Replacement Bonds Sample Clauses
The Replacement Bonds clause outlines the process and requirements for substituting an existing bond with a new one during the course of a contract. Typically, this clause specifies the conditions under which a replacement bond may be provided, such as when the original surety is no longer acceptable or the bond is expiring, and details the standards the new bond must meet, including approval by the other party. Its core practical function is to ensure continuous and adequate security for contractual obligations, thereby protecting the interests of the parties if the original bond becomes invalid or insufficient.
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Replacement Bonds. In the event that any Bond is not delivered due to any occurrence, act or event beyond the control of the Depositor and of the Trustee (such a Bond being herein called a "Special Bond"), the Depositor may so certify to the Trustee and instruct the Trustee to purchase Replacement Bonds which have been selected by the Depositor having a cost and an aggregate principal amount not in excess of the cost and aggregate principal amount of the Special Bonds not so delivered. To be eligible for inclusion in the Trust, the Replacement Bonds which the Depositor selects must: (i) for Trusts containing municipal bonds, yield current interest which is exempt from taxation for federal income tax purposes and, if the Trust is a State Trust, exempt from taxation under the personal income tax law of the particular state involved; (ii) have a fixed maturity or disposition date comparable to the bonds replaced; (iii) be purchased at a price that results in a yield to maturity and in a current return, in each case as of the execution and delivery of the applicable Reference Trust Agreement, which is approximately equivalent to the yield maturity and current return of the Special Bonds which failed to be delivered and for which the Replacement Bonds are substituted; (iv) be purchased within twenty days after delivery of notice of the failed contract to the Trustee or to the Depositor, whichever occurs first and (v) be of comparable credit quality to the Special Bond which failed to be delivered. Any Replacement Bonds received by the Trustee shall be deposited hereunder and shall be subject to the terms and conditions of this Indenture to the same extent as other Bonds deposited hereunder. No such deposit of Replacement Bonds shall be made after the earlier of (i) 90 days after the date of execution and delivery of the applicable Reference Trust Agreement or (ii) the first Distribution Date to occur after the date of execution and delivery of the applicable Reference Trust Agreement.
(25) Article III is hereby amended by adding the following Section 3.19:
Replacement Bonds. Buyer shall have obtained, or caused to be obtained, in the name of Buyer or its designee, replacements for Seller’s and/or its Affiliates’ bonds, letters of credit and guarantees, and such other bonds, letters of credit and guarantees to the extent required by Section 6.3.
Replacement Bonds. If a Certificate is lost or mutilated, the Bondholder shall notify the Issuer as soon as practicable and a replacement Certificate shall be issued if the Bondholder provides the Issuer with: (a) the mutilated Certificate (if available); and (b) a declaration by the Bondholder or its officer that the Certificate had been lost or mutilated (as the case may be) or other evidence that the Certificate had been lost or mutilated. Any Certificate replaced in accordance with this Condition shall forthwith be cancelled. All reasonable administrative costs and expenses associated with the preparation, issue and delivery of a replacement Certificate for any Bond shall be borne by the relevant Bondholder.
Replacement Bonds. If at any time the Owner, for justifiable cause, shall be or become dissatisfied with any Surety as providers of the required Performance Bond or the Payment Bond, the Contractor shall within five (5) calendar days after being notified by the Owner, substitute an acceptable bond in the form and sum and signed by such other Surety as may be satisfactory to the Owner. The premiums on such Bonds shall be paid by the Contractor. No further progress payments to the Contractor shall be deemed due or payable until acceptable bonds are furnished. The new bond amount shall be for the remaining balance of the Agreement. In the event that the Contractor is unable to obtain a new bond, the Owner may obtain the bond and charge the Contractor for the cost required to obtain said bond. Owner shall have the right to demand reimbursement for any cost or automatically deduct the cost of the bond from the cost of the work without a Change Order. The new bond amount shall be for the remaining balance of the contract.
Replacement Bonds. (a) Upon the presentation and surrender to the Trustee of a mutilated Bond, the Trustee shall authenticate and deliver in exchange therefor a replacement Bond of like series, maturity, interest rate, and principal amount, bearing a number not contemporaneously outstanding.
(b) The City or the Trustee shall require the Owner of such Bond to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith and any other expenses connected therewith, including the fees and expenses of the Trustee.
(c) If any Bond is lost, apparently destroyed, or wrongfully taken, the City, pursuant to the applicable laws of the State and in the absence of notice or knowledge that such Bond has been acquired by a bona fide purchaser, shall execute and the Trustee shall authenticate and deliver a replacement Bond of like series, maturity, interest rate, and principal amount, bearing a number not contemporaneously outstanding, provided that the Owner thereof shall have:
(i) furnished to the Trustee satisfactory evidence of the ownership of and the circumstances of the loss, destruction, or theft of such Bond;
(ii) furnished such security or indemnity as may be required by the Trustee and the City to save them harmless;
(iii) paid all expenses and charges in connection therewith, including, but not limited to, printing costs, legal fees, fees of the Trustee, and any tax or other governmental charge that may be imposed; and
(iv) met any other reasonable requirements of the City and the Trustee.
(d) If, after the delivery of such replacement Bond, a bona fide purchaser of the original Bond in lieu of which such replacement Bond was issued presents for payment such original Bond, the City and the Trustee shall be entitled to recover such replacement Bond from the person to whom it was delivered or any person taking therefrom, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost, or expense incurred by the City or the Trustee in connection therewith.
(e) If any such mutilated, lost, apparently destroyed or wrongfully taken ▇▇▇▇ has become or is about to become due and payable, the City in its discretion may, instead of issuing a replacement ▇▇▇▇, authorize the Trustee to pay such Bond.
(f) Each replacement Bond delivered in accordance with this section shall be entitled to the benefits and security of this Indenture to the same extent as the...
Replacement Bonds. The Purchaser acknowledges that none of the Credit Support Instruments posted by the Seller or any of its Affiliates will be transferred to the Purchaser. At or prior to the Closing, the Purchaser, at the Purchaser’s sole cost and expense, shall use commercially reasonable efforts to deliver to the Seller evidence of the posting of replacements for all such Credit Support Instruments to the extent such replacements are necessary to permit the cancellation of the Credit Support Instruments posted by the Seller or its Affiliates and the Seller shall reasonably cooperate with the Purchaser’s efforts in this respect. Effective upon the Closing, the Purchaser and the Guarantor, jointly and severally, shall defend, indemnify, and hold harmless the Seller Indemnitees from and against any and all Losses arising out of, attributable to, based upon, or related to the Purchaser’s failure to either (x) replace Credit Support Instruments in accordance with this Section 4.13, and (y) upon expiration of the period in the previous sentence, have all Credit Support Instruments posted by the Seller or its Affiliates released.
Replacement Bonds. The Paying Agent, at the direction of the Borrower, shall deliver replacement Bonds bearing the Fixed Interest Rate with deletion of such terms as are no longer applicable. Any such replacement Bonds shall be executed and authenticated as provided in Sections 2.03 and 2.04 herein. Notwithstanding anything herein to the contrary, any replacement Bonds shall be in $5,000 denominations or integral multiples thereof.
Replacement Bonds. After Closing, the Buyer shall promptly replace bonds as set forth in SCHEDULE 6 (d) posted by the Seller with the Minerals Management Service with respect to the Assets.
Replacement Bonds. Replacement Bonds shall be issued pursuant to applicable law as a result of the destruction, loss or mutilation of the Bonds. The costs of a replacement shall be paid or reimbursed by the Bondholder, who shall indemnify the Issuer, the Trustee and the Company against all liability and expense in connection therewith.
Replacement Bonds. If any mutilated Bond is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Bond, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Bond if the Trustee's requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Bond is replaced. The Company may charge for its expenses in replacing a Bond. Every replacement Bond is an additional obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Bonds duly issued hereunder.