Shell Banks Sample Clauses
The 'Shell Banks' clause defines restrictions or requirements related to financial institutions that do not have a physical presence in any jurisdiction, commonly known as shell banks. Typically, this clause prohibits parties from engaging in transactions with or through shell banks, or requires verification that counterparties are not shell banks. For example, a contract may require each party to confirm that it does not conduct business with such entities. The core function of this clause is to prevent money laundering and ensure compliance with anti-money laundering regulations by avoiding relationships with high-risk, non-transparent financial institutions.
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Shell Banks. The Company shall and shall ensure that each of its Key Subsidiaries shall institute, maintain and comply with appropriate internal procedures and controls to ensure that:
(i) any financial institution with which the Company or its Key Subsidiaries conducts business or enters into any transaction, or through which the Company or its Key Subsidiaries transmits any funds, does not have correspondent banking relationships with any Shell Bank; and
(ii) the Company shall not and shall ensure that each of its Key Subsidiaries shall not conduct business or enter into any transaction with, or transmit any funds through a Shell Bank.
Shell Banks. The Issuer shall, and shall cause each of the Subsidiaries, at all times institute, maintain and comply with appropriate internal procedures and controls to ensure that: (i) any financial institution with which the Issuer or any of its Subsidiaries conduct business or enters into any transaction, or through which the Issuer or any of its Subsidiaries transmit any funds, does not have correspondent banking relationships with any Shell Bank; and (ii) the Issuer or any of its Subsidiaries do not conduct business or enter into any transaction with, or transmit any funds through a Shell Bank.
Shell Banks. The Company shall not and shall ensure that each of its Subsidiaries shall not conduct business or enter into any transaction with, or transmit any funds through, a Shell Bank.
Shell Banks. At all times institute, maintain and comply with appropriate internal procedures and controls to ensure that: (i) any financial institution with which the Company conducts business or enters into any transaction, or through which the Company transmits any funds, does not have correspondent banking relationships with any Shell Bank; and (ii) the Borrower does not conduct business or enter into any transaction with, or transmit any funds through a Shell Bank;
Shell Banks. Conduct business or enter into any transaction with, or transmit any funds through, a Shell Bank;
Shell Banks. The Issuer shall not and shall cause each of its Subsidiaries not to conduct business or enter into any transaction with, or transmit any funds through a Shell Bank.
Shell Banks. Conduct business or enter into any transaction with, or transmit any funds through, a Shell Bank; (o) Restructured IFC Loan Agreements. For so long as all or any of the Restructured IFC Loan Agreements is valid and enforceable, fail to comply with all and each of the covenants and undertakings set forth in such Restructured IFC Loan Agreements; or (p) Change of Control. Engage in any transaction that would lead to a Change of Control. Section 5.03.