Financial Exposure Sample Clauses

Financial Exposure. You should fully understand the description of margin arrangements and of how you can be required to put up additional money even after your initial trade. See the section headed “Risk”.
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Financial Exposure. 13.3.1 Incur no debt and grant no guarantee to and/or in favour of anybody except in the ordinary course of business, without the prior written consent of the Bank, which shall not be unreasonably withheld. 13.3.2 Not give any loans or credits or advances to any person, or entity without the previous consenting opinion of the Bank which shall not be unreasonably withheld; 13.3.3 Not declare or pay any dividends or other distribution in case of an Event of Default without the prior written consent of the Bank; 13.3.4 Not transfer, sell or otherwise dispose any of its real or personal property, assets or rights, whether present or future, without the prior written consent of the Bank or allow any part of its undertaking, property, assets or rights, whether present or future, to be mortgaged, charged, pledged, used as a lien (except for lien created by law) or otherwise encumbered without the prior written consent of the Bank; 13.3.5 Ensure that the Indebtedness of the Borrower to the Bank hereunder will not be subordinated in priority of payment to any other present or future claim. 13.3.6 Ensure that the Borrower or the Corporate Guarantor will maintain throughout the Facility Period in an account with the Bank free and unencumbered (save in favour of the Bank) minimum liquidity balances equal to United States Dollars three thousand (USD300,000). 13.3.7 Ensure that the aggregate debt to equity ratio of the vessels owned by the Corporate Guarantor will not exceed 75% of their aggregate current market values obtained on a charter free basis by a broker appointed by and reporting to the Bank, the latter having the right to obtain such valuations on a quarterly basis. 13.3.8 Ensure that the minimum Net Worth of the Corporate Guarantor listed in Nasdaq will be United States Dollars fifteen million (USD15,000,00). 13.3.9 Not without the Bank’s prior written consent assign, novate or in any other way transfer any of its rights or obligations under or pursuant to the Master Swap Agreement, nor enter into any interest rate exchange or hedging agreement with anyone other than the Bank, nor any other agreement or commitment the effect of which is, in the opinion of the Bank, materially to prejudice the hedging of the Borrower’s interest rate risk effected by the Transaction from time to time entered into between the Borrower and the Bank.
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Financial Exposure. 13.3.1. Incur no further debt and grant no guarantee to and/or in favour of anybody without the prior written consent of the Bank, except in the normal course of the Vessel’s operations. 13.3.2. Not give any loans or credits or advances to any person, or entity without the prior written consent of the Bank; 13.3.3. Not declare or pay any dividends or other distribution without the prior written consent of the Bank; 13.3.4. Except as permitted by this Agreement and the other Security Documents not pay out any funds to any company or person but only in connection with the administration of the Borrower, the operation and/or the repair(s) of the Vessel; 13.3.5. Not transfer, sell or otherwise dispose any of their real or personal property, assets or rights, whether present or future, without the prior written consent of the Bank or allow any part of its undertaking, property, assets or rights, whether present or future, to be mortgaged, charged, pledged, used as a lien or otherwise encumbered without the prior written consent of the Bank; 13.3.6. Ensure that the Indebtedness of the Borrower and of any other Security Party to the Bank hereunder will not be subordinated in priority of payment to any other present or future claim. Clause 13.3.6. shall not apply to any Security Party which is a shipowner.
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Related to Financial Exposure

  • Circumstances Affecting LIBOR Rate Availability In connection with any request for a LIBOR Rate Loan or a conversion to or continuation thereof, if for any reason (i) the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable amount and Interest Period of such Loan, (ii) the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for the ascertaining the LIBOR Rate for such Interest Period with respect to a proposed LIBOR Rate Loan or (iii) the Required Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that the LIBOR Rate does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest Period, then the Administrative Agent shall promptly give notice thereof to the Borrower. Thereafter, until the Administrative Agent notifies the Borrower that such circumstances no longer exist, the obligation of the Lenders to make LIBOR Rate Loans and the right of the Borrower to convert any Loan to or continue any Loan as a LIBOR Rate Loan shall be suspended, and the Borrower shall either (A) repay in full (or cause to be repaid in full) the then outstanding principal amount of each such LIBOR Rate Loan together with accrued interest thereon (subject to Section 5.1(d)), on the last day of the then current Interest Period applicable to such LIBOR Rate Loan; or (B) convert the then outstanding principal amount of each such LIBOR Rate Loan to a Base Rate Loan as of the last day of such Interest Period.

  • Reallocation of Pro Rata Share to Reduce Fronting Exposure During any period in which any Revolving Credit Lender is a Defaulting Lender, for purposes of computing the amount of the obligation of each Revolving Credit Lender that is a Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit or Swing Line Loans pursuant to Section 2.03, the “Pro Rata Share” of each Non-Defaulting Lender’s Revolving Credit Loans and L/C Obligations shall be computed without giving effect to the Revolving Credit Commitment of that Defaulting Lender; provided that (i) each such reallocation shall be given effect only if, at the date the applicable Revolving Credit Lender becomes a Defaulting Lender, no Default or Event of Default has occurred and is continuing; and (ii) the aggregate obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line Loans shall not exceed the positive difference, if any, of (1) the Revolving Credit Commitment of that Non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Revolving Credit Loans of that Non-Defaulting Lender. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. If the allocation described in this clause (iv) cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and (y) second, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures satisfactory to such L/C Issuer (in its sole discretion).

  • Reallocation of Applicable Revolving Percentages to Reduce Fronting Exposure All or any part of such Defaulting Lender’s participation in L/C Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Revolving Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. Subject to Section 11.20, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

  • Financial Exigency 14.01 The termination of the employment of any Employee because of financial exigency shall only occur after a declaration of financial exigency by the Board of Governors. 14.02 The Board of Governors shall not declare a state of financial exigency except on bona fide financial grounds. 14.03 If the Board of Governors believes a financial exigency exists it shall give notice to the Union of that belief together with a statement of the financial reasons for that belief and shall establish a financial commission of three (3) persons. The Board of Governors shall consult the Union to establish an agreed list of names from whom these three (3) shall be chosen. The three (3) persons shall be selected by the Board of Governors within thirty (30) days of the decision to establish a financial commission. The terms of reference of the commission shall be: 14.03.1 to assess whether in the light of a full examination of the University's financial situation a bona fide financial exigency exists; 14.03.1.1 the commission shall have access to all that financial information referring to the operations, assets and the ancillary enterprises of the University which is necessary to make a judgment as to whether there is a financial exigency or not; 14.03.1.2 the commission shall invite submissions or written representations from the Union, the faculty and the student representative council; 14.03.1.3 the occurrence of an operating deficit in any given year shall not necessarily constitute a bona fide financial exigency; 14.03.2 to make recommendations, if it sees fit, as to what measures might be taken, whether through reductions of academic staff or other means, to resolve the exigency; 14.03.3 to assess whether a decision to resolve the financial exigency through reductions of academic staff is necessary. 14.04 The report of the commission shall be advisory to the Board of Governors. The report shall be submitted to the Board of Governors within twenty (20) Days of the commission being constituted. After receiving the report the Board shall make a decision as to whether or not a financial exigency exists, and shall promptly communicate this decision to the President, the Senate and the Union. The Board may not unreasonably disagree with the report of the commission. If the Board declares that a state of financial exigency exists it shall make the report of the commission available to the Senate and the Union. 14.05 It is the responsibility of the Senate to recommend the general areas, by discipline, in which reductions are to be made. 14.05.1 Within twenty (20) Days of receiving the commission's report, the Senate shall make its recommendations to the President. If the President does not accept all the recommendations of the Senate he or she shall, within twenty (20) Days of receiving them, convoke a meeting of the Senate to discuss his or her reasons for rejecting or modifying them. Within thirty (30) Days of this meeting the President shall communicate his or her final decisions to the Departments with a statement of all the reasons of which the decisions are based. 14.05.2 The decision of the President shall not be subject to arbitration procedures as set out in Article 15 of this Agreement unless the grievance to be submitted to arbitration is based on an alleged violation of Article 2.04, Article 2.05 or Article

  • LC Exposure Determination For all purposes of this Agreement, the amount of a Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at the time of determination.