Act on Financial Collateral Arrangements Sample Clauses

Act on Financial Collateral Arrangements. Netting of obligations under the ISDA Master Agreements may also be available pursuant to the Act on Financial Collateral Arrangements. The Act on Financial Collateral Arrangements applies to financial collateral in the form of (a) securities within the meaning of the Finnish Securities Market Act, (b) account money (i.e., funds credited to a cash account, including also foreign currencies) and (c) loan receivables (receivable based on loan issued by a Finnish or a foreign credit institution or an institution within the meaning of Article 2(1) subsection (o) of the Collateral Directive). The definition of securities generally covers all types of negotiable and fungible securities. The Act on Financial Collateral Arrangements (together with its preliminary works) explicitly recognises not only Finnish securities, but also foreign securities as suitable collateral. Further, the Act on Financial Collateral Arrangements is also applicable in respect of other types of collateral accepted by a central clearing counterparty in connection with collateral requirements pursuant to EU Regulation 648/2012 (EMIR) (collectively with the instruments in (a) to (c) in the above, (“Eligible Instruments”). In terms of counterparties, the Act on Financial Collateral Arrangements is applicable (i) where the collateral provider is an institution (in Finnish: laitos, as defined in the Act on Financial Collateral 23 Section 5 of the Recovery Act contains grounds for recovery where the parties have entered into arrangements in mala fide i.e., the parties have been aware of the insolvency of a party and of the fact that the arrangement is detrimental to the interests of the other party. Arrangements) or (ii) where the collateral taker is an institution and the collateral-provider is another type of legal person, provided further that the collateral is of the nature set forth in the Act on Financial Collateral Arrangements. The Act on Financial Collateral Arrangements permits parties to agree that “upon a debt having fallen due” all mutual obligations of the parties are netted or may be netted. Netting may include obligations that are secured by the relevant collateral arrangement (in Finnish: vakuusvelka) and delivery obligations relating to such collateral arrangements. Where the Act on Financial Collateral Arrangements is applicable, netting of obligations pursuant to such arrangements is available irrespective of the commencement of insolvency proceedings24 (against a collateral...
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Act on Financial Collateral Arrangements. Netting of obligations under the ISDA Master Agreements may also be available pursuant to the Act on Financial Collateral Arrangements. The Act on Financial Collateral Arrangements applies to financial collateral in the form of (a) securities within the meaning of the Finnish Securities Market Act, (b) account money (i.e., funds credited to a cash account, including also foreign currencies) and (c) loan receivables (receivable based on loan issued by a Finnish or a foreign credit institution or an institution within the meaning of Article 2(1) subsection (o) of the Collateral Directive). The definition of securities generally covers all types of negotiable and fungible securities. The Act on Financial Collateral Arrangements (together with its preliminary works) explicitly recognises not only Finnish securities, but also foreign securities as suitable collateral. Further, the Act on Financial Collateral Arrangements is also applicable in respect of other types of collateral accepted by a central clearing counterparty in connection with collateral requirements pursuant to EU Regulation 648/2012 (EMIR) (collectively with the instruments in (a) to (c) in the above, (“Eligible Instruments”). In terms of counterparties, the Act on Financial Collateral Arrangements is applicable (i) where the collateral provider is an institution (in Finnish: laitos, as defined in the Act on Financial Collateral Arrangements) or (ii) where the collateral taker is an institution and the collateral-provider is another type of legal person, provided further that the collateral is of the nature set forth in the Act on Financial Collateral Arrangements.
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Related to Act on Financial Collateral Arrangements

  • Banking Arrangements The banking business of the Corporation including without limitation, the borrowing of money and the giving of security for it, shall be transacted with such banks, trust companies or other bodies corporate or organizations as may from time to time be designated by or under the authority of the Board. Such banking business or any part of it shall be transacted under such agreements, instructions and delegations of powers as the Board may from time to time prescribe.

  • Funding Arrangements Minimum amounts/increments for Japan Local Currency Borrowings, repayments and prepayments: Same as Credit Agreement.

  • Financial Security Arrangements At least 20 Business Days prior to the commencement of the design, procurement, installation, or construction of a discrete portion of the Connecting Transmission Owner’s Interconnection Facilities and Upgrades, the Interconnection Customer shall provide the Connecting Transmission Owner, at the Interconnection Customer’s option, a guarantee, a surety bond, letter of credit or other form of security that is reasonably acceptable to the Connecting Transmission Owner and is consistent with the Uniform Commercial Code of the jurisdiction where the Point of Interconnection is located. Such security for payment shall be in an amount sufficient to cover the costs for constructing, designing, procuring, and installing the applicable portion of the Connecting Transmission Owner’s Interconnection Facilities and Upgrades and shall be reduced on a dollar-for-dollar basis for payments made to the Connecting Transmission Owner under this Agreement during its term. The Connecting Transmission Owner may draw on any such security to the extent that the Interconnection Customer fails to make any payments due under this Agreement. In addition: 6.3.1 The guarantee must be made by an entity that meets the creditworthiness requirements of the Connecting Transmission Owner, and contain terms and conditions that guarantee payment of any amount that may be due from the Interconnection Customer, up to an agreed-to maximum amount. 6.3.2 The letter of credit or surety bond must be issued by a financial institution or insurer reasonably acceptable to the Connecting Transmission Owner and must specify a reasonable expiration date. 6.3.3 Notwithstanding the above, Security posted for System Upgrade Facilities for a Small Generating Facility required to enter the Class Year process, or cash or Security provided for System Deliverability Upgrades, shall meet the requirements for Security contained in Attachment S to the ISO OATT.

  • Financing Arrangements (a) The Owner will obtain the Project Loan which shall be sufficient, together with the Owner's equity contributions, to pay the full amount of the costs to construct the Project in accordance with the development budget. The Owner and the Developer also contemplate that the Property and the Project, together with all fixtures, furnishing, equipment, and articles of personal property now owned or hereafter acquired by the Owner which are or may be attached to or used in connection with the Property or the Project, together with any and all replacements thereto and substitutions therefor, and all proceeds thereof; and all present and future rents, issues, leases, and profits of the Property and the Project will serve as security for the payment obligations to any lenders relating to the Project Loan or otherwise, and that the Owner will be the principal obligor for the repayment of all financial obligations thereunder after the transfer of title to the Owner. The Owner therefore, agrees to execute and deliver all commitments, promissory notes, mortgages, collateral assignments, documents, certificates, affidavits, and other writings required to be executed by any lender in connection with such financing.

  • Secured Cash Management Agreements and Secured Hedge Agreements Except as otherwise expressly set forth herein, no Cash Management Bank or Hedge Bank that obtains the benefit of the provisions of Section 8.03, the Guaranty or any Collateral by virtue of the provisions hereof or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) (or to notice of or to consent to any amendment, waiver or modification of the provisions hereof or of the Guaranty or any Collateral Document) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article IX to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements except to the extent expressly provided herein and unless the Administrative Agent has received a Secured Party Designation Notice of such Secured Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. The Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements in the case of a Facility Termination Date.