Obligation to Grant Security Sample Clauses

Obligation to Grant Security payment default (a) If ARTC does not already hold Security, then, subject to (b) The Security referred to in clause 7.2(a) will be provided by the Access Holder within seven days of the Access Holder receiving a request from ARTC. ARTC may only serve such a notice on the Access Holder under this clause 7.2
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Obligation to Grant Security. (a) The Security Deposit (if applicable) shall initially be for the amount specified in Item 5 of the Reference Schedule. If a Security Deposit is applicable the Access Holder must deliver to QR, prior to the operation of Train Services, security for the performance of the Access Holder’s obligations under this Agreement in the form of: (i) an unconditional and irrevocable bank guarantee (or equivalent) issued by a bank holding a current Australian banking licence; or (ii) any other security reasonably acceptable to QR and containing such other terms and conditions as are reasonably acceptable to QR. (b) Where the Access Holder has delivered a Security Deposit to QR in the form of cash, QR will pay interest to the Access Holder annually at the Security Interest Rate published on the day the Security Deposit is provided. The Security Interest Rate shall be reset on the first business day of each Month (“Reset Date”) for that Month. Such interest shall be capitalised at each Reset Date and such capitalised interest shall itself bear interest at the Security Interest Rate. (c) The Access Holder may, with QR’s consent, replace any Security Deposit provided by the Access Holder in accordance with this Clause with another form of Security Deposit acceptable to QR. If the Access Holder replaces the Security Deposit with another form of Security Deposit then QR will release the initial Security Deposit in accordance with Clause 2.6(b). (d) The provision and continuance of the Security Deposit (or of any additional or replacement Security Deposit provided by the Access Holder in accordance with Clause 2.4(c) or Clause 2.4(f)) is a condition of the performance by QR of its obligations under this Agreement. (e) If at any time during the Term QR does not hold a Security Deposit from the Access Holder, the Access Holder must provide a Security Deposit within fourteen (14) days after receipt of a notice from QR where: (i) an event of default by the Access Holder in regard to payment of any amount due under this Agreement has occurred, that event of default is not the subject of a bona fide dispute between the Parties and such default continues for seven
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Obligation to Grant Security. (a) Subject to clause 4.10(b), the Operator must deliver to ARTC and keep current at all times during the Term, security for the Operator’s obligations under this Agreement in the form of an unconditional and irrevocable bank guarantee, letter of credit, performance or insurance bond (“Security”) issued by a bank holding an Australian banking licence or such other reputable person or institution accepted by ARTC in the amount of the average of 4 weeks Charges and containing such other terms and conditions acceptable to ARTC. (b) The Security referred to in clause 4.10(a) must be provided by the Operator within seven (7) days of the Operator receiving a notice from ARTC requesting the same. ARTC may only serve such a notice on the Operator under this clause 4.10(b) if the Operator has defaulted in the payment of any monies owed by it to ARTC under this Agreement and has not remedied that default before the expiry of seven (7) days. (c) The request for the Security by ARTC is in addition to and without derogation from any other rights ARTC may exercise against the Operator by reason of the breach of the Agreement. Subject to clause 4.10(d), the continuance of the Security (or any replacement thereof under clause 4. 10(b)) is a condition of the performance by ARTC of its obligations under this Agreement. The decision of ARTC to issue a notice under clause 4. 10(b) is not subject to clause 17. (d) If, after Security has been provided in accordance with this clause, the Operator has not been in default in the payment of monies owed by it to ARTC under this Agreement for a continuous period of three (3) months, ARTC will, on request of the Operator, notify it that the Security is no longer required and forthwith release the Security to the Operator. This clause 4.10(d) does not preclude ARTC from issuing a further notice under clause 4. 10(b) if the circumstances described in that clause apply. (e) The amount of the Security will be reviewed every 12 months from the Commencement Date. The results of the review are not subject to clause 17. (f) The term of the Security must be for the same or a greater period than the Term under clause 3. The term of the Security must be extended to at least match any extension of the Term. (g) Upon expiry of the Agreement, ARTC shall release the Security to the Operator provided that at such time the Operator is not in default in the payment of any monies owed by it to ARTC under this Agreement.
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Obligation to Grant Security. (a) Subject to clause 4.6(b), the Operator must deliver to TfNSW, and keep current at all times during the Term, security for the Operator’s obligations under this Agreement in the form of an unconditional and irrevocable bank guarantee, (“Security”) issued by a bank holding an Australian banking licence or such other reputable person or institution accepted by TfNSW in the amount of 3 months Charges or $15,000, whichever is greater and containing such other terms and conditions acceptable to TfNSW. (b) The Security referred to in clause 4.6(a) must be provided by the Operator to TfNSW prior to the Commencement Date. (c) The Security referred to in clause 4.6(a) is in addition to and without derogation from any other rights TfNSW may exercise against the Operator by reason of the breach of the Agreement. Subject to clause 4.6(d), the continuance of the Security (or any replacement thereof under clause 4.7(b)) is a condition of the performance by TfNSW of its obligations under this Agreement. (d) NOT USED. (e) If the security has been granted under this clause 4.6 the amount of the Security will be updated every 12 months from the Commencement Date to reflect the then current amount of the 3 months Charges or $15,000, whichever is greater. (f) The term of the Security must be for the same or a greater period than the Term. The term of the Security must be extended to at least match any extension of the Term. (g) Upon expiry or termination of the Agreement, TfNSW shall release the Security to the Operator provided that at such time the Operator is not in default in the payment of any monies owed by it to TfNSW under this Agreement or in breach of any of its obligations under this Agreement.
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Obligation to Grant Security a) Subject to clause 4.8(b), the Operator must deliver to ARTC and keep current at all times during the Term, security for the Operator’s obligations under this Agreement in the form of an unconditional and irrevocable bank guarantee, letter of credit, performance or insurance bond (“Security”) issued by a bank holding an Australian banking licence or such other reputable person or institution accepted by ARTC in the amount of the average of 4 weeks Charges and containing such other terms and conditions acceptable to ARTC. b) The Security referred to in clause 4.8 must be provided by the Operator within seven
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Obligation to Grant Security. Sub-clause 4.8(b) provides for security to be given if the operator defaults in the payment of monies and does not remedy that default within 7 days. As previously requested, it is reasonable to expect that an operator would be given written notice of a default prior to security being required. Further, sub-clause 4.8 (e) provides that if security is required, it will be reviewed every 12 months from the Commencement Date with the results of the review not subject to the dispute resolution clauses. It is not clear what a ‘review’ means. Could the amount of security required be increased? It is only reasonable for this review to be subject to the dispute resolution clause.
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Obligation to Grant Security. (1) Subject to clause 4.8(2), the Operator must, at GWAN's request and at its absolute discretion, deliver to GWAN and keep current at all times during the Term, security for the Operator’s obligations under this Agreement in the form and for the amount specified at Item E of Schedule 1, or in any other form agreed by GWAN (“Security”), and containing such other terms and conditions as are acceptable to GWAN. (2) The term of the Security must be for the same or a greater period than the Term. (3) The Security is in addition to and without derogation from any other rights GWAN may exercise against the Operator by reason of a breach of the Agreement. (4) The provision of the Security is a condition of the performance by GWAN of its obligations under this Agreement. (5) The decision of GWAN when to exercise the Security under clause 4.9(1) is not subject to clause 15. (6) If, after Security has been provided in accordance with this clause, the Operator has not been in default in the payment of monies owed by it to GWAN under this Agreement for a continuous period of 3 months, GWAN may at its discretion, upon request of the Operator, notify it that the Security is no longer required and forthwith release the Security to the Operator. Nothing in this clause 4.8(6) precludes GWAN (acting reasonably) from exercising its rights under clause 4.8(1) to request further Security from the Operator. (7) Upon expiry of the Term, GWAN will release the Security to the Operator if at that time the Operator is not in default in the payment of any monies owed to GWAN by the Operator under this Agreement, in which case the Security will be returned to the Operator less any money (disputed or undisputed) owing by the Operator to GWAN.
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Related to Obligation to Grant Security

  • Grant Security Grant Bank a security interest in any of Borrower’s assets. Negotiate Items. Negotiate or discount all drafts, trade acceptances, promissory notes, or other indebtedness in which Borrower has an interest and receive cash or otherwise use the proceeds.

  • No Obligation to Exercise Option The grant and acceptance of this option imposes no obligation on the Optionee to exercise it.

  • Mandatory Delivery; Grant of Security Interest The sale and delivery on the related Closing Date of the Mortgage Loans described on the related Mortgage Loan Schedule is mandatory from and after the date of the execution of the related Purchase Price and Terms Agreement, it being specifically understood and agreed that each Mortgage Loan is unique and identifiable on the date hereof and that an award of money damages would be insufficient to compensate the Purchaser for the losses and damages incurred by the Purchaser (including damages to prospective purchasers of the Mortgage Loans) in the event of the Seller's failure to deliver (i) each of the related Mortgage Loans or (ii) one or more Qualified Substitute Mortgage Loans or (iii) one or more Mortgage Loans otherwise acceptable to the Purchaser on or before the related Closing Date. The Seller hereby grants to the Purchaser a lien on and a continuing security interest in each Mortgage Loan and each document and instrument evidencing each such Mortgage Loan to secure the performance by the Seller of its obligations under the related Purchase Price and Terms Agreement, and the Seller agrees that it shall hold such Mortgage Loans in custody for the Purchaser subject to the Purchaser's (a) right to reject any Mortgage Loan (or Qualified Substitute Mortgage Loan) under the terms of this Agreement and to require another Mortgage Loan (or Qualified Substitute Mortgage Loan) to be substituted therefor, and (b) obligation to pay the Purchase Price for the Mortgage Loans. All rights and remedies of the Purchaser under this Agreement are distinct from, and cumulative with, any other rights or remedies under this Agreement or afforded by law or equity and all such rights and remedies may be exercised concurrently, independently or successively.

  • Obligation to Notify If the Participant makes the election permitted under Section 83(b) of the Internal Revenue Code of 1986, as amended (that is, an election to include in gross income in the year of transfer the amounts specified in Section 83(b)), the Participant shall notify the Company of such election within 10 days of filing notice of the election with the Internal Revenue Service and shall within the same 10-day period remit to the Company an amount sufficient in the opinion of the Company to satisfy any federal, state and other governmental tax withholding requirements related to such inclusion in Participant’s income. The Participant should consult with his or her tax advisor to determine the tax consequences of acquiring the Restricted Stock and the advantages and disadvantages of filing the Section 83(b) election. The Participant acknowledges that it is his or her sole responsibility, and not the Company’s, to file a timely election under Section 83(b), even if the Participant requests the Company or its representatives to make this filing on his or her behalf.

  • Unconditional Right of Holders to Receive Payment Notwithstanding any other provision in this Indenture and any other provision of any Note, the right of any Holder of any Note to receive payment of the principal of, premium, if any, and interest on such Note on or after the respective Stated Maturities (or the respective Redemption Dates, in the case of redemption) expressed in such Note, or after such respective dates, shall not be impaired or affected without the consent of such Holder. ARTICLE SIX

  • Grant of a Security Interest It is the express intent of the parties hereto that the conveyance of the Mortgage Loans by the Seller to the Purchaser as provided in Section 2 hereof be, and be construed as, a sale of the Mortgage Loans by the Seller to the Purchaser and not as a pledge of the Mortgage Loans by the Seller to the Purchaser to secure a debt or other obligation of the Seller. However, if, notwithstanding the aforementioned intent of the parties, the Mortgage Loans are held to be property of the Seller, then, (a) it is the express intent of the parties that such conveyance be deemed a pledge of the Mortgage Loans by the Seller to the Purchaser to secure a debt or other obligation of the Seller, and (b) (i) this Agreement shall also be deemed to be a security agreement within the meaning of Article 9 of the Uniform Commercial Code of the applicable jurisdiction; (ii) the conveyance provided for in Section 2 hereof shall be deemed to be a grant by the Seller to the Purchaser of a security interest in all of the Seller's right, title and interest in and to the Mortgage Loans, and all amounts payable to the holder of the Mortgage Loans in accordance with the terms thereof, and all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, including, without limitation, all amounts, other than investment earnings, from time to time held or invested in the Certificate Account, the Distribution Account or, if established, the REO Account (each as defined in the Pooling and Servicing Agreement) whether in the form of cash, instruments, securities or other property; (iii) the assignment to the Trustee of the interest of the Purchaser as contemplated by Section 1 hereof shall be deemed to be an assignment of any security interest created hereunder; (iv) the possession by the Trustee or any of its agents, including, without limitation, the Custodian, of the Mortgage Notes, and such other items of property as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be possession by the secured party for purposes of perfecting the security interest pursuant to Section 9-313 of the Uniform Commercial Code of the applicable jurisdiction; and (v) notifications to persons (other than the Trustee) holding such property, and acknowledgments, receipts or confirmations from persons (other than the Trustee) holding such property, shall be deemed notifications to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the secured party for the purpose of perfecting such security interest under applicable law. The Seller and the Purchaser shall, to the extent consistent with this Agreement, take such actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Mortgage Loans, such security interest would be deemed to be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement and the Pooling and Servicing Agreement.

  • Relation to Other Security Documents The provisions of this Agreement shall be read and construed with the other Loan Documents referred to below in the manner so indicated.

  • OBLIGATION TO NEGOTIATE 50.01 The Employer and the Union acknowledge that during negotiations which preceded this Agreement, each had the unlimited right and opportunity to make demands and proposals with respect to any subject or matter not removed by law from the area of collective bargaining/negotiations and that the understandings and agreements arrived at by the parties after the exercise of that right and opportunity are set forth in this Agreement.

  • Pledge; Grant of Security Interest As collateral security for the payment and performance in full of all the Secured Obligations, each Grantor hereby pledges and grants to the Collateral Agent for its benefit and for the benefit of the other Credit Parties, a lien on and security interest in and to all of the right, title and interest of such Grantor in, to and under all of such Grantor’s personal property and interests in such personal property, wherever located, and whether now existing or hereafter arising or acquired from time to time (collectively, the “Collateral”), including, without limitation: (a) all Accounts; (b) all Goods, including Equipment, Inventory and Fixtures; (c) all Documents, Instruments and Chattel Paper; (d) all Letters of Credit and Letter-of-Credit Rights; (e) all Securities Collateral; (f) all Investment Property; (g) all Intellectual Property Collateral; (h) all Commercial Tort Claims, including, without limitation, those described in Section IV of the Perfection Certificate; (i) all General Intangibles; (j) all Deposit Accounts; (k) all Supporting Obligations; (l) all books and records relating to the Collateral; and (m) to the extent not covered by clauses (a) through (l) of this sentence, all other personal property of such Grantor, whether tangible or intangible and all Proceeds and products of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing, any and all proceeds of any insurance, indemnity, warranty or guaranty payable to such Grantor from time to time with respect to any of the foregoing. Notwithstanding anything to the contrary contained in clauses (a) through (m) above, the security interest created by this Security Agreement shall not extend to, and the term “Collateral” shall not include, any Excluded Property and the Grantors shall from time to time at the request of the Collateral Agent give written notice to the Collateral Agent identifying in reasonable detail the Excluded Property and shall provide to the Collateral Agent such other information regarding the Excluded Property as the Collateral Agent may reasonably request.

  • Obligation of Sender The Transfer Agent is authorized to promptly debit the appropriate Fund account(s) upon the receipt of a payment order in compliance with the selected security procedure (the "Security Procedure") chosen for funds transfer and in the amount of money that the Transfer Agent has been instructed to transfer. The Transfer Agent shall execute payment orders in compliance with the Security Procedure and with the Fund instructions on the execution date provided that such payment order is received by the customary deadline for processing such a request, unless the payment order specifies a later time. All payment orders and communications received after this the customary deadline will be deemed to have been received the next business day.

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