(NAR) VOL. 15 NOS. 3-4 / OCTOBER - DECEMBER 2004
"3. It is a locally incorporated bank".
"E. PRIVATE OR NEGOTIATED ISSUANCE OF UNSECURED SUBORDINATED DEBT
PRIVATE OR NEGOTIATED ISSUANCE IS THE ISSUANCE OF USD TO QUALIFIED INVESTORS/BUYERS, WHETHER INDIVIDUALS OR INSTITUTIONS AS DEFINED UNDER ITEM G HEREOF. THERE IS NO LIMIT ON THE NUMBER OF QUALIFIED INVESTORS/BUYERS AND ON THE SALE OR NEGOTIATION OF THE USD: PROVIDED, THAT SUCH SALE OR NEGOTIATION SHALL ONLY BE MADE TO ANOTHER QUALIFIED INVESTOR/BUYER".
"THE NET PROCEEDS ACTUALLY RECEIVED FROM THE DEBT ISSUES, WHETHER AT A DISCOUNT OR PREMIUM SHALL BE CONSIDERED IN THE COMPUTATION OF LOANABLE FUNDS FOR PURPOSES OF DETERMINING COMPLIANCE WITH THE MANDATORY ALLOCATION OF FUNDS FOR AGRI-AGRA CREDIT REQUIRED UNDER P.D. NO. 717, AS AMENDED".