Foreign Issuing Bank definition

Foreign Issuing Bank means any Issuing Bank that is organized under the laws of a jurisdiction other than that in which the Borrower is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

Foreign Issuing Bank means an Issuing Bank that has agreed to issue Foreign Letters of Credit.

Foreign Issuing Bank means any Issuing Bank that is not a “United States person” within the meaning of Section 7701(a)(30) of the Code.

Examples of Foreign Issuing Bank in a sentence

• Prior to receipt of any such notice, Foreign Issuing Bank shall not be deemed to have knowledge of any failure of Foreign LC Conditions.

• Foreign Issuing Bank: (a) Bank of America (London) or any Affiliate of Bank of America (London), (b) Bank of America (Australia) or any Affiliate of Bank of America (Australia), (c) any Foreign Lender or Affiliate thereof as issuer of the Existing Foreign Letters of Credit, (d) if selected by Foreign Borrower Agent, any other Foreign Lender or Affiliate thereof that agrees to issue Foreign Letters of Credit, or (e) any replacement issuer appointed pursuant to Section 2.4.

• The obligation of Foreign Borrowers to reimburse Foreign Issuing Bank for any payment made under a Foreign Letter of Credit shall be absolute, unconditional, irrevocable, and joint and several, and shall be paid without regard to any lack of validity or enforceability of any Foreign Letter of Credit or the existence of any claim, setoff, defense or other right that any Foreign Domiciled Obligor or any other Obligor may have at any time against the beneficiary.

• Foreign Issuing Bank shall be fully subrogated to the rights and remedies of each beneficiary whose claims are discharged with proceeds of any Foreign Letter of Credit issued by Foreign Issuing Bank.

• If, in sufficient time to act, Foreign Issuing Bank receives written notice from Agent or Required Borrower Group Lenders that a Foreign LC Condition has not been satisfied, Foreign Issuing Bank shall not issue the requested Foreign Letter of Credit.

More Definitions of Foreign Issuing Bank

Foreign Issuing Bank means any Issuing Bank that is organized under the laws of a jurisdiction other than the United States of America. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. “Foreign Subsidiary” shall mean any Subsidiary that is not a Domestic Subsidiary. “Foreign Subsidiary Borrower” shall mean any Subsidiary Borrower that is a Foreign Subsidiary. “GAAP” shall mean generally accepted accounting principles applied on a basis consistent with those that, in accordance with the last sentence of Section 1.03(a) hereof, are to be used in making the calculations for purposes of determining compliance with this Agreement. “Governmental Authority” shall mean the government of the United States of America or any other nation, or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity (including any federal or other association of or with which any such nation may be a member or associated) exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. “Granting Bank” shall have the meaning specified in Section 11.06(b) hereof. “Guarantee” shall mean a guarantee, an endorsement, a contingent agreement to purchase or to furnish funds for the payment or maintenance of, or otherwise to be or become contingently liable under or with respect to, the Indebtedness, other obligations, net worth, working capital or earnings of any Person, or a guarantee of the payment of dividends or other distributions upon the stock or equity interests of any Person, or an agreement to purchase, sell or lease (as lessee or lessor) Property, products, materials, supplies or services primarily for the purpose of enabling a debtor to make payment of such debtor’s obligations or an agreement to assure a creditor against loss, and including, without limitation, causing a bank or other financial institution to issue a letter of credit or other similar instrument for the benefit of another Person, but excluding endorsements for collection or deposit in the ordinary course of business. The terms “Guarantee” and “Guaranteed” used as a verb shall have a correlative meaning.

Foreign Issuing Bank means any Issuing Bank that is a “non-resident” of Canada for purposes of Part I of the ITA.

Foreign Issuing Bank any Person that is not a “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code and who receives a payment from the Account Party pursuant to a Credit Document.

Foreign Issuing Bank means any Issuing Bank that is not, for United States federal income tax purposes, (i) a citizen or resident of the Untied States; (ii) a corporation or entity treated as a corporation created or organized in or under the laws of the United States, or any political subdivision thereof; (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source or (iv) a trust if a court within the United States is able to exercise primary supervision over the administration of such trust and one or more United States Persons have the authority to control all such decisions of such trust.

Foreign Issuing Bank means (a) HSBC Bank Canada (or any of its Affiliates) (b) U.K. Bank, and (c) any other Bank (or any of its Affiliates) appointed by the Foreign Borrowers and approved by the Foreign Agent that agrees to issue Foreign Letters of Credit or Bank Guaranties hereunder.

Foreign Issuing Bank means any Issuing Bank that is organized under the laws of a jurisdiction other than that in which the Account Party is incorporated or organized. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. “GAAP” shall mean generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect from time to time.

Foreign Issuing Bank as defined in Section 10.16.