Examples of Qualified Surety in a sentence
See "Part II – SECURITY FOR THE BONDS AND AUXILIARY OBLIGATIONS – Debt Service Reserve Fund." The amounts deposited to the Debt Service Reserve Fund are expected to be invested as described in "Part I – CERTAIN PROGRAM ASSUMPTIONS – Investments." Under the Indenture, the Authority may at any time replace such cash on deposit with a Qualified Surety Bond.
As security for the performance of Seller’s obligations under Section 8.1 (collectively, “Decommissioning”), prior to the issuance of the Installation Notice to Proceed, Seller shall, at its sole cost and expense, obtain and cause to be issued and delivered to Purchaser by a Qualified Surety a decommissioning bond (“Decommissioning Bond”), in form and substance as provided in Schedule 12 (Form of Decommissioning Bond) or as may otherwise be acceptable to Purchaser.
Unless Purchaser disagrees with the recalculation of such Decommissioning Amount by delivery of Notice to Seller within twenty (20) Days following receipt of such report from the Qualified Engineer, Seller shall cause the Qualified Surety to amend or replace the Decommissioning Bond with the recalculated Decommissioning Amount, as determined by the Qualified Engineer, and deliver such amended or replacement Decommissioning Bond to Purchaser within thirty (30) Days.
Seller shall repeat such renewal process each year thereafter for the Term, and such renewal shall be through a Qualified Surety.
If either or both of the payment bond or performance bond submitted by the Contractor was not executed and issued by a Qualified Surety, the Contractor, within 48 hours of notice from the District Representative and prior to commencing the Work, must submit a replacement bond or bonds that satisfy the requirements of this Section, and if the Contractor fails to submit such replacement bond(s), the Contractor shall be deemed in material breach of the Contract.