Compliance with the Law for Subcontractors Sample Clauses

Compliance with the Law for Subcontractors. MSRC will include in its contracts with MSRC Subcontractors a provision requiring those subcontractors to abide by and observe all applicable Federal, state, and local laws, rules, and regulations.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
Compliance with the Law for Subcontractors. MSRC will include in its contracts with subcontractors a provision requiring those subcontractors to abide by and observe all applicable Federal, state, and local laws, rules, and regulations. The COMPANY has, and will maintain during the term of this Agreement, Financial Responsibility for each Covered Vessel. If more than one Covered Vessel is covered by the same method of Financial Responsibility, the COMPANY’s demonstration of Financial Responsibility for the Covered Vessel with the largest limit of liability under OPA will satisfy the demonstration requirement for all Covered Vessels with lesser limits of liability. The COMPANY may demonstrate Financial Responsibility by the following methods: 1. Investment Grade Rating. The COMPANY maintains an Investment Grade Rating of AAA, AA, A, BBB or any variation thereof not lower than BBB-, or Aaa, Aa, A, Baa or any variation thereof not lower than Baa3, or a commercial paper rating of A1, A2 or Prime-1, Prime-2, or the equivalent as established by Standard and Poor's, Xxxxx'x, Xxxx and Xxxxxx, or Fitch Investors Service. 2. Evidence of Financial Responsibility Issued by by a Federal or State Governmental Body. The COMPANY provides MSRC with a certificate of financial responsibility (“COFR”), evidence of its oil spill financial responsibility (“OSFR”) or other such evidence of Financial Responsibility issued by the Federal or State Governmental Body. The COMPANY will provide copies of its COFRs or other evidence of its Financial Responsibility to MSRC upon execution of this Agreement and annually thereafter.
Sample 1
Compliance with the Law for Subcontractors. MSRC will include in its contracts with subcontractors a provision requiring those subcontractors to abide by and observe all applicable Federal, state, and local laws, rules, and regulations. The COMPANY has, and will maintain during the term of this Agreement, Financial Responsibility for each Covered Vessel and Covered Facility. If more than one Covered Vessel or Covered Facility is covered by the same method of Financial Responsibility, the COMPANY’s demonstration of Financial Responsibility for the Covered Vessel or Covered Facility with the largest limit of liability under OPA will satisfy the demonstration requirement for all Covered Vessels and Covered Facilities with lesser limits of liability. The COMPANY may demonstrate Financial Responsibility by the following methods: 1. Investment Grade Rating. The COMPANY maintains an Investment Grade Rating of AAA, AA, A, BBB or any variation thereof not lower than BBB-, or Aaa, Aa, A, Baa or any variation thereof not lower than Baa3, or a commercial paper rating of A1, A2 or Prime-1, Prime-2, or the equivalent as established by Standard and Poor's, Moody's, Xxxx and Xxxxxx, or Xxxxx Investors Service. 2. Evidence of Financial Responsibility Issued by by a Federal or State Governmental Body. The COMPANY provides MSRC with a certificate of financial responsibility (“COFR”), evidence of its oil spill financial responsibility (“OSFR”) or other such evidence of Financial Responsibility issued by the Federal or State Governmental Body. The COMPANY will provide copies of its COFRs or other evidence of its Financial Responsibility to MSRC upon execution of this Agreement and annually thereafter.
Sample 1

Related to Compliance with the Law for Subcontractors

  • Compliance with the Laws ISSUER has complied with, and is not in violation of any federal, state or local statue, law, and/or regulation pertaining to ISSUER. ISSUER has complied with all federal and state securities laws in connection with the issuance, sale and distribution of its securities.

  • Compliance with the Law The Parties agree to comply fully with all applicable federal, state, and local statutes, ordinances, rules, and regulations applicable to their entity in connection with the programs contemplated under this Agreement.

  • Compliance with the Laws and Agreements; No Defaults (a) Each of the Borrower and each Subsidiary is in compliance with all Governmental Requirements applicable to it or its Property and all agreements and other instruments binding upon it or its Property, and possesses all licenses, permits, franchises, exemptions, approvals and other governmental authorizations necessary for the ownership of its Property and the conduct of its business, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. (b) Neither the Borrower nor any Subsidiary is in default nor has any event or circumstance occurred which, but for the expiration of any applicable grace period or the giving of notice, or both, would constitute a default or would require the Borrower or a Subsidiary to Redeem or make any offer to Redeem under any indenture, note, credit agreement or instrument pursuant to which any Material Indebtedness is outstanding or by which the Borrower or any Subsidiary or any of their Properties is bound. (c) No Default has occurred and is continuing.

  • Compliance with OFAC Rules and Regulations None of the Credit Parties or their Subsidiaries or their respective Affiliates (a) is a Sanctioned Person, (b) has more than 15% of its assets in Sanctioned Countries, or (c) derives more than 15% of its operating income from investments in, or transactions with Sanctioned Persons or Sanctioned Countries. No part of the proceeds of any Extension of Credit hereunder will be used directly or indirectly to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country.

  • Compliance with Texas Privacy Laws and Regulations In performing their respective obligations under the Agreement, the LEA and the Provider shall comply with all Texas laws and regulations pertaining to LEA data privacy and confidentiality, including but not limited to the Texas Education Code Chapter 32, and Texas Government Code Chapter 560.

  • Compliance with terms of insurances The Borrower shall procure that no Owner shall do or omit to do (or permit to be done or not to be done) any act or thing which would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable thereunder repayable in whole or in part; and, in particular: (a) each Owner shall take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and (without limiting the obligation contained in Clause 13.7(c) above) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Security Trustee has not given its prior approval; (b) no Owner shall make any changes relating to the classification or classification society or manager or operator of the Ship owned by it unless approved by the underwriters of the obligatory insurances; (c) each Owner shall make all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which the Ship owned by it is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation); and (d) no Owner shall employ the Ship owned by it, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.

  • Compliance with TIA Every amendment, waiver or supplement of this Indenture or the Securities shall comply with the TIA as then in effect.

  • Subcontractor Requirements The Supplier must ensure that any subcontract entered into for the purpose of this Agreement contains an equivalent clause granting the rights specified in this clause.

  • Compliance with OFAC None of the Company and its Subsidiaries or, to the Company’s knowledge, any director, officer, agent, employee or affiliate of the Company and its Subsidiaries or any other person acting on behalf of the Company and its Subsidiaries, is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”), and the Company will not, directly or indirectly, use the proceeds of the Offering hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

  • Compliance with Terms Such Grantor will perform and comply with all obligations in respect of the Collateral owned by it and all agreements to which it is a party or by which it is bound relating to such Collateral.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!