Qualified Surety definition

Qualified Surety means any surety which has been Approved by the Authority and which has an Xxxxxx X. Best Company, Inc. rating of “A” or better and a financial size category of not less than “VIII” (or, if Xxxxxx X. Best Company, Inc. no longer uses such rating system, then the equivalent or most similar ratings under the rating system then in effect, or if Xxxxxx X. Best Company, Inc. is no longer the most widely accepted rater of the financial stability of sureties providing coverage such as that required by this Agreement, then the equivalent or most similar rating under the rating system then in effect of the most widely accepted rater of the financial stability of such insurance companies at the time).

Qualified Surety means any nationally recognized property and casualty insurance company authorized and licensed to transact suretyship business in the State, and rated by A.M. Best Company with a financial strength rating of “A-“ or better and a financial size rating of Class X or larger.

Qualified Surety is a corporate surety or insurer authorized to do business, and to issue bonds for construction payment and performance, in the State of Florida and possessing a rating of A/VIII or better in A.M. Best’s Insurance Reports.

Examples of Qualified Surety in a sentence

• 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.

• Seller shall repeat such renewal process each year thereafter for the Term, and such renewal shall be through a Qualified Surety.

• 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.

• 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.

• Concurrent with execution and delivery of the Contract, the Contractor must deliver to the District a payment bond in the form included in the Contract Documents, which shall have been duly executed by the Contractor and a Qualified Surety (defined in Section 9.3 of these General Provisions).

More Definitions of Qualified Surety

Qualified Surety means any surety which has been approved by City and which has an Xxxxxx X. Best Company, Inc. rating of “A” or better and a financial size category of not less than “VIII” (or, if Xxxxxx X. Best Company, Inc. no longer uses such rating system, then the equivalent or most similar ratings under the rating system then in effect, or if Xxxxxx X. Best Company, Inc. is no longer the most widely accepted rater of the financial stability of sureties providing coverage such as that required by this Agreement, then the equivalent or most similar rating under the rating system then in effect of the most widely accepted rater of the financial stability of such insurance companies at the time).

Qualified Surety means a surety authorized and licensed to transact suretyship business in the state of Georgia, included on the United States Department of the Treasury list (Department Circular 570) of surety companies qualified to write surety bonds on Federal Government projects, and rated by A.M. Best Company with a financial strength rating of “A-” or better and a financial size rating of Class X or larger.

Qualified Surety means a corporate surety or insurer authorized to do business in the District of Columbia and possessing a long-term unsecured debt rating from a Rating Agency of no lower than two rating categories below the highest rating outstanding on the securities backed by this transaction.

Qualified Surety means a surety authorized and licensed to transact suretyship business in the state of [***], included on the United States Department of the Treasury list (Department Circular 570) of surety companies qualified to write surety bonds on Federal Government projects, and rated by A.M. Best Company with a financial strength rating of “A-” or better and a financial size rating of Class X or larger.

Qualified Surety means any surety which has an Xxxxxx X. Best Company, Inc. rating of “A” or better and a financial size category of not less than “VIII” (or, if Xxxxxx X. Best Company, Inc. no longer uses such rating system, then the equivalent or most similar ratings under the rating system then in effect, or if Xxxxxx X. Best Company, Inc. is no longer the most widely accepted rater of the financial stability of sureties providing coverage such as that required by this Agreement, then the equivalent or most similar rating under the rating system then in effect of the most widely accepted rater of the financial stability of such insurance companies at the time).

Qualified Surety has the meaning set forth in Section 11.6. “Ratings Agency” means any of S&P, Xxxxx’x, and Fitch (collectively the ‘Ratings Agencies’). “Reference Rate” means the lesser of (i) the prime rate of interest for United States of America financial institutions as reported from time to time by The Wall Street Journal (New York Edition) plus [*****] or (ii) the maximum rate permitted by Applicable Law. “Request for Payment” means the written requests from Contractor to Company for payment hereunder. “Schedule Liquidated Damages” has the meaning set forth in Section 11.2(a). “Service Package” means the Standard Service Package, and any Fixed Energy Capacity Guarantee Service Package or Maintenance Only Service Package. “Service Package Extension” means any Fixed Energy Capacity Guarantee Service Package or Maintenance Only Service Package following the Standard Service Package. “Service Package Extension Fee” has the meaning set forth in Section 7.3. “Service Package Extension Period” means the period after the expiration of the Standard Service Package Period during which a Service Package Extension is effective. “Service Package Period” means the Standard Service Package Period and all Service Package Extension Periods.

Qualified Surety means a corporate surety company, having an A. M. Best Company, Inc. rating of "A" or better and a financial size category of not less than "VII" (or, if A. M. Best Company, Inc. no longer uses such rating system, then the equivalent or most similar ratings under the rating system then in effect, or if A. M. Best Company, Inc. is no longer the most widely accepted rater of the financial stability of insurance companies providing coverage such as that required by this Agreement, then the equivalent or most similar rating under the rating system then in effect of the most widely accepted rater of the financial stability of such insurance companies at the time).