To be eligible to receive financing from DBN, the PFI shall have met the minimum eligibility requirements set out below on the Cut-Off Date. The PFI shall maintain the minimum eligibility requirements throughout the Financing Period.
DBN or its representative will conduct an annual due diligence process to confirm that the PFI is not in breach of the minimum eligibility requirements and may declare all advances to the PFI immediately payable if the PFI is in breach of one or more of the requirements or fails to remedy the breach of a requirement within any grace period allowed by DBN at DBN’s absolute discretion.
To be eligible to receive financing from DBN, the PFI shall:
hold a duly issued and valid license from CBN to carry on business as a bank or finance company;
demonstrate within the three most recent financial years, two years of profitable lending operations, with effective risk management procedures, controls, and acceptable levels of loan portfolio quality and performance;