Initial Surety Bond definition

Initial Surety Bond means the surety bond issued by the Initial Surety Companies, as sureties, dated December 1, 1999, in favor of Purchaser, initially in the maximum penal sum of $150,000,000
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Initial Surety Bond means the surety bond issued by the Initial Surety Companies, as sureties, dated the date of the Confirmation Letter, in favor of the Purchaser, initially in the maximum penal sum of the Prepaid Price, which maximum penal sum shall be reduced over time in accordance with the schedule attached thereto as agreed pursuant to Section 2.01, expiring December 31, 2005, and in the form attached hereto as Exhibit B. "Initial Surety Companies" means Travelers Indemnity Company, St. Xxxx Fire and Marine Insurance Company, Lumbermens Mutual Casualty Company, Hartford Fire Insurance Company, and Safeco Insurance Company of America.
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Examples of Initial Surety Bond in a sentence

  • It is expressly agreed that, as provided in Section 5 to the Initial Surety Bond (and the corresponding section in any Substitute Surety Bond), the payment by the Surety Companies of their respective Commitment Percentage of the amount demanded in accordance with this Section 5.04 shall, as to such Surety Company, constitute satisfaction in full of all of its obligations under the Surety Bond.

  • To support its obligation to make the Termination Payment hereunder, the Seller hereby agrees to deliver, concurrently with the Confirmation Letter, the Initial Surety Bond.

  • The Seller and Enron acknowledge that payment shall be made by the Surety Companies in strict compliance with their respective obligations under the Surety Bond (including Section 4 of the Initial Surety Bond or the equivalent provision in any Substitute Surety Bond) and agree not to dispute prior to payment any payment by the Surety Companies in compliance with the Surety Bond.

  • On or before December 28, 2000, the Purchaser and the Seller shall agree upon and execute a Confirmation Letter and agree upon the schedule to the Initial Surety Bond providing for the periodic reductions to the maximum penal sum thereunder.

  • Notwithstanding the foregoing, and notwithstanding the provisions of any Surety Bond (including but not limited to paragraphs 4 and 9 of the Initial Surety Bond) no written notice as between the Purchaser and Surety Companies, and no payment to or for the benefit of the Purchaser by the Seller, Enron or the Surety Companies shall constitute a waiver of any other right, remedy or power of the Seller or Enron under this Agreement or any document executed in connection herewith.

  • On or before December ___, 2000, the Purchaser and the Seller shall agree upon and execute a Confirmation Letter and agree upon the schedule to the Initial Surety Bond providing for the periodic reductions to the maximum penal sum thereunder.

  • Seller and Guarantor acknowledge that payment shall be made by the Surety Companies in strict compliance with their respective obligations under the Surety Bond (including Section 4 of the Initial Surety Bond or the equivalent provision in any Substitute Surety Bond) and agree not to dispute prior to payment any payment by the Surety Companies in compliance with the Surety Bond.

  • Section 162(m) precludes a deduction under chapter 1 of the Internal Revenue Code by any publicly held corporation for compensation paid to any covered em- ployee to the extent that the com- pensation for the taxable year exceeds$1,000,000.(c) Definitions—(1) Publicly held cor- poration—(i) General rule.

  • Monitor any amendments to this Public Contract by studying official notices of the Company, published on the Ottry website in the Management Kit system 30 days prior to entry into force of any amendments to the existing Contract.

  • If on December 7, 1999, a Confirmation Letter and such schedule to the Initial Surety Bond have not been executed and delivered by the parties thereto or if the Prepaid Price has not been paid by Purchaser to Seller, then this Agreement shall terminate and be null and void and without any further force and effect, and without any further actions by the parties.

Related to Initial Surety Bond

  • Surety Bond means a bond from a Bond company with a credit rating by AMBEST better than a “B”. The bonding company shall be certified to issue bonds in a state in which this Agreement is approved.

  • Surety Bonds means surety bonds obtained by the Borrower or any Restricted Subsidiary consistent with market practice and the indemnification or reimbursement obligations of the Borrower or such Restricted Subsidiary in connection therewith.

  • Certificate Insurance Policy The Financial Guaranty Insurance Policy No. CA01172A, and all endorsements thereto dated the Closing Date, issued by the Certificate Insurer for the benefit of the Class AF-3 Certificateholders.

  • Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company, or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee or Trust Agent, as the case may be, may draw thereupon in the event the Servicer satisfies the Monthly Remittance Condition but fails to deposit SUBI Collections into the 2019-B SUBI Collection Account by the related Deposit Date.

  • Eligible surplus lines insurer means a nonadmitted insurer with which a surplus lines

  • Required Surety Payment With respect to any Additional Collateral Loan that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion of the Realized Loss with respect to such Mortgage Loan and (ii) the excess, if any, of (a) the amount of Additional Collateral required at origination with respect to such Mortgage Loan over (b) the net proceeds realized by the Subservicer from the related Additional Collateral.

  • Cash Collateral Account Agreement With respect to any Mortgage Loan, the cash collateral account agreement, if any, between the originator of such Mortgage Loan and the related Mortgagor, pursuant to which the related Cash Collateral Account, if any, may have been established.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • Primary Mortgage Insurance Policy Any primary mortgage guaranty insurance policy issued in connection with a Mortgage Loan which provides compensation to a Mortgage Note holder in the event of default by the obligor under such Mortgage Note or the related Security Instrument, if any or any replacement policy therefor through the related Interest Accrual Period for such Class relating to a Distribution Date.

  • Auto-Renewal Letter of Credit has the meaning specified in Section 2.03(b)(iii).

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • Letter of Credit Cash Collateral Account means a blocked deposit account at Bank of America with respect to which Borrower hereby grants a security interest in such account to Administrative Agent for and on behalf of Lenders as security for Letter of Credit Usage and with respect to which Borrower agrees to execute and deliver from time to time such documentation as Administrative Agent may reasonably request to further assure and confirm such security interest.

  • Auto-Extension Letter of Credit has the meaning specified in Section 2.03(b)(iii).

  • Mortgage Policy has the meaning specified in Section 4.01(a)(iv)(B).

  • Title Insurance Policy A title insurance policy maintained with respect to a Mortgage Loan.

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Letter of Credit Collateral Account means a special deposit account maintained by the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Bank and the Lenders, and under the sole dominion and control of the Administrative Agent.

  • Insurance Policy With respect to any Mortgage Loan included in the Trust Fund, any insurance policy, including all riders and endorsements thereto in effect, including any replacement policy or policies for any Insurance Policies.

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Collateral Account Agreement means the Collateral Account Agreement executed and delivered by Company and Administrative Agent on the Closing Date, substantially in the form of EXHIBIT XXIII annexed hereto, as such Collateral Account Agreement may hereafter be amended, supplemented or otherwise modified from time to time.

  • Bond Insurance Policy means the municipal bond insurance policy, if any, issued by the Bond Insurer that guarantees payment of principal of and interest on the Bonds and constitutes a Bond Facility under the Indenture.

  • Required Insurance Policy With respect to any Mortgage Loan, any insurance policy that is required to be maintained from time to time under this Agreement.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.