GE Party definition
Examples of GE Party in a sentence
As between USBFS and the GE Party, the GE Party will be solely responsible for the timely filing of any annual notices required by Section 314(b) to allow USBFS to share such information.
Each GE Party hereby engages USBFS to provide certain services as set forth herein with respect to FinCEN Section 314(a) information requests (“Information Requests”) received by the GE Parties.
USBFS will assist the GE Party in complying with the Legal Process after reviewing appropriate customer account activity.
Upon receipt by USBFS of an Information Request delivered by a GE Party in full compliance with all 314(a) Procedures (as defined below), USBFS will compare appropriate information contained in the Information Request against relevant information contained in account records maintained for the GE Parties.
Each GE Party hereby engages USBFS to provide certain services as set forth herein with respect to legal process (civil and criminal subpoenas, civil or criminal seizure orders, IRS civil or criminal notices including notices of lien or levy, other functionally equivalent legal process as the parties mutually agree) received by the GE Party with respect to a Relevant Account and furnished to USBFS within 14 days of receipt (“Legal Process”).
After the expiration of the Initial Term, this Agreement shall continue in effect until a written termination notice is delivered by one party requesting termination to the other party, which will be required at least 90 days before termination if given by a GE Party, and at least 180 days before termination is given by USBFS.
Although USBFS may file a joint SAR for the GE Party and other financial institutions, USBFS shall do so solely as agent for the GE Party, and not as agent for any other financial institution.
Each GE Party will retain responsibility for filing reports with FinCEN that may be appropriate based on the Comparison Results.
Notwithstanding the foregoing, each party reserves the sole discretion to make any such contacts or filings without prior notification or approval of the other party; provided that, for any such filing by USBFS on behalf of a GE Party, USBFS shall have first used reasonable efforts to consult in advance with the AML Compliance Officer and provide him/her with relevant information in USBFS’ determination to make that filing.
After the Closing Date, if a GE Party receives any money damages from an Excluded Contract Party directly attributable to an Excluded Contract, such GE Party promptly will pay to the Purchaser by wire transfer in immediately available funds the amount of such money damages received from the Excluded Contract Party, net of reasonable out-of-pocket expenses incurred in connection therewith (including reasonable attorneys’ fees, expenses and other costs of litigation, settlement and/or collection).