Bonded Obligations definition
Examples of Bonded Obligations in a sentence
If, after the Closing, the amount of Bonded Obligations is increased due to the issuance of a rider, supplement or amendment to an existing bond, then Buyer will pay Parent $15 per $1,000 of increase to reimburse Parent for the additional premium it will incur plus handling charges.
Notwithstanding the respective priorities of security interests and liens above, nothing in this Agreement is intended to waive, release, limit, condition or otherwise affect the Surety’s priority access and use of the Collateral Equipment to perform Surety’s Bonded Obligations, in accordance with the EUA.
Following the Closing, Buyer shall complete each of the Current Projects, including for purposes of clarity all Bonded Obligations, as expeditiously as possible in accordance with the terms of such projects and will use best efforts to collect all payments due and payable thereunder as soon as practicable following the Closing Date.
If, after the Closing, the amount of Bonded Obligations is increased due to the issuance of a rider, supplement or amendment to an existing bond, then Surviving Company will pay Parent the actual cost of the increase plus a handling fee of 5% of the actual cost as reimbursement to Parent for the additional premium.
Seller is currently obligated to complete the Current Projects, including for purposes of clarity all Bonded Obligations.
In connection with the Bonded Obligations, Buyer shall promptly provide Seller with any information relating thereto as Seller may reasonably request including without limitation status reports pertaining to Buyer’s performance and completion thereof.
In confirmation and furtherance of the foregoing, each replacement Payment and Performance Bond will cover any and all claims relating to Bonded Obligations made or arising during the term of such Payment and Performance Bond, regardless of when such claim accrues.
In confirmation and furtherance of the foregoing, the Contractor must provide the Payment and Performance Bonds as described herein during the entire term of the Agreement (except as otherwise provided herein with respect to the Installation Bond) and until the Contractor has satisfied all Bonded Obligations pursuant to this Agreement, including any such Bonded Obligations extending beyond the term of this Agreement.
The Payment and Performance Bonds must collectively secure the performance of all Bonded Obligations of the Contractor for a period of no less than one year and must cover all claims made relating to the Bonded Obligations of the Contractor during such period.
The Contractor must maintain the Payment and Performance Bonds in effect during the entire term of the Agreement (except as otherwise expressly provided herein) and until the Contractor has satisfied all of its Bonded Obligations pursuant to this Agreement, including any such Bonded Obligations extending beyond the term of this Agreement.