Replacement Bonds and Instruments Sample Clauses
The Replacement Bonds and Instruments clause outlines the procedures and requirements for substituting existing financial guarantees, such as bonds or letters of credit, with new ones during the term of an agreement. Typically, this clause specifies the conditions under which a party may provide a replacement instrument, the standards the new instrument must meet, and the process for approval or notification to the other party. Its core practical function is to ensure that the financial security provided under the contract remains uninterrupted and compliant, even if the original instrument is replaced, thereby protecting the interests of the parties involved.
Replacement Bonds and Instruments. At Closing or as soon as practical thereafter, Buyer shall provide replacement instruments for each bond or similar contingent obligation given by Seller securing its, or its contract operator's, obligations relating to the Assets, set forth on Exhibit K (collectively, the "Instruments"). As soon as practical after Closing, Buyer (with reasonable assistance of Seller as requested by Buyer) shall use its best efforts to obtain the release of the Assets and/or Seller from the Instruments.
Replacement Bonds and Instruments. At Closing, Buyer shall provide evidence that it has in place appropriate surety instruments and bonds as required by applicable Governmental Authorities for Buyer to own and operate the Assets.
Replacement Bonds and Instruments. At Closing or as soon as practical thereafter, but no later than 30 days after the Closing, Buyer shall provide replacement instruments for each bond or similar contingent obligation given by Seller securing its, or its contract operator’s, obligations relating to the Assets, set forth on Exhibit K (collectively, the “Instruments”). As soon as practical after Closing, but no later than 30 days after the Closing, Buyer (with reasonable assistance of Seller as requested by Buyer) shall use its best efforts to obtain the release of the Assets and/or Seller from the Instruments and shall indemnify and hold Seller harmless for claims related to or arising out of any failure to obtain such releases.
Replacement Bonds and Instruments. At Closing, SCE shall provide replacement instruments for each bond or similar contingent obligation given by BBC securing its, or its contract operator’s, obligations relating to the Assets, set forth on Exhibit O (collectively, the “Instruments”). As soon as practical after Closing, SCE (with reasonable assistance of BBC as requested by SCE) shall use its commercially reasonable efforts to obtain the release of the Assets and/or BBC from the Instruments.
Replacement Bonds and Instruments. Buyer shall use reasonable efforts to file within 30 days after Closing appropriate surety instruments and bonds as required by applicable governmental agencies for Buyer to own and operate the Assets.