Springing definition

Springing means not effective until the person loses capacity
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Springing or other unrecorded lien) upon any of their property or assets of any character, whether now owned or hereafter acquired, or transfer any of such property or assets for the purpose of subjecting the same to the payment of any indebtedness or performance of any other obligation, or acquire or have an option to acquire any property or assets upon conditional sale or other title retention agreement, device or arrangement; provided, however, that the Borrower and its Subsidiaries may create or incur or suffer to be created or incurred or to exist: (i) liens for taxes or assessments for governmental charges or levies if payment thereof shall not at the time be required to be made; (ii) liens in respect of pledges and deposits under workers' compensation laws or similar legislation, and in respect of pledges or deposits in connection with appeal or similar bonds incidental to the conduct of litigation; (iii) liens incidental to the conduct of the business of the Borrower and its Subsidiaries not incurred in connection with the borrowing of money or the obtaining of advances or credit and which do not in the aggregate materially detract from the value of their assets or property; (iv) mechanics' and materialmen's liens which have attached pursuant to Chapter 507, Hawaii Revised Statutes, as long as the Borrower or its Subsidiaries have filed a bond, sufficient to discharge such lien, with the clerk of the applicable circuit court, as provided in Section 507-43, Hawaii Revised Statutes; and (v) liens specifically allowed with respect to "Permitted Indebtedness". This negative pledge shall not apply to any portion of the Borrower's or any of its Subsidiaries' property or assets transferred, assigned or conveyed upon due consideration to a "Third Party Purchaser". As used herein, the term "Third Party Purchaser" shall mean any individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint venture or governmental authority, other than the Borrower or any of its Subsidiaries, Waiakoa Estates Subdivision Joint Venture, Iao Partners, ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, ▇▇▇▇▇▇ ▇. Goth, ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, ▇▇▇▇▇ ▇. ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇. ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇ or ▇▇▇ ▇▇▇▇▇.
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Springing. Blocked Account Arrangements. The arrangements in respect of the Blocked Accounts of the Borrowers set out in sections 6.3 of each of the Canadian Loan Agreement and US Loan Agreement shall be amended to provide each of the Borrowers, at its election, with control over the funds in their respective Blocked Accounts until the occurrence or existence of any one or more of the following events after a 3 day cure period:
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Examples of Springing in a sentence

  • No resignation or removal of a Springing Member, and no appointment of a successor Springing Member, shall be effective unless and until such successor shall have executed a counterpart to this Agreement.

  • In the event of a vacancy in the position of Springing Member 1 or Springing Member 2, the Member shall, as soon as practicable, appoint a successor Springing Member to fill such vacancy.

  • By signing this Agreement, a Springing Member agrees that, should such Springing Member become a Special Member, such Springing Member will be subject to and bound by the provisions of this Agreement applicable to a Special Member.

  • In order to implement the admission to the Company of the Special Member, each of Springing Member 1 and Springing Member 2 shall execute a counterpart to this Agreement.

  • In order to implement the admission to the Company of the Special Member, the Springing Member shall execute a counterpart to this Agreement.

  • This Guaranty is a guaranty of payment, and not of collection, and upon the occurrence of a Springing Recourse Event, a debt of Guarantor for its own account.

  • If, however, at the time of a Member Cessation Event, Springing Member 1 has died or is otherwise no longer able to step into the role of Special Member, then in such event, Springing Member 2 shall, concurrently with the Member Cessation Event, and without any action of any Person and simultaneously with the Member Cessation Event, automatically be admitted to the Company as Special Member and shall continue the Company without dissolution.

  • Nothing herein shall waive, relieve, reduce or impair any Obligation of the Parent under the Springing Guaranty.

  • For the avoidance of doubt, upon the occurrence of a Springing Covenant Event, the Fixed Charge Coverage Ratio shall be tested for the immediately preceding fiscal quarter.

  • Prior to its admission to the Partnership as Special Limited Partner, the person acting as a Springing Limited Partner shall not be a limited partner of the Partnership.


More Definitions of Springing

Springing means the creation of a pocket in the bottom of a drill hole by the use of a moderate quantity of explosives in order that larger quantities of explosives may be inserted therein.
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