OTHER SURETIES Clause Samples
The 'Other Sureties' clause defines the rights and obligations of parties when additional sureties, or guarantors, are involved in a contractual agreement. It typically outlines how the presence of multiple sureties affects liability, such as whether each surety is responsible for the entire obligation or only a portion, and may address procedures for notifying or coordinating with other sureties. This clause ensures clarity in the allocation of responsibility among all sureties, preventing disputes and confusion if claims arise under the contract.
OTHER SURETIES. If Company procures the execution of Bonds by other sureties, executes Bonds with co-sureties or obtains reinsurance, the provisions of this Agreement inure to the benefit of such other surety, co-surety or reinsurer, but only as to such Bonds.
OTHER SURETIES. If the SURETY procures the execution of any BOND by other sureties, or executes the BONDS with co-sureties or reinsures any portion of said BONDS with reinsuring sureties, then all the terms and conditions of this Agreement shall inure to the benefit of such other sureties, co-sureties and reinsuring sureties, as their interests may appear.
OTHER SURETIES. The Indemnitor agree to notify the Surety of any change to the security and collateral terms agreed to by the Indemnitor for the benefit of another Surety.
OTHER SURETIES. If Berkshire shall procure any other surety to reinsure any portion of its exposure under any of the Surety Bonds, this Agreement shall inure to the benefit of such other surety, its successors and assigns, so as to give to it a direct right of action against Oglethorpe to enforce this Agreement, and “Berkshire,” wherever used herein, shall be deemed to include such reinsuring surety, as its respective interests may appear, in each case to the extent agreed by Berkshire with such other surety; provided, however, that Oglethorpe shall not be required to give notices to, or to obtain the consent of, any such reinsurer; provided further, that Section 1.03, Section 1.04, Article 4 and Section 5.03 hereof shall only be for the benefit of Berkshire and shall not inure to the benefit of any other surety.
OTHER SURETIES. FIRST: The Indemnitors agree that the security and collateral terms agreed to by the Indemnitors for the benefit of the Surety shall be no less favorable to the Surety than those offered by the Indemnitors to other sureties.
OTHER SURETIES. All of the terms and conditions of this agreement shall stand for the protection of any co-surety, any reinsuring company, or any other surety procured by Big Red Bail Bonds whether Big Red Bail Bonds does or does not execute or retain any portion of any such obligation.
OTHER SURETIES. If AMBAC shall procure any other surety to reinsure the Surety Bond, this Agreement shall inure to the benefit of such other surety, its successors and assigns, so as to give to it a direct right of action against Old Dominion to enforce this Agreement, and "AMBAC," wherever used herein, shall be deemed to include such reinsuring surety, as its interests may appear.