Maintenance of Security Cover Sample Clauses

Maintenance of Security Cover. The Borrower shall not borrow and / or create or permit to subsist any Security Interest over any of the Secured Assets if as a result of such borrowing or creation of Security Interest, the Borrower is not in a position to continue the security cover of 1.33 times of the aggregate value of the Secured Assets over the Total Indebtedness including the Future Indebtedness proposed to be incurred by the Borrower.
Sample 1
AutoNDA by SimpleDocs
Maintenance of Security Cover. Where the user is required to provide security cover in accordance with the terms of paragraph 1.1 it shall at all times thereafter maintain a Security Amount equal to or more than the Security Cover applicable to it. Immediately upon any reduction occurring in the Security Amount provided by the User or any Letter of Credit or Qualifying Guarantee being for any reason drawn down or demanded respectively, the User will procure that new Letters of Credit or Qualifying Guarantees are issued or existing Letters of Credit or Qualifying Guarantees are reinstated (to the satisfaction of NGC) to their full value or cash is placed to the credit of the Escrow Account in an amount required to restore the Security Amount to an amount at least equal to the Security Cover applicable to the User, and in such proportions of Letters of Credit, Qualifying Guarantees and/or cash as the User may determine. Not later than 10 Business Days before any outstanding Letter of Credit and/or Qualifying Guarantee is due to expire, the User shall procure to the satisfaction of NGC that its required Security Amount will be available for a further period of not less than 6 months which may be done in one of the following ways:-
Sample 1
Maintenance of Security Cover each Supplier shall be required to provide and at all times thereafter maintain a Security Amount equal to or more than the Security Cover applicable to it in such aggregate amount as shall be set from time to time in accordance with this Part 3. Immediately upon any reduction occurring in the Security Amount provided by any Supplier or any Letter of Credit being for any reason drawn down (and including the deemed making of any loan to that Supplier under the provisions of paragraph 21.1.3 or 21.1.5) the Supplier will procure that new Letters of Credit are issued or existing Letters of Credit are reinstated (to the satisfaction of the Pool Funds Administrator) to their full value or cash is placed to the credit of the Pool Reserve Account in an amount required to restore the Security Amount to an amount at least equal to the Security Cover applicable to the Supplier, and in such proportions of Letters of Credit and cash as this Part 3 requires. Not later than 10 Business Days before any outstanding Letter of Credit is due to expire, the Supplier providing such Letter of Credit shall procure to the satisfaction of the Pool Funds Administrator that is required Security Amount will be available for a further period not less than 12 months which may be done in one of the following ways:
Sample 1
Maintenance of Security Cover. Each Providing Member and the Grid Operator shall be required to provide and at all times thereafter maintain a Security Amount equal to or more than the Security Cover applicable to it in such aggregate amount as shall be set from time to time in accordance with this Part 3. Immediately upon any reduction occurring in the Security Amount provided by any Providing Member or the Grid Operator or any Letter of Credit being for any reason drawn down (and including the deemed making of any loan to that Providing Member or the Grid Operator under the provisions of paragraph 21.1.3 or 21.1.5) the Providing Member or (as the case may be) the Grid Operator will procure that new Letters of Credit are issued or existing Letters of Credit are reinstated (to the satisfaction of the Pool Funds Administrator) to their full value or that cash is placed to the credit of the Pool Reserve Account in an amount required to restore the Security Amount to an amount at least equal to the Security Cover applicable to the Providing Member or (as the case may be) the Grid Operator and in such proportions of Letters of Credit and cash as this Part 3 requires. Not later than 10 Business Days before any outstanding Letter of Credit is due to expire, the Providing Member or the Grid Operator providing such Letter of Credit shall procure to the satisfaction of the Pool Funds Administrator that its required Security Amount will be available for a further period of not less than 12 months which may be done in one of the following ways:-
Sample 1
Maintenance of Security Cover a) The Company shall at all times ensure that the Security Cover is maintained in terms of this Deed and as set out in the relevant pricing supplement issued/to be issued by the Company.
Sample 1

Related to Maintenance of Security Cover

  • Maintenance of Security Interest (a) Such U.S. Pledgor shall maintain the security interest created by this Agreement in such U.S. Pledgor’s Pledged Collateral as a security interest having at least the perfection and priority described in subsection 4.3.4 or subsection 4.3.5, as applicable and shall defend such security interest against the claims and demands of all Persons whomsoever. At any time and from time to time, upon the written request of the ABL Collateral Agent and at the sole expense of such U.S. Pledgor, such U.S. Pledgor will promptly and duly execute and deliver such further instruments and documents and take such further actions as the ABL Collateral Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted by such U.S. Pledgor; provided, that notwithstanding any other provision of this Agreement or any other Loan Documents, neither the Parent Borrower nor any other U.S. Pledgor will be required to (i) take any action in any jurisdiction other than the United States of America, or required by the laws of any such non-U.S. jurisdiction, or enter into any security agreement or pledge agreement governed by the laws of any such non-U.S. jurisdiction, in order to create any security interests (or other Liens) in assets located or titled outside of the United States of America or to perfect any security interests (or other Liens) in any Collateral, (ii) deliver control agreements with respect to, or confer perfection by “control” over, any deposit accounts, bank or securities account or other Collateral, except (A) as required by subsection 4.16 of the ABL Credit Agreement and (B) in the case of Security Collateral that constitutes Capital Stock or Pledged Notes in certificated form, delivering such Capital Stock or Pledged Notes to the ABL Collateral Agent (or another Person as required under any applicable Intercreditor Agreement), (iii) take any action in order to perfect any security interests in any assets specifically requiring perfection through control (including cash, cash equivalents, deposit accounts or securities accounts) constituting Excluded Assets (except, in each case, to the extent consisting of proceeds perfected by the filing of a financing statement under the Code or, in the case of Pledged Stock, by being held by the ABL Collateral Agent or an Additional Agent as agent for the ABL Collateral Agent), (iv) deliver landlord lien waivers, estoppels or collateral access letters or (v) file any fixture filing with respect to any security interest in Fixtures affixed to or attached to any real property constituting Excluded Assets.

  • Maintenance of Security Interests The Borrower will:

  • Maintenance of Security Interests in Vehicles (a) Consistent with the policies and procedures required by this Agreement, the Servicer shall take such steps on behalf of the Trust as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle, including, but not limited to, obtaining the execution by the Obligors and the recording, registering, filing, re-recording, re-filing, and re-registering of all security agreements, financing statements and continuation statements as are necessary to maintain the security interest granted by the Obligors under the respective Receivables. The Trust Collateral Agent hereby authorizes the Servicer, and the Servicer agrees, to take any and all steps necessary to re-perfect such security interest on behalf of the Trust as necessary because of the relocation of a Financed Vehicle or for any other reason. In the event that the assignment of a Receivable to the Trust is insufficient, without a notation on the related Financed Vehicle’s certificate of title, or without fulfilling any additional administrative requirements under the laws of the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the Trust, the Servicer hereby agrees that the designation of AmeriCredit or an Originating Affiliate (which may be accomplished by the use of a properly registered DBA name in the applicable jurisdiction) as the secured party on the Lien Certificate is in its capacity as Servicer as agent of the Trust.

  • Preservation of Security 6.1. It is hereby agreed and declared that:

  • Protection of Security Each Grantor shall, at its own cost and expense, take any and all actions necessary to defend title to the Collateral against all persons and to defend the Security Interest of the Collateral Agent in the Collateral and the priority thereof against any Lien not expressly permitted pursuant to Section 6.02 of the Credit Agreement.

  • Protection of Security Interest With respect to the Collateral Portfolio acquired by the Borrower, the Borrower will (i) acquire such Collateral Portfolio pursuant to and in accordance with the terms of the Contribution Agreement, (ii) at the expense of the Servicer, on behalf of the Borrower take all action necessary to perfect, protect and more fully evidence the Borrower’s ownership of such Collateral Portfolio free and clear of any Lien other than the Lien created hereunder and Permitted Liens, including, without limitation, (a) with respect to the Loan Assets and that portion of the Collateral Portfolio in which a security interest may be perfected by filing, filing and maintaining (at the expense of the Servicer, on behalf of the Borrower) effective financing statements against the Transferor in all necessary or appropriate filing offices, (including any amendments thereto or assignments thereof) and filing continuation statements, amendments or assignments with respect thereto in such filing offices, (including any amendments thereto or assignments thereof) and (b) executing or causing to be executed such other instruments or notices as may be necessary or appropriate, (iii) at the expense of the Servicer, on behalf of the Borrower, take all action necessary to cause a valid, subsisting and enforceable first priority perfected security interest, subject only to Permitted Liens, to exist in favor of the Collateral Agent (for the benefit of the Secured Parties) in the Borrower’s interests in all of the Collateral Portfolio being Pledged hereunder including the filing of a UCC financing statement in the applicable jurisdiction adequately describing the Collateral Portfolio (which may include an “all asset” filing), and naming the Borrower as debtor and the Collateral Agent as the secured party, and filing continuation statements, amendments or assignments with respect thereto in such filing offices (including any amendments thereto or assignments thereof), (iv) permit the Administrative Agent or its agents or representatives to visit the offices of the Borrower during normal office hours and upon reasonable advance notice examine and make copies of all documents, books, records and other information concerning the Collateral Portfolio and discuss matters related thereto with any of the officers or employees of the Borrower having knowledge of such matters, and (v) take all additional action that the Administrative Agent or the Collateral Agent may reasonably request to perfect, protect and more fully evidence the respective first priority perfected security interests of the parties to this Agreement in the Collateral Portfolio, or to enable the Administrative Agent or the Collateral Agent to exercise or enforce any of their respective rights hereunder.

  • Perfection of Security The Borrower must (at its own cost) take any action and enter into and deliver any document which is required by the Lender so that a Security Document provides for effective and perfected security in favor of any successor of the Lender, including (but not limited to), promptly after the date hereof:

  • Preservation of Security Interest The Servicer (at its own expense, on behalf of the Borrower) will file such financing and continuation statements and any other documents that may be required by any law or regulation of any Governmental Authority to preserve and protect fully the first priority perfected security interest of the Collateral Agent, for the benefit of the Secured Parties, in, to and under the Loan Assets and that portion of the Collateral Portfolio in which a security interest may be perfected by filing.

  • Xxxxx of Security Interest The Trust hereby pledges to and grants the Custodian a security interest in the assets of any Fund to secure the payment of any liabilities of the Fund to the Custodian for money borrowed from the Custodian. This pledge is in addition to any other pledge of collateral by the Trust to the Custodian.

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