Definition of Ten Non-Bank Rule


Ten Non-Bank Rule means the rule that the aggregate number of lenders to a Swiss Account Party under this Agreement that are not Qualifying Banks must not at any time exceed ten (10), all in accordance with the meaning of the Guidelines or legislation or explanatory notes addressing the same issues that are in force at such time.

Examples of Ten Non-Bank Rule in a sentence

The Borrower represents and warrants that it is in compliance with the Swiss Non-Bank Rules provided that the Borrower shall not be in breach of this representation and warranty if its number of creditors in respect of either the Swiss Ten Non-Bank Rule or the Swiss Twenty Non-Bank Rule is exceeded solely by reason of a failure by one or more Lenders to comply with the requirements for a transfer, assignment or participation pursuant to Section 10.7.
The Borrower shall ensure that it is in compliance at all times with the Swiss Non-Bank Rules provided that the Borrower shall not be in breach of this undertaking if its number of creditors in respect of either the Swiss Ten Non-Bank Rule or the Swiss Twenty Non-Bank Rule is exceeded solely by reason of a failure by one or more Lenders to comply with the requirements for a transfer, assignment or participation pursuant to Section 10.7.
A Swiss Borrower shall not be required to make an increased payment to a Lender under this Section 2.07(d) or Section 3.01(a) in connection with the deduction of Swiss Withholding Tax, if a Swiss Borrower has breached the Ten Non-Bank Rule as a direct consequence of such Lender (i) not complying with its obligations under Section 10.06 or (ii) breaching the representation required to be given by it under Section 3.01(e)(xii).
Each Swiss Borrowing Subsidiary shall ensure that while it is a Borrower it shall comply with the Swiss Withholding Tax Rules; provided that the Swiss Borrowing Subsidiary shall not be in breach of this covenant if its number of creditors in respect of either the Swiss Ten Non-Bank Rule or the Swiss Twenty-Non Bank Rule is exceeded solely by reason of a failure by one or more Lenders to comply with their obligations under Clause 2.17(h) or 10.04.
The Swiss Borrower shall ensure that it is at all times in compliance with the Swiss Non-Bank Rules, provided, that the Swiss Borrower shall not be in breach of this covenant if its number of creditors in respect of either the Swiss Ten Non-Bank Rule or the Swiss Twenty Non-Bank Rule is exceeded solely by reason of a failure by one or more Lenders to comply with their obligations under Section 9.04.