Seller Bonds definition

Seller Bonds shall have the meaning set forth in Section 7.10.

Seller Bonds means those deposits, letters of credit, trust funds, bid bonds, performance bonds, reclamation bonds and surety bonds (and all such similar undertakings) set forth on Schedule 1.1(c).

Seller Bonds each have the meaning given in Section 2.2(m).

Examples of Seller Bonds in a sentence

• Buyer acknowledges that none of the Seller Bonds are transferable to Buyer under this Agreement.

• If Seller has outstanding bonds, letters of credit, or other security issued in favor of a municipality or agency related to the development of any Unimproved Real Property (the “Seller Bonds”) Purchaser shall cause to be issued to such municipality or agency, effective at Closing, any replacement bonds or letters of credit that are necessary to obtain the release of the Seller Bonds.

• On or before the Closing Date, Buyer shall obtain, or cause to be obtained in the name of Buyer, such replacement surety instruments, bonds, letters of credit, or guarantees, to the extent such instruments are necessary to permit, as of Closing, (i) the release, return, or replacement of the Seller Bonds, and (ii) Buyer to be named as operator of any Asset in which Seller is an operator as of the Closing Date.

• Seller is in compliance in all material respects with the Seller Bonds, such Seller Bonds are in full force and effect, Seller has received no notice from any Government Body that it is not in compliance with any applicable bonding requirement, and to Seller’s Knowledge Seller is in compliance in all material respects with all applicable bonding requirements.

• The parties shall provide reasonable cooperation to permit the Purchaser to replace the Seller Bonds and to have such Seller Bonds returned to the Sellers.

More Definitions of Seller Bonds

Seller Bonds means, collectively, all surety instruments, bonds, letters of credit, or guarantees, if any, posted by Seller with any Governmental Authority or third Persons and relating to the Assets.

Seller Bonds. Means a multi-obligee bond(s), to secure Final Decommissioning obligations accrued before the Closing Date and remaining unperformed on the date that BOEM approves assignment of such interests from Sellers to Purchaser, in favor of all Sellers issued by a surety that (A) is qualified to be a surety and guarantor on bonds and undertakings and is named in the current Circular 570, published by the Audit Staff Bureau of Accounts, U.S. Department of the Treasury, (B) has a credit rating that meets two of the following three standards: (1) “A-” or better by Standard & Poor’s Rating Group, (2) “A3” or better by Xxxxx’x Investor Service Inc., or (3) both (i) Financial Strength Rating of “A” or better and (ii) Financial Size Category of “XII” or better by A.M. Best Company, Inc.; and (C) has a certificate of suretyship that has not been revoked, such bond being in the form set out in Exhibit 5A.

Seller Bonds is defined in Section 6.6.

Seller Bonds those deposits, trust funds, bid bonds, performance bonds and surety bonds (and all such similar undertakings) set forth in Part 6.3(b) of the Disclosure Letter.

Seller Bonds means the bonds posted by Seller or Horizon Natural Resources Company or any of their respective Affiliates with the Office of Surface Mining in connection with the Permits.

Seller Bonds has the meaning as set out in Preamble (H).

Seller Bonds has the meaning set forth in Section 8.5. “Seller Employees” has the meaning set forth in Section 10.5.