local bank definition

local bank means any bank or branch thereof authorised to transact business as such in the Islands;

local bank means any bank in the United Republic;

local bank means a financial institution (within the meaning of regulation 4(1)) that satisfies both of the following:

Examples of local bank in a sentence

• The Local Bank Account is a “deposit account” (under and as defined in the relevant UCC) and the Collection Account is a “securities account” (under and as defined in the relevant UCC).

• None of the Post Office Boxes, the Local Bank Account nor any interest therein has been pledged or assigned to any party other than in accordance with the terms of the Intercreditor Agreement and the Intercreditor Party Supplement.

• The Borrower has not granted any Person dominion or control of (i) any Post Office Box or the Local Bank Account other than in accordance with the terms of the Intercreditor Agreement and the Intercreditor Party Supplement or (ii) the Collection Account other than the Administrative Agent.

• The Servicer has not granted any Person dominion or control of (i) any Post Office Box or the Local Bank Account other than in accordance with the terms of the Intercreditor Agreement and the Intercreditor Party Supplement or (ii) the Collection Account other than the Administrative Agent.

• The Servicer shall not create or participate in the creation of, or permit to exist, any Liens with respect to the Post Office Boxes or the Local Bank Account, except as permitted and pursuant to the Intercreditor Agreement and the Intercreditor Party Supplement.

More Definitions of local bank

local bank means any bank in Singapore that is not a foreign bank;

local bank means any bank licensed by the Bank of Tanzania to undertake the banking business in Tanzania;

local bank means a bank which is a company incorporated in Belize under the Companies Act;

local bank. The meaning specified in the Servicing Agreement.

local bank means a financial institution acceptable to the Agent holding one or more collection accounts into which the Servicer deposits Collections from Obligors. The parties agree that Union Bank of California shall be an acceptable Local Bank.

local bank means any person carrying on banking business in Montserrat under the authority of an “A” licence granted under the provisions of the Banking Act;

local bank means [***] or, so long as no Termination Event or Servicer Termination Event shall have occurred and is continuing, any other bank selected by the Servicer (and consented to by the Administrative Agent, such consent not to be unreasonably withheld, conditioned or delayed) that is a Qualified Institution.