QUALIFYING SECURITY Sample Clauses

QUALIFYING SECURITY. 23 SECTION 7.7. QUALIFYING LETTER OF CREDIT..............................................
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QUALIFYING SECURITY. (a) At all times during the Term of the Equipment Operating Lease Old Dominion shall, subject to the terms of this Section 7.6, maintain for the benefit of the Owner Participant a first priority security interest in a Qualifying Security. Old Dominion shall be permitted, from time to time, to replace any Qualifying Security with a replacement Qualifying Security so long as there shall be no interruption in such first priority security interest provided by the Qualified Security in consequence of any such optional replacement; PROVIDED that it delivers a favorable opinion of counsel, such counsel and such opinion, in form and substance reasonably satisfactory to the Owner Participant, regarding the validity and perfection of the security interest. If any Qualifying Security maintained pursuant to this Section 7.6 shall cease to be a Qualifying Security, Old Dominion shall, within 90 days of the earlier of (i) having Actual Knowledge of such fact or (ii) receiving notice from the Owner Participant of such fact, provide (A) a first priority security interest in a substitute Qualifying Security and (B) a favorable opinion of counsel, such counsel and such opinion, in form and substance reasonably satisfactory to the Owner Participant, regarding the validity and perfection of such security interest. (b) Initially the Qualifying Security shall consist of the 1996 Series A Bonds, which 1996 Series A Bonds shall be insured under the Bond Insurance Policy issued by AMBAC. Old Dominion represents that it intends to replace the 1996 Series A Bonds with a new series of Old Dominion's Bonds insured by AMBAC and otherwise meeting the criteria for a Qualifying Security. If Old Dominion shall not effect such a replacement, it shall, nonetheless be obligated to remain in full compliance with this Section 7.
QUALIFYING SECURITY. If the Borrower exercises its option to put in place any Qualifying Security (other than the Guarantee) on or before the first Advance Date, the documents and evidence listed in Clause 3.4.
QUALIFYING SECURITY. The Borrower shall deliver to the Agent the following documents and evidence if it decides to exercise its option to put in place any of the Qualifying Security (other than the Guarantee):- 3.4.1 Corporate Documents The documents and evidence contained in Clauses 3.1.1 to 3.1.4 inclusive (to the extent such corporate documents do not already authorise the Qualifying Security) in relation to the giver of the Qualifying Security; 3.4.2 Vessel documents Photocopies, certified as true, accurate and complete by a director or the secretary of the Borrower of (in respect of each Qualifying Vessel):- (a) any Qualifying Contract which is in force at the time of this Agreement; and (b) the management agreement relating to that Qualifying Vessel which is in force at the time of the granting of the Qualifying Security; in each case together with all addenda, amendments or supplements. 3.4.3 Evidence of ownership In respect of each Qualifying Vessel, certificate(s) of ownership and encumbrance (or equivalent) issued by the Registrar of Ships (or equivalent official) at the Qualifying Vessel’s port of registry confirming that such Qualifying Vessel is on the Qualifying Security Date owned by her owner and free of registered Encumbrances (other than the Qualifying Security). 3.4.4 Evidence of insurance Evidence that each Qualifying Vessel is insured in the manner required by the relevant Qualifying Security and that letters of undertaking will be issued in the manner required by the Qualifying Security, together with (if required by the Agent) the written approval of the Insurances by an insurance adviser appointed by the Agent.
QUALIFYING SECURITY. The Qualifying Security duly executed and in the case of any mortgages registered with first priority through the Registrar of Ships (or equivalent official) at the port of registry of the Qualifying Vessel concerned.

Related to QUALIFYING SECURITY

  • Continuing Security This Security is a continuing security and will extend to the ultimate balance of the Secured Liabilities, regardless of any intermediate payment or discharge in whole or in part.

  • Building Security Landlord may restrict access to and from the Premises and the Building outside of the ordinary business hours of the Building. Landlord may require identification of persons entering and leaving the Building during this period and, for this purpose, may issue Building passes to tenants of the Building.

  • Holding Securities The Custodian shall identify on its books as belonging to the Portfolios the foreign securities held by each Foreign Sub-Custodian or Foreign Securities System. The Custodian may hold foreign securities for all of its customers, including the Portfolios, with any Foreign Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers, provided however, that (i) the records of the Custodian with respect to foreign securities of the Portfolios which are maintained in such account shall identify those securities as belonging to the Portfolios and (ii), to the extent permitted and customary in the market in which the account is maintained, the Custodian shall require that securities so held by the Foreign Sub-Custodian be held separately from any assets of such Foreign Sub-Custodian or of other customers of such Foreign Sub-Custodian.

  • Tender Security 18.1 The Tenderer shall furnish as part of its Tender, either a Tender-Securing Declaration or a Tender Security, as specified in the TDS, in original form and, in the case of a Tender Security, in the amount and currency specified in the TDS. 18.2 A Tender Securing Declaration shall use the form included in Section IV, Tendering Forms. 18.3 If a Tender Security is specified pursuant to ITT 18.1, the Tender Security shall be a demand guarantee in any of the following forms at the Tenderer option: i) cash; ii) a bank guarantee; iii) a guarantee by an insurance company registered and licensed by the Insurance Regulatory Authority listed by the Authority; or

  • QUALIFYING USE The Applicant’s Qualified Property described in Section 3.3 qualifies for a tax limitation agreement under Section 313.024(b)(5) of the TEXAS TAX CODE as a renewable energy electric generation facility.

  • Continuing Security Interest; Termination (a) Except as provided in Section 25(b), this Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect until the later of the payment or satisfaction in full of the Guaranteed Obligations (other than contingent indemnity obligations) and the termination of each of the Guarantees, (ii) be binding upon the Grantor, its successors and assigns and (iii) except to the extent that the rights of any transferor or assignor are limited by the terms of each of the Guarantees, inure, together with the rights and remedies of the Agent hereunder, to the benefit of the Agent and any of the Holders of Guaranteed Obligations. Nothing set forth herein or in any other Loan Document is intended or shall be construed to give any other Person any right, remedy or claim under, to or in respect of this Agreement or any other Loan Document or any Collateral. The Grantor's successors and assigns shall include, without limitation, a receiver, trustee or debtor-in-possession thereof or therefor. (b) The security interest granted hereby shall terminate and all rights to the Collateral shall revert to the Grantor on the earlier of the date on which (i) the Agent shall have received from each Holder of Guaranteed Obligations written notice that all "Obligations" (as defined in the Collateral Sharing Agreement) owing to such Holder of Guaranteed Obligations have been paid in full or (ii) the Agent shall have received written notice from the Holders of Guaranteed Obligations directing the Agent to release the Collateral and stating that the Holders of Guaranteed Obligations have consented to such release under the terms of the Credit Agreements, the Note Agreements and the Guarantees provided, that no such termination shall occur prior to the payment in full of all of the Agent's "Expenses" (as defined in the Collateral Sharing Agreement). Upon the termination of the security interest, the Grantor shall be entitled to the prompt return, upon its request and at its expense, of such of the Collateral held by the Agent as shall not have been sold or otherwise applied pursuant to the terms hereof and the Agent will, at the Grantor's expense, promptly execute and deliver to the Grantor such other documents as the Grantor shall reasonably request to evidence such termination. In connection with any sales of assets permitted under the Credit Agreements and the Note Agreements, the Agent will promptly release and terminate the liens and security interests granted under this Agreement with respect to such assets.

  • Qualifying Conditions In addition to any other compensation earned, any employee who is on the payroll of the Company on any of the foregoing recognized statutory holidays will be granted eight (8) hours' pay at the straight time rate of the employee's regular job, subject to compliance with all of the conditions (a) to (f) set forth below: (a) The employee must have been on the payroll for not less than the sixty (60) days just preceding the holiday and must have previously qualified for a statutory holiday as provided in (d) below, and (b) The employee must have worked at least one (1) day during the sixty (60)- day qualifying period just preceding the holiday, and (c) The employee must have worked their scheduled work day before, and their scheduled work day after, such holiday, unless failure to work their scheduled work day before or after the holiday was due to any of the following events: (i) When the employee is on their regular authorized paid vacation; (ii) When the employee is unable to work by reason of an industrial accident as recognized by the Workers' Compensation Board or non-occupational sickness or injury; (iii) When the operation in which the employee is engaged is curtailed or discontinued by the decision of the Company and which curtailment or discontinuance changes or eliminates the employee's scheduled work day before, or their scheduled work day after, such holiday; (iv) When a trade in shifts agreed upon between employees and approved in advance by the company results in a temporary change of the scheduled work day before, or the scheduled work day after, the holiday, provided the employee works the shift agreed upon; (v) When the employee is on a leave of absence authorized by the Company. (d) The employee who has been on the payroll for at least sixty (60) days but who has not previously qualified for a statutory holiday will qualify for the holiday if he has worked a minimum of one hundred eighty (180) hours during the sixty (60)- day qualifying period just preceding the holiday and meets the requirements of (b) and (c) above. (e) Time lost as the result of an accident as recognized by the Workers' Compensation Board, suffered during the course of employment, or time lost as a result of non-occupational sickness or injury shall be considered as time worked for the purpose of qualifying for a recognized paid holiday, it being understood that the employee will only be entitled to this credit for time while on Workers' Compensation or non-occupational sickness or injury for a period of up to but not exceeding one (1) year from the date of their sickness or injury. (f) It is understood and agreed, however, that an employee shall not receive the above provided holiday pay if they have agreed to work on such holiday and fails or refuses to work, except in the case where bona fide sickness, or other bona fide reason approved by the Company, prevents them working on such holiday.

  • Qualifying Period If a regular employee is promoted or transferred to a position, then that employee shall be considered a qualifying employee in her new position for a period of ninety (90) calendar days. If a regular employee is promoted or transferred to a position either within or outside the certification and is found to be unsatisfactory, she shall be returned to her previously held position. If a regular employee is promoted to a position, either within or outside the certification, and finds the position to be unsatisfactory, she shall be returned to her previously held position.

  • Continuing Security Interest This Agreement shall create a continuing security interest in the Pledged Property and shall: (i) remain in full force and effect until payment in full of the Obligations; and (ii) be binding upon the Company and its successors and heirs and (iii) inure to the benefit of the Secured Party and its successors and assigns. Upon the payment or satisfaction in full of the Obligations, the Company shall be entitled to the return, at its expense, of such of the Pledged Property as shall not have been sold in accordance with Section 5.2 hereof or otherwise applied pursuant to the terms hereof.

  • User Security You agree to take every precaution to ensure the safety, security and integrity of your account and transactions when using Mobile Banking. You agree not to leave your Device unattended while logged into Mobile Banking and to log off immediately at the completion of each access by you. You agree not to provide your username, password or other access information to any unauthorized person. If you permit other persons to use your Device, login information, or other means to access Mobile Banking, you are responsible for any transactions they authorize and we will not be liable for any damages resulting to you. You agree not to use any personally identifiable information when creating shortcuts to your Account. We make no representation that any content or use of Mobile Banking is available for use in locations outside of the United States. Accessing Mobile Banking from locations outside of the United States is at your own risk.

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