Permanent Bond definition
Examples of Permanent Bond in a sentence
Notwithstanding anything to the contrary in Section III.1 above, in the event the INI Original Penal Sum was reduced pursuant to Section I.3 above, then the Original Stage 1 Permanent Bond Penal Sum shall equal forty seven million dollars and no/100 ($47,000,000.00) less the amount by which the INI Original Penal Sum exceeds the INI Current Penal Sum.
A Regulation S Temporary Global Bond may be exchanged for a Regulation S Permanent Bond in accordance with Section 2.10(d).
No delay, neglect, or failure of the Obligee to proceed promptly to enforce the Bonding Agreement or to proceed promptly in the premises in case of any default on the part of the Principal shall in any degree relieve the Principal and the Surety or either of them of their obligations under the Permanent Bond.
Each Stage 1 Permanent Bond shall guarantee the full and faithful performance by Orinoco and/or Maritech of the Abandonment Obligations relating to one or more individual offshore well(s), pipeline(s), platform(s) and/or surface restoration obligations on the leases for which Maritech currently has an outstanding Abandonment Obligation (“Stage 1 Permanent Bond ARO(s)”).
Within fifteen (15) days after receipt of notice by BOEM that a Dual Obligee Bond has been accepted, TETRA shall release all, or that that portion, of the Initial Bond, Stage 1 Permanent Bond or Stage 2 Permanent Bond, as applicable, equal to the penal sum of the Dual Obligee Bond.
A schedule of the Stage 1 Permanent Bond ARO(s), with cost estimates (“Stage 1 ARO Estimates”), shall be prepared by TETRA with input from Orinoco and Maritech, and shall become a part of this Bonding Agreement as Exhibit B-1.
Each Stage 1 Permanent Bond shall be in a form substantially similar to the form of each Initial Bond, with such changes as are necessary to conform it to the provisions of this Article III.
The Original Stage 1 Permanent Bond Penal Sum shall be reduced as described in Section below, and such reduced sum shall be the “Current Stage 1 Permanent Bond Penal Sum.” References in this Article III to “Penal Sum” shall mean the Original Stage 1 Permanent Bond Penal Sum or the Current Stage 1 Permanent Bond Penal Sum, as appropriate.
Each Stage 2 Permanent Bond shall be in a form substantially similar to the form of each Initial Bond, with such changes as are necessary to conform it to the provisions of this Article III.
The Company shall, and shall cause TNMP to keep Parent reasonably informed about such transaction, including by furnishing to Parent a copy of any agreement, term sheet, engagement letter or other documentation relating to the Permitted Permanent Bond Replacement Financing promptly upon execution thereof.