Common use of Local Bank Clause in Contracts

Local Bank. A Financial Institution satisfying the following requirements: 1. The Financial Institution operates solely as (and is licensed and regulated under the laws of St. ▇▇▇▇▇▇▇ and the Grenadines as) (a) a bank or (b) a credit union or similar cooperative credit organization that is operated without profit; 2. The Financial Institution’s business consists primarily of receiving deposits from and making loans to, with respect to a bank, unrelated retail customers and, with respect to a credit union or similar cooperative credit organization, members, provided that no member has a greater than five percent interest in such credit union or cooperative credit organization; 3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2) and A(3) of this section, provided that, in addition to the limitations on the website described in subparagraph A(3) of this section, the website does not permit the opening of a Financial Account; 4. The Financial Institution does not have more than $175 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $500 million in total assets on their consolidated or combined balance sheets; and 5. Any Related Entity must be incorporated or organized in St. ▇▇▇▇▇▇▇ and the Grenadines, and any Related Entity that is a Financial Institution, with the exception of any Related Entity that is a retirement fund described in paragraphs A through C of section II of this Annex II or a Financial Institution with only low-value accounts described in paragraph C of this section, must satisfy the requirements set forth in this paragraph B.

Local Bank. A Financial Institution satisfying the following requirements: 1. The Financial Institution operates solely as (and is licensed and regulated under the laws of St. ▇▇▇▇▇▇▇ and the Grenadines Mexico as) (a) a bank or (b) a credit union or similar cooperative credit organization that is operated without profit; 2. The Financial Institution’s business consists primarily of receiving deposits from and making loans to, with respect to a bank, unrelated retail customers and, with respect to a credit union or similar cooperative credit organization, members, provided that no member has a greater than five percent interest in such credit union or cooperative credit organization; 3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2) and A(3) of this section, provided that, in addition to the limitations on the website described in subparagraph A(3) of this section, the website does not permit the opening of a Financial Account; 4. The Financial Institution does not have more than one hundred seventy five million ($175 million 175,000,000) dollars in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than five hundred million ($500 million 500,000,000) dollars in total assets on their consolidated or combined balance sheets; and 5. Any Related Entity must be incorporated or organized in St. ▇▇▇▇▇▇▇ and the GrenadinesMexico, and any Related Entity that is a Financial Institution, with the exception of any Related Entity that is a retirement fund described in paragraphs A through C paragraph B of section II of this Annex II or a Financial Institution with only low-value accounts described in paragraph C of this section, must satisfy the requirements set forth in this paragraph B.

Local Bank. A Financial Institution satisfying the following requirements: 1. The Financial Institution operates solely as (and is licensed and regulated under the laws of St. ▇▇▇▇▇▇▇ Antigua and the Grenadines Barbuda as) (a) a bank or (b) a credit union or similar cooperative credit organization that is operated without profit; 2. The Financial Institution’s business consists primarily of receiving deposits from and making loans to, with respect to a bank, unrelated retail customers and, with respect to a credit union or similar cooperative credit organization, members, provided that no member has a greater than five percent interest in such credit union or cooperative credit organization; 3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2) and A(3) of this section, provided that, in addition to the limitations on the website described in subparagraph A(3) of this section, the website does not permit the opening of a Financial Account; 4. The Financial Institution does not have more than $175 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $500 million in total assets on their consolidated or combined balance sheets; and 5. Any Related Entity must be incorporated or organized in St. ▇▇▇▇▇▇▇ Antigua and the GrenadinesBarbuda, and any Related Entity that is a Financial Institution, with the exception of any Related Entity that is a retirement fund described in paragraphs A through C of section II of this Annex II or a Financial Institution with only low-value accounts described in paragraph C of this section, must satisfy the requirements set forth in this paragraph B.

Local Bank. A Financial Institution satisfying the following requirements: 1. The Financial Institution operates solely as (and is licensed and regulated under the laws of St. ▇▇▇▇▇▇▇ and the Grenadines Commonwealth of Dominica as) (a) a bank or (b) a credit union or similar cooperative credit organization that is operated without profit; 2. The Financial Institution’s business consists primarily of receiving deposits from and making loans to, with respect to a bank, unrelated retail customers and, with respect to a credit union or similar cooperative credit organization, members, provided that no member has a greater than five percent interest in such credit union or cooperative credit organization; 3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2) and A(3) of this section, provided that, in addition to the limitations on the website described in subparagraph A(3) of this section, the website does not permit the opening of a Financial Account; 4. The Financial Institution does not have more than $175 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $500 million in total assets on their consolidated or combined balance sheets; and 5. Any Related Entity must be incorporated or organized in St. ▇▇▇▇▇▇▇ and the GrenadinesCommonwealth of Dominica, and any Related Entity that is a Financial Institution, with the exception of any Related Entity that is a retirement fund described in paragraphs A through C of section II of this Annex II or a Financial Institution with only low-value accounts described in paragraph C of this section, must satisfy the requirements set forth in this paragraph B.

Local Bank. A Financial Institution satisfying the following requirements: 1. The Financial Institution operates solely as (and is licensed and regulated under the laws of St. ▇▇▇▇▇▇▇ and the Grenadines Korea as) (a) a bank or savings bank, or (b) a credit union or similar cooperative credit organization that is operated without profit; 2. The Financial Institution’s business consists primarily of receiving deposits from and making loans to, (a) with respect to a bank, bank or savings bank unrelated retail customers and, (b) with respect to a credit union or similar cooperative credit organization, organization unrelated retail customers or members, provided that no member has a greater than five percent interest in such credit union or cooperative credit organization; 3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2) and A(3) of this section, provided that, in addition to the limitations on the website described in subparagraph A(3) of this section, the website does not permit the opening of a Financial Account; 4. The Financial Institution does not have more than $175 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $500 million in total assets on their consolidated or combined balance sheets; and 5. Any Related Entity must be incorporated or organized in St. ▇▇▇▇▇▇▇ and the GrenadinesKorea, and any Related Entity that is a Financial Institution, with the exception of any Related Entity that is a retirement fund described in paragraphs A through C D of section II of this Annex II or a Financial Institution with only low-value accounts described in paragraph C of this section, must satisfy the requirements set forth in this paragraph B.

Local Bank. A Financial Institution satisfying the following requirements: 1. The Financial Institution operates solely as (and is licensed and regulated under the laws of St. ▇▇▇▇▇▇▇ the Turks and the Grenadines Caicos Islands as) (a) a bank or (b) a credit union or similar cooperative credit organization that is operated without profit; 2. The Financial Institution’s business consists primarily of receiving deposits from and making loans to, with respect to a bank, unrelated retail customers and, with respect to a credit union or similar cooperative credit organization, members, provided that no member has a greater than five percent interest in such credit union or cooperative credit organization; 3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2) and A(3) of this section, provided that, in addition to the limitations on the website described in subparagraph A(3) of this section, the website does not permit the opening of a Financial Account; 4. The Financial Institution does not have more than $175 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $500 million in total assets on their consolidated or combined balance sheets; and 5. Any Related Entity must be incorporated or organized in St. ▇▇▇▇▇▇▇ the Turks and the GrenadinesCaicos Islands, and any Related Entity that is a Financial Institution, with the exception of any Related Entity that is a retirement fund described in paragraphs A through C of section II of this Annex II or a Financial Institution with only low-value accounts described in paragraph C of this section, must satisfy the requirements set forth in this paragraph B.