Escrow environment Sample Clauses

Escrow environment setup (a) In order to set-up the Escrow environment to the Escrow setup completion Borrower shall and undertakes to promptly make all necessary or advisable actions, mainly execute all actions of borrower as described in the respective guide (as revised from time to time) published on the Platform and follow any other instructions published on or reasonably given by or through the Platform, including, but not limited to, using the dedicated software tool (app) provided by the Platform. (b) For the avoidance of doubt, obligation of Borrower under Clause 4.2(a) entails, among other actions, transfer of the Initial Collateral into Escrow environment. (c) If the Borrower (i) breaches the obligation under Clause 4.2(a), and (ii) as a consequence thereof, the Escrow setup completion will not occur at latest two (2) business days prior the Loan provision date, Lender shall be entitled to, and Borrower undertakes to pay on demand of the Lender, a contractual penalty (in czech smluvní xxxxxx) in the amount calculated as 1 % of the Loan amount. (d) Should the Escrow setup completion not occur at latest two (2) business days prior the Loan provision date, this Agreement shall automatically terminate unless Xxxxxx decides, in their own discretion, to execute payment necessary for Loan disbursement anyway an executes such payment at latest on Loan provision date. For the avoidance of doubt, this termination shall not preclude or otherwise prejudice rights of Lender, if any, based on the breach of Borrower's obligations under this Agreement prior to termination, including, but not limited to, the right under Clause 4.2(c). (e) For the avoidance of doubt, Escrow setup completion will not occur at latest two (2) business days prior the Loan provision date if the period beginning on the first day (including) following the day when the Escrow setup completion occurred and ending on the Loan provision date (including) encompasses less than two (2) business days. (f) In this Article (4.2) “business days” shall mean any day on which commercial banks are open to the public for general business (including money transfers) in Czech Republic.
Sample 1
AutoNDA by SimpleDocs

Related to Escrow environment

  • Work Environment It is mutually agreed that the prevention of accidents and injuries to state employees will result in greater efficiency of operations of state government. Toward this end, the Employer shall make every reasonable effort to provide and maintain safe and healthy working conditions and the Union shall fully cooperate by encouraging all employees to perform their assigned tasks in a safe manner.

  • Safe Environment The School shall maintain a safe learning environment at all times. The School shall develop and adhere to a safety plan, which shall be provided to the Commission.

  • Environment Each of the Obligors: (a) is in compliance with all applicable federal, state, local, foreign and international laws, regulations, conventions and agreements relating to pollution prevention or protection of human health or the environment (including, without limitation, ambient air, surface water, ground water, navigable waters, water of the contiguous zone, ocean waters and international waters), including without limitation, laws, regulations, conventions and agreements relating to: (i) emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous materials, oil, hazard substances, petroleum and petroleum products and by-products (“Materials of Environmental Concern”); or (ii) the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (such laws, regulations, conventions and agreements the “Environmental Laws”); (b) has all permits, licences, approvals, rulings, variances, exemptions, clearances, consents or other authorisations required under applicable Environmental Laws (“Environmental Approvals”) and are in compliance with all Environmental Approvals required to operate its business as presently conducted or as reasonably anticipated to be conducted; (c) has not received any notice, claim, action, cause of action, investigation or demand by any other person, alleging potential liability for, or a requirement to incur, investigatory costs, clean-up costs, response and/or remedial costs (whether incurred by a governmental entity or otherwise), natural resources damages, property damages, personal injuries, attorney’s fees and expenses or fines or penalties, in each case arising out of, based on or resulting from: (i) the presence or release or threat of release into the environment of any Material of Environmental Concern at any location, whether or not owned by such person; or (ii) circumstances forming the basis of any violation, or alleged violation, of any Environmental Law or Environmental Approval (“Environmental Claim”); and there are no circumstances that may prevent or interfere with such full compliance in the future. There is no Environmental Claim pending or threatened against any of the Obligors. There are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release, emission, discharge or disposal of any Material of Environmental Concern, that could form the basis of any Environmental Claim against any of the Obligors.

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