Monitoring of Sureties Sample Clauses

Monitoring of Sureties. The Company shall be responsible during the Term for monitoring the financial condition of any Surety issuing bonds under this Contract and for making inquiries no less often than annually to confirm that each such Surety meets the qualifications specified in this Section. In the event any issuing Surety no longer meets the qualifications specified in this Section, the Company shall promptly notify the County of such event and shall promptly furnish or arrange for the furnishing of a substitute or an additional bond of a surety company that meets the qualifications specified in this Section, unless the County agrees to accept the Surety or agrees to an alternative method of assurance. Upon notice by the Company of such an event, the County shall not unreasonably withhold its approval of such assurance.
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Monitoring of Sureties. The CONTRACTOR shall be responsible throughout the Contract Term of this Agreement for monitoring the financial condition of any surety company issuing bonds under this Agreement and for making inquiries no less often than annually to confirm that each such surety company maintains at least the minimum rating level specified in this Section. In the event the rating of any issuing surety company falls below such minimum level, the CONTRACTOR shall promptly notify the COUNTY of such event and shall promptly furnish or arrange for the furnishing of a substitute or an additional bond of a surety company whose rating and other qualifications satisfy all above requirements, unless the COUNTY agrees to accept the surety company or agrees to an alternative method of assurance. Upon such notice by the CONTRACTOR of such an event, the COUNTY shall not unreasonably withhold its approval of such assurance.
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Monitoring of Sureties. The Company shall be responsible throughout the Term for monitoring the financial condition of any surety company issuing bonds under this Contract and for making inquiries no less often than annually to confirm that each such surety company maintains at least the minimum rating level specified in this Section. In the event the rating of any issuing surety company falls below such minimum level, the Company promptly shall notify SRWA of such event and take steps to ensure continued compliance with this Section, by either furnishing or arranging for the furnishing of a substitute or an additional bond of a surety company whose rating and other qualifications satisfy all above requirements, unless SRWA agrees to accept the surety company or agrees to an alternative method of assurance. Upon such notice by the Company of such an event, SRWA shall not unreasonably withhold its approval of such assurance. COSTS OF SECURITY INSTRUMENTS. The cost and expense of obtaining and maintaining the Security Instruments required under this Article as security for the performance of the Company’s obligations hereunder is included in the Base Design-Build Price and shall be borne by the Company without further reimbursement or payment from SRWA. Surface Water Supply Project Article 10 – General Provisions
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Monitoring of Sureties. The Design-Builder shall be responsible throughout the Term for monitoring the financial condition of any Surety issuing bonds under this Design-Build Contract and for making inquiries no less often than annually to confirm that each such Surety maintains at least the minimum rating level specified in this Section. In the event the rating of any issuing Surety falls below such minimum level, or if any surety company is declared bankrupt or becomes insolvent or has the rights to do business in the State terminated, the Design-Builder shall promptly notify the City of such event and shall promptly take steps to ensure continued compliance with this Section by furnishing or arranging for the furnishing of a substitute or additional bond of a surety company whose rating and other qualifications satisfy all above requirements, unless the City agrees to accept the surety company that no longer satisfies the minimum rating level specified above, or agrees to an alternative method of assurance. Upon such notice by the Design-Builder of such an event, the City shall not unreasonably withhold its approval of such assurance.
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Monitoring of Sureties. The DBOM Contractor shall be responsible throughout this Service Agreement for monitoring the financial condition of any Surety issuing bonds under this Service Agreement and for making inquiries no less often than annually to confirm that each such Surety company maintains at least the minimum rating level specified in this Section. In the event the rating of any issuing Surety falls below such minimum level, the DBOM Contractor shall promptly notify the BWS of such event and shall promptly furnish or arrange for the furnishing of a substitute or an additional bond of a Surety whose rating and other qualifications satisfy all above requirements, unless the BWS agrees to accept the Surety or agrees to an alternative method of assurance. Upon such notice by the DBOM Contractor of such an event, the BWS shall not unreasonably withhold its approval of such assurance.
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Monitoring of Sureties. If the Lessee provides an Operations Surety Bond under the term s of this subsection (B), the Lessee shall be responsible for monitoring the financial condition of any surety company issuing bonds under this Lease Agreement and for making inquiries no less often than annually to confirm that each such surety company maintains at least the minimum rating level specified in this Section.
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Monitoring of Sureties. If the Company provides an Operations Surety Bond under the terms of this subsection (B), the Company shall be responsible for monitoring the financial condition of any surety company issuing bonds under this Service Contract and for making inquiries no less often tha n xxx ually to confirm that each such surety company maintains at least the minimum rating level specified in this Section.
Sample 1
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Monitoring of Sureties. The Design-Build Contractor shall be responsible throughout the Term of this Design-Build Agreement for monitoring the financial condition of any surety company issuing bonds under this Design-Build Agreement. In the event the rating of any issuing surety company falls below such minimum level, the Design-Build Contractor shall promptly notify the Sewer District of such event and shall promptly furnish or arrange for the furnishing of a substitute or an additional bond of a surety company whose rating and other qualifications satisfy all above requirements, unless the Sewer District agrees to accept the surety company or agrees to an alternative method of assurance. Upon such notice by the Design-Build Contractor of such an event, the Sewer District shall not unreasonably withhold its approval of such assurance.
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Related to Monitoring of Sureties

  • APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC If and to the extent necessary to enable the Pledgee to perfect its security interest in any of the Collateral or to exercise any of its remedies hereunder, the Pledgee shall have the right to appoint one or more sub-agents for the purpose of retaining physical possession of the Collateral, which may be held (in the discretion of the Pledgee) in the name of the relevant Pledgor, endorsed or assigned in blank or in favor of the Pledgee or any nominee or nominees of the Pledgee or a sub-agent appointed by the Pledgee.

  • Maintenance of Fidelity Bond and Errors and Omissions Insurance The Servicer shall maintain with a carrier generally acceptable under the Servicing Standard, at its own expense, a blanket Fidelity Bond and an Errors and Omissions Insurance Policy, with broad coverage on all officers, employees or other persons acting in any capacity requiring such persons to handle funds, money, documents or papers relating to the Mortgage Loans (“Servicer Employees”). Any such Fidelity Bond and Errors and Omissions Insurance Policy shall be in the form of the Mortgage Banker’s Blanket Bond and shall protect and insure the Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such Servicer Employees. Such Fidelity Bond and Errors and Omissions Insurance Policy also shall protect and insure the Servicer against losses in connection with the release or satisfaction of a Mortgage Loan without having obtained payment in full of the indebtedness secured thereby. No provision of this Section 3.13 requiring such Fidelity Bond and Errors and Omissions Insurance Policy shall diminish or relieve the Servicer from its duties and obligations as set forth in this Agreement. The minimum coverage under any such bond and insurance policy shall be at least equal to the corresponding amounts required by the Servicer. Upon the request of the Master Servicer, the Trustee or the NIMS Insurer, the Servicer shall cause to be delivered to such party a certified true copy of such fidelity bond and insurance policy and a statement from the surety and the insurer that such fidelity bond and insurance policy shall in no event be terminated or materially modified without 30 days’ prior written notice to the Master Servicer, the Trustee and the NIMS Insurer.

  • Replacement of the L/C Issuer The L/C Issuer may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced L/C Issuer and the successor L/C Issuer. The Administrative Agent shall notify the Lenders of any such replacement of the L/C Issuer. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced L/C Issuer. From and after the effective date of any such replacement (i) the successor L/C Issuer shall have all the rights and obligations of the L/C Issuer under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “L/C Issuer” shall be deemed to refer to such successor or to any previous L/C Issuer, or to such successor and all previous L/C Issuers, as the context shall require. After the replacement of a L/C Issuer hereunder, the replaced L/C Issuer shall remain a party hereto and shall continue to have all the rights and obligations of a L/C Issuer under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

  • Standard Hazard Insurance and Flood Insurance Policies (a) For each Mortgage Loan, the Master Servicer shall enforce any obligation of the Servicers under the related Servicing Agreements to maintain or cause to be maintained standard fire and casualty insurance and, where applicable, flood insurance, all in accordance with the provisions of the related Servicing Agreements. It is understood and agreed that such insurance shall be with insurers meeting the eligibility requirements set forth in the applicable Servicing Agreement and that no earthquake or other additional insurance is to be required of any Mortgagor or to be maintained on property acquired in respect of a defaulted loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance.

  • Maintenance of Hazard Insurance The Servicer shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured by a generally acceptable insurer against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the current principal balance of such Mortgage Loan and (ii) the amount necessary to fully compensate for any damage or loss to the improvements that are a part of such property on a replacement cost basis, in each case in an amount not less than the amount as is necessary to avoid the application of any co-insurance clause contained in the related hazard insurance policy. Any payments by the Servicer for hazard insurance, other than as set forth in the last paragraph of this Section 3.17, shall be deemed Servicing Advances, reimbursable in accordance with Section 3.04(ix), to the extent not collected from the related Mortgagor. The Servicer will comply in the performance of this Agreement with all reasonable rules and requirements of each insurer under any such hazard policies. Any amounts to be collected by the Servicer under any such policies (other than amounts to be applied to the restoration or repair of the property or amounts to be released to the Mortgagor subject to the terms and conditions of the related Mortgage and Mortgage Note) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 3.04, if received in respect of a Mortgage Loan. Any cost incurred by the Servicer in maintaining any such insurance shall not, for the purpose of calculating distributions to Certificateholders, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance is to be required of any Mortgagor other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. If the Mortgaged Property or REO Property is at any time in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards and flood insurance has been made available, the Servicer will cause to be maintained a flood insurance policy in respect thereof. Such flood insurance shall be in an amount equal to the lesser of (i) the unpaid principal balance of the related Mortgage Loan and (ii) the maximum amount of such insurance available for the related Mortgaged Property under the national flood insurance program (assuming that the area in which such Mortgaged Property is located is participating in such program). In the event that the Servicer shall obtain and maintain a blanket policy with an insurer having a General Policy Rating of B:III or better in Best’s Key Rating Guide (or such other rating that is comparable to such rating) insuring against hazard losses on all of the Mortgage Loans, it shall conclusively be deemed to have satisfied its obligations as set forth in the first two sentences of this Section 3.17, it being understood and agreed that such policy may contain a deductible clause, in which case the Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy complying with the first two sentences of this Section 3.17, and there shall have been one or more losses which would have been covered by such policy, deposit to the Custodial Account from its own funds without right of reimbursement the amount not otherwise payable under the blanket policy because of such deductible clause. In connection with its activities as administrator and servicer of the Mortgage Loans, the Servicer agrees to prepare and present, on behalf of itself, the Trustee and the Certificateholders, claims under any such blanket policy in a timely fashion in accordance with the terms of such policy.

  • Replacement of Trustee A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this Section. The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of Notes of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if:

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