Existing Surety Bonds definition
Examples of Existing Surety Bonds in a sentence
Regarding a possible single contact point, we think it should not be a general principle as such.
Buyer shall indemnify and hold harmless Seller with respect to all Liabilities arising out of or relating to any such Existing Surety Bonds to the extent they arise in the first instance in connection with the period following the Closing.
Further, nothing contained in paragraphs 151 through 157 of this Confirmation Order relating to Lexon, the Existing Surety Bonds, the Indemnity Agreements, the New Surety Bonds or the New Indemnity Agreements shall constitute or be deemed a waiver of any Cause of Action that the Debtors or Reorganized Debtors may hold against any Entity.
These Existing Surety Bonds are issued pursuant to certain existing indemnity agreements and/or related agreements (including coal reclamation bond agreements) by and between the Sureties, on the one hand, and the Debtors and their affiliates and certain non-Debtors, as applicable, on the other hand (collectively, the “Existing Indemnity Agreements” and, each, an “Existing Indemnity Agreement”).
The Cloud Peak Parties hereby acknowledge that, in using their commercially reasonably efforts to obtain new surety bonds, letters of credit or other credit arrangements in support of the Cloud Peak Business, such new bonds, letters of credit or other credit arrangements may be more expensive than the corresponding arrangements under the Existing Surety Bonds.
Consistent with previous Orders entered by this Court, the Debtors will continue to pay all premiums and other amounts due, including loss adjustment expenses, on the Existing Surety Bonds as they become due prior to the execution and issuance of the New Surety Bonds.
On the IPO Closing Date, the Cloud Peak Parties hereby agree to enter into the Escrow Agreement, pursuant to which $ million (the "Restricted Cash") will be placed in escrow for the benefit of the Rio Tinto Group with respect to the Existing Surety Bonds.
The Restricted Cash Amount shall be released from time to time to CPE LLC pursuant to the terms of the Escrow Agreement as the Existing Surety Bonds are replaced with new surety bonds, letters of credit or other credit arrangements (the "Replacement Surety Bonds") in amounts, as needed, to secure such Replacement Surety Bonds.
The Existing Surety Bonds and all letters of credit, guarantees and other financial obligations or assurances securing reclamation obligations on or relating to the Mineral and Real Properties are listed on Section 3.8 of the Disclosure Schedules.
Notwithstanding any other provision of the Plan or this Confirmation Order, all letters of credit or other collateral issued to Lexon as security for a Debtor’s obligations under the Existing Surety Bonds or the Indemnity Agreements, shall remain in place for the benefit of the resulting Reorganized Debtors to secure against any “loss” or “default” as defined in the applicable Indemnity Agreement or New Surety Bond incurred by Lexon.