286 FACILITY TO COMMITTED CREDIT LINE ISSUERS
a. Interest rate. The rate of interest chargeable on the availment of this credit facility shall be that which is equivalent to eighty percent (80%) of the total of interest and fees received by the bank from the issuer, net of provision for gross receipts tax paid by the bank on such income.
b. Security. The promissory note executed by the commercial paper issuer in favor of the bank for the amount drawn against the committed credit line shall be the security for this credit facility.
c. Loan values. The loan value of paper offered as collateral shall be eighty percent (80%) of the amount still due and outstanding on the paper offered as collateral.
d. Repayment period. The term of the credit accommodation may not exceed ninety (90) days and shall be non-renewable.
(Circular No. 1008 dated 14 June 2018)