Bank Undertaking definition

Bank Undertaking means any independent undertaking of the L/C Issuer within the meaning of, and complying with the requirements of, 12 C.F.R. §7.1016 as to which the issuer’s obligation to honor depends upon the presentation of specified documents and not upon non-documentary conditions or resolution of any questions of fact or law, issued hereunder pursuant to Section 2.04. Bank Undertakings may be issued in Dollars or an Alternative Currency as permitted by this Agreement.

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Bank Undertaking means a bank undertaking in the form approved from time to time by the IMO.

Bank Undertaking means an independent undertaking (within the meaning of, and complying with the requirements of, 12 C.F.R §§7.1016 or 7.1017) of an issuer thereof as to which such issuer’s obligation to honor depends upon the presentation of specified documents and not upon nondocumentary conditions or any question or fact or law.

Examples of Bank Undertaking in a sentence

• In the event of non-performance (including delays or delivery of Bank Undertaking or any payment demand) to pay to the Provider and to the respective Consultants 1.0% for provider and 0.5% for involved consultants (one and a half percent) of the face value of instrument.

• EXECUTION DATE ‘Execution Date’ with respect to Terms & Conditions would mean the date on which the JRG Bank Undertaking and Cash Management Services SLA (Service Level Agreement) has been signed by the JRG Bank or the service proposal has been accepted by the JRG Bank.

• The parties hereto acknowledge and agree that only Performance Letters of Credit (as reasonably determined by the applicable Issuing Bank as issuer thereof) shall be eligible as Letters of Credit hereunder and no other type of letter of credit or Bank Undertaking may be issued hereunder.

• No later than two (2) banking days thereafter, ▇▇▇▇▇’s bank will transmit by SWIFT MT799 GUARANTEE OF PAYMENT (Bank Undertaking of 42% +2 %) of Face Value to provider’s Bank via MT799, (see verbiage).

• Each Application delivered to the Bank pursuant to this Clause shall be irrevocable and shall specify, among other things, the details as may be required by the Bank to enable it to issue the Bank Undertaking and the proposed form of the Bank Undertaking the proposed form of the Bank Undertaking requested, which shall be acceptable to the Bank in its sole discretion.

• The Bank may issue a Bank Undertaking, provided the Borrower delivers to the Bank a duly completed Application therefor, which shall comply with the terms mentioned in the Facilities Letter, terms mentioned in the Facilities Letter, not more than ten (10) nor less than three (3) business days before the proposed Issue Date for such Bank Undertaking.

More Definitions of Bank Undertaking

Bank Undertaking means an unconditional and irrevocable undertaking issued by a Bank (first approved of by the Minister for Mines) in favour of the State to pay

Bank Undertaking means an independent undertaking (within the meaning of, and complying with the requirements of, 12 C.F.R

Bank Undertaking means an unconditional and irrevocable undertaking issued by a Bank (first approved of by the Minister for Mines) in favour of the State to pay on demand to the State any amounts from time to time demanded by the Minister for Mines up to the specified limit of the undertaking and in a form approved by the Minister for Mines but substantially in the form contained in Schedule 2;