Qualification as Unbankable Sample Clauses

Qualification as Unbankable. In addition to Section 8.1.2(b), Polestar acknowledges and agrees that the Polestar Credit Limit may be cancelled or suspended by VCFSUK (such cancellation or suspension and its rationale to be communicated to Polestar), if Polestar is qualified as Unbankable. For these purposes, VCFSUK shall consider Polestar Unbankable for the following reasons: (a) the credit assessment of Polestar is below the thresholds included in the VCFSUK Risk Assessment Policies; (b) a Material Adverse Effect occurs with respect to the financial status of Polestar or any Polestar Security Documents or any security provided by a third party is withdrawn, breached in its terms or its value decreases materially without being replaced and/or improved without undue delay; (c) the creditworthiness of Polestar becomes unsatisfactory to VCFSUK under the VCFSUK Risk Assessment Policies; (d) an Insolvency Event occurs with respect to Polestar; (e) Polestar fails to comply with a required time period to provide or increase a security and such non-compliance continues after VCFSUK has delivered a notice through any written mean (for such purpose the mere communication through e-mail will be admitted) to Polestar to comply with the above; (f) Polestar falls into arrears with a payment obligation; (g) Polestar does not pay on its maturity date any outstanding financed amount (principal, interests or any other item) in relation to a Wholesale Financing Agreement regarding a Polestar Vehicle or direct debits are returned; (h) Polestar fails to comply with a required time period to provide information to VCFSUK; (i) Polestar breaches any term or condition/obligation of the Wholesale Financing Agreement considered material by VCFSUK, and for the purposes of this Section the provision of false financial or corporate information shall be considered material; (j) Polestar does not meet its obligations under the Wholesale Financing Agreement or any other agreement entered into pursuant to or in connection with this Agreement, or any of the aforementioned documents or agreements becomes partially or totally invalid or illegal, which shall be communicated to Polestar; (k) VCFSUK becomes aware of a history of fraud, bankruptcy or bad debt of Polestar or Polestar commits fraud; or (l) VCFSUK experiences poor floor checks at its sole discretion or is not granted access to perform the floor checks.
Sample 1
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Related to Qualification as Unbankable

  • Qualification as a REIT The General Partner shall use its best efforts to cause the Partnership to distribute sufficient amounts under this Article 5 to enable the General Partner to pay dividends to the Stockholders that will enable the General Partner to (a) satisfy the requirements for qualification as a REIT under the Code and Regulations (“REIT Requirements”), and (b) avoid any federal income or excise tax liability; provided, however, that the General Partner shall not be bound to comply with this covenant to the extent such distributions would (i) violate applicable Delaware law, or (ii) contravene the terms of any notes, mortgages or other types of debt obligations to which the Partnership may be subject in conjunction with borrowed funds.

  • Qualification and Taxation as a REIT The Company will use its best efforts to continue to meet the requirements for qualification and taxation as a REIT under the Code for its taxable year ending December 31, 2016, and the Company will use its best efforts to continue to qualify for taxation as a REIT under the Code unless and until the Company’s board of trustees determines in good faith that it is no longer in the best interests of the Company and its shareholders to be so qualified.

  • QUALIFICATION OF BIDDERS BID PACKAGE REQUIREMENTS:

  • Listing, Qualification, Etc This option shall be subject to the requirement that if, at any time, counsel to the Company shall determine that the listing, registration or qualification of the shares subject hereto upon any securities exchange or under any state or federal law, or the consent or approval of any governmental or regulatory body, or that the disclosure of non-public information or the satisfaction of any other condition is necessary as a condition of, or in connection with, the issuance or purchase of shares hereunder, this option may not be exercised, in whole or in part, unless such listing, registration, qualification, consent or approval, disclosure or satisfaction of such other condition shall have been effected or obtained on terms acceptable to the Board of Directors. Nothing herein shall be deemed to require the Company to apply for, effect or obtain such listing, registration, qualification or disclosure, or to satisfy such other condition.

  • Tax Qualification Each Employee Benefit Plan intended to be qualified under Section 401(a) of the Code has been determined to be so qualified by the Internal Revenue Service and nothing has occurred since the date of the last such determination which resulted or is likely to result in the revocation of such determination.

  • Due Qualification and Good Standing The Borrower is in good standing in the State of Delaware. The Borrower is duly qualified to do business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature of its business, assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents to which it is a party and its Constituent Documents, requires such qualification, except where the failure to be so qualified or in good standing could not reasonably be expected to have a Material Adverse Effect.

  • Qualification and Good Standing Each Loan Party is qualified to do business and in good standing in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had and will not have a Material Adverse Effect.

  • Due Qualification Seller is duly qualified to do business as a foreign corporation, is in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification.

  • Nasdaq Qualification The Shares to be issued shall be duly authorized for listing by Nasdaq, subject to official notice of issuance, to the extent required by the rules of Nasdaq.

  • Required Qualifications At all times during the term of the Contract, Vendor shall have available, under direct employment and supervision and/or subcontract agreement fully incorporating the terms and conditions of the Contract Documents, the required qualified and properly licensed (as applicable) personnel to properly fulfill all the terms and conditions of the Contract.

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