Improvement Loan [Veterans' Relief]
- Acquisition Loan [HUD]
- Acquisition, Development and Construction (ADC) Loan
- Adjustable Rate Mortgage Loan
- Administrative Cost of Issuing a Loan Guarantee
- Advanced Placement or International Baccalaureate Course [Education]
- Air Loan
- Allowance for Loan and Lease Losses
- Ally [International Law]
