Surety Instruments. On or after the Distribution Date, if any letters of credit, financial or surety bonds issued by third parties or other similar financial instruments issued by third parties (collectively, “Surety Instruments”) for the account of Fiesta Restaurant Group or any of its Subsidiaries issued on behalf of or for the benefit of the CRG Business are outstanding, or if any Surety Instruments for the account of CRG or any of its Subsidiaries issued on behalf of or for the benefit of the Fiesta Business are outstanding, the party benefiting from the Surety Instruments shall, and shall cause its Subsidiaries to, use their respective commercially reasonable efforts to replace such Surety Instruments as promptly as practicable with Surety Instruments that (x) are issued for its own account or the account of any of its Subsidiaries (or any combination thereof), (y) are acceptable to the beneficiary or beneficiaries thereof and (z) neither impose any Liabilities, directly or indirectly, on the party not benefiting therefrom or any of its Subsidiaries nor encumber or otherwise restrict, directly or indirectly, any Assets of such party or any of its Subsidiaries. Following the Distribution Date, (i) the party benefiting from any such unreplaced Surety Instruments shall indemnify and hold harmless the other party’s Group for any Losses arising from or relating to such unreplaced Surety Instruments as set forth in Section 3.3 or 3.4, as applicable, and (ii) the party benefiting from such Surety Instruments shall not, and shall not permit any of its Subsidiaries to, enter into, renew or extend the term of, increase its obligations under, or transfer to a third party, any loan, lease, Contract or other obligation in connection with which the other party or any of its Subsidiaries has issued, or caused to be issued, any Surety Instruments which remain outstanding. The parties hereto agree that neither party nor any of its respective Subsidiaries will have any obligation to renew any Surety Instruments issued on behalf of a member of the other party’s Group after the expiration of any such Surety Instruments, provided that nothing in this Section 6.7 shall prevent a party from renewing any Surety Instrument.
Surety Instruments. “Surety Instruments” has the meaning set forth in Section 6.7.
Surety Instruments. (a) On or after the Distribution Date, if any Scheduled RemainCo Surety Obligations for the SpinCo Business are outstanding, SpinCo shall, and shall cause its Subsidiaries to, use commercially reasonable efforts to replace the Scheduled RemainCo Surety Obligations for the SpinCo Business as promptly as practicable with Surety Instruments that (x) are issued for SpinCo’s own account or the account of any of its Subsidiaries (or any combination thereof), (y) are acceptable to the beneficiary or beneficiaries thereof and (z) neither impose any Liabilities, directly or indirectly, on RemainCo or any of its Subsidiaries nor encumber or otherwise restrict, directly or indirectly, any Assets of RemainCo or any of its Subsidiaries. From and after the Distribution Time: SpinCo shall indemnify and hold harmless RemainCo and each of its Subsidiaries from and against any other Losses arising from or relating to any Surety Instruments relating to the RemainCo Surety Obligations for the SpinCo Business. Without the prior written consent of RemainCo, SpinCo shall not, and shall not permit any of its Subsidiaries to, enter into, renew or extend the term of, increase its obligations under, or transfer to a Third Party, any loan, lease, Contract or other obligation in connection with which RemainCo or any of its Subsidiaries has issued, or caused to be issued, any Surety Instruments relating to any RemainCo Surety Obligations for the SpinCo Business. The Parties agree that neither RemainCo nor any of its Subsidiaries will have any obligation to renew any Surety Instruments relating to the RemainCo Surety Obligations for the SpinCo Business, after the expiration of any such Surety Instruments, provided that nothing in this Section 6.7(a) shall prevent RemainCo or any of its Subsidiaries from renewing any Surety Instrument. If SpinCo theretofore has been unable to replace any of the Scheduled RemainCo Surety Obligations for the SpinCo Business, then, within ten days after a Change of Control of SpinCo (or, if later, on the 24 month anniversary of the Distribution Time if, within ten days after such Change of Control, SpinCo provides to RemainCo a valid, binding and enforceable guarantee, in favor of RemainCo, of SpinCo’s obligations under this Section 6.7(a) from the ultimate parent entity with control over SpinCo (provided that the Credit Quality of such ultimate parent entity, after providing the guarantee contemplated by this parenthetical, is, in the written opinion of a ...
Surety Instruments. On or after the Distribution Date, if any letters of credit, customs bonds, financial or surety bonds issued by third parties or other similar financial instruments issued by third Parties (collectively, “Surety Instruments”) for the account of Noble or any other member of the Noble Group issued on behalf of or for the benefit of the Paragon Business remain outstanding, or any Surety Instruments for the account of Paragon or any other member of the Paragon Group issued on behalf of or for the benefit of the Noble Business remain outstanding, the party benefiting from the Surety Instruments shall, and shall cause its Subsidiaries to, use their respective best efforts to replace such Surety Instruments as promptly as practicable with Surety Instruments that are issued for its own account or the account of any of its Subsidiaries (or any combination thereof). Following the Distribution Date, (i) the party benefiting from such Surety Instruments shall indemnify and hold harmless the other party’s group for any Losses arising from or relating to such unreplaced Surety Instruments as set forth in Section 3.3 or 3.4, as applicable and (ii) the party benefiting from such Surety Instruments shall not, and shall not permit any members of its Group to, enter into, renew or extend the term of, increase its obligations under, or transfer to a third Party, any loan, lease, contract or other obligation in connection with which Noble or any other member of the Noble Group has issued, or caused to be issued, any Surety Instruments which remain outstanding. The Parties agree that neither party nor any members of their respective Groups will have any obligation to renew any Surety Instruments issued on behalf of a member of the other party’s group after the expiration of any such Surety Instruments, provided that nothing in this Section 6.8 shall prevent a party from renewing any Surety Instrument.
Surety Instruments. On or before March 1, 1999 and on or before March 1 each year thereafter, the Parties shall either; 1) amend the existing surety instrument to the revised surety amount, or 2) deliver to the Manager a Surety Instrument with a value equal or greater than their proportionate share of the surety amount as described in 11.(b)(i) above.
Surety Instruments. X. Xxxxx to signing of this AGREEMENT by the CITY, DEVELOPER shall deposit with the CITY a surety instrument in accordance with §235-22 of the Municipal Code in the amount of 120% of the actual cost of all the PUBLIC IMPROVEMENTS as approved by the CITY in a form approved by the City Attorney, which shall be returned to DEVELOPER upon the final acceptance of the PUBLIC IMPROVEMENTS by the CITY for the following:
Surety Instruments. DEVELOPER shall furnish to CITY sufficient and acceptable forms of Security (performance bonds, letters of credit or cash) in the amount of $ which shall be in full force and effect and shall not expire, language to the contrary contained in said security notwithstanding, until CITY has indicated "acceptance" of the "Required Improvements" identified in Section 3 of this agreement. The total amounts stated above are further described as follows:
Surety Instruments. “Surety Instruments” shall have the meaning set forth in the definition of “Indebtedness.”
Surety Instruments. If requested by Company, Contractor shall obtain payment and performance bonds, each in an amount equal to one hundred percent (100%) of the Contract Price. The bonds shall be written on forms satisfactory to Company. Contractor’s bond sureties shall be only those approved by the Department of Treasury, as indicated in Circular 570, “Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies.”
Surety Instruments. 6.8 Guarantee Obligations
