Article 3 General Definitions

1. For the purposes of this Agreement, unless the context otherwise requires: (a) the term “Federal Republic of Germany” means the territory of the Federal Republic of Germany, as well as the area of the sea-bed, its sub-soil and the superjacent water column adja- cent to the territorial sea, insofar as the Federal Republic of Germany exercises there sovereign rights and jurisdiction in conformity with international law and its national legislation for the purposes of exploring, exploiting, conserving and managing the living and non-living natural resources; (b) the term “Republic of Korea” means the territory of the Republic of Korea including any area adjacent to the territo- rial sea of the Republic of Korea which, in accordance with international law, has been or may hereafter be designated under the laws of the Republic of Korea as an area within which the sovereign rights of the Republic of Korea with respect to the sea-bed and sub-soil and their natural resources may be exercised; (c) the terms “a Contracting State” and “the other Contracting State” mean the Federal Republic of Germany or the Repub- lic of Korea, as the context requires; (d) the term “person” means an individual and a company; (e) the term “company” means any body corporate or any entity which is treated as a body corporate for tax purposes; (f) the terms “enterprise of a Contracting State” and “enterprise of the other Contracting State” mean respectively an enter- prise carried on by a resident of a Contracting State and an enterprise carried on by a resident of the other Contracting State; (g) the term “international traffic” means any transport by a ship or aircraft operated by an enterprise of a Contracting State, except when the ship or aircraft is operated solely between places in the other Contracting State; (h) the term “national” means: aa) in respect of the Federal Republic of Germany any German within the meaning of the Basic Law of the Federal Republic of Germany and any legal person, part- nership and association deriving its status as such from the laws in force in the Federal Republic of Germany; bb) in respect of the Republic of Korea any individual possessing the nationality of the Republic of Korea and any legal person, partnership and associa- tion deriving its status as such from the laws in force in the Republic of Korea; (i) the term “competent authority” means aa) in the case of the Federal Republic of Germany, the Fed- eral Ministry of Finance or the agency to which it has del- egated its powers; bb) in the case of the Republic of Korea, the Minister of Finance and Economy or his authorised representative.

2. As regards the application of this Agreement at any time by a Contracting State, any term not defined therein shall, unless the context otherwise requires, have the meaning that it has at that time under the law of that State for the purposes of the taxes to which the Agreement applies, any meaning under the applicable tax laws of that State prevailing over a meaning given to the term under other laws of that State.