Authorized Foreign Bank definition
Authorized Foreign Bank means an “authorized foreign bank” as defined for the purposes of the ITA.
Authorized Foreign Bank has the meaning ascribed thereto by subsection 248(1) of the Income Tax Act (Canada), and, by reference therein, the meaning ascribed thereto by ▇▇▇▇▇▇▇ ▇ ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇ (▇▇▇▇▇▇).
Authorized Foreign Bank has the meaning ascribed thereto in subsection 248(1) of the ITA and, by reference therein, the meaning ascribed thereto by section 2 of the Bank Act (Canada), as amended, and any successor thereto.
Examples of Authorized Foreign Bank in a sentence
Each Lender that is an Authorized Foreign Bank at the date such Lender becomes a party to this Agreement or makes an applicable Loan shall promptly notify the Borrower in writing upon becoming aware that it is not in compliance with this Section 3.01(g).
More Definitions of Authorized Foreign Bank
Authorized Foreign Bank a Lender which is an “authorized foreign bank”, as defined in Section 2 of the Bank Act (Canada) and Section 248 of the Income Tax Act (Canada), which holds Loans to the Canadian Borrower hereunder and receives all amounts payable by the Canadian Borrower as part of its “Canadian banking business”, for purposes of the Income Tax Act (Canada), with the result that such Lender is deemed to be resident in Canada for purposes of Part XIII of the Income Tax Act (Canada), in respect of any amount paid or credited or to be paid or credited by the Canadian Borrower to such Lender.
Authorized Foreign Bank means a foreign bank in respect of which an order under subsection 524(1) has been made;
Authorized Foreign Bank means an authorized foreign bank within the meaning of section 2 of the Bank Act.