Bonding Arrangements. (a) If any claims, individually in excess of $1,000,000 or in the aggregate, in excess of $5,000,000, shall be paid by any surety under any Bonding Arrangement or (b) if an event of default shall occur or exist under any Bonding Arrangement or any other event or condition shall occur or exist (including any claim paid under any Bonding Arrangement whether or not it constitutes an Event of Default under clause (a) above) that would entitle the surety under any Bonding Arrangement (with the giving of notice or passage of time or both) to take action against any of the Collateral; or
Bonding Arrangements. The Borrower shall have delivered copies of all Bonding Arrangements relating to itself or any of the Loan Parties, and if the same provide for any Liens on property or assets which constitute Collateral, (a) such Liens shall be Surety Liens and (b) except with respect to Permitted Non-Job Surety Bonding Arrangements that do not require intercreditor agreements, the Borrower shall have delivered intercreditor agreements of the type referred to in the definition of Surety Liens (each, a “Bonding Intercreditor Agreement”).
Bonding Arrangements. 4.1 On Demand Performance Bond
4.1.1 The Service Provider has executed and provided to the Company the Performance Bond as set out in Schedule 11 prior to the date of this Agreement.
4.1.2 The Performance Bond Amount shall become payable to the Company in circumstances where:
(a) the Company considers that the Providing Unit does not satisfy a Performance Milestone by the applicable Milestone Deadline, and in the Company’s opinion, there is no reasonable prospect of completion of the Performance Milestone within six (6) months of the applicable Milestone Deadline; or
(b) the Providing Unit fails to report to the TSO the required information in relation to the Performance Milestone (as specified in the definition of Performance Milestone); or
(c) the Company considers that the Providing Unit or Service Provider Fails by the Go-Live Date, and in the Company’s opinion there is no reasonable prospect of a Pass within twelve (12) months of the Go-Live Date; or
(d) The development of the Providing Unit is abandoned; or
(e) for any other reason the Providing Unit is not able to make available the DS3 System Services and OFR by the Go-Live Date.
4.2 Where the Service Provider is unable to complete a Performance Milestone by the applicable Milestone Deadline due to a delay occurring as a result of an act or omission of the TSO, the Performance Bond Amount shall not be payable due to this specific occurrence and the future Milestone Deadline and the Go-Live Date will be adjusted by agreement of both parties and with approval from the Regulatory Authority.
4.3 Where the Providing Unit cannot make available DS3 System Services and OFR owing to Force Majeure, the Performance Bond Amount shall not be payable and the future Milestone Deadline and the Go-Live Date will be adjusted accordingly to allow for remedy.
Bonding Arrangements. Tealstone Residential shall not enter into or become subject to any suretyship or bonding arrangements.
Bonding Arrangements indemnity agreements and other contracts, agreements and instruments entered into with any bonding company with respect to securing the performance of tenders, bids, surety or performance bonds (other than in connection with litigation or judgments), purchase, construction, sales or servicing contracts and similar obligations incurred in the normal business consistent with industry practice.
Bonding Arrangements. Should the Company require any employee to be bonded, the premium involved shall be paid by the Company.
Bonding Arrangements. The Company or any Subsidiary breaches or defaults with respect to the terms of one or more bonded contracts if the effect of such breach or default is to cause one or more Persons issuing bonds for the Company or any Subsidiary to take possession of the work under contracts which are subject to bonds aggregating a Dollar Equivalent amount of U.S. $1,000,000 or more.
Bonding Arrangements. The Buyers shall have received confirmation, in form and content satisfactory to the Buyers, acting reasonably, that a bonding facility will be made available to Acquisition Corp. and the NACGI Companies from and after the Closing Date having (a) minimum single contract limits and aggregate contract limits of (i) C$20,000,000 and C$50,000,000, respectively, with the Buyers providing a letter of credit in support of the bonding arrangements in the maximum amount of C$10,000,000, or (ii) C$25,000,000 and C$75,000,000, respectively, with the Buyers providing a letter of credit in support of the bonding arrangements in the maximum amount of C$15,000,000, (b) rates, premiums and fees reasonably comparable to the rates, premiums and fees then available in the construction industry for bonding facilities which are similar to the type described above and which are provided to construction companies having creditworthiness similar to the collective creditworthiness of the Buyer Companies, Acquisition Corp. and the NACGI Companies and (c) such other terms and conditions as are generally accepted in the bonding industry; provided that this condition shall only be applicable if between the date hereof and the Closing Date the Buyers shall have used their reasonable commercial efforts to ensure that this condition is satisfied on or before the Closing Date and shall have also used their reasonable commercial efforts to have such bonding facility put in place on or before November 12, 2003.
Bonding Arrangements. Any bond issued by any surety or bonding company, including, without limitation, Travelers Casualty and Surety Company of America, on behalf of any Loan Party or any of its Subsidiaries is called or declared to be in default and such surety or bonding company is required to perform or pay all or any portion of the obligations under the underlying contract or project for which such bond was posted; or
Bonding Arrangements. The Borrower shall have delivered copies of all Bonding Arrangements relating to itself or any of Subsidiaries, and if the same provide for any Liens (a) such liens shall be Surety Liens and (b) the Borrower shall have delivered intercreditor agreements of the type referred to in the definition of Surety Liens; provided, that (x) with respect to the Bonding Arrangements between the Borrower or any Subsidiary, on the one hand, and the CNA Parties, on the other hand, so long as there shall be no UCC financing statements filed in connection therewith, in lieu of the requirements set forth above, the Borrower shall, within 30 days of the Closing Date, (i) deliver the intercreditor agreement of the type referred to in the definition of Surety Liens or (ii) replace CNA Parties with a Permitted Bonding Company, and (y) with respect to the Bonding Arrangements between the Borrower or any Subsidiary, on the one hand, and the US Fidelity Parties, on the other hand, so long as there shall be no UCC financing statements filed in connection therewith, in lieu of the requirements set forth above, the Borrower shall, within 30 days of the Closing Date, (i) deliver the intercreditor agreement of the type referred to in the definition of Surety Liens or (ii) replace US Fidelity Parties with a Permitted Bonding Company.
