Shell Banks Sample Clauses

The 'Shell Banks' clause defines restrictions or requirements related to financial institutions that do not have a physical presence in any jurisdiction, commonly known as shell banks. Typically, this clause prohibits parties from engaging in transactions with or through shell banks, or requires verification that counterparties are not shell banks. For example, a contract may require each party to confirm that it does not conduct business with such entities. The core function of this clause is to prevent money laundering and ensure compliance with anti-money laundering regulations by avoiding relationships with high-risk, non-transparent financial institutions.
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Shell Banks. The Company shall and shall ensure that each of its Key Subsidiaries shall institute, maintain and comply with appropriate internal procedures and controls to ensure that: (i) any financial institution with which the Company or its Key Subsidiaries conducts business or enters into any transaction, or through which the Company or its Key Subsidiaries transmits any funds, does not have correspondent banking relationships with any Shell Bank; and (ii) the Company shall not and shall ensure that each of its Key Subsidiaries shall not conduct business or enter into any transaction with, or transmit any funds through a Shell Bank.
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Shell Banks. The Issuer shall, and shall cause each of the Subsidiaries, at all times institute, maintain and comply with appropriate internal procedures and controls to ensure that: (i) any financial institution with which the Issuer or any of its Subsidiaries conduct business or enters into any transaction, or through which the Issuer or any of its Subsidiaries transmit any funds, does not have correspondent banking relationships with any Shell Bank; and (ii) the Issuer or any of its Subsidiaries do not conduct business or enter into any transaction with, or transmit any funds through a Shell Bank.
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Shell Banks. The Company shall not and shall ensure that each of its Subsidiaries shall not conduct business or enter into any transaction with, or transmit any funds through, a Shell Bank.
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Shell Banks. At all times institute, maintain and comply with appropriate internal procedures and controls to ensure that: (i) any financial institution with which the Company conducts business or enters into any transaction, or through which the Company transmits any funds, does not have correspondent banking relationships with any Shell Bank; and (ii) the Borrower does not conduct business or enter into any transaction with, or transmit any funds through a Shell Bank;
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Shell Banks. Conduct business or enter into any transaction with, or transmit any funds through, a Shell Bank;
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Shell Banks. The Issuer shall not and shall cause each of its Subsidiaries not to conduct business or enter into any transaction with, or transmit any funds through a Shell Bank.
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Shell Banks. Conduct business or enter into any transaction with, or transmit any funds through, a Shell Bank; (o) Restructured IFC Loan Agreements. For so long as all or any of the Restructured IFC Loan Agreements is valid and enforceable, fail to comply with all and each of the covenants and undertakings set forth in such Restructured IFC Loan Agreements; or (p) Change of Control. Engage in any transaction that would lead to a Change of Control. Section 5.03.
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Related to Shell Banks

  • Branches of U.S. Banks (a) Except as otherwise set forth in this Contract, the provisions hereof shall not apply where the custody of the Portfolios assets are maintained in a foreign branch of a banking institution which is a "bank" as defined by Section 2(a)(5) of the Investment Company Act of 1940 meeting the qualification set forth in Section 26(a) of said Act. The appointment of any such branch as a sub-custodian shall be governed by paragraph 1 of this Contract. (b) Cash held for each Portfolio of the Fund in the United Kingdom shall be maintained in an interest bearing account established for the Fund with the Custodian's London branch, which account shall be subject to the direction of the Custodian, State Street London Ltd. or both.

  • Reserve Banks as Agent For each Certificate, the appropriate Reserve Bank shall be considered to be acting as the agent of ▇▇▇▇▇▇ Mae in providing to and conferring upon the owners of the Certificates, as such owners shall appear on the records of such Reserve Bank, the substantive rights and benefits which are provided for herein for Holders of such Certificates. Accordingly, the substantive effect of all provisions herein providing rights and benefits to Holders of such Certificates, including, without limitation, provisions relating to distributions, voting and notices, shall apply to such record owners on the books of the Reserve Bank, through the appropriate Reserve Bank acting as agent for ▇▇▇▇▇▇ ▇▇▇.

  • Depository Banks Each Loan Party and each Subsidiary will maintain the Administrative Agent as its principal depository bank, including for the maintenance of operating, administrative, cash management, collection activity, and other deposit accounts for the conduct of its business.

  • Agreements with Foreign Banking Institutions Each agreement with a foreign banking institution shall provide that: (a) the assets of each Portfolio will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the foreign banking institution or its creditors or agent, except a claim of payment for their safe custody or administration; (b) beneficial ownership for the assets of each Portfolio will be freely transferable without the payment of money or value other than for custody or administration; (c) adequate records will be maintained identifying the assets as belonging to each applicable Portfolio; (d) officers of or auditors employed by, or other representatives of the Custodian, including to the extent permitted under applicable law the independent public accountants for the Fund, will be given access to the books and records of the foreign banking institution relating to its actions under its agreement with the Custodian; and (e) assets of the Portfolios held by the foreign sub-custodian will be subject only to the instructions of the Custodian or its agents.

  • Assignments to Federal Reserve Banks In addition to the assignments and participations permitted under the foregoing provisions of this subsection 10.1, any Lender may assign and pledge all or any portion of its Loans, the other Obligations owed to such Lender, and its Notes to any Federal Reserve Bank as collateral security pursuant to Regulation A of the Board of Governors of the Federal Reserve System and any operating circular issued by such Federal Reserve Bank; provided that (i) no Lender shall, as between Company and such Lender, be relieved of any of its obligations hereunder as a result of any such assignment and pledge and (ii) in no event shall such Federal Reserve Bank be considered to be a "Lender" or be entitled to require the assigning Lender to take or omit to take any action hereunder.