Bank Undertaking definition

Bank Undertaking means any independent undertaking of the L/C Issuer within the meaning of, and complying with the requirements of, 12 C.F.R. §7.1016 as to which the issuer’s obligation to honor depends upon the presentation of specified documents and not upon non-documentary conditions or resolution of any questions of fact or law, issued hereunder pursuant to Section 2.04. Bank Undertakings may be issued in Dollars or an Alternative Currency as permitted by this Agreement.
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Bank Undertaking means a bank undertaking in the form approved from time to time by the IMO.
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Bank Undertaking means an independent undertaking (within the meaning of, and complying with the requirements of, 12 C.F.R §§7.1016 or 7.1017) of an issuer thereof as to which such issuer’s obligation to honor depends upon the presentation of specified documents and not upon nondocumentary conditions or any question or fact or law.
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Examples of Bank Undertaking in a sentence

  • If the Vendor fails to pay the Core PAT Shortfall in accordance with the terms of the SPA, TCSB may instruct its solicitors to demand from the Vendor’s bank under the Escrow Sum Bank Undertaking for such sum due by the Vendor arising from the Core PAT Shortfall and pay such sum to TCSB.

  • For example, consider a Reserve Capacity Security provided by means of a Bank Undertaking from Bank X.

  • KASB Bank Undertaking as per the Scheme means the business and all assets and liabilities, of the then KASB Bank Limited of whatsoever nature and wherever situated.

  • If the Market Participant fails to update the Bank Undertaking then currently no civil penalty will apply.

  • Upon payment of the Purchase Consideration, the Vendor must deliver to TCSB’s solicitors the Escrow Sum Bank Undertaking and the Tax Escrow Sum Bank Undertaking within 2 business days from the Completion Date.

  • In the event of non-performance (including delays or delivery of Bank Undertaking or any payment demand) to pay to the Provider and to the respective Consultants 1.0% for provider and 0.5% for involved consultants (one and a half percent) of the face value of instrument.

  • Reduction in the number of consumer complaints is one of the benchmarks for improved quality and reliability of power supply.

  • EXECUTION DATE ‘Execution Date’ with respect to Terms & Conditions would mean the date on which the JRG Bank Undertaking and Cash Management Services SLA (Service Level Agreement) has been signed by the JRG Bank or the service proposal has been accepted by the JRG Bank.

  • The Bank may issue a Bank Undertaking, provided the Borrower delivers to the Bank a duly completed Application therefor, which shall comply with the terms mentioned in the Facilities Letter, terms mentioned in the Facilities Letter, not more than ten (10) nor less than three (3) business days before the proposed Issue Date for such Bank Undertaking.

  • On the 14th September, 2002 the Bank was by virtue of Bank Undertaking (Barclays Bank PLC Belize Operations) Vesting Act, 2002 assigned the assets, liabilities, rights, obligations, property, files and documentation of banking business of Barclays Bank PLC (“Barclays”) carried on in Belize.


More Definitions of Bank Undertaking

Bank Undertaking means an independent undertaking (within the meaning of, and complying with the requirements of, 12 C.F.R§§7.1016 or 7.1017) of an issuer thereof as to which such issuer’s obligation to honor depends upon the presentation of specified documents and not upon nondocumentary conditions or any question or fact or law.
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Bank Undertaking means an unconditional and irrevocable undertaking issued by a Bank (first approved of by the Minister for Mines) in favour of the State to pay on demand to the State any amounts from time to time demanded by the Minister for Mines up to the specified limit of the undertaking and in a form approved by the Minister for Mines but substantially in the form contained in Schedule 2;
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Bank Undertaking means an unconditional and irrevocable undertaking issued by a Bank (first approved of by the Minister for Mines) in favour of the State to pay
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Related to Bank Undertaking

  • L/C Undertaking has the meaning set forth in Section 2.12(a).

  • Group Undertaking means the Company or another undertaking in the group;

  • railway undertaking means any public or private undertaking licensed according to this Directive, the principal business of which is to provide services for the transport of goods and/or passengers by rail with a requirement that the undertaking ensure traction; this also includes undertakings which provide traction only;

  • parent undertaking means a parent undertaking as defined in point (15)(a) of Article 4(1) of Regulation (EU) No 575/2013;

  • financial undertaking means any of the following entities:

  • insurance undertaking means insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (1);

  • Disclosure Undertaking means the Continuing Disclosure Undertaking, dated as of the Dated Date, relating to certain obligations contained in the SEC Rule.

  • reinsurance undertaking means reinsurance undertaking as defined in point (4) of Article 13 of Directive 2009/138/EC;

  • Letter of Undertaking means the letter of undertaking from, amongst others, the Issuer and its Managing Directors to the Initial Purchaser, Investment Manager and the Trustee.

  • Undertaking Letter The letter in substantially the form set forth in Exhibit C of the Trust Agreement.

  • Undertaking means any natural or legal person, whether profit-making or not, or any official body whether having its own personality or not;

  • subsidiary undertaking means an undertaking controlled by a parent undertaking, including any subsidiary undertaking of an ultimate parent undertaking;

  • Confidentiality Undertaking means a confidentiality undertaking substantially in a recommended form of the LMA or in any other form agreed between the Borrower and the Agent.

  • related undertaking means any undertaking in which any person has a

  • Continuing Disclosure Undertaking means the Continuing Disclosure Undertaking of the Issuer, in substantially the form attached hereto as Exhibit 1, dated the Closing Date, for the purpose of providing continuing disclosure information under Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as may be amended from time to time.

  • electricity undertaking means any person engaged in the generation,transmission, distribution or supply of electricity including any holder of a licence or authorisation or a person who has been granted a permit under Section 37 of the Principal Act and any person transferring electricity to or from Ireland across an interconnector or who has made an application for use of an interconnector which has not been refused;

  • group of undertakings means a controlling undertaking and its controlled undertakings;

  • Standard Securitization Undertakings means representations, warranties, covenants and indemnities entered into by the Borrower or any Subsidiary of the Borrower that are customary in a Securitization Financing.

  • Affidavit and Undertaking means the affidavit and undertaking provided by the Bidder substantially in form and manner as annexed in Annexure I hereto;

  • Performance Undertaking means that certain Performance Undertaking, dated as of May 10, 2002, by Performance Provider in favor of Seller, substantially in the form of Exhibit XI, as the same may be amended, restated, supplemented or otherwise modified from time to time.

  • Approved Manager’s Undertaking means, in relation to each Ship, a letter of undertaking executed by the Approved Manager in favour of the Security Trustee in the Agreed Form agreeing certain matters in relation to the Approved Manager serving as the manager of that Ship and subordinating the rights of the Approved Manager against such Ship and the relevant Borrower to the rights of the Security Trustee under the Finance Documents;

  • ancillary services undertaking means an undertaking the principal activity of which consists in owning or managing property, managing data-processing services, or any other similar activity which is ancillary to the principal activity of one or more credit institutions;

  • Financial guarantee means a performance bond, maintenance bond, surety bond, irrevocable letter of credit, or similar guarantees submitted to the [administering authority] by the responsible party to assure that requirements of the ordinance are carried out in compliance with the storm water management plan.

  • Existing Security Agreement has the meaning set forth in the recitals hereto.

  • Guarantee and Adherence Agreement means the guarantee and adherence agreement pursuant to which the Guarantors shall, amongst other, (i) guarantee all amounts outstanding under the Finance Documents, including but not limited to the Bonds, plus accrued interests and expenses, (ii) agree to subordinate all subrogation claims, and (iii) undertake to adhere to the terms of the Finance Documents.

  • Guarantee and Security Agreement means that certain Guarantee and Security Agreement dated as of the Effective Date among the Borrower, the Administrative Agent, each Subsidiary of the Borrower from time to time party thereto, each holder (or an authorized agent, representative or trustee therefor) from time to time of any Secured Longer-Term Indebtedness or Secured Shorter-Term Indebtedness, and the Collateral Agent.