Common use of Shell Bank Clause in Contracts

Shell Bank. It is a bank that has no physical presence in any country. “Physical Presence” means a place of business (i) that corresponds to the Bank; (ii) located in a fixed address (as opposed to an electronic address only) in a country in which the bank is authorized to carry our business; (iii) in that location, the bank must have one (1) or more full – time employees and keep operational records of its banking operations; and (iv) that it is subject to the inspection of the authority that grants the license in the jurisdiction in which the bank is registered.