RELEASE OF BONDS. No bond required by the Contract Documents shall be deemed released without a written release from the Owner specifically granting such release.
RELEASE OF BONDS. The Agent will release the Bonds without any further action or consent by the Banks, and deliver, at the Company’s expense, such documents to the Company or the trustee under the Indenture as the Company may reasonably require to evidence such release, upon written request by the Company accompanied by a certificate of a Designated Officer certifying that (a) no Default or Event of Default exists prior to or after giving effect to such release and (b) at least two of the three then current ratings of the Company’s senior unsecured long-term debt (without third-party credit enhancement) are as follows: (i) Baa2 or higher in the case of Xxxxx’x, (ii) BBB or higher in the case of S&P and (iii) BBB or higher in the case of Fitch.
RELEASE OF BONDS. The Surety Corporation providing the bonds for this project shall obtain a written release from the Owner prior to the expiration date of the bonds.
RELEASE OF BONDS. Subject to its rights to have recourse to the Bonds, the State must release:
(a) (O&M Bond): any O&M Bond within 20 Business Days after the Handover Date; and
(b) (Handover Bond): any Handover Bond within 12 months after the Handover Date.
RELEASE OF BONDS. The Agent will release the Bonds without any further action or consent by the Banks, and deliver, at the Company's expense, such documents to the Company or the trustee under the Indenture as the Company may reasonably require to evidence such release, upon written request by the Company accompanied by a certificate of a Designated Officer certifying that (a) no Default or Event of Default exists prior to or after giving effect to such release and (b) the then current ratings for the Company's senior unsecured long-term debt (without third-party credit enhancement) are Baa2 or higher in the case of Xxxxx'x and BBB or higher in the case of S&P.
RELEASE OF BONDS. The City shall return or release all unsuccessful Bidders’ Bid Bonds within forty-five (45) days after the successful Bidder has been awarded the Agreement by the Airport Commission.
RELEASE OF BONDS. Upon the request of Sellers, Buyer shall assist Sellers in a commercially reasonable manner to release or cause the release or cancellation any bonds, letters of credit or guarantees posted by any Seller with Governmental Authorities and relating to the Purchased Assets. All such bonds, letters of credit or guarantees are set forth on Schedule 5.12.
RELEASE OF BONDS. (a) After the Closing, the Buyer and the Seller shall cooperate to cause the Seller and its Affiliates (other than the Companies) to be fully released from all obligations under any Surety Bonds outstanding as of the Closing. The Buyer will not, and will not permit any of its Affiliates to, renew, extend, amend or supplement any Contract of either Company that is covered by such a Surety Bond in such a manner that would reasonably be expected to increase in any material respect (i) the risk of such Surety Bond being drawn upon, called or otherwise exercised or (ii) the backlog or duration (other than extensions of duration in the ordinary course of business) of such Contract, in each case, without the prior written consent of the Seller or providing the Seller with evidence reasonably satisfactory to it that such Surety Bond is not supported by any indemnity agreement, letter of credit or other security of, or other instrument imposing liability (contingent or otherwise) on, the Seller or its Affiliates.
(b) After the Closing, the Seller and its Affiliates will maintain letters of credit (and any other indemnification and credit support arrangements) as required to support the Surety Bonds outstanding as of the Closing and, as consideration therefor, the Buyer shall pay the Seller a fee as follows: (i) at the end of each calendar quarter ending after the Closing and on or prior to the first anniversary of the Closing, the Buyer shall pay the Seller a fee equal to 25 basis points on the amount of the letters of credit maintained by the Seller and its Affiliates (other than the Companies) required to support such Surety Bonds outstanding at the end of such calendar quarter and (ii) at the end of each calendar quarter ending after the first anniversary of the Closing, the Buyer shall pay the Seller a fee equal to 200 basis points on the amount of the letters of credit maintained by the Seller and its Affiliates (other than the Companies) required to support such Surety Bonds outstanding at the end of such calendar quarter.
(c) No later than December 31, 2008, the Buyer shall provide letters of credit (and any other indemnification and credit support arrangements) as required to support the Surety Bonds (other than Past Project Surety Bonds) outstanding at such date, which letters of credit (and any other indemnification and credit support arrangements) shall enable the Seller and its Affiliates to withdraw and cancel their letters of credit (and any other ind...
RELEASE OF BONDS. (a) The performance bond provided pursuant to the provisions of this agreement may be released by the County Grading Official upon completion and acceptance of the Work to be performed hereunder, in whole or in part; provided that a partial release shall not be in an amount less than 25% of the total estimated cost of the Work
(b) Security for the setting of monuments may be released after notice of the final setting of monuments has been given by the engineer or surveyor and evidence is submitted that the engineer or surveyor has been paid.
RELEASE OF BONDS. 44 -iv- TABLE OF CONTENTS SCHEDULES Schedule 1 Pricing Schedule Schedule 2 Commitment Schedule Schedule 3 Notice Information EXHIBITS Exhibit A Form of Supplemental Indenture Exhibit B-1 Required Opinions from General Counsel or Assistant General Counsel (Section 11.1) Exhibit B-2 Required Opinion from Miller, Canfield, Paddock and Stone, P.L.C. (Section 11.1) Exhibit B-3 Required Opinions from General Counsel or Assistant General Counsel (Section 11.2) Exhibit B-4 Required Opinion from Miller, Canfield, Paddock and Stone, P.L.C. (Section 11.2) Exhibit C Form of Compliance Certificate Exhibit D Form of Assignment and Assumption Agreement Exhibit E Terms of Subordination (Junior Subordinated Debt) Exhibit F Terms of Subordination (Guaranty of Hybrid Preferred Securities) Exhibit G Form of Bond Delivery Agreement Exhibit H Form of Increase Request Exhibit I Form of Mortgage and Security Agreement CREDIT AGREEMENT This Credit Agreement, dated as of March 31, 2006, is among Consumers Energy Company, a Michigan corporation (the "Company"), the financial institutions listed on the signature pages hereof (together with their respective successors and assigns, the "Banks") and Barclays Bank PLC, as Agent.
