Common use of Swiss Non-Bank Rules Clause in Contracts

Swiss Non-Bank Rules. Each Swiss Loan Party shall ensure that it is in compliance with the Swiss Non-Bank Rules at any time, provided that a Swiss Borrower shall not be in breach of this covenant if its number of creditors in respect of the Swiss 10 Non-Bank Rule is exceeded solely by reason of (i) a failure by one or more Lenders to comply with their obligations under paragraph (b)(iii) of Section 11.06 or (ii) an initial Lender ceasing to be a Swiss Qualifying Bank other than as a result of any change after the date it became an initial Lender under this Agreement in (or in the interpretation, administration, or application of) any law or treaty, or any published practice or published concession of any relevant taxing authority. For the purposes of compliance with this covenant, a Swiss Borrower shall assume that at any time there may be up to 10 (ten) creditors that are Swiss Non-Qualifying Banks under this Agreement (irrespective of whether or not there are, at any time, any creditors which are Swiss Non-Qualifying Banks).

Swiss Non-Bank Rules. Each Swiss Loan Party shall Borrower will ensure that it is remains at all times in compliance with the Swiss Non-Bank Rules at any time, Rules; provided that a Swiss Borrower shall not be in breach of this covenant representation if its number of creditors that are not Swiss Qualifying Banks in respect of either the Swiss 10 Non-Bank Rule or the Swiss 20 Non-Bank Rule is exceeded solely by reason of because a Recipient has (i) made an incorrect declaration of its status as to whether or not it is a failure by one or more Lenders Swiss Qualifying Bank, (ii) failed to comply with their its obligations under paragraph (b)(iii) of Section 11.06 10.04, or (iiiii) an initial Lender ceasing ceased to be a Swiss Qualifying Bank other than as a result of any change in Applicable Law after the date it became an initial a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or treaty, or any published practice or published concession of any relevant taxing authorityAgreement. For the purposes of compliance with this covenant, a each Swiss Borrower shall assume that at any time during the term of this Agreement there may be up to 10 (ten) creditors that are ten Swiss Permitted Non-Qualifying Banks under this Agreement as Lenders (irrespective of whether or not there are, at any time, any creditors which are or less of such Swiss Permitted Non-Qualifying BanksBanks as Lenders).

Swiss Non-Bank Rules. Each Swiss Loan Party shall ensure that it Borrower is in compliance with the Swiss Non-Bank Rules at any timeRules; provided that, provided that a no Swiss Borrower shall not be in breach of this covenant representation if its number of creditors that are not Swiss Qualifying Banks in respect of either the Swiss 10 Non-Bank Rule or the Swiss 20 Non-Bank Rule is exceeded solely by reason of because a Recipient has (i) made an incorrect declaration of its status as to whether or not it is a failure by one or more Lenders Swiss Qualifying Bank, (ii) failed to comply with their its obligations under paragraph (b)(iii) of Section 11.06 10.04, or (iiiii) an initial Lender ceasing ceased to be a Swiss Qualifying Bank other than as a result of any change in Applicable Law after the date it became an initial a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or treaty, or any published practice or published concession of any relevant taxing authorityAgreement. For the purposes of compliance with this covenantrepresentation, a each Swiss Borrower shall assume that at any time during the term of this Agreement there may be up to 10 (ten) creditors that are ten Swiss Permitted Non-Qualifying Banks under this Agreement as Lenders (irrespective of whether or not there are, at any time, any creditors which are or less of such Swiss Permitted Non-Qualifying BanksBanks as Lenders).