Qualifying Bank Creditor means a person or entity (including any commercial bank or financial institution (irrespective of its jurisdiction of organisation)) acting on its own account which has a banking licence in force and effect issued in accordance with the banking laws in its jurisdiction of incorporation, or if acting through a branch, issued in accordance with the banking laws in the jurisdiction of such branch, and which, in both cases, effectively exercises as its main purpose a true banking activity, having bank personnel, premises, communication devices of its own and authority of decision making all in accordance and as defined in the Guidelines or in the legislation and explanatory notes addressing the same issues which are in force at such time.
Qualifying Bank Creditor means any entity which effectively conducts true banking activities as its principal purpose with its own infrastructure and staff, premises, communication devices of its own and the authority of decision making, and which is recognised as a bank by the banking laws in force in the jurisdiction of its incorporation.
Qualifying Bank Creditor has the meaning given to such term in the Guidelines.
Examples of Qualifying Bank Creditor in a sentence
In addition to the covenant in Section 9.01 above, if such Obligor is a Swiss Guarantor, it will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness, whether directly or indirectly, with any non-Obligor unless such non-Obligor is a Qualifying Bank Creditor.
Each Original Lender herewith represents that it is a Qualifying Bank Creditor as of the date of this Agreement.
More Definitions of Qualifying Bank Creditor
Qualifying Bank Creditor means (i) any bank as defined in the Swiss Federal Act on Banks and Savings Banks dated November 8, 1934, or (ii) a person or entity which effectively conducts banking activities with its own infrastructure and staff as its principal business purpose and which has a banking license in full force and effect issued in accordance with the banking laws in force in its jurisdiction of incorporation, or if acting through a branch, issued in accordance with the banking laws in the jurisdiction of such branch, all and in each case within the meaning of the Swiss Guidelines.