Surety Bond definition

Surety Bond. The Limited Purpose Surety Bond (Policy No. AB0039BE), dated February 28, 1996 in respect to Mortgage Loans originated by MLCC, or the Surety Bond (Policy No. AB0240BE), dated March 17, 1999 in respect to Mortgage Loans originated by Novus Financial Corporation, in each case issued by Ambac for the benefit of certain beneficiaries, including the Trustee for the benefit of the Holders of the Certificates, but only to the extent that such Surety Bond covers any Additional Collateral Loans, or such other Surety Bond as may be identified in the Series Supplement.

Surety Bond means a bond from a Bond company with a credit rating by AMBEST better than a “B”. The bonding company shall be certified to issue bonds in a state in which this Agreement is approved.

Surety Bond. If so specified in the Supplement with respect to any Series (or Class within such Series), the surety bond providing for the distribution under certain circumstances specified in such Supplement of amounts to the Certificateholders of such Series (or Class), which surety bond will be issued to the Trustee for the benefit of such Certificateholders by the related Credit Support Provider, all as specified in such Supplement.

Examples of Surety Bond in a sentence

• The Contractor shall provide a Performance Bond (Surety Bond) in the amount of ____________ dollars ($_____________) to insure the successful performance under the terms and conditions of this Contract.

• Such security deposit shall take the form of cash, an Irrevocable Letter of Credit (BellSouth form), Surety Bond (BellSouth form) or, in BellSouth’s sole discretion, some other form of security.

• The Surety Bond is an integral part of the Rental Agreement and forms Appendix 4 to the Rental Agreement.

• SBA guarantees Sure- ties participating in the Surety Bond Guarantee Programs against a portion of their Losses incurred and paid as a result of a Principal’s breach of the terms of a Bid Bond, Final Bond or An- cillary Bond, on any eligible Contract.

• If the guarantee per- centage is not fixed by the Investment Act, it is determined by OSG after con- sidering, among other things, the rat- ing or ranking assigned to the Surety by recognized authority, and the Sure- ty’s Loss rate, average Contract amount, average bond penalty per guaranteed bond, and ratio of Bid Bonds to Final Bonds, all in compari- son with other Sureties participating in the same SBA Surety Bond Guar- xxxxx Program (Prior Approval or PSB) to a comparable degree.

More Definitions of Surety Bond

Surety Bond. The Limited Purpose Surety Bond (Policy No. AB0039BE), dated February 28, 1996, issued by the Surety for the benefit of certain beneficiaries, including the Trustee for the benefit of the Holders of the Certificates, but only to the extent that such Limited Purpose Surety Bond covers any Pledged Asset Mortgage Loans.

Surety Bond. With respect to each Pledged Asset Mortgage Loan, the surety bond issued by the related Surety Bond Issuer covering such Pledged Asset Mortgage Loan.

Surety Bond means a performance bond written by an entity licensed to do business in this state which guarantees that a contractor will fully perform the contract and which guarantees against breach of that contract.

Surety Bond. The limited purpose Surety Bond, dated March 17, 1999, issued by the Surety Bond Issuer in favor of the Sellers, as the same may be amended, modified, restated or supplemented from time to time.

Surety Bond. – means a bond that is issued by a surety or insurance company with, in either case, a credit rating of at least (a) “A-“ by S&P and “A3” by Moody’s, if such entity is rated either by both S&P or Moody’s or (b) “A-“ by S&P or “A3” by Moody’s, if such entity is rated by either S&P or Moody’s but not both, in a form reasonably acceptable to Buyer.

Surety Bond means any instrument pursuant to which the issuer thereof agrees to pay on behalf of DTAG or any of its subsidiaries, an amount then due and payable by DTAG or such subsidiary to another person (including an insurer of DTAG or such subsidiary).

Surety Bond. As defined in the MLCC Servicing Agreement.