Qualifying Security Sample Clauses
The 'Qualifying Security' clause defines the specific criteria that a security must meet to be considered eligible under the terms of an agreement. Typically, this involves setting standards related to the type of security (such as shares, bonds, or other financial instruments), its regulatory status, or its listing on recognized exchanges. For example, only securities that are fully paid, freely transferable, and not subject to restrictions might qualify. The core function of this clause is to ensure that only securities meeting agreed-upon standards are included, thereby reducing ambiguity and managing risk for the parties involved.
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.
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. 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. 23 SECTION 7.7. QUALIFYING LETTER OF CREDIT..............................................
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.