Examples of Seller Bonds in a sentence
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.
Buyer acknowledges that none of the Seller Bonds are transferable to Buyer under this Agreement.
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.
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.
All funds in respect of premiums that are refunded in respect of Seller Guarantees or Seller Bonds on account of the replacement thereof by Buyer pursuant to this Section shall be for the account of Sellers and their Affiliates.