“Aid” means state and/or Commission funding which, but for an exemption granted pursuant to regulations adopted by the EU Commission (including but not limited to the De Minimis Regulation), meets the criteria in Article 107(1) of the Treaty on European Union.
“Commission” means the Commission of the European Union.
“Customer” is used to refer to the SME or Small Mid-cap borrower.
“DAFM” means the Department of Agriculture, Food and the Marine.
“DBEI” means the Department of Business, Enterprise and Innovation.
“De Minimis Regulation” means EU Regulation No 1407/2013 of 18 December 2013 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid.
“EIB” means the European Investment Bank.
“EIF” means the European Investment Fund.
“Facility” means the debt facility offered to the Customer.
“Finance Documents” means the documents entered into in connection with the Facility.
“Non-Co-Operative Jurisdiction” means any jurisdiction that does not cooperate with the European Union in relation to the application of internationally agreed tax standards (i.e. any jurisdiction classified as “non-compliant” by the Organisation for Economic Cooperation and Development (OECD) and its Global Forum on Transparency and Exchange of Information for Tax Purposes, from time to time, unless otherwise notified by the EIF).
“Pre-Eligibility Application Form” means in respect of each Facility, the completed pre-eligibility application form as delivered by the Customer to the SBCI.
“SBCI” means the Strategic Banking Corporation of Ireland
“SBCI Scheme” means the SBCI Brexit Loan Scheme.
“SME” means a micro, small or medium-sized enterprise which employs fewer than 250 persons and has an annual turnover not exceeding EUR 50 million, and/or an annual balance sheet total not exceeding EUR 43 million. (See commission recommendation 2003/361/EC for further details (http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32003H0361&from=EN)
“Small Mid-cap” means an enterprise within the meaning of Article 1 of the Title I of the Annex of the Commission Recommendation (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32003H0361&from=EN) which:
(a) has up to 499 employees calculated in accordance with Articles 3, 4, 5 and 6 of the Title I of the Annex of the Commission Recommendation; and
(b) is not an SME.
The Borrower must comply with the following
The Customer must use the loan proceeds for:
The Customer must not use the loan proceeds for:
The customer must confirm that, as at the date of the contractual documents relating to the Facility entered into by the Customer, it satisfies the eligibility criteria for the SBCI Scheme and that it undertakes to procure that it shall at all times comply with those eligibility criteria.
The Customer undertakes to confirm the amount of Aid received by it and the amount of Aid receivable by it under the Facility, in each case in respect of Aid under the De Minimis Regulation and if the Customer receives, under the SBCI Scheme or otherwise, aid in excess of what that Customer is permitted to receive by law, the Customer shall return to the Bank for onward transmission to the SBCI any such excess aid received under the SBCI Scheme in breach of law together with any other amount due in respect of that aid immediately upon: (i) the Customer becoming aware of such excess receipt; and/or (ii) the Bank notifying the Customer of same; and
The Customer undertakes to maintain and be able to produce all documentation related to any information supplied in connection with the Facility for a period of seven (7) years after the termination of the SBCI Scheme.