Bank Act Security Sample Clauses

Bank Act Security. Without limitation of the foregoing, none of Bank of Montreal or any other Lender that takes Bank Act Security at the request of the Agent (each, a “Bank Act Security Lender”) shall take any action to enforce, foreclose on, release any Lien under, continue, extend or perfect the Bank Act Security unless the Agent agrees that such Bank Act Security Lender shall take such action, provided that the (i) partial or full release, and (ii) continuance, extension or perfection of Bank Act security liens (held by such Bank Act Security Lender on any collateral) shall be a required action by such Bank Act Security Lender if the Agent so requests or if the Agent is otherwise taking such steps with respect to the Agent’s Liens in accordance with this Agreement. In the event that a Bank Act Security Lender takes any such action such Bank Act Security Lender to take such action, or otherwise in accordance with the foregoing, such Bank Act Security Lender’s costs and expenses in its capacity as holder of the Bank Act Security shall form part of and constitute such Lender’s enforcement costs and expenses for the purposes of this Agreement, and such Bank Act Security Lender shall be entitled to the same immunities, indemnities and exclusion from liability as are prescribed in favor of the Agent in this Agreement, which shall apply mutatis mutandis. In addition to the foregoing, the provisions set forth in Article 14 with respect to the Agent shall also apply in each case to any Bank Act Security Lender as holder of the Bank Act Security. Notwithstanding anything to the contrary set forth in the Agreement, this Section may not be amended without the consent of any Bank Act Security Lender for so long such Bank Act Security Lender holds the Bank Act Security.
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Bank Act Security. (a) On the date hereof, the Borrower shall have executed and delivered, and following the date hereof, each other Restricted Party, shall, to the extent permitted by all applicable Requirements of Law, have executed and delivered as required by Sections 6.1(d)(vi) and 10.2(n), to each Lender that is a bank incorporated under the Bank Act (Canada) (each, a "Canadian Lender"), or as otherwise directed by the Administrative Agent, as continuing collateral security for the Facility Indebtedness, the Bank Act Security, providing the Lenders with a first priority Lien, subject only to Permitted Liens, in the Collateral charged thereunder. (b) Subject to Section 5 of the Provisions and Section 11.6, each Canadian Lender irrevocably designates and appoints the Administrative Agent as the collateral agent of such Canadian Lender in respect of Bank Act Security, and each such Canadian Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the Bank Act Security and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and as are expressly set out in such Bank Act Security, together with such other powers that are reasonably incidental thereto. The Administrative Agent may perform any of its duties hereunder or thereunder by or through its agents, officers or employees, its Affiliates or its Affiliates' agents, officers or employees. In addition, without limiting the foregoing, each Canadian Lender grants to the Administrative Agent a power of attorney, for the purposes of laws applicable to the Bank Act Security from time to time, to sign documents comprising the Bank Act Security from time to time, and also grants to the Administrative Agent the right to delegate its authority as attorney to any other Person, whether or not an officer or employee of the Administrative Agent. Notwithstanding any provision to the contrary elsewhere in this Agreement or the Bank Act Security, the Administrative Agent shall not have any duties or responsibilities except those expressly set forth herein or therein, or any fiduciary relationship with any Canadian Lender or other Secured Party, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or the Bank Act Security or otherwise exist against the Administrative Agent in such capacity. (c) The parties acknowledge that, subject to...
Sample 1
Bank Act Security. 49 5.16 New Locations..............................................49 5.17 Leased and Other Locations of Collateral that are Not Owned......................................49 5.18 Security...................................................50 5.19
Sample 1
Bank Act Security. If at any time, any Lender is a bank to which the Bank Act (Canada) applies, each Loan Party shall, upon any request from Agent on behalf of such Lender, execute and deliver to Agent on behalf of such Lender security under Section 427 of the said Act including, without limitation, a notice of intention to give security, a promise to give security and an assignment, containing terms substantially similar to the existing Collateral Documents charging or creating a security interest in Inventory of such Loan Party and, otherwise in form and substance satisfactory to Agent, together with a legal opinion and report, from a Person or Persons acceptable to Agent, with respect to the execution, delivery and enforceability of such documentation and its proper registration, all in form and substance satisfactory to Agent.
Sample 1
Bank Act Security. What is it? Separate secured transactions regime that is federal, and it is only applicable to banks Although banks generally use the provincial PPSA systems when taking security interests in collateral, there are certain circumstances where a bank will take Bank Act security specifically with farming equipment (very popular in Sask) Why? because the paramountcy of the federal legislation allows xxxxx to ignore provincial farm protection laws This applies to Banks as an alternative kind of security covered by the Bank Act (427-429). It is inferior to a PPSA security interest Section 427 Bank Act security can only be given to a bank (not credit unions) Only specified classes of debtors may grant the security on specified categories of goods BUT, the Bank Act only covers: inventory farm implements fishing boats/equipment aquaculture equipment forestry equipment Nature of the Security 427(2) The bank obtains the same rights as if it had acquired a bill of lading or warehouse receipt covering the property (ie it is non-possessory, but they obtain an interest in the goods) The security attaches to property owned by the debtor, upon delivery of the document to the bank. In respect of after-acquired property clauses, it attaches automatically once the debtor becomes the owner
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Related to Bank Act Security

  • JOB SECURITY 23.01 Subject to the willingness and capacity of individual employees to accept relocation and retraining, the Employer will make every reasonable effort to ensure that any reduction in the work force will be accomplished through attrition.

  • E7 Security The Authority shall be responsible for maintaining the security of the Authority premises in accordance with its standard security requirements. The Contractor shall comply with all security requirements of the Authority while on the Authority premises, and shall ensure that all Staff comply with such requirements.

  • CONTRACT SECURITY 8.2.1 The Contractor shall, prior to the Commencement Date or within the specified time, provide to the Owner any contract security specified in row D.2 of the Information Sheet.

  • Airport Security The Contractor shall be familiar with and conduct its operations in accordance with all regulations and directives of the Authority and the Transportation Security Administration, and any other federal, state or local government having jurisdiction over the airport, with respect to the maintenance of airport security.

  • Bid Security 2.1 Bid security, as a guarantee of good faith, in the form of a certified check, cashier's check, or bidder's bond, may be required to be submitted with this bid document, as indicated on the bid. 2.1.1 Bid security, if required, shall be in the amount specified on the bid. The bid security must be scanned and attached to the “Response Attachments” section of your response or it can be faxed to the Purchasing Office at 000-000-0000. The original bid security should then be sent or delivered to the office of the Purchasing Division, 000 X. 0xx Xx., Xxx. 000, Xxxxxxx, XX 00000 to be received within three (3) days of bid closing. 2.1.2 If bid security is not received in the Office of the Purchasing Division as stated above, the vendor may be determined to be non-responsive. 2.2 If alternates are submitted, only one bid security will be required, provided the bid security is based on the amount of the highest gross bid. 2.3 Such bid security will be returned to the unsuccessful Bidders when the award of bid is made. 2.4 Bid security will be returned to the successful Bidder(s) as follows: 2.4.1 For single order bids with specified quantities: upon the delivery of all equipment or merchandise, and upon final acceptance by the Owners. 2.4.2 For all other contracts: upon approval by the Owners of the executed contract and bonds. 2.5 Owners shall have the right to retain the bid security of Bidders to whom an award is being considered until either: 2.5.1 A contract has been executed and bonds have been furnished. 2.5.2 The specified time has elapsed so that the bids may be withdrawn. 2.5.3 All bids have been rejected. 2.6 Bid security will be forfeited to the Owners as full liquidated damages, but not as a penalty, for any of the following reasons, as pertains to this specification document: 2.6.1 If the Bidder fails or refuses to enter into a contract on forms provided by the Owners, and/or if the Bidder fails to provide sufficient bonds or insurance within the time period as established in this specification document.

  • Tender Security 18.1 The Tenderer shall furnish as part of its Tender, either a Tender-Securing Declaration or a Tender Security, as specified in the TDS, in original form and, in the case of a Tender Security, in the amount and currency specified in the TDS. 18.2 A Tender Securing Declaration shall use the form included in Section IV, Tendering Forms. 18.3 If a Tender Security is specified pursuant to ITT 18.1, the Tender Security shall be a demand guarantee in any of the following forms at the Tenderer option: i) cash; ii) a bank guarantee; iii) a guarantee by an insurance company registered and licensed by the Insurance Regulatory Authority listed by the Authority; or

  • Employment Security 28.1 The parties to this agreement agree to maximise the continuity of employment for existing and future employees and to ensure that permanent employment opportunities and the opportunity for promotion transfer and re-training or upskilling are not eliminated, reduced or eroded. 28.2 The Employer recognises that the use of subcontractors and labour hire may affect the job security of current and future employees covered by this Agreement. 28.3 As soon as practicable after being awarded a contract and prior to engaging subcontractors to perform work in the classifications covered by this agreement, the employer shall inform the Union Delegate (where applicable) which subcontractors it intends to use for the project. 28.4 The application of this Employment Security clause shall recognise geographical and commercial circumstances. In these circumstances the Employer and the Union may agree to vary the requirements of clause 28 on a project-by-project basis. Negotiations are to be conducted in good faith and agreement will not be unreasonably withheld.

  • Portfolio Security Portfolio Security will mean any security owned by the Fund.

  • Mobile Deposit Security You will complete each deposit promptly. If you are unable to complete your deposit promptly, you will ensure that your mobile device remains securely in your possession until the deposit has been completed. It is your responsibility to establish and maintain procedures to safeguard against unauthorized deposits. You will notify us immediately by telephone with written confirmation if you learn of any loss or theft of original checks. You will ensure the safety and integrity of original checks from the time of receipt until the time of destruction. If warranted in our reasonable judgment, we may audit and monitor you, and you agree to cooperate with us to permit such monitoring, to confirm that you have satisfied your obligations under this Agreement.

  • UNION SECURITY 7.01 The Employer shall deduct monthly from the pay due to each employee who is covered by this Agreement a sum equal to the monthly Union dues of each such employee. Where an employee has no earnings during the first payroll period, the deduction shall be made in the next payroll period where the employee has earnings, within that month. The Union shall notify the employer in writing of the amount of such dues from time to time. The Employer will send to the Union its cheque for the dues so deducted in the month following the month in which the dues are deducted. When arrears or adjustments are submitted retroactively, the dues month and an explanation will accompany any such dues. 7.02 The Employer shall provide the Union with a list showing the first and last names and Social Insurance Numbers of all employees from whom deductions have been made. The report will identify the name of the facility and the month from which the dues are remitted. The Employer will also identify job classification (where the bargaining unit includes classifications, employees paid less than RNs) and status (i.e. full-time, part-time) of the employees, all terminations, newly hired employees (including start date, where the existing system allows for the information without cost), and employees on Leaves of Absence. On a quarterly basis, the Home will also provide the members’ current addresses and phone numbers, shown on the Employer’s personnel records. The Employer will endeavour to provide information in electronic format if the Employer has the technology. The Union may forward any questions with respect to individual employees in writing (or e-mail) to the Administrator (or designate). The employer will respond to such requests with any information it has which is readily available, within two weeks. 7.03 The Employer shall provide each employee with a T4 Supplementary slip showing the dues deducted in the previous year for income tax purposes where such information is or becomes readily available through the employer's payroll system. 7.04 The Union shall indemnify and save the Employer harmless with respect to dues so deducted and remitted.

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