No Locks Clause Samples

The "No Locks" clause prohibits either party from placing liens, encumbrances, or security interests—commonly referred to as "locks"—on the assets or property involved in the agreement. In practice, this means that neither party can use the other party’s property as collateral for loans or other financial obligations, nor can they otherwise restrict the other’s ability to freely use or transfer their assets. This clause is essential for ensuring that all assets remain unencumbered and fully available for their intended use, thereby protecting both parties from unexpected claims or limitations imposed by third parties.
No Locks. The HMI Vendor represents and warrants that an HMI Customization or an HMI Customization Deliverable does not and will not contain a Lock; and upon notice by Project Co that an HMI Customization or an HMI Customization Deliverable contains a Lock, the HMI Vendor will promptly remove the Lock or procure and provide a Lock-free HMI Customization or HMI Customization Deliverable to Project Co.
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No Locks. The HMI Vendor represents and warrants that an HMI Software Product or an HMI Documentation does not and will not contain a Lock; and upon notice by Project Co that an HMI Software Product or an HMI Documentation contains a Lock, the HMI Vendor will promptly remove the Lock or procure and provide a Lock-free HMI Software Product or HMI Documentation to Project Co.
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No Locks. Project Co represents and warrants that none of the Project Intellectual Property contains, nor will it contain, a Lock; and upon notice by the Province that any Project Intellectual Property contains a Lock, Project Co will promptly remove the Lock or procure and provide a Lock-free Project Intellectual Property to the Province.
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No Locks. Project Co will ensure that computer software provided to BC Hydro under this Agreement does not contain any “time bomb”, “logic bomb”, “back door”, “drop-dead device” or any other disabling or limiting code, design or routine that may be used to interrupt, lock, disable, erase, limit the functionality or use of, or otherwise adversely affect, or facilitate unauthorized access to, the software or any computer system, hardware, software, equipment, or services on or in connection with which the software may be installed, operated or used or any related data.
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Related to No Locks

  • No Lockout During the life of this Agreement, the Employer shall not cause, permit, or engage in any lockout of the bargaining unit employees.

  • No Lockouts No lockouts, or refusal to allow employees to perform available work, shall be instituted by the Employer and/or its Appointing Authorities during the life of this Agreement.

  • No Loans Except as disclosed in the Financial Statements, neither the Corporation nor any Subsidiary has made any material loans to or guaranteed the material obligations of any person.

  • NO WORK STOPPAGES 5. It is mutually agreed and understood that during the period this Agreement is in force and effect the Union will not authorize or engage in any strike, slowdown or work stoppage. It shall not be a violation of this Agreement for an employee to honor a primary picket line sanctioned by the Central Labor Council or the Building and Construction Trades Council; provided however, that an employee shall first notify an appropriate supervisor of the employee's intended actions. Provided further that nothing in this Section shall limit the City's right to enforce the provisions of Section 8.346 of the Charter.

  • No Agreements No person has any agreement or option, or any right or privilege (whether by law, pre-emptive or contractual) capable of becoming an agreement or option, for the purchase, acquisition or Transfer of any of the Subject Securities, or any interest therein or right thereto, except pursuant to this Agreement or the Arrangement Agreement.